Investing Talk Investing Talk    FAQ   Search   Memberlist   Usergroups   Register   Profile   Log in to check your private messages   Log in  NY Intermediate bond fund          Investing Talk Forum Index -> Mutual Funds View previous topic :: View next topic   Author Message Mark Freeland Guest Posted: Sun Apr 01, 2007 8:24 pm    Post subject: NY Intermediate bond fund Speaking of bond funds, any thoughts on a New York intermediate fund? The best ones I can come up with are Bernstein NY Muni (SNNYX), PIMCO NY Muni (PNYIX), Dreyfus NY Tax-Exempt Bond (DRNYX). None is perfect. The downside to the Bernstein fund is lack of convenience - one has to buy directly from the fund. The downside to the other funds is their relatively long duration - 6.6 and 5.9 years respectively. The upside to the PIMCO fund is its cost (46 basis points) and solid performance even in periods of rising rates (top 1/8 in each year 2001-2006). The upside to the Bernstein fund is its relatively short duration and conservative management. Mark Freeland BnetOnewsX@sbcglobal.net Back to top   Ads Advertising Sponsor Ed Guest Posted: Mon Apr 02, 2007 1:20 am    Post subject: Re: NY Intermediate bond fund http://www.etfconnect.com/select/fundpages/muni.asp?MFID=8098 No leverage, 43bp. Average credit quality AAA I didn't look at the other 2 funds. "Mark Freeland" <BnetOnewsX@sbcglobal.net> wrote in message news:K8QPh.1776$5e2.592@newssvr11.news.prodigy.net... Quote: Speaking of bond funds, any thoughts on a New York intermediate fund? The best ones I can come up with are Bernstein NY Muni (SNNYX), PIMCO NY Muni (PNYIX), Dreyfus NY Tax-Exempt Bond (DRNYX). None is perfect. The downside to the Bernstein fund is lack of convenience - one has to buy directly from the fund. The downside to the other funds is their relatively long duration - 6.6 and 5.9 years respectively. The upside to the PIMCO fund is its cost (46 basis points) and solid performance even in periods of rising rates (top 1/8 in each year 2001-2006). The upside to the Bernstein fund is its relatively short duration and conservative management. Mark Freeland BnetOnewsX@sbcglobal.net Back to top   Ads Advertising Sponsor Flasherly Guest Posted: Mon Apr 02, 2007 4:29 am    Post subject: Re: NY Intermediate bond fund On Apr 1, 11:24 am, "Mark Freeland" <BnetOne...@sbcglobal.net> wrote: Quote: Speaking of bond funds, any thoughts on a New York intermediate fund? The best ones I can come up with are Bernstein NY Muni (SNNYX), PIMCO NY Muni (PNYIX), Dreyfus NY Tax-Exempt Bond (DRNYX). None is perfect. The downside to the Bernstein fund is lack of convenience - one has to buy directly from the fund. The downside to the other funds is their relatively long duration - 6.6 and 5.9 years respectively. The upside to the PIMCO fund is its cost (46 basis points) and solid performance even in periods of rising rates (top 1/8 in each year 2001-2006). The upside to the Bernstein fund is its relatively short duration and conservative management. Mark Freeland BnetOne...@sbcglobal.net Looks like you'd have to pay me 3% to stay out of CDs, unless I lived in NY with enough earnings to qualify for taxable income, but then I might be sitting at desks asking for leads into state infrastructure and bond funding. http://finance.yahoo.com/q/bc?t=2y&s=AGG&l=on&z=m&q=l&c=SNNYX+PNYIX Back to top   Ads Advertising Sponsor Mark Freeland Guest Posted: Mon Apr 02, 2007 10:07 am    Post subject: Re: NY Intermediate bond fund "Ed" <friday@fishinthe.net> wrote in message news:131050ar2tk6u69@corp.supernews.com... Quote: http://www.etfconnect.com/select/fundpages/muni.asp?MFID=8098 Nuveen NXN Quote: No leverage, 43bp. Average credit quality AAA I didn't look at the other 2 funds. It's an interesting suggestion (and thanks for keeping the search limited to non-leveraged funds - especially important when yield curve is relatively flat). I like the duration (5 years), and the fact that it is invested largely in premium bonds (you can infer this from the fact that the average coupon yield, 5.27%, is well above the current distribution rate 4.33%). Their last semiannual report confirms this, saying that they focused on acquiring premium bonds with 15-25 year maturities. Given that the maturities are so long (average maturity almost 17 years), the short duration means that a lot of the bonds are expected to be called. That means that in looking at distributions, one has to factor in a significant intermediate term loss of principal (since the bonds will be redeemed at, or closer to, face value than the price they were purchased at). Despite all that, the total return (based on NAV) has compared reasonably with the PIMCO fund, especially in the past few years where it has been better by about 1/2%. 2000 2001 2002 2003 2004 2005 2006 Nuveen 7.20% 4.33% 7.94% 5.49% 4.83% 4.31% 5.16% PIMCO 11.0% 6.7% 11.6% 5.0% 3.7% 3.1% 4.8% But, being a closed end fund, its share price (premium/discount) has been all over the map, making for an intraday swing as much as 7.8% in 2007 alone (that's greater short term volatility than that of the S&P 500). It is also currently trading at a small discount; its typical discount is larger. That argues against this being a good time to buy in. Put it all together, and I'm still leaning toward PIMCO. Though I may take another look at a later time. Mark Freeland BnetOnewsX@sbcglobal.net Back to top   Ads Advertising Sponsor Display posts from previous: All Posts1 Day7 Days2 Weeks1 Month3 Months6 Months1 Year Oldest FirstNewest First         Investing Talk Forum Index -> Mutual Funds All times are GMT Page 1 of 1   Jump to: Select a forum Investing Talk----------------Investing Talk-- MarketMutual FundsFutures - OptionsTechnical Analysis  You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum 246 Attacks blocked Powered by phpBB © 2001, 2005 phpBB Group