Pimco High Income Fund (PHK)

The difference between closed and open is that for closed, there are no new stocks issued. It can sometimes trade at a premium, but more often at a discount to net asset value. An open ended fund can issue new units. There is often an element of leverage or covered call strategy to extract extra yield for securities that have high yields. Does not know specifically for PHK's strategy.

(A Top Pick Aug 17/09. Up 65%.) Exited his position a few weeks ago. Trading in little higher than its true that as the value.

If this fund is available in a hedged fund, then he would not hesitate to recommend it. Default rates have fallen to less than 5% this year.

(A Top Pick Aug 17/09. Up 30.4%.) Starting to exit this one and should be out by the end of the year.

Bonds are still better positions than equities in terms of equities. Run by one of worlds greatest bond managers. Made a lot of money for him, great dividend. Smaller play. 12-20% upside in 24 months