Pilgram Prime Rate is crashing (for a closed-end bond fund, at least in my opinion). The fall started on 12/13/99. I'm trying to figure out why. On 12/9/99 the company announced that the portfolio manager, Howard Tiffen, was leaving and that he was being replaced by two new managers. Could this alone be the cause of the crash?Looking at the past 2 years of data, I see a strong positive correlation between PPR's price and the 30-year bond yield. On 12/13/99 the 30-year bond yield started a strong climb while PPR started down. This is contrary to past history. Is there some fundamental understanding that I'm missing here?
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