Phlegmatic Capital

[Phlegmatic Capital @PhlegCap]

@SowingAlphaSeed Short many of these too. Might want to take a look at $HIPS & $ALTY as well.

[Phlegmatic Capital @PhlegCap]

@MasteredTrader Looking forward to the launch of your physical cash trust to rival Sprott’s offerings.

[Phlegmatic Capital @PhlegCap]

$HIO still hovering around 52 week highs and a very small premium to NAV. Swapping out some index hedges for a short position here.

[Phlegmatic Capital @PhlegCap]

Assuming the new preferred issue trades in line with the series A, looks like the effective tender price is somewhere around $7.30/share. About a 25% premium to today’s price. $HFRO
https://t.co/BHPmuS44Dk…

[Phlegmatic Capital @PhlegCap]

@theglobaltrader Environment is about as good as it gets for these guys, and a 13% discount to boot.

[Phlegmatic Capital @PhlegCap]

@theglobaltrader Yeah very hard to get comfortable with NAV, especially with sister fund HGLB’s history of misstating TerreStar. I have a small position, but no reason to go big with so many opportunities elsewhere in CEFs right now.

[Phlegmatic Capital @PhlegCap]

$HFRO dodgy management and a huge allocation to unlisted REITs, but getting interesting with discount now back to 2020 extremes.

[Phlegmatic Capital @PhlegCap]

@prpl8 Great charts. Judging by recent posts from Boaz, Saba is likely to be targeting muni funds which is very much worth watching as well.

[Phlegmatic Capital @PhlegCap]

@stoked_on_waves @DesatCap They’ve done about 7% annualized since current managers assumed control in 2009, so no way that chart is with divs reinvested. Like any CEF, best to view it as a trading vehicle and not a buy and hold.

[Phlegmatic Capital @PhlegCap]

@lhamtil Mayday did an episode on this which is very good

https://t.co/PiDck8HlL0

[Phlegmatic Capital @PhlegCap]

Current muni discounts on the left with some recent data from Rivernorth for context. Should make for a very good steepener trade at some point.

[Phlegmatic Capital @PhlegCap]

Nice pop on the news that this will reset to fixed rate + spread. I exited today.

https://t.co/b3770bKITx

[Phlegmatic Capital @PhlegCap]

WFC-Q looks interesting below $25. Either floats at 3 month Libor + 3.09% (~8%) beginning in September or gets called for a quick return.

[Phlegmatic Capital @PhlegCap]

@HotRockCapital One plausible explanation is presented here
https://t.co/jkaROaeb1W

[Phlegmatic Capital @PhlegCap]

@walt373 They did pay a large distribution at the end of April so ~2% return over the last month, but definitely a lot more juice from shorting VXX. I do like the idea of puts paired with index hedges.

[Phlegmatic Capital @PhlegCap]

@EdWootten NAV held up pretty well relative to peers in 2022. I think it’s more a function of sentiment. CEF discounts are at about the 90th percentile right now.

[Phlegmatic Capital @PhlegCap]

Nice to see this from $SPE with discount now approaching 3 year highs. Let’s see if Goldstein follows through.

[Phlegmatic Capital @PhlegCap]

WFC-Q looks interesting below $25. Either floats at 3 month Libor + 3.09% (~8%) beginning in September or gets called for a quick return.

[Phlegmatic Capital @PhlegCap]

Historically high discounts + seasonality make muni CEFs fertile hunting ground here. Term funds like $ETX, $DTF especially interesting IMO. Can also get broad exposure through something like $RFMZ, though with a lot of leverage & duration baked in.

[Phlegmatic Capital @PhlegCap]

@RMcdonnold @NomadicSamuel @HML_Compounder At one point this week they had close to 5% in that SPX 4200 call. Really perplexing moves of late.