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Forbes
a day ago
- Business
- Forbes
Here's Why Chasing The Highest Yields Can Be The Wrong Investment
Avoid These Mistakes write on a book isolated on Office Desk. Stock market concept Think back three months: The market was in the throes of the 'tariff terror.' Us? We were doing what we always do: sifting out overly beaten down closed-end funds (CEFs) with huge yields. Today, the stock market is doing the opposite of what it was back then—levitating from all-time high to all-time high. And we're still finding bargain-priced dividends. Right now, some of the best ones are in corporate-bond CEFs. Let's keep at it now by zeroing on two corporate-bond CEFs that are still undervalued—though one much more than the other. On average, they yield north of 9%. 2 PIMCO CEFs Surge After Tariffs I mention the April tariff crash for a reason: In an April 17 article (published as trade confusion reigned), I focused on two oversold PIMCO corporate-bond funds that, at the time, yielded 10.1% between them. Those were the PIMCO Dynamic Income Strategy Fund (PDX)—currently a holding in our CEF Insider service—and the PIMCO Access Income Fund (PAXS). Since April 17, PAXS (in orange below) and PDX (in purple) have bounced, posting a nearly 12% average total return, based on their market prices. But the gains have been lopsided. PDX Outperforms We'll talk about that gap more in a second. First, let's dig into the dividends, since they're usually investors' No. 1 reason for buying CEFs. PIMCO Table If you'd bought these CEFs on April 17, you'd have gotten a 10.1% average yield. Here too, the gap was quite big between the funds, with PAXS yielding over 12% at the time. Note that these funds' average yield has fallen due to price gains (as prices and yields move in opposite directions), though PAXS's yield is still near where it was in April, at 12%. In other words, the fund's smaller market-price gains mean it still offers a lot of income. This is takeaway No. 1 in CEF investing: The higher yielder isn't always the bigger short-term winner. In fact, it's often the opposite: Many investors fear all big yields—even many CEF investors. (There's really no excuse for that, since many CEFs have offered 10%+ yields for years without major payout cuts). As a result of that fear, lower-yielding CEFs tend to bounce higher than bigger payers after a market panic. So PDX's outperformance is no surprise. But there's something else going on with these funds' net asset values (NAVs). NAV is a measure of a CEF's portfolio performance: Since CEFs have fixed share counts, their NAV and market-price performance usually differ. A market price below NAV results in the 'discount to NAV' that we CEF buyers covet. PIMCO Total Returns Over the past year, PAXS (in orange above) and PDX (in purple) have posted similar total NAV returns, with PDX edging ahead. That's not too surprising, as both funds invest in a mix of credit assets and have overlapping management teams. However, some aspects of PDX's portfolio, like a focus on energy and oversold floating-rate credit, drove its outperformance (including that spike in early 2025) at different times over the last 12 months. In the future, we can expect both funds to keep recovering, mainly because of their discounts to NAV. PIMCO Discount Both funds trade at discounts as I write this, with PDX's markdown being much bigger, at 7.1%. That makes the fund the more appealing choice between these two, even with its lower yield. I expect PDX's closing discount to result in a bigger total return than we'd get from PAXS in the long term, even if that discount is rangebound today. However, PAXS isn't a bad fund, with the market's continued gains spurring a bigger appetite for risk and income. As more investors look to CEFs, we should see more demand for those with the highest yields, and 12%-paying PAXS is nicely set up to benefit from that. PAXS's portfolio mix of leveraged-credit investments should allow its NAV to keep climbing in a rising market. That, in turn, would attract more investors and bring the fund's tiny discount to a premium. This wouldn't be unprecedented, since PAXS was trading at a double-digit premium less than a year ago. In fact, a premium is likely for both funds in the longer term, since they both operate under the PIMCO name, and PIMCO CEFs tend to trade at large premiums. There are lots of reasons for this, including the fact that investors generally don't like to sell PIMCO funds because they often do outperform, and the company aggressively courts the ultra-rich in California via wealth managers. As a result, many shares of these funds sit in accounts and aren't traded very much. In the past, in fact, I've seen premiums on PIMCO funds shoot as high as 40%! Could PAXS or PDX see that type of premium? It's possible, though it will likely take years—though these funds' current high payouts would make the wait a pleasant one. Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report 'Indestructible Income: 5 Bargain Funds with Steady 10% Dividends.' Disclosure: none
