Pimco Bravo Fund
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Does anyone have knowledge of this fund? It is a private placement I believe with a 500k minimum? I had someone ask me about it but I am not having much luck finding anything out yet. I will add to this when I find out more.
http://www.bloomberg.com/news/2010-11-19/pimco-said-to-seek-at-least-1-billion-for-fund-to-buy-troubled-bank-loans.html
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Well I found out is is supposedly only offered through MSSB and Citi Private Bank. I doubt PIMCO will get a Snyder Kearney report which means there isn't a way I know of to research this fund unless a MSSB or Citi guy on here knows anything.
Is anyone looking into ways to buy troubled assets from banks? What about foreclosed properties? Is this area still too speculative? I would think it could offer nice returns over the long term.
Franklin has some sort of fund if I recall, that specialized in dealing with bad assets. Might not be such a bad idea to look into that? Yup, it's the Mutual Recovery Fund. FMRAX is the symbol. I'd be curious to what folks think? Might be a good non correlation type holding. I'm concerned now, that stocks, bonds, oil, and metals are all seemingly correlated.
BTW, anything from Pimco in my eyes, is Bravo Sierra...
Bravo Sierra, haha good one and I agree. But FMRAX's top holdings doesn't really reflect "troubled assets" -
Top 10 Holdings (43.41% of Total Assets) Company Symbol % Assets YTD Return % JAVA 4.76 1.28 Schlumberger N.V. Common Stock SLB 4.76 -3.12 Smith International, Inc. Commo SII 4.65 43.84 Exxon Mobil Corporation Common XOM 4.57 -15.72 XTO 4.54 -9.61 Coca-Cola Enterprises, Inc. Com CCE 4.37 51.27 CADBURY PLC CBRY 4.17 7.72 Coca-Cola Enterprises, Inc. Com CCE 4.01 14.72 Xerox Corporation Common Stock XRX 3.80 38.74 WilderHill New Energy GI Index NEX 3.78 5.82I will do some more digging.
Yeah, I saw that. Also, they have like 11% cash. SO, maybe they don't see what they are looking for, yet?