I’m Pat Rosenheim, a.k.a. the PandA Trader.

So, I decided I should probably post about my #PLAN for the foreseeable future. A lot of people ask about my investment theses, so that seems to justify this post. Let’s see if I can even begin to support that statement.

I only post for my holdings, but they’re as accurate as I can make them. The symbols are; ACSF, AGD, ARCC, ARR, AWP, BDCL, BDJ, BFK, BGH, BKN, BTA, BXMX, CEFL, CLM, CRF, CSQ, CXE, DFP, DHF, DHY, DIAX, DNP, EAD, ECC, EVN, FFC, FHY, FIF, FLC, FPF, GAIN, GLAD, GOF, GUT, HIX, HPF, HPI, HPS, HYB, IVH, JPC, JPI, JPS, KIO, LDP, LEO, MAIN, MAV, MFM, MHI, MITT, MMD, MORL, NAD, NEWT, NHF, NRO, NRZ, NVG, NYMTN, NZF, OAKS, OIA, ORC, OXLC, PDT, PFD, PFO, PHK, PHT, PMF, PML, PMM, PMX, PSEC, PSF, QQQX, RA, REML, RFI, RNP, RQI, SAR, SCM, SPXX, STK, TICC, TLI, TPZ, TWO, UTF, & VGR. Quite a list, eh? (92 total issues held; 17 common stocks, 4 ETNs, 1 preferred share, and 70 CEFs, of which 18 are tax-free muni CEFs.) Most pay monthly! Only ARCC, BDCL, BXMX, DIAX, MITT, NEWT, NRZ, NYMTN, QQQX, SAR, SPXX, STK, TICC, & TWO pay quarterly.

I will continue to screen using the method(s) outlined in my Watch List post(s).

I will continue to withdraw funds as needed to augment our income as outlined in my monthly income phase of The #Plan #UPDATE.

I will continue to “harvest” capital gains by selling holdings at new 52 week highs with “limit orders” in minimum 100 share lots so I can specify AON (All or None). I may also sell for other reasons (i.e.; because I can, I felt like it, I needed the money, etc.).

I’ll try to outline a bit of the rest of the #Plan each week with updates on my thinking, such as it is…

About Robinhood…

I like it. I don’t love it. Sometimes it is frustrating and/or confusing and/or obtuse.

Capital One Investing – I will be transferring our accounts to BAML Edge in March.

Fidelity – I will be transferring most of our accounts to BAML Edge in March.

Now, a little about my investing philosophy; “If they don’t pay, I don’t play”. I LOVE dividends! So, if a stock pays dividends, I’m interested, and if they don’t I’m *generally* disinterested. Simple plan for a simple man.

Our #HYHRD (High Yield, High Return Dividend) portfolio is all about the income, so that’s what I look for in an investment; high yield while minimizing risk as best I can (dividend yields of ~5%+ & annual returns of ~10%+).

According to calculations done on my Google sheets, my current YOC (Yield on Cost) is better than that! I factor in the cash held in each account for the total portfolio value. The total value of the portfolio is now more correctly reflected on the spreadsheets because of this. The only thing missing (except on the monthly balance sheet) is my wife’s TSA. Not much to look at there, so I just report the balance at the end of each month. This year will be her first RMD (or MRD, whatever). This withdrawal will be automatic, every November 15th. The first withdrawal has already been deposited in our checking account, with 50% withheld for Federal Income Tax.

I am often asked what my “favorite” holding is, and I really can’t answer that. Here’s why; to have a favorite entails some sort of emotional attachment and I am not emotionally enamored with any of my holdings and would sell it all in a heartbeat if they fail to pay me. I’m tired of paying for things, and I want to be paid now. I just really feel like it’s “my turn”!

I don’t day trade, or swing trade, or play options (anymore).

If any questions are posted on my blog, I’ll answer them and include them here in future posts if I think of it when posting. 😉

I’ll also continue to try and be as helpful as I can on the StockTwits platform.

Here’s what someone said about me recently on Stocktwits;

@panda317 By far you are my favorite poster I’ve found on the Stocktwits message board.Carry on.

— James Wulgaert (@jwulgaert) May. 11 at 05:20 PM


I thought that was very nice…

We received a $200 bonus in each of our Capital One Roth IRAs for transferring from Fidelity. Yay.

