Flaherty & Crumrine PREFERRED & INCOME OPPORTUNITY FUND INC (PFO)
PFO 8-K filings, explained
Every material Form 8-K Flaherty & Crumrine PREFERRED & INCOME OPPORTUNITY FUND INC has filed with the SEC since November 13, 2015, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
The Board of Flaherty & Crumrine Preferred Income Opportunity Fund approved a name change to Flaherty & Crumrine Preferred and Income Opportunity Fund and revisions to its investment policies. The non-fundamental policy now requires at least 80% of Managed Assets in preferred and other income-producing securities, down from the prior requirement of preferred securities, and the Board can change it without shareholder approval.
Board approved the name change and policy changes on April 23, 2019
Fund must invest at least 80% of Managed Assets in preferred and other income-producing securities under normal market conditions
Managed Assets now defined to include net assets plus certain loans, debt, preferred liquidation preference and reverse repurchase proceeds
Effective February 21, 2017, the Fund will change its investment policies, replacing a test that at least 75% of securities be investment grade with one requiring at least 85% of managed assets to be either rated investment grade or issued by companies with investment grade issuer or senior unsecured debt ratings. The adviser says the change responds to ratings methodology changes and to the fact that only about 62% of the preferred market now carries an investment grade rating from at least one agency, versus 90% before the financial crisis. Shareholders would see the Fund able to hold up to 15% of holdings in below investment grade securities issued by investment grade issuers.
New policy effective February 21, 2017 requires at least 85% of managed assets to be investment grade rated or issued by investment grade issuers, up from the prior 75% securities test
Adviser says about 62% of the preferred market is investment grade rated by at least one agency, down from 90% before the financial crisis
Fund may hold below investment grade preferreds of investment grade issuers, subject to a 15% limit
Adviser has no current intention to buy securities rated B and below; ratings are applied at time of purchase
The investment adviser to Flaherty & Crumrine Preferred and Income Opportunity Fund said portfolio manager Donald F. Crumrine will stop serving the fund effective December 31, 2015, due to his upcoming retirement. R. Eric Chadwick and Bradford S. Stone will continue as portfolio managers, so the fund's management team remains in place with two members.
Donald F. Crumrine will no longer serve as a portfolio manager effective December 31, 2015
Reason given: his upcoming retirement
R. Eric Chadwick and Bradford S. Stone will continue as portfolio managers
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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