Forbes
13-07-2025
- Business
- Forbes
Wall Street's Deepest Values: 5 Cheap CEFs Yielding 7%+
Travel Destination The last bargains on the big board? Discounted closed-end funds (CEFs). CEFs are often the 'last stop' for dividend deals. We are talking about an inefficient corner of the income universe, which is just great for us contrarians—we love the discounts. And these funds can trade for less than 'fair value' for months and even years on end. When the markets washed out in April, these CEFs were discarded by their vanilla dividend owners. Let's pick up the pieces for up to 12% off, or 88 cents on the dollar. And in the process secure yields up to 9.7%. Nuveen Dow 30 Dynamic Overwrite Fund (DIAX)Distribution Rate: 8.4% We'll start with the Nuveen Dow 30 Dynamic Overwrite Fund (DIAX), an example of a strategy that thrives in CEF land: covered calls. DIAX's five fund managers attempt to replicate the performance of the Dow Jones Industrial Average, but with less volatility, by owning the DJIA's components while also selling call options on between 35% and 75% of the notional value of the equity portfolio. Covered-call funds generally offer the exact same tradeoff: Receive lower volatility and a higher percentage of returns coming from distributions in exchange for lesser overall performance than the underlying index (because DIAX's holdings are being 'called away' as they rise). Unfortunately, in the case of DIAX, the underperformance is stark, even when considering a distribution rate that's more than 5x the Dow's dividend yield. We're generally better off buying funds like DIAX when we think the Dow is toppy. The fund trades at an 11% discount as I write, more than its recent average of 9%. Neuberger Berman Next Generation Connectivity Fund (NBXG)Distribution Rate: 8.3% Numerous CEFs turn income-unfriendly segments of the market into distribution funnels. Take the Neuberger Berman Next Generation Connectivity Fund (NBXG), which generates an 8%-plus monthly payout from a few dozen technology, communications, and consumer stocks. While thematic ETFs are a dime a dozen, thematic CEFs like NBXG are few and far between. This Neuberger fund's theme is next-generation connectivity; managers Hari Ramanan, Yan Taw Boon, and Timothy Creedom seek out stocks that 'demonstrate significant growth potential from the development, advancement, use or sale of products, processes or services related to the fifth generation mobile network and future generations of mobile network connectivity and technology.' But if we take a quick look, it's pretty apparent NBXG can also stand in as a play on artificial intelligence (AI). Mag 7 holdings such as Meta Platforms (META), Amazon (AMZN), Alphabet (GOOGL) and Nvidia (NVDA) are pretty direct plays on AI at this point. The fund even invests in private companies, such as AI-powered Grammarly. It also engages in options trading to generate gains from options premiums and tamp down on risk. Neuberger's CEF has trailed the tech sector since inception, though that's not a terribly fair comparison given its exposure to other sectors. Still, this strategy has shown a lot of promise over the past 18 months or so: The fund's discount to NAV is generous, at 11.2% currently, so we have NBXG's assets selling for 89 cents on the dollar..) Royce Micro-Cap Trust (RMT)Distribution Rate: 7.5% Another place we might not expect a high-single-digit yield? Small-cap stocks. But that's exactly what we get from Royce Micro-Cap Trust (RMT). RMT—managed by Jim Stoeffel and Andrew Palen—is a micro-cap value fund in name, though given an average market cap of about $750 million, it's truly closer to small-cap in nature. Still, not exactly a who's who of ballyhooed dividend names. Holdings include the likes of electronic component maker Bel Fuse (BELFA), which pays a fractional yield, and online advertising firm Magnite (MGNI), which pays no dividend whatsoever. So, what's with the big distribution? RMT doesn't really trade options, nor does it use debt leverage. Instead, it's just a quarterly distribution of predominantly long-term capital gains. Not ideal, but RMT pulls it off. I've previously pointed out that RMT always trades at a discount, and indeed, it's trading right around its five-year average discount to NAV (12%). That's not exactly a good thing—ideally, management should have a plan to close that discount at some point. But it's hard to knock Royce too much given RMT's consistent outperformance. Virtus Total Return Fund (ZTR)Distribution Rate: 9.7% Virtus Total Return Fund (ZTR) is a 'portfolio in a can,' capable of investing in stocks and a wide array of bonds and other fixed income, both domestically and internationally. ZTR's four-manager team has currently built a 75/25 stock/bond portfolio. The equity