And, I have to tell you, I am absolutely loving this TDM dividend tracking software! I’m glad I renewed my PRO subscription.

We surpassed $125,000.00 in dividends received since #HYHRD portfolio inception on 4/4/12 on the 1st of August!

Everything is in a “holding pattern” until after the accounts have been transferred to BAML Edge in March.

Somebody else recently blew me away on StockTwits with these comments;

@panda317 what is the best dividend paying stock for your buck. Mine is orc but I’m a newbie with minimal money.Your warren buffet to me

— Robert Estes (@BigRedBob) Jul. 24 at 11:17 PM

@panda317 I only do what I learn from you and read on the internet. To me your the Oracle in a sense

— Robert Estes (@BigRedBob) Jul. 24 at 11:20 PM

I do see some possibility of turmoil ahead. It usually begins with news items that start out with “Trump tweets…”, or something about the midget with the bad hair from North Korea, or something else equally sensational, so there’s that. Who will Trump fire next on this reality game show of his? OK, enough politics…

Let’s talk religion instead;

MILESTONE!: We have collected over $125,000.00 in dividends since the inception of the #HYHRD portfolio. This milestone was reached on August 1st, 2017. Next milestone will be $150,000.00 in dividends received.


I will be converting 1/6th, then 1/5th, then 1/4th, then 1/3rd, then 1/2, and then the remainder of my IRA to my Roth IRA in January of each year.

So, some slight changes to investment methods and Robinhood will look across the entire portfolio and will also be the 1st place to add new holdings. I am beginning to think of Robinhood as my sandbox, or test case portfolio. Always trying to find the highest paying items without being overly risky (yeah, we’ll see how that goes) and no trade fees, except when I sell.

I’m also moving our accounts away from Fidelity and Capital One Investing to a new broker, because Capital One Investing will not allow any investment or trades or purchases in my wife’s Roth IRA (this includes DRIP purchases!!!). This will be initiated by March 10th of next year, at the very latest.

On November 15th, Capital One Investing removed the restrictions placed WITHOUT WARNING on my wife’s Roth IRA that prohibited trading (buying and/or selling, and also dividend reinvestment). I immediately sold 300 shares of PHT and 1500 shares of PHK and bought 200 shares each of NYMTN & NYMTO.

Our joint brokerage can move at any time.

My Roth IRA move to a new broker will be initiated by March 9th of next year, at the very latest.

I am moving to Bank of America Merrill Lynch, specifically Merrill Edge for our new broker. BAML Edge beats most other brokers by a mile with 30-100 limited free trades and no annual fee. So, it looks like Merril Edge is the clear winner and I will get at least 30 free trades each month with Merrill Edge, which is enough for my needs.

I had a meeting with a representative at a local BofA branch, and made an appointment for Dec. 4th to initiate the partial transfers, leaving only ACSF, BDCL, CEFL, MORL, & REML at Capital One Investing. Eventually, partial transfers of DTC eligible holdings will be initiated to move these issues from Merrill Edge to Fidelity.

That plan is now on hold until March, 2018. I don’t want to lose the bonus amounts paid into our Capital One Investing accounts.

I will meet with the Merrill representative in March to effect the account openings/transfers, etc.

The portfolio is in a sort of “holding pattern” until I meet with the Merrill representative in March and/or until the income taxes are paid. I am DRIPping some holdings that are showing significant percentage gains at Capital One Investing, but none at Fidelity are presently being DRIPped, except the joint account. Robinhood, of course, doesn’t offer DRIP of any sort.

I will leave you with a (rather large) screenshot from my Google sheets that shows all of our holdings, ranked by total return (there’s also position size ranking, %change since purchase rank, rank by yield, type of security, frequency of dividend payments, total return, total $ gain/loss (unrealized), rank by income, and rank by gain/loss);



I’m not telling anyone to buy anything or giving anyone any advice, because that’s illegal. You see, I have no letters after my name, like RIA, CFA, etc. I SIMPLY DO NOT GIVE ADVICE. I only tell (and show!) what I do. You, like me, are all alone in this.

