Results 1 to 4 of 4

Thread: Distribution Discrepancies with PMZIX

  1. #1

    Distribution Discrepancies with PMZIX

    I have owned this fund for several years. I have always been pleased with its stability, management, and relative safety. I have become concerned with its dividend payouts, and have been confused by discrepancies in my monitoring.
    For example, M* lists its TTM yield at 5.08%, but at the Dividend Investor website, they rate PMZIX "Trailing 12 monthy dividend Yield" at 3.22%--that is almost a 2% discrepancy. Seems like the Dividend Investor website takes into account the large December 2016 special dividend, and it still is only 3.22%, not the M* 5.08%.
    For a monthly distribution yield, M* states the 30 day SEC yield as 3.34%, but when you divide its last distribution, it distributed $.0291 per share at a NAV amount of $11.17, which calculates to .26% for one month (annualized to 3.12%)--pretty significant distribution discrepancy on M*. Even if it pays a year end special dividend, similar to 2016, it is very unlikely it will go much above the 3% to 4% level, not over 5% noted by M*.
    In real dollar terms, what I actually see in my Fidelity Account, is significantly smaller than what those M* distribution yield totals would be, compared to other bond funds I own. As a result, I am not impressed with the PMZIX yield amounts, and find the M* figures not representative of actual yield and what is reported on the Dividend Investor website.

  2. #2
    There are 3 different yields, TTM yield, 30-day SEC yield and current distribution yield. M* reports the first two, but not the third [that you calculated].
    Check how the extra yearend distributions were handled in TTM yield.
    30-day SEC yield is relevant to longer-term holders who reinvest distribution [total-return investors]. Current distribution yield is relevant to investors [like yourself] who withdraw and spend distributions. Requests to M* to include current distribution yield in its Quote pages have been ignored.
    It is hard to recommend Yahoo Finance now but it does/did report current distribution yield as forward yield.

  3. #3
    Yogi: "There are 3 different yields, TTM yield, 30-day SEC yield and current distribution yield. M* reports the first two, but not the third [that you calculated]."
    Sorry for being so dense, but what is the difference between the TTM yield (M*) and what Dividend Investor calls "Trailing 12 Month Dividend". It seems that Dividend Investor adds in the year end special dividend in their calculations, and that only comes up to 3.22%.

  4. #4
    I've seen similar pecularities for other funds that I could not explain.
    Ultimately, it comes down to numerators and denominators.
    Do you have any way of knowing (accurately) what Morningstar or Dividend Investor or Pimco itself uses for those 2 terms?
    I'd guess you can find a supposedly accurate description of numerators and denominators that govern the SEC 30 day yield, but I've never drilled into it very far.
    I'm not an "income investor", so I don't agonize over the finer points.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts