PCF: Deep Discount With Discounted Portfolio Exposure

2026-02-12 12:04:34 ET

Written by Nick Ackerman, co-produced by Stanford Chemist

The High Income Securities Fund ( PCF ) is a closed-end fund that was taken over by activist group Bulldog Investors in 2018. That transformed the fund into a hybrid fund with significant diversification. The largest allocation is to closed-end funds, but special purpose acquisition vehicles also comprise a larger allocation as well. From there, they have exposure to some business development companies, preferred securities, and other small allocations....

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