sleeve is both lopsided and defensive in nature; half of its weight is in utilities, while the rest is largely taken up by industrials and energy firms. On the debt side, ZTR owns investment-grade and junk corporates, emerging-market bonds, asset-backed securities, mortgage-backed securities, bank loans, Treasuries, and more. Like many closed-end funds (but unlike the CEFs above), ZTR amplifies its bets through debt; it currently has 130% of assets invested thanks to debt leverage. Virtus Total Return is considered a 'moderate allocation' fund, which refers to funds that typically have between 50% and 70% of their assets invested in stocks (with the rest in bonds and/or cash). While this CEF currently has a 75/25 blend, I've seen it as low as 60/40 when looking at it in the past. Still, for comparison's sake, it's worth looking at ZTR against a couple different allocation benchmarks—in this case, a 60/40 ETF and a more aggressive 80/20 ETF. Virtus' fund has enjoyed pockets of outperformance in the past, but the fund has lost an enormous amount of ground recently. Its dips have been harsher than the plain-vanilla ETFs, which is normal for a leveraged CEF, but its recoveries have been more muted—the opposite of what we'd expect. Unfortunately, that blunts the appeal of ZTR's nearly 10% distribution (paid monthly), as well as a roughly 11% discount to NAV that's cheaper than its five-year average (8%). Calamos Global Dynamic Income Fund (CHW)Distribution Rate: 8.4% Calamos Global Dynamic Income Fund (CHW) is a global fund that can invest not just in common stock, but investment-grade corporates, junk corporates, preferred stock, bank loans, convertible debt, asset-backed securities, US government securities, options, and more. At the moment, about two-thirds of assets are invested in common stock, with another 15% in convertibles, 10% in corporate debt, and the rest scattered around the other categories. Geographically speaking, the US accounts for a little more than half of the fund's assets, with the rest in developed markets like Germany, Japan, and Canada, as well as emerging markets like China and India. On top of all of that, CHW's five-manager team also utilizes a hefty amount of debt leverage: just south of 30% currently. There aren't many global allocation funds out there, and those that are simply aren't built the way CHW is—especially given that management has a long leash and a lot of assets they can explore. But comparisons against the SPDR SSGA Global Allocation ETF (GAL)—an ETF in the same category (global moderate allocation)—are favorable, albeit bumpier. CHW is also trading at a tasty 10.7% discount to NAV that's more than twice as deep as its five-year average, and it's doling out an 8%+ distribution, paid monthly. Brett Owens is Chief Investment Strategist for Contrarian Outlook. For more great income ideas, get your free copy his latest special report: How to Live off Huge Monthly Dividends (up to 8.7%) — Practically Forever. Disclosure: none
Forbes
04-07-2025
- Business
- Forbes
This Lazy Take On US Debt Could Cause You To Miss A 14% Dividend
United States fifty dollar bill with the United States Capitol building close up Well, that didn't last long. A few months ago, all we heard from the mainstream media is that the 'sell America' trend was going to stick around for a long time. Nowadays, we're still hearing that. But one corner of the market—closed-end funds (CEFs)—is telling us something interesting: That investors are starting to turn their attention back to the US. That's given us an opportunity to front-run this quiet shift now, while it's still early, with some high-yield CEFs trading at attractive discounts. In a second, I'll walk you through the signal we're getting from two of the biggest US-focused CEFs—one holding stocks, the other corporate bonds. First, though, let's talk about what the real data says about one of the biggest fears that's been driving the so-called 'sell America' theme—US debt. US Debt Ratio Current This chart shows how much US households pay to manage their debt, as a percentage of disposable income. It's the main evidence supporting the argument that fears about US economic stability are warranted. To be fair, this chart does show a jump—about 10% in the last three years. In other words, yes, Americans' debt costs are higher than they were in 2022. That's a sure sign the US consumer is tapped out, right? If this all sounds familiar, it's because it's the same story the press pushed in 2022, with headlines like 'Consumer Debt Surges at Fastest Pace in 15 Years.' Three years later, the US economy remains strong. So maybe it's going to finally falter now? That's what the Wall Street Journal has been saying. In March, it published a story titled, 'Consumers Keep Bailing Out the Economy. Now They Might Be Maxed Out,' and another headlined: 'Recession Fears Stoke Concerns Americans Are Overstretched.' Now let's look at a chart