More PIMCO Closed-End Funds See Continued Selling Carnage

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To say that many of the top closed-end mutual funds managed by PIMCO were being pressured by the departure of Bill Gross to go join Janus Capital Group Inc. (NYSE: JNS) would be a massive understatement. 24/7 Wall St. showed how many of these top closed-end funds were slaughtered on Friday, and we updated the pricing and volume for the close as well. It turns out that the carnage continued on Monday morning. with many investors continuing to hit the sell button to get out of these funds.

Investors have many obvious reasons to be concerned here, particularly if the reports are even remotely accurate hinting that $100 billion or $200 billion in assets under management could be lost as a result. We have taken a review of the top funds selling off in the first 45 minutes of trading on Monday, and we left the data from Friday to reflect just how bad the selling has been.

PIMCO High Income Fund (NYSE: PHK) was down another 3.1% at $11.32 on almost 1.5 million shares on Monday morning. This fund had been down 7.8% at $11.48 in early trading on Friday, against a 52-week range of $11.11 to $13.75. Its yield is 7.7%, and the Closed-End Fund Association website showed a premium of 46% on Friday. Shares closed down 6.1% at $11.69, with a range of $11.11 (year low) to $11.85 on Friday. Its share volume on Friday was 14.1 million shares, versus an average daily volume of about 855,000.

PIMCO Corporate & Income Opportunity Fund (NYSE: PTY) was down another 4.2% at $16.45 in Monday morning’s trading, with about 900,000 shares already trading hands. This fund was down 5.8% at $17.33 on Friday morning, against a 52-week range of $16.75 to $19.38. Its yield is now indicated as 7.4%. The Closed-End Fund Association website showed a premium of 17.2% on Friday. Shares closed down 6.6% at $17.18, with a day range of $16.75 (year low) to $17.54. Friday’s total volume was more than 3.5 million shares, versus an average volume of 203,000 shares.

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PIMCO Global StocksPLUS & Income Fund (NYSE: PGP) was down 5.1% at $22.47 in Monday morning trading. This fund was down 7.3% at $23.27 in early trading on Friday morning, against a 52-week range of $21.52 to $26.92. Its yield is now signaled as more than 9%. The Closed-End Fund Association website shows a premium of 77%. Shares closed down 5.7% at $23.67, with a day range of $21.52 (year low) to $23.94. Friday’s trading volume was 1.08 million shares, versus only about 70,000 on average.

PIMCO Income Strategy Fund (NYSE: PFL) was down another 1% at $11.65 on Monday morning, with 77,000 shares traded in the first 45 minutes. This fund was down 3.6% at $11.88 on Friday morning, against a 52-week range of $11.07 to $12.67. Its yield is now signaled as 8.5%. The Closed-End Fund Association website showed a premium of only 0.2% on Friday morning. Shares closed down 4.46% at $11.77 on Friday, with a daily range of $11.42 to $11.93. Trading volume was 927,000 shares, versus an average of about 101,000.

PIMCO Income Strategy Fund II (NYSE: PFN) was down another 1.4% at $10.17 on Monday morning, with some 250,000 shares traded in the first 45 minutes. This fund was down 2.7% at $10.38 on Friday morning, against a 52-week range of $9.84 to $11.07. Its yield is now 8.7%. The premium or discount listed at the Closed-End Fund Association website was -2.3% on Friday.

PIMCO Corporate & Income Strategy Fund (NYSE: PCN) was down another 2.1% at $15.41 in Monday morning trading, with volume already above 250,000 in the first 45 minutes of the session. Friday’s early trading had shares down 2.4% at $16.05, against a 52-week range of $15.69 to $17.26. Its yield is 7.7%, and the Closed-End Fund Association website showed a premium of 4.8% on Friday. Shares closed down 4.2% at $15.74, with a daily range of $15.70 to $17.26, and volume was 828,000, versus almost 100,000 for a typical day.

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