Fannie Mae Preferred S (FNMAS)

[NewJerichoMan]

Historically, when I bought a position in F&F preferreds, I started with the best of breed (FNMAS in this case) and then work my way down to the lesser traded models because they tend to the least efficient in pricing, i.e., when they go up in price, the illiquid ones go up last.

Is that still effective or do they move pretty much in lockstep now?