PHK

PIMCO High Income Fund (PHK) is a diversified, closed-end management investment company that seeks high current income as its primary objective, with capital appreciation as a secondary objective. The fund is managed by Pacific Investment Management Company LLC (PIMCO), one of the world's premier fixed income investment managers. PHK invests primarily in a diversified portfolio of high-yield securities rated below investment grade, commonly known as "junk bonds," and unrated securities of similar quality. The fund's portfolio typically includes corporate debt obligations, mortgage-related securities, and other asset-backed securities across various sectors and industries. As a closed-end fund, PHK issues a fixed number of shares that trade on the New York Stock Exchange, with market prices determined by investor supply and demand rather than net asset value alone. The fund employs leverage through borrowings and reverse repurchase agreements to enhance returns, though this strategy also increases risk and volatility. PIMCO's investment team conducts extensive fundamental credit research and utilizes risk management techniques to construct the portfolio. The fund makes monthly distributions to shareholders, appealing to income-focused investors seeking higher yields than traditional fixed-income investments. PHK benefits from PIMCO's global resources, including over 300 investment professionals and extensive market infrastructure, providing access to deep analytical capabilities and diverse high-yield investment opportunities across global markets.