With the chance to bank a near 10% gain on Hennessy Advisors (HNNAZ) 4.875% baby bonds I took the opportunity with the majority of my shares. I held about 125% of what would be my normal full position. I did keep a few hundred shares as there little risk in doing so – the issue matures in 2026.
Update NOTE–I actually have 450 shares left–I have a GTC sell order in on more shares. In the last few days some GTC sell orders did execute.
Locking down some profits also frees up some cash which I can redeploy elsewhere – most certainly with as much yield potential.
I will update my laundry list of holdings reflecting this change.
Note–nothing wrong with this issue–just banking a few coins and planning to reinvest at a better yield.
I bought some HNNAZ below $23. I’m going to hold to maturity after buying and selling this issue a half dozen times or so. The YTM is tasty for me for a boring issue.
NWGG–as it fell I pondered getting back in, but haven’t yet–may.
Schwab seems to have changed this security to show as if it trades on their Fixed Income platform, and there are no bids or asks there.
… and now it seems changed back on Schwab to the HNNAZ ticker symbol rather than the CUSIP.
For all concerned,
Now’s your chance to unload HNNAZ at par!
speaking of selling today; just sold my 200 LBRDP at 22.48; has been a drag on my holdings, glad to exit with a small gain . There are better fish to fry; imho in the BDC space.
that and others had a spate of buying at the EOD – closed at $23.03. Not sure what was going on but practically my whole portfolio of preferreds spiked higher (some like 5-7%) in the last half hour. My cost basis for LBRDP is right in the upper 22s so I’ll likely hold thinking this may go back to par if rates come back in.
As Maine pointed out yesterday, this was an end of month phenomenon created by rebalancing by some of the robotic funds…. I missed a dump on CFG-D at the close when I thought I had a stink bid in and didn’t…. and looking around it looks as though there were more buy balancing happenings than sell/dump happenings at the close from what I see…. I see there was a buy for PSEC-A at the close too..
Yes – I have LXP-C and it jumped over 7% ($2.87/share!) LBRDP was up nearly $1 and PRIF-K up $1.38 as well as others – I might of should of had a stink bid or two as well. Looks like CFG-D was on the dumping side, down $1.15. It will be interesting to see what happens tomorrow and the next several days with the ones that moved.
I assume this is HNNAZ. Funny? I just sold some too.
Yes Pete–great minds think alike. Corrected the ticker.