High Income Securities Fund (PCF)
Financial Services · NYQ
Fundamentals
Valuation and ratings
High Income Securities Fund trades at USD5.32, which is 25% below the USD6.66 our discounted cash flow model puts on the business. On that measure alone it screens as undervalued, though a DCF is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 52 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 25.3 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
PCF dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | USD0.058 | 1 |
| 2000 | USD0.639 | 9 |
| 1999 | USD0.852 | 12 |
| 1998 | USD0.992 | 12 |
| 1997 | USD1.23 | 12 |
| 1996 | USD0.852 | 12 |
| 1995 | USD0.781 | 11 |
| 1994 | USD0.848 | 12 |
| 1993 | USD0.840 | 12 |
| 1992 | USD0.848 | 12 |
| 1991 | USD0.942 | 12 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
About High Income Securities Fund
High Income Securities Fund is a closed-ended balanced income mutual fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited. It invests in the fixed income markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It invests in both convertible bonds and convertible preferred stocks. The fund benchmarks the performance of its portfolio against a composite index comprising of 50% JPMorgan Developed High Yield Index and 50% BofA Merrill Lynch AllConvertibles Speculative Quality Index. The fund was formerly known as Putnam High Income Securities Fund High Income Securities Fund was formed on July 9, 1987 and is domiciled in the United States.
PCF passes 4 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Super investor ownership
1 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Ken Griffin, CITADEL ADVISORS LLC$92.4K · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is High Income Securities Fund (PCF) undervalued?
Against our discounted cash flow estimate of USD6.66, PCF at USD5.32 is 25% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own PCF?
1 of the institutions we track reported a position in PCF in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is PCF's P/E ratio?
PCF trades at 25.3 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does High Income Securities Fund (PCF) pay a dividend?
Yes. High Income Securities Fund yields 12.99% at the current share price. It has paid USD0.058 per share over the trailing twelve months. It has paid a dividend in each of the last 14 complete calendar years. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.