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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

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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12:14

VettaFi's Islam: ETFs give closed-end investors easy,...

The NAVigator ·

2023/04/21

Roxanna Islam, associate director of research at VettaFi, says that exchange-traded funds that invest in closed-end funds give investors diversified portfolios -- and all the benefits of investing deeply in the closed-end space -- in a one-stop shopping wrapper. Islam says that investors worry about high fees in ETFs of closed-end funds, noting that CEFs tend to have higher expense ratios on their own, and the added layer of costs for the ETF sponsor can feel heavy, but she notes that fund sponsors

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12:18

Abrdn's Mondillo on the muni market's year of wild...

The NAVigator ·

2023/04/14

Jonathan Mondillo, head of North American fixed income for abrdn says that 2023 has been a year of wild moves in the municipal bond market, performing well in January before selling off in one of the worst months of February ever, setting up a March rebound until the banking crisis hit. Most of those movements have been driven by macro headlines, and Mondillo says that investors want to drill down moving forward, focusing on finding credits that can outperform in a market that is likely to slow

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12:37

John Cole Scott on private equity's increasing role...

The NAVigator ·

2023/04/10

John Cole Scott, president of Closed-End Fund Advisors, discusses how and why investors might pursue private equity and debt using closed-end funds, noting that expansion of the industry and changes in structure adding share classes have made private, alternative investments much more accessible for investors. Scott -- who also is chairman of the Active Investment Company Alliance -- He says the growth in tender-offer and interval funds is giving investors access to strategies they can't get

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09:42

Angel Oak's Pate sees 'a once-in-a-decade opportunity...

The NAVigator ·

2023/03/31

Cheryl Pate, senior portfolio manager at Angel Oak Capital -- co-manager of the Angel Oak Financial Strategies Income Term Trust -- says that current problems in the banking sector are setting up a recovery, noting that 'opportunities like this are fairly rare, probably a once-in-a-decade opportunity for the banking space,' with the biggest opportunities being on the debt side as spreads start to normalize under the rules and conditions. Pate says investors have good reason to believe that discounts

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14:35

RiverNorth's O'Neill: Muni funds are 'in the 99th...

The NAVigator ·

2023/03/24

Steve O’Neill, portfolio manager at RiverNorth, says the average municipal-bond closed-end fund has a discount of 10.5 percent, which over the last 25 years would be in 'the 99th percentile of cheapness.' While O'Neill makes the case for buying muni bonds, he says the case for closed-end funds is largely because of the discounts being oversized, noting that the rest of the fixed-income market has not seen discounts get that big. O'Neill notes that if interest rates are peaking, the turning of the

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13:33

Sit Funds' Doty: Banking woes are creating closed-end...

The NAVigator ·

2023/03/17

Bryce Doty, senior portfolio manager at Sit Investment Associates says that the problem at the heart of the current banking crisis is not a default problem, but rather is a logical outcome from how quickly the Federal Reserve raised interest rates. He expects it to keep impacting the value of fixed-income securities until things stabilize; that, in turn, will create more opportunities for closed-end fund investors who should benefit from good yields now and additional returns when widening discounts

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09:31

CEF Advisors' Scott: Upcoming rate, inflation...

The NAVigator ·

2023/03/10

John Cole Scott, president of Closed-End Fund Advisors says that -- despite a rough outing for business development companies this week -- BDCs have had a strong quarter from a total return perspective, and that prospects remain strong as BDCs have been raising their distributions but the dividend-coverage percentages have remained roughly steady, a sign that they're not only positioned well now but that they are ready to deal with rising interest rates and inflation. Scott, who is also chairman of

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12:02

Reaves' CEO Rhame: Despite high-rate, high-inflation...

The NAVigator ·

2023/03/03

Jay Rhame, chief executive officer at Reaves Asset Management -- president of the Reaves Utility Income Fund -- says that the dividend-growth potential for utility companies makes them a viable investment option in today's high interest-rate high inflation market. While those conditions typically are not ideal for utilities, Rhame says utility stocks are reasonably valued; he also discusses infrastructure stocks, again pointing out that their consistent dividend-paying strategy and potential to

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