Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
AllianzGI Convertible & Income Fund (the "Fund") (NYSE:NCV), a diversified closed-end management investment company which seeks to provide total return through a combination of capital appreciation and high current income, today announced its results for the fiscal quarter and year ended February 28, 2019.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
| At February 28, | |||||||
| 2019 | 2018 | ||||||
| Net Assets (a) | $825,922,682 | $937,866,838 | |||||
| Common Shares Outstanding | 89,613,563 | 88,808,652 | |||||
| Net Asset Value ("NAV") | $5.61 | $6.54 | |||||
| Market Price | $6.24 | $6.93 | |||||
| Premium to NAV | 11.23 | % | 5.96 | % | |||
| Overdistributed Net Investment Income | |||||||
| Per Common Share (b) | $(0.2744 | ) | $(0.0108 | ) | |||
| Quarter ended February 28, | |||||||
| 2019 | 2018 | ||||||
| Net Investment Income (c) | $10,042,916 | $13,633,784 | |||||
| Per Common Share (c) | $0.11 | $0.15 | |||||
| Net Realized and Change in Unrealized Gain (Loss) (c) | $5,562,781 |
| $(7,385,954 | ) | |||
| Per Common Share (c) | $0.06 | $(0.09 | ) | ||||
| Year ended February 28, | |||||||
| 2019 |
| 2018 | |||||
| Net Investment Income (c) | $49,731,750 | $60,943,168 | |||||
| Per Common Share (c) | $0.56 | $0.69 | |||||
| Net Realized and Change in Unrealized Loss (c) | $(57,080,533 | ) | $(14,435,216 | ) | |||
| Per Common Share (c) | $(0.64 | ) | $(0.16 | ) |
| (a) | Net assets are inclusive of Preferred Shares of $323,275,000 and $357,000,000 at February 28, 2019 and February 28, 2018, respectively. | |
| (b) | Since the Fund's net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund's overdistributed net investment income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed net investment income balance, if any, will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The overdistributed net investment income balance is exclusive of market premium amortization on corporate bonds in accordance with federal income tax treatment. The overdistributed net investment income balance includes realized gain (loss) on the sale of contingent debt and Section 305 sales adjustments for accrual of deemed dividends from investments in convertible debt in accordance with federal income tax treatment. | |
| (c) | Net Investment Income for the fiscal quarter and year ended February 28, 2019 includes market premium amortization on corporate bonds of $1,483,773 ($0.01 per common share) and $3,797,108 ($0.04 per common share), respectively. Net Investment Income for the fiscal quarter and year ended February 28, 2018 includes market premium amortization on corporate bonds of $599,593 (less than $0.01 per common share) and $1,993,163 ($0.02 per common share), respectively. For tax purposes, the Fund has elected not to amortize market premium on corporate bonds. |
Allianz Global Investors U.S. LLC an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
The Fund's daily New York Stock Exchange closing market price, NAV, as well as other information, are available at us.allianzgi.com/en-us/products-solutions/closed-end-funds or by calling the Fund's shareholder servicing agent at (800) 254-5197.
The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance that the Fund will meet its stated objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190429005722/en/
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.