And remember, always do your own due diligence!

panda_wildePat Rosenheim
(PandA Trader)
High Yield, High Return Dividend



About PandA Trader

I am, I think... "Disobedience, in the eyes of anyone who has read history, is man's original virtue. It is through disobedience and rebellion that progress has been made." -- Oscar Wilde
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7 Responses to #HYHRD: The #Plan 1/20 $CSQ $CXE $DFP $DHF $DHY $DIAX $DNP $EAD $ECC $EVN $FFC $FHY $FIF $FLC $FPF $GAIN

  1. higrm says:

    Hi Pat,
    I’ve been away from your blog for awhile and trying to catch up with all your changes. I would really find it interesting if you could explain your sell/buy decisions. I noticed between Jan. 18 and Feb. 12 you’ve sold all your OAKS and ORC. Probably a good idea, but I’d like to hear your reasoning for this decision at this time. One other observation is that you have CLM and CRF. I’ve been reading up on those two and have decided that they may be heading in the direction of OAKS/ORC in the next quarter or two. Yes, they do pay fat dividends, (like OAKS and ORC used to), but they don’t seem to cover their payouts with income. I know that there are very vocal proponents of these two on SA, but I’ve also read feedback from many I consider knowledgeable that the story cannot continue indefinitely. What are your thoughts on the longevity of their distributions?

    My other question is about your dividend charts. You state most of your holdings are monthly payers, but you don’t appear to have a very flat dividend stream yet. I like steady income, and even though most of my holdings are quarterly payers, I actually look for stocks to fill in low months. The problem is I also own VOD and VOD.L which only pay twice a year, so I get two big lumps that won’t be easy to iron out. But they are to the plus side, so I don’t worry about that.



    • PandA Trader says:

      I sold ORC and OAKS because I had lost enough money on those losers. CLM & CRF are quite different animals. II am long both names. My dividend stream was much higher before I converted my wife’s IRA and most of mine to our Roth IRAs. Some capital loss, but now income is untaxed. Our combined taxable income for 2017 was $4,665.00, and we paid no tax. That was my aim. 😉

      Liked by 1 person

      • higrm says:

        You have no concerns about CLM or CRF? Looking at the stocks in the mix, the yield they are paying has to be return of capital, because it cannot be from income. This is going to reduce the NAV and since they are both trading at a very large premium to NAV already, this could spell trouble. I’m only just getting into CEF’s myself, (got BLW, HYB and BIF, now. Looking closely at BIT), so I could be wrong. Good luck to you.

        Liked by 1 person

        • PandA Trader says:

          Yes, some is ROC. Their NAV is fairly steady, though. I am expecting another Rights Offer for both later this year. This is their latest distribution notice; http://www.cornerstonestrategicvaluefund.com/Data/Sites/21/media/docs/2017-05-12-press-release—clm-crf-distr-for-3-mos.pdf

          This is a spreadsheet I made for their last RO; https://docs.google.com/spreadsheets/d/1jX7-2DV2Xu50ngRXx5gzv19NCeubfQq2zacuM09x_cI/edit?usp=sharing

          CEF Connect has some great info, check out the ‘ALL’ tab and scroll down and check out the ‘Distribution History’ for both funds;



          I don’t like BLW or BIT, I own HYB (but I’m not proud). I like BIF.

          Liked by 1 person

          • higrm says:

            Hi Pat,
            I went to the CEF Connect site and scrolled down to distributions on CLM. Below the chart showing the payouts is the table with the breakdown of Income, Long Term Gain, Short Term Gain, and ROC. In the last 27 payouts, the average ROC has been 70.3%. The last 7 payouts have been 84.7% ROC! If you have an account on Tradingview, its free, you can call up a 5-year chart on CLM. Then select “Compare” and add CRF. They are identical. Now add on top of those two FB, as this the largest holding of CLM. And lastly add AAPL, the second largest holding. I hope you can read the same message that I can from that chart. Two of the lines are going up and two of them are going down.

            The distributions you are getting from CLM and CRF are from the sales of shares of the underlying company. As long as AAPL and FB continue to soar, you’ll need fewer and fewer shares to keep the CLM NAV constant, which it hasn’t been if you look at the interactive chart provided by CEF Connect. Look at the price / NAV chart over a 5yr period. They will be soon, (relative term, it might be a year), getting down to the last single share of AAPL and FB. When they sell either of them to pay that future month’s distribution, the NAV will drop dramatically. The following month, they will sell their last FB share and NAV will be zero.

