FFC: Fully Covered Distribution And Rate Hikes Priced In

The Flaherty & Crumrine Preferred and Income Securities Fund offers a 7.56% yield, primarily through preferred stocks and hybrid fixed-income securities. FFC's performance has lagged peers over the past decade but improved recently, outperforming the American preferred stock index on a total return basis. The fund maintains a stable distribution, covered mainly by net investment income, with minimal reliance on capital gains or return of capital. FFC trades at a 6.89% discount to NAV, better than its five-year average, and employs 37.1% leverage to boost yield.