Closed End Funds PIMCO High Income Fund (PHK)... 配息的秘密

最近在庫巴 社團. 我們討論到一個封閉型基金 phk . 這是bond 天王葛洛斯的產品

http://us.allianzgi.com/Products/pages/13.aspx

我想計算一次, 為什麼他配息這麼高?

首先我們發現 phk 他的 nav vs market price 相差太大 (premium=51.94%)

官方網站的消息, 這個封閉 fund . 有使用 levarage 43.9%. 為了方便計算

我們假設這些 leverage 成本=0

so 他每個月. 應該收到的利息是多少?

他的算法是 nav x 1.439 x average coupon rate(7.95%) / 12 months = 0.08093

now 他每個月配出來0.121875

so 我們知道它有一部分不是來自債券利息.

他的文件揭露, 也是這樣, 他只有收到 nii 0.27 (3 months 的收入 so = 0.27/3=0.09 每個月跟我算的差不多)….. 多付了..-0.3347  ( UNII) / 3 months= -0.1115 /month 


....¹ Net investment income (NII) per common share is for the three months ended as of each fund's fiscal quarter ended date indicated. NII is not inclusive of any swap income (or loss).
² Undistributed (overdistributed) net investment income (UNII) per common share; calculated using the estimated accumulated undistributed (overdistributed) tax-basis balance as of the fiscal quarter ended date indicated. The undistributed (overdistributed) net 
investment income balance is inclusive of swap income (or loss), paydown gains and net gain (or loss) from foreign currency transactions in accordance with federal income tax treatment of these items. *For PCI, PDI and PKO, the amount may include net short-term 
capital gains.
³ Distribution per Share may include ordinary income, net capital gains, and return of capital (your investment in the fund). Because the distribution may inlcude a return of capital, it should not be confusd with yield or income. A negative value for UNII represents the 
potential for a return of capital. The Section 19 Notice, if applicable, contains distribution composition information. Final determination of a distribution's tax character will be made on Form 1099 DIV sent each January.
Allianz Global Investors Fund Management LLC serves as the Funds’ investment manager, and Allianz Global Investors U.S. LLC, Pacific Investment Management Company LLC (PIMCO) and NFJ Investment Group LLC (NFJ) serve as sub-adviser to one or more 
of the Funds.
A

所以我們知道, phk配息 並不是 完全來自債券利息

我猜測可能是債券天王 gross 高竿的金融操作...

but 我發現 nav 越來越下降... so  ...........

 (以上的說法單純是我的猜測.

各位只能參考參考, 真正的情形, 請各位 要以官方網站為準

http://us.allianzgi.com/Products/pages/13.aspx  )