Flaherty & Crumrine Preferred and Income Fund Incorporated (PFD)
About Flaherty & Crumrine Preferred and Income Fund Incorporated (PFD)
The Fund invests at least 80 percent of its Managed Assets (defined below) in a portfolio of preferred and other income-producing securities. Preferred and other income-producing securities may include, among other things, traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, contingent capital securities (CoCos), subordinated debt and senior debt. Managed Assets are the Funds net assets, plus the principal amount of loans from financial institutions or debt securities issued by the Fund, the liquidation preference of preferred stock (Preferred Shares) issued by the Fund, if any, and the proceeds of any reverse repurchase agreements (Reverse Repurchase Agreements) entered into by the Fund. The Fund will invest, under normal market conditions, more than 25 percent of its total assets in the financials sector, which for this purpose is comprised of the bank, thrifts & mortgage finance, diversified financial services, finance, consumer finance, capital markets, asset management & custody, investment banking & brokerage, insurance, insurance brokerage and real estate investment trust (REIT) industries. From time to time, the Fund may have 25 percent or more of its total assets invested in any one of these industries. For example, the Fund could have more than 25 percent of its total assets in insurance companies, while at other times it could have that portion invested in banks. At all times, though, the Fund would have at least 25 percent of its total assets invested in the financials sector. In addition, the Fund also may focus its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, communications and pipelines. The Adviser retains broad discretion to allocate the Funds investments as it deems appropriate considering current market and credit conditions. The Fund may invest up to 100 percent of its total assets in securities of U.S. companies, and may also invest up to 30 percent of its total assets in U.S. dollar-denominated securities issued by companies organized or having their principal place of business outside the United States.
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Flaherty & Crumrine Preferred and Income Fund Incorporated News
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Exchange Traded Funds (ETFs): Investors should carefully consider the information contained in the prospectus, which contains the Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website. Please read the prospectus carefully prior to investing.
Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate and when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the standardized performance data quoted. Select the Standardized Performance link for the latest quarterly performance.