Last week I added to my positions in some of the CEF preferreds–not necessarily those I prefer to hold, but just the same, ones I feel comfortable holding. At the right price I prefer the Gabelli related preferreds, but most of them have been priced too high all year long.
I added to 3 issues–all which I already owned. Specifically the Highland Income Fund 5.375% preferred (HFRO-A), the RiverNorth Specialty Finance 5.625% term preferred (RMPL-)and the new RiverNorth/DoubleLine Strategic Opportunity Fund 4.375% preferred (OPP-A). The RMPL- issue is unrated while the other 2 are both A1 from Moodys.
Now I have pretty much full positions in these–or in the case of the new RiverNorth/DoubleLine issue an overweight position.
Certainly I will do nothing today–or maybe for the rest of the week as markets gyrate a bit–then restarting my hunt on the weekend.