In short: Being added — "I've been adding to PAX, PDO. They trade at like 5% discounts to NAV and they pay about 13% monthly dividends… 13%… a year, monthly, isn't that bad, especially at a discount to NAV." The framing is allocation, not a single-name call: "it may be a good time for investors whose portfolios have fallen out of balance in the 2020s with overexposure to stocks to allocate more to closed-end funds, more to perhaps more to bonds," because "the long-term return outlook for bonds rivals that of stocks for the first time in about 25 years."
PAX is another PIMCO closed-end bond fund, one of the two Singh says he has personally been adding. It trades at about a 5% discount to the value of its bonds and pays roughly 13% a year in monthly distributions. His broader argument: with long-term interest rates near 5% for the first time in years, bonds now offer long-run returns that rival stocks, so investors who became over-weighted in stocks during the 2020s can rebalance into funds like this and collect a high income while they wait.
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