PCF: Uninspiring Fund Of Funds Via The CEF Structure (Rating Downgrade)

  • PCF is a fund of funds CEF holding CEFs, BDCs, and SPACs, but lacks transparency in risk factors breakdowns. Performance lags peers like RIV and CEFS, with only a 44% five-year total return versus 60% and 100%, respectively. Its managed distribution policy is mostly covered, but high payouts and recent market euphoria increase downside risk.