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Retirement, closed-end funds, dividend investing, portfolio strategy Summary The high-yield, sustainable capital model portfolio has been running for eleven quarters.
The portfolio is built from closed-end funds and one ETF. I review the model quarterly. This article reviews 's second-quarter performance. At the time, there were many fewer Seeking Alpha contributors writing on the subject of CEFs than we have today. And few of these were writing with an emphasis on income.
When started writing about high-yielding CEFs for current income I was lectured on the fate that awaited those who chased yield and admonished for advocating reckless investments that would inevitably lead to ruin for any retirees who followed my lead.
Evidence from backtests were dismissed as cherry-picking winners in hindsight, and could not to be taken as predictive of future performance. Admittedly, these are hard arguments to dismiss, so I decided to run a bit of an experiment.
This would be one that readers and I could follow in real time through my periodic updates.
I have updated the portfolio quarterly since. This update is for the portfolio's eleventh quarter. It will turn three years old at the end of the current quarter. Each quarter, I've changed the holdings slightly.
In trying to keep the exercise as realistic as possible, I've never dropped or added more than two funds. Some quarters I made no changes at all to the holdings, and the only action I took was to reinvest the income that exceeded my target.
AMZA for reasons I explained at the time.
To some extent this went against the spirit of the exercise, which was to build the portfolio out of closed-end funds. The ETF has, however, been a strong contributor to portfolio income and, as we shall see shortly, continues to lead the portfolio in income generation.
I began with equal weightings.
At the end ofI did a complete re-balance bringing the portfolio back to equal weighting, adding even more to the fund's share count in the process.
We're now two quarters from that rebalance.
Apollo Tactical Income Fund Inc. USA At the beginning of the quarter, the portfolio was allocated as shown in these tables and charts: You'll notice that the equal weighting that was put into place at the beginning of the year didn't take long to break down.
One of my priorities has been to maintain a reasonable level of asset class diversity. This is seen in the chart above. And beyond this view, within the broad asset classes shown, there is a mix of strategies and global focus for the funds, except for real estate, which is represented by a single fund.
Quarter's Performance The first quarter of finished with a dismal record This has put the portfolio back on track to meeting its objective of sustaining capital value after income is paid out. But the high yield bond fund and the other three CEF funds of funds lag their price performance.
I add these only to put the 0. I will add that FOF has been a consistently strong-performing fund. It's not one I've owned, but a hard look at its record may reveal it to be an off-the-shelf way to implement a strategy much like the one driving this model exercise.
Consider that it has an 8.Hello, and welcome to Five Figure Writer!
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The high-yield, sustainable capital model portfolio has been running for eleven quarters. The portfolio is built from closed-end funds (and one ETF). Its objectives is to generate 8% in current. Case studies from the field, expert interviews, actionable advice and proven ideas for writers and copywriters who want to earn more in less time doing work.