            I also don’t understand why people would pay a premium to NAV for this portfolio of shares. Those stocks are in any one of hundreds of other CEF’s or ETF’s, most of which have lower premiums or lower fees, (CLM expense ratio 1.2%).

            Just my two cents worth. I am worried that you will not get out soon enough and take a loss. And from the size of the premium to NAV on these two, it could be a couple dollars/share. You’re ahead now, having gotten some distributions. Cut and run. Or hedge. Can you buy puts on these two positions to hedge against a loss? No, I just checked, you cannot.

            Well, I’m not offering any trading advice, being nothing close to a financial advisor with any kind of accreditation. But since you are kind enough to share your portfolio with us, I thought I would share some of my thoughts.

            A pair of last questions: what don’t you like about BLW? The payout isn’t super high, but I bought in just in time to get the 2016 special year-end dividend, so my total yield is still quite good on it. A bit disappointed we didn’t see a special last year and that the payout has slipped a bit, but it is still good enough for what it is supposed to do. It is a corporate bond fund that should be far more resilient in a strong downturn, the price range since I bought it has been very tight. And BIT? Why is that one in your doghouse?
            Cheers and happy investing.

            Liked by 1 person

          • PandA Trader says:

            If you look at the schedule of investments in the annual report from 12/31/2017 (http://www.cornerstonestrategicvaluefund.com/Data/Sites/21/media/docs/CLM_Annual_final.pdf) you’ll see how much of each holding they have. I can’t believe they are just buying and holding. Compare the annual report to the semi-annual report from 6/30/2017 (http://www.cornerstonestrategicvaluefund.com/Data/Sites/21/media/docs/CLM_Semi-Annual.pdf) and you can see they have changed their positions through either buying or selling shares. That’s what I do, I either buy more or sell some (or all). Maybe I’m blind, or stupid, but I’m confident they can maintain the NAV at a fairly reasonable level. The Net Assets went from $382.6M to $596.4M and NAV went from “NET ASSET VALUE PER SHARE ($382,660,296 ÷ 29,001,925)
            $ 13.19” to “NET ASSET VALUE PER SHARE ($596,438,666 ÷ 44,023,775)
            $ 13.55” as seen on page 8 of those reports. Of course, share count increased substantially as well, probably due to the ROs they conducted during 2017, and the spreadsheet I made for that purpose (https://docs.google.com/spreadsheets/d/1jX7-2DV2Xu50ngRXx5gzv19NCeubfQq2zacuM09x_cI/edit?usp=sharing). I participated in that RO.

            As for BLW & BIT, I checked Total Performance against CLM & CRF on stockcharts.com (http://stockcharts.com/freecharts/perf.php?BLW,BIT,CLM,CRF&p=5&O=011000) and I didn’t particularly care for their performance. Of course, I have a bunch of losers [erformaikng far worse than those 2 but I’d rather pick up something performing far better, like CG or BIF (http://stockcharts.com/freecharts/perf.php?BLW,BIT,CLM,CRF,CG,BIF&p=5&O=011000).

            And, you further state “Well, I’m not offering any trading advice, being nothing close to a financial advisor with any kind of accreditation.”, and I have to add that the same applies to me. I’m probably the last person you should take advice from as we have less than $150k to live off of for the rest of our lives. But, we do manage to get around $14k per year with YOC around 9.12% (currently).

            But, I do like to share.

            I’ve gotten some compliments and taken some ridicule, along with some good (and some not so good) tips from others, and I like to show how they pan out.

            I’d like to thank you again for your help with my spreadsheet. You’re a smarter man than I!

            Pat (the ‘P’ in ‘PandA’)

            Liked by 1 person

          • PandA Trader says:

            Gary, I did as you suggested, and compared CLM & CRF to FB & AAPL. CLM & CRF pay dividends approaching 19%. FB pays no dividend, and AAPL pays 1.41% currently. With CLM & CRF I get to share the growth and get monthly dividends paid to me, whereas if I owned AAPL &/or FB directly I wouldn’t get that monthly dividend. Now, I do see the price trending down, but that’s just the price. I look for total performance, which includes dividends.

            Liked by 1 person

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