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PODCAST

The NAVigator

Active Investment Company Alliance

The NAVigator, from the Active Investment Company Alliance (AICA), talks all-weather investing and "excellence beyond indexing" through the use of closed-end funds (CEFs) & business-development companies (BDCs). AICA – a new organization that includes a diverse constituency that runs from investors through fund sponsors – aims to help investors & advisors plot a new and different course to financial success, via the tactical use of securities that mix active management within listed & non-listed

business investing

All Episodes

12:07

40 closed-end funds, a million ways to build a portfolio

The NAVigator ·

2023/08/25

John Cole Scott, president, Closed-End Fund Advisors -- chairman of the Active Investment Company Alliance -- discusses portfolio construction and the many factors that go into a diversified safe and solid separately managed account with closed-end funds and business-development companies as the primary focus. He details a diversified tax-sensitive income fund, discussing the many factors that went into selecting each security for it, and how his focus on certain key elements excludes some

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12:57

NAVigator bonus: Discounts are at widest levels in...

The NAVigator ·

2023/08/21

In a bonus episode of The NAVigator, John Cole Scott, president of Closed-End Fund Advisors and the chairman of the Active Investment Company Alliance, discusses the historic level of deep discounts he is seeing in closed-end funds, and how that translates to buying opportunities now. Closed-end funds have seldom seen bigger discounts in the last quarter-century, Scott said, and says the current level of yields are helping to confirm the current opportunity, despite the beating that closed-end

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12:07

Liberty Street's Munafo says opportunity is knocking...

The NAVigator ·

2023/08/18

Christian Munafo, chief investment officer at Liberty Street Advisors -- which runs the Private Shares Fund -- says that the perceived higher risks in challening environemnts like the one we are facing today often lead to attractive opportunities and oversized future gains, which makes current conditions attractive for private equity and venture capital investing. Munafo notes that private markets are more stable than their public counterparts, but signs of improvement are there now, leading him to

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15:21

Nuveen's Caraher: High-rates-for-longer puts emphasis...

The NAVigator ·

2023/08/11

Scott Caraher, head of senior loans at Nuveen -- manager of the Nuveen Floating Rate Income fund -- says that the higher-than-expected increase in rates that has driven up borrowing costs has made credit selection 'more important today than it has ever been.' He notes that lower-rated companies can't sustain high levels of interest payments for long levels of time. As a result, Caraher says he is underweight the lower-quality part of the market, wary of a pick-up in default rates; the flip side of

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13:38

Economic conditions have given private credit lenders...

The NAVigator ·

2023/08/04

Chris Oberbeck, chairman and chief executive at Saratoga Investment Corp., says that the balance of power in the lender-borrower relationship has shifted dramatically in the last 12 to 24 months, with banks now pulling back which is leaving private lenders with better terms and more power to insist on superior deals. Oberbeck notes that those conditions are putting BDCs generally -- but Saratoga specifically, thanks to an all-weather portfolio of loans -- in a better position to minimize any damage

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11:04

Abrdn's Duitz says private infrastructure values...

The NAVigator ·

2023/07/28

Josh Duitz, head of global income at Abrdn -- manager of the Aberdeen Global Infrastructure Income Fund -- says that private infrastructure investments have attracted so much money that valuations have gotten off-kilter, creating an 'illiquidity premium' that 'makes no sense.' Duitz explains that publicly listed companies should have higher valuations -- because investors value the liquidity and ability to trade them easily -- meaning that current conditions are making public infrastructure

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18:57

NAVigator bonus: As market nears record highs,...

The NAVigator ·

2023/07/25

Eric Boughton, chief analyst at Matisse Capital and portfolio manager for the Matisse Discounted Closed-End Fund Strategy, says that while the stock market has roared this year, things haven't changed much with the closed-end fund space this year, meaning there are plenty of highly discounted issues, particularly in muni bonds and some other fixed-income spaces, as well as international funds. He notes that many closed-funds that were good deals based on discounts a year ago haven't narrowed those

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11:46

In high-rate environment, don't replace individual...

The NAVigator ·

2023/07/21

Mark Asaro, director of investments at Noble Wealth Management, says investors should not think that a traditional open-end mutual fund is a good replacement for individual bonds. Without a maturity date, bond funds don't have the pull toward par of an individual bond. Closed-end funds, however, are immune to dilution from cash flows into the fund, thereby providing a stable yield that investors can bank on, making them a better portfolio mix with individual bonds. Asaro notes that closed-end bond

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10:17

New SEC liquidity rules could spawn a boom in...

The NAVigator ·

2023/07/14

Kenneth Burdon, an attorney in the investment management group at Skadden, Arps, Slate, Meagher and Flom says that rules proposed by the Securities and Exchange Commission that would dramatically change liquidity requirements on traditional mutual funds could result in a boom for interval funds. While noting that the proposals still have a ways to go before approval, Burdon says that they would, if passed, make it so that many bank loans and other 'less liquid securities,' couldn't be held in

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12:14

XA Investments' Flynn sees rapid growth in interval...

