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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

10:44

Saratoga's Oberbeck: The Fed's moves have put BDCs in...

The NAVigator ·

2022/12/02

Chris Oberbeck, chairman and chief executive officer at Saratoga Investment Corp. -- one of the industry's largest publicly traded business-development companies -- says that BDCs have been a relative sweet spot during this year's troubled times largely because they benefited from being on the front end of rate hikes and turning them quickly into cash on the bottom line. While the companies must also deal with higher costs, he expects the trend to continue for at least as long as the Federal Reserve

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12:19

John Cole Scott goes discount shopping for Black Friday

The NAVigator ·

2022/11/25

With holiday shopping bargains on everyone's mind, John Cole Scott, chief investment officer at Closed-End Fund Advisors -- the chairman of the Active Investment Company Alliance -- sorts through the big discounts in the closed-end fund world to come up with the best bargains, the most meaningful plays now, based not just on current sale prices but the value and income streams investors can unlock. In his search, he identified two equity and two fixed-income funds that might be a good addition to

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12:42

First Trust's Grayson: Interval funds are a way to...

The NAVigator ·

2022/11/18

Michael Grayson, portfolio manager for First Trust Capital Management -- where he oversees their Alternative Opportunities, Private Credit and Real Assets funds -- says that investors should be sacrificing some liquidity for the flexibility to get different assets into their portfolios and to have investments that capture most of the upside in bull-market times while protecting capital during market dislocations. That's how the funds he manages have fared over the last two years and he says that

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10:36

Oppenheimer's Penn: BDC payouts have improved, but...

The NAVigator ·

2022/11/11

Mitchel Penn, managing director of equity research at Oppenheimer & Co., says that business development companies have seen yields rising in line with higher interest rates, a trend he sees continuing while the Federal Reserve continues hiking rates. The higher rates have resulted in more credit risk with more borrowers struggling to make payments; as a result, unrealized losses at BDCs have increased, and while those setbacks remain within expected ranges this year, investors will want to watch the

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11:08

CEFA's Scott: Rate uncertainty creates values in muni...

The NAVigator ·

2022/11/04

John Cole Scott, chief investment officer at Closed-End Fund Advisors -- chairman of the Active Investment Company Alliance -- says that today's rate uncertainty has created attractive entry points for some municipal-bond funds because they are trading at big discounts and, in many cases, have gone through a dividend cut, thereby reducing the potential for another cut moving forward. Scott doesn't minimize the pain the muni funds have experienced this year, but notes that investors who are brave

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11:48

Parametric's Milner: Closed-end funds are reaching a...

The NAVigator ·

2022/10/28

Mark Milner, senior investment strategist at Parametric Portfolio Associates, says that a lot of asset classes of closed-end funds have now reached double-digit discount territory, "which historically has been a good opportunity to buy closed-end funds," noting that current discounts allow investors to add to their portfolios or rebalance into funds creating greater value for their money. Milner does worry that year-end tax-loss harvesting in 2022 will be higher than in years past as a result of the

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10:25

Octagon's Lam: Rising rates are creating an...

The NAVigator ·

2022/10/21

Gretchen Lam, senior portfolio manager, Octagon Credit Investors -- sub-adviser on the XAI Octagon Floating Rate & Alternative Income Term Trust -- says that while economic conditions are challenging and that a recession will be bad for the credit markets, collateralized loan obligations and other loan products have held up relatively well during the current period of rising rates. They haven't been able to avoid the downdraft, she says, but they have outperformed other forms of credit, maintaining

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09:28

BlueBay's Farley: Event-driven investing 'should get...

The NAVigator ·

2022/10/14

Duncan Farley, portfolio manager at BlueBay Asset Management and manager of the BlueBay Destra International Event-Driven Credit Fund, says that the current economic and market conditions that are making headlines and rattling investors are actually creating something of a 'perfect storm' of opportunities that should make it easier to profit from alternative credit investments moving forward.

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09:51

Calamos' Bush: Convertibles haven't delivered on...

The NAVigator ·

2022/10/07

Robert Bush, senior vice president and director of closed-end products at Calamos Investments, says that convertible securities -- a hybrid product built to give investors the best of stock and bond performance -- have not been giving investors their cake and letting them eat it too this year, underperforming both stocks and bonds, but he says that positive returns to the end of the third quarter and the way convertible funds have held up relative to fixed-income funds suggests that convertibles

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10:13

Choose your weapons: Arming yourself against rising...

The NAVigator ·

2022/09/30

John Cole Scott, chief investment officer at Closed-End Fund Advisors -- the chairman of the Active Investment Company Alliance -- discusses and compares floating-rate and senior loan funds with preferred-securities funds, noting that floating-rate funds are a tool for combating high and rising interest rates, while preferred equities are a good weapon for battling a recession. As a result, investors in today's complex market may want to "split the ticket," using both types of funds to bolster their

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12:27

Validus' Mark Scalzo discusses 'direct listing,'...

The NAVigator ·

2022/09/23

Mark Scalzo, chief investment officer at Validus Growth Investors -- portfolio manager for the newly listed Destra Multi-Alternative Fund -- discusses the outlook for alternative investing, the process his fund went through in changing its status and becoming one of the few new listings on the New York Stock Exchange this year, and how that conversion and some other factors have led to a discount that is much bigger than average or than most closed-end fund investors would expect.

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11:46

Trinity Capital's Brown on double-digit yields and...

The NAVigator ·

2022/09/16

Kyle Brown, president and chief investment officer at Trinity Capital, explains how the company's structure helps to support double-digit yields and makes them more secure than other high-yield investments