(Bloomberg) -- Emmanuel “Manny” Roman, chief executive officer of Pacific Investment Management Co., sold $1.67 million of a Pimco closed-end energy fund less than a month after the firm’s chief investment officer bought $3.2 million of the same fund.

Roman sold 100,000 shares of the Pimco Energy & Tactical Credit Opportunities Fund at $16.74 a share, according to a securities filing Friday. Last month, CIO Dan Ivascyn purchased almost 200,000 shares.

Roman said in an email that he sold for “tax-loss harvesting,” a common transaction toward the end of the year as investors seek to reduce taxes by offsetting gains or income. The shares are down roughly 17% from the initial public offering price earlier this year.

Pimco Energy is a closed-end energy fund that focuses on debt rather than equities. Faced with headwinds such as sluggish oil prices and the socially responsible investment boom, most closed-end funds in the sector have been trading below the net value of their holdings.

To contact the reporter on this story: John Gittelsohn in Los Angeles at johngitt@bloomberg.net

To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Josh Friedman, Dan Reichl

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