My expectation is that if banks lead the rally, preferreds will lead the bank stocks, resulting in higher gains in preferred funds over common stock funds.  This has proven to be the case so far, but HPF has been strangely lagging the last couple of weeks.  PFF, by example, is performing better.  Any ideas why?  Is there something "toxic" (not a fan of the term) in the HPF holdings that is driving investors away?