that starts to dispel this fear and tell us the real story here. US Debt Ratio Historic Household debt payments definitely rose from their all-time low in 2021. Now they've leveled off at around 5.5% of disposable income. That's about where they were in the early 2010s. Today's level is also far below the average in the 1980s, 1990s and 2000s. US Debt Not The Problem… In other words, Americans are not maxed out. In fact, their household-debt levels are quite low. According to IMF data, US households are less indebted than those in much of Europe and Asia, as well as Australia and Canada, both of which are places thought to be fiscally responsible. Household Debt, Global At current levels of American disposable income (which is among the highest in the world) and debt levels (one of the lowest), the average US household is paying about $282 per month on its debt. That's hardly a lot of money for most people! It's also worth pointing out that the average American family's net worth had risen to $192,700 by 2022 (when the Federal Reserve did its latest survey), fully recovering from the Great Recession. There's a direct line between this financial improvement and the S&P 500's world-beating long-term performance: SPY Total Returns Which brings me back to that indication CEFs are giving us that investors may finally be catching on to the strength of the US consumer. To get at that, let's look at a major corporate-bond CEF, the PIMCO Dynamic Income Fund (PDI), and the Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). As SPXX's name says, it holds the S&P 500, but it also sells call options—a low-risk way to support its dividend. In a June 9 article on our Contrarian Outlook website, we talked about how SPXX and PDI work together to give an investor a nicely diversified 'mini-portfolio' of stocks and bonds. We also identified an international fund, the Clough Global Opportunities Fund (GLO), as a less-effective way to diversify. With CEFs, we have two measures of performance: total return based on net asset value (NAV, or the value of a fund's underlying portfolio) and total return based on market price. These can be different, with NAV a better measure of the fund's portfolio management and market price a measure of the fund's overall performance, subject to investor whim. When we look at the total NAV returns of the US-focused funds in the past year (SPXX, in orange below, and PDI, in blue), we see that they exceed that of the more global fund, GLO (in purple), by a fair margin: US Outperforms But if we pivot away from NAV for a moment and look at GLO's total price return, we see that the global fund, GLO, has a far better performance, returning 15% (in orange below), far higher than the 6.4% return on its NAV (in purple) and indeed ahead of SPXX. GLO Total Returns Here's what's really happening: Market demand for this fund is outpacing the fundamentals by a lot. That's causing GLO's discount to NAV to narrow (it's now 11.7%). Over time, investors will likely realize that fundamentals are underperforming market demand here and that, when compared to SPXX's 7.6% yield and PDI's 14% payout, both funds are better contenders than GLO to deliver strong total returns alongside a rotation back into America. And that means there's still time to profit from these two funds and avoid the growing possibility of underperforming by holding GLO, as that fund's market-price gains run ahead of its fundamentals, potentially setting it up for a fall. In short, the 'pivot back to America' trade is wide open in CEF-land, where big (and often monthly paid) dividends are also on the table—if you stick to the data and ignore media fearmongering. Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report 'Indestructible Income: 5 Bargain Funds with Steady 10% Dividends.' Disclosure: none
Forbes
01-07-2025
- Business
- Forbes
This Is The Cheapest 8%+ Dividend I've Ever Seen
Large stack of money saving coupons. I know it's easy to get discouraged by the lack of bargains (not to mention the pathetic yields) available to us today, after stocks bounced back from the tariff-driven selloff. But I have good news on this front: We still have plenty of places to hunt for big yields, even in this 'pricey' market. We just have to step a bit beyond mainstream choices—specifically to closed-end funds (CEFs), of which there are about 400 or so on the market. As I write, these funds, which are as easy to invest in as any ETF, yield around 8.7% on average. But it's the valuation story (source of the price upside we demand in addition to those big dividends) that's particularly compelling here—and that side of things often gets overlooked as investors zero in on CEFs' outsized dividend payouts, many of which are paid monthly. Plenty of These 8%+ Dividends Are Bargains Now … As I write this, the average CEF trades at a 4.6% discount to net asset value (NAV, or the value of its underlying portfolio). And that's just the