The NAVigator ·

2023/07/07

Kimberly Flynn, managing director of alternative investments at XA Investments, says that demand for alternative investments as a means of adding diversification to a portfolio has spurred tremendous growth in interval funds, whose limited liquidity makes them an ideal vehicle for many types of less-liquid securities. Flynn notes that there are 190 interval- and tender-offer funds in existence today, but that 27 new funds are in registration, many from companies just entering the interval-fund

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13:52

Closed-End Fund Advisors' Scott on the funds he is...

The NAVigator ·

2023/06/30

John Cole Scott, president of Closed-End Fund Advisors, discusses what he is seeing in the market now by delving into four of the investments he is using the most and weighing heavily in client portfolios. He notes that the recent bank collapses actually made a few of his favorites more attractive -- because the market got angry at the financial sectors, driving prices down -- but he also explains that his favorites have more going for them than just a big discount.

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11:23

BDCs are well-positioned to handle Fed policies and...

The NAVigator ·

2023/06/23

Mickey Schleien, managing director for equity research at Ladenburg Thalmann and Co, says that business-development companies have seen the rising interest-rate environment lead to higher yields, which has helped to offset declines in net asset value that BDCs have suffered as a result of the Federal Reserve's tightening monetary policy. He says that middle market companies have seen revenues and earnings grow about 11 percent at the start of this year, without endangering their distribution or

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10:30

Gabelli's Marangi expects market is about to widen...

The NAVigator ·

2023/06/16

Chris Marangi, co-chief investment officer for value at the Gabelli Funds, says 'the new normal' is one where inflation is higher than the Federal Reserve's target of 2 percent and growth is below trend, but it is creating an opportunity for active management to shine to find the opportunities that exist beyond the seven stocks that have been carrying the market to gains this year. He particularly likes the live-entertainment and sports-related businesses, and dislikes the path for banks where

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12:55

Nuveen's Baker: Look beyond yield to find opportunity...

The NAVigator ·

2023/06/09

Doug Baker, head of preferred securities at Nuveen, says that while it is relatively common now to find preferreds with yields above 7 percent, the real opportunity for investors at the moment comes from looking beyond the yield. He says that preferred prices right now are at 'meaningful discounts' that are uncommon in the preferred industry, creating attractive entry points, particularly on preferreds with adjustable coupon rates. He also discusses how the banking crisis, interest rate environment

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11:52

A 'Wall of Meh' in sentiment is an opportunity for...

The NAVigator ·

2023/06/02

Rob Shaker, portfolio manager at Shaker Financial Services, says that economic conditions -- the debt-ceiling debate, troubled banks, higher interest rates and persistent inflation -- have created a situation where the market isn't climbing the proverbial wall of worry, but rather a 'Wall of Meh,' and says that there is opportunity in the unimpressive current conditions, noting that long-term investors in closed-end funds can use lagging investor sentiment to capture discounts as early as the second

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10:48

BlueBay's Farley on zagging while the credit market zigs

The NAVigator ·

2023/05/26

Duncan Farley, portfolio manager at BlueBay Asset Management -- which runs the BlueBay Destra International Event-Driven Credit Fund -- discusses how his fund produced a 20-plus percent gain during one of the worst years ever for the bond market, and how the fund can avoid regression to the mean thanks to market conditions -- buoyed by the changing interest rate environment -- that if properly managed have the potential to keep delivering double-digit returns.

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13:56

Calamos' Freund: Rates could be as range-bound as...

The NAVigator ·

2023/05/19

Matt Freund, co-chief investment officer/head of fixed-income strategies at Calamos Investments, says he expects interest rates to settle in and remain stable for quite a while before trending down; he expects more volatility in longer-term bonds, which will make it harder for investors to get comfortable lengthening duration ahead of rate cuts that, under good circumstances, should arrive in 2024. Freund also discusses the private credit market, and Calamos' new closed-end interval fund, the

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11:24

Kayne's Baker: Energy industry is well set up for the...

The NAVigator ·

2023/05/12

Jim Baker, managing partner and co-head of energy infrastructure at Kayne Anderson Capital Advisors, says that the energy transition -- the push away from traditional fossil fuels towards renewable sources -- will take decades, creating a long-term megatrend in the energy business. With the last few years of global turmoil highlighting the critical nature of energy and the importance of keeping supply levels appropriate, energy infrastructure companies are wide-moat businesses that should ride out

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12:05

Liberty Street's Munafo tells the two stories facing...

The NAVigator ·

2023/05/05

Christian Munafo, chief investment officer, in Liberty Street Advisors, which runs the Private Shares Fund, says there are two stories dominating the private equity markets, with high-performing well-financed private innovation companies being proverbial unicorns compared to less- differentiated, less-capitalized companies which are more prone than ever to failure due to conditions in the capital markets. Rising rates have resulted in more opportunities coming to market, but have also made it harder

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10:09

The NAVigator at Morningstar: Mario Gabelli on his...

The NAVigator ·

2023/04/28

Host Chuck Jaffe attended this week's Morningstar Investment Conference in Chicago and took the podcast with him, catching up with 'Super Mario' -- investment legend Mario Gabelli, founder of the Gabelli Funds, a long-tenured fan of closed-end funds, who discusses the pros and cons of the closed-end structure, especially as it relates to the Gabelli Equity Trust and the 10 percent payout he has made a cornerstone of the fund's investment policy.

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