PRM is a tiny closed-ended mutual fund that is managed by Harvest Portfolios Group and invests primarily in the pharmaceutical sector. PRM’s market cap is around $21.7M. The company pays a monthly dividend with a yield of around 8.6%.
PRM invests in an equally weighted portfolio comprised of ten stocks, selected by the Portfolio Manager from the investable universe, following each semi-annual reconstitution and rebalancing. The portfolio is comprised primarily of the largest pharmaceutical companies such as MRK, BMY, JNJ, ABBV, etc. In addition, the portfolio manager writes options to generate additional income. PRM’s NAV at the end of 2025 is $14.01 per share. The annualized return since inception is around 10% per year on average. Overall, we think PRM is an interesting way to gain exposure to the pharmaceutical industry with a heavy focus on income and stability. With that said, the shares are highly illiquid.