average. Many CEFs are cheaper. CEFs can offer these discounts because they generally can't issue new shares to new investors after they launch. The result is that the fund's market price can trade above or below NAV. When it's below, we say it's trading at a discount. This will all likely sound very familiar to you if you're a member of my CEF Insider service, as discounts to NAV are key to our strategy there. But sometimes we see a discount so extreme that it jumps off the page—here I'm talking bigger than, say, 16 or 17%, where most CEF markdowns bottom out. When we see a discount bigger than that, we have to look more closely to see if it's an overlooked bargain or if it's cheap for a reason. … But This 56% Discount Breaks the Mold Which brings me to the Highland Opportunities and Income Fund (HFRO), which yields 8.9% today and also pays dividends monthly. The fund also ticks our diversification box, as it holds its nearly $900 million in assets tied up in a mix of stocks (about two thirds of the portfolio) bonds and real estate loans (nearly the other third), and the remainder in cash. Most of this is tied up in NexPoint real estate assets, with a mix of equity and debt for NexPoint's single family homes investment, NexPoint Storage Partners, NexPoint Real Estate Finance and NexPoint Hospitality Trust. But the number that really leaps off the page is the discount, which clocks in at 56% as I write this. HFRO Discount That makes HFRO the most discounted CEF out there—and in fact one of the cheapest I've ever seen, though it is slightly less of a bargain than it was during the April selloff, when its discount fell below 60%. It's the erosion—but clear momentum, as you can see at right in the chart above—that makes this fund worth a look today, as a shrinking discount tends to pull up a fund's market price along with it. And there's something else that happens when a CEF trades at a discount—and especially a deep discount: It makes the payout safer. HFRO's 8.9% yield, for example, is calculated based on the (deeply) discounted market price. But when you calculate yield based on NAV, it comes out to a lot less: just 3.9%. In other words, HFRO needs to earn 3.9% to maintain its current payouts, which is a ridiculously low bar in today's markets, where the average high-yield corporate bond yields over 7% and S&P 500 stocks post an annualized return of 10% in the long run. Now this might sound a little too good to be true to you, and it partly is. Last time I wrote about HFRO, I noted that much of the fund's investments were in properties that the fund's management company, NexPoint, holds. Here's what I said then: That admittedly sounds a bit harsh. But when I was writing then, HFRO had returned just 4.4% in 2024 on a total NAV basis (or going by the performance of its underlying portfolio, including dividends collected and reinvested), after slipping in value over the preceding two years. And in fact, HFRO's total NAV return is still in the red over the last three years. In light of that, HFRO's extreme discount makes some sense. But at this point we need to ask: 'Just how low can a discount go? Surely over half off is a bargain, right?' And I have to admit, this tempts me to dip a toe into HFRO. But this chart shows that it's not quite the right time. HFRO 2025 Total Returns Year to date, HFRO's total return (based on market price) is up, thanks to that narrowing of the discount we just talked about. But it only started to build momentum at the start of May, after a big dip in March and April. Another market selloff could cause that dip to recur. HFRO 2025 NAV Returns Here we see that HFRO's total NAV return rose markedly at the start of 2025, when corporate bonds in general got a boost, but we've seen that momentum fade, and now the fund's total NAV return is nearly flat year to date. In addition, the fund's total NAV return trails the popular index fund for high-yield corporate bonds (a reasonable benchmark for HFRO—in orange below), which is up 3.5% in 2025. It trails the benchmark over the last decade, as well, having broken away from it in late 2023. So, it seems clear at this point HFRO isn't a buy today. If its discount gets wider, it may indeed be worth a look. Until then, I continue to see it as speculative, and we're happy to continue to keep watch on it from a distance. Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report 'Indestructible Income: 5 Bargain Funds with Steady 10% Dividends.' Disclosure: none
Forbes
20-06-2025
- Business
- Forbes
3 Big Dividends That Could Ease Worries And Lead To Financial Freedom
