Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (PTA)
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2 Closed-End Fund Buys In The Month Of September 2026
The broader equity markets, as represented by the S&P 500 and Nasdaq Indexes, traded at or near all-time highs. However, outside of tech, there was very little that was working, with rate pressures hitting most of the rest of the investment space. This month I continued to accumulate my cash pile but still did some buying in two funds that were particularly pressured by higher rates and widening discounts.
PTA: Discount Gets Even Wider, Making This A Time To Buy
The Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund has faced ongoing pressure from higher Treasury rates and a widening discount. PTA's leveraged structure and rising financing costs present challenges in the short term, but in the longer term, it presents a buying opportunity. The fund has shifted to higher credit quality (BBB), reducing risk but potentially pressuring future income generation.
PTA: Current Trends In Fixed-Income Could Weigh On The Fund
The Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund offers an 8.83% yield, significantly above the preferred stock index average. PTA's share price has been flat over three years and declined recently, reflecting sensitivity to interest rates and leverage-driven volatility. The fund covers its distribution with net investment income and realized gains, but large unrealized losses warrant monitoring for sustainability.
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| BZ Brandon Zatopek Commonwealth Equity Services LLC | 10,722 | $205,660 | $179,164.62 | -$26,495.38 | -12.88% |
| RAS Robert A. Saperstein Guggenheim Capital LLC | 28,521 | $534,483.54 | $479,152.8 | -$55,330.74 | -10.35% |
| AB Anthony Bruccoleri Equitable Holdings Inc. | 27,008 | $524,130.78 | $456,705.28 | -$67,425.5 | -12.86% |
| BO Brian Oliveira Clear Street Group Inc. | 4,094 | $78,523 | $69,024.84 | -$9,498.16 | -12.1% |
 Andrew Kirchner ELEVATION WEALTH PARTNERS, LLC | 1,500 | $28,770 | $25,290 | -$3,480 | -12.1% |
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (PTA) FAQ
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Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund Profile
| NYSE Exchange | US Country |
Overview
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund is a close-end fixed income mutual fund that was launched by Cohen & Steers, Inc. and is managed by Cohen & Steers Capital Management, Inc. The fund focuses on the fixed income markets across the globe, aiming to provide investors with access to preferred stock and debt securities that offer tax-advantaged income. It employs a strategy of direct investment and the use of derivatives to achieve its investment goals, guided by fundamental analysis. The fund was established on October 26, 2020, and has its headquarters in the United States, indicating a relatively recent entry into the financial market with a specific focus on tax-efficient income generation.
Products and Services
- Preferred Stock and Debt Securities
- Floating-Rate and Fixed-to-Floating-Rate Preferred Securities
- Corporate Debt Securities
- Convertible Securities
- Contingent Capital Securities
This product category includes both traditional preferred stocks and various forms of debt securities. The focus is on securities that provide a combination of income generation and potential tax advantages. By investing in these types of assets, the fund aims to offer investors a steady stream of income that may benefit from favorable tax treatment.
These securities are designed to offer investors income that adjusts with market interest rates. Floating-rate securities have interest payments that change over time, while fixed-to-floating-rate securities begin with a fixed interest rate that later converts to a variable rate. This flexibility can be beneficial in both rising and falling interest rate environments, providing a measure of protection against interest rate risk.
Included within this category are both fixed- and floating-rate corporate bonds. These securities represent loans made by investors to corporations, which in return, offer interest payments over a fixed term. The fund primarily targets securities that are rated BBB- or above by Standard & Poor’s, focusing on investment-grade corporate debt that offers a balance between risk and return.
Convertible securities are hybrid instruments that offer the potential for income along with the option to convert into a predetermined number of shares of the issuer's common stock. This feature provides an upside potential in the form of equity participation while also offering income generation and risk reduction benefits typical of fixed income investments.
Also known as "CoCos," these are debt instruments that may be converted into equity or see their principal written down upon the occurrence of certain triggers, typically related to the financial health of the issuing entity. By investing in contingent capital securities rated BBB- or above, the fund seeks to add a layer of security and potential for profit in scenarios of issuer distress, while also contributing to the fund's income generation objectives.
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