From Contrarian Outlook: Something tragic happened at the start of this month–but it’s such a familiar tragedy that no one should have been surprised.
If you held the PIMCO CA Municipal Income III Fund (PZC), however, I bet you were surprised–and now you might be panicking. A closed-end fund (CEF) that was soaring for months all of a sudden crashed, going from being up 12% year-to-date to down 2.8%: