Blackrock's Floating Fund-- FRB

Blackrock's Closed end floating rate fund, symbol FRB, is kicking out an almost TGTBT yield of more than 17 percent. What the hell are these people doing in Plainsboro, NJ, trying to make everyone else on Wall Street look feable? First of all, here's its business description:

Floating Rate Income Strategies Fund II, Inc. operates as a diversified, closed-end management investment company. The fund invests primarily in floating rate debt securities and instruments. Its portfolio includes investments in health care, housing, information technology, leisure, manufacturing, packaging, paper, retail, services, telecommunications, utilities, aerospace and defense, airlines, automotive, cable-U.S, chemicals, consumer non-durables, media, energy, and gaming sectors. Fund Asset Management, L.P. serves as the investment advisor of the fund. Floating Rate Income Strategies Fund II, Inc. is based in Plainsboro, New Jersey.

If you download it's annual report, you'll find that it was trading at an -8 percent discount to its net asset value as of the 3rd Q of last year, which is a good bit of "downside protecting in the event of a broad market decline", as the yield hoe himself used to tell investors. There is comfort in that there are some "Major Holders," including Morgan Stanley, Citi, Wells Fargo. That's something.

Charts and Measures

The price movement shows a recent upturn, but not crossing it's upper band. The P/E, ot the extent it applies here is 16. The hoe has nothing very much more to say about it it at this time, but it's certainly something to start tracking in high yield land, which is another way of saying-- it's 3am and bedtime for Bonzo. FBR's yield compounds monthly by the way...