Happy mature woman walking embraced with her friends in nature. Few things ease financial worry like knowing you can walk away from work anytime you want, having true financial freedom. Closed-end funds (CEFs) give us just that kind of security—and we talk about that a lot in my weekly articles and in my CEF Insider service. With yields of 8%, 9% and more, CEFs generate huge payouts that could let you retire earlier than you think. It's such a powerful—and overlooked—way to invest that it's worth revisiting again today. We'll color our discussion by looking at how some typical American retirees could retire with CEFs. And we're going to work in some real-life numbers, too. I can't stress enough that we're not doing anything exotic to grab these yields: One of these three CEFs invests in S&P 500 stocks. The others are almost as familiar, holding corporate bonds and publicly traded real estate investment trusts (REITs). More on these funds in a moment. First, let's look at some real figures to see how much income investors could potentially book from CEFs. First, let's get some data about the net worth of the average retiree. Fortunately, the Federal Reserve regularly collects this information. The numbers say something startling: The average retiree is doing well, with the 65-to-74-year-old cohort sporting an average net worth of $1.79 million in 2022, with some of that being in their primary residence. Since that was a lousy year for markets, that net worth is probably higher now. Of course, not everyone is doing well. Because many haven't been able to save as much as the top tier, the median retiree has a net worth of about $409,900. This means they need to rely on Social Security. However, even a less-wealthy retiree could have a comfortable retirement with the three funds I'm about to show you—and we'll get to those in just a moment. But first, let's talk about our average retiree, with that $1.79-million net worth. They probably have at least some of their wealth in S&P 500 index funds, which yield around 1.3%. That translates into $2,000 in monthly income if they had the full $1.79 million available to invest (an assumption we'll make as we move through this article). They could get much more through the three funds we'll discuss next—all of which will be familiar to CEF Insider readers. The Adams Diversified Equity Fund (ADX) yields 8.8% and holds well-known stocks like Apple (AAPL), Microsoft (MSFT) and Visa (V). It's also one of the world's oldest funds, having launched in 1929, days before that year's market crash. Moreover, ADX has a history of strong returns: It has crushed the S&P 500 for decades, including our holding period at CEF Insider, which began nearly eight years ago, on July 28, 2017. ADX Outperforms Despite that outperformance, ADX has a 7.5% discount to NAV that has been closing since the middle of 2024 but still remains quite wide. One other thing to bear in mind: ADX commits to paying 8% of NAV out per year as dividends, paid quarterly, so the payout does float as its portfolio value fluctuates. Next is the Nuveen Core Plus Impact Fund (NPCT), a 12.2%-yielding corporate-bond fund. Its discount has been shrinking in the last few years, from over 15% to around 4.1% today. Again, the portfolio shows why: NPCT's managers have picked up bonds from low-risk issuers, including utilities like Brooklyn Union Gas and financial institutions like Standard Chartered and PNC Financial Services Group. More importantly, they've taken advantage of higher interest rates to lock in high-yielding bonds with long durations, with an average leverage-adjusted duration of 8.4 years. (This measure takes the effect of the fund's borrowing into account, making it a more accurate description of rate sensitivity.) That stands to pay off when rates decline, cutting yields on newly issued bonds and boosting the value of already-issued, higher-yielding bonds like the ones NPCT owns. Let's wrap with the 12.3%-yielding Nuveen Real Asset Income and Growth Fund (JRI). Its portfolio features powerhouse REITs like shopping-mall landlord Simon Property Group (SPG) and Omega Healthcare Investors (OHI), which profits from the aging population by financing assisted-living and skilled-nursing facilities. That huge dividend has a history of growth, too: JRI Dividend The fund has seen its discount shrink to 3.1% from the 15% level it was at in mid-2023, even after the pandemic hit REITs hard, and that discount continues to have upward momentum. Put those three CEFs together and you have a 'mini-portfolio' yielding 11.1% on average. Here's how that income stream looks with $1.79 million invested. Income Potential As you can see, with these CEFs, the average retiree's net worth could fetch around $200,000 in annual income, or $16,630 per month. What about the median, though? Well, their $409,900 would bring in a nice income stream, too. Income Potential Now we've got $3,798 per month, a smidge higher than the median income for US workers (which is $3,518 per month, again per the Federal Reserve). Add the median $2,000 per month in Social Security benefits, and that turns into nearly $6,000 a month. Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report 'Indestructible Income: 5 Bargain Funds with Steady 10% Dividends.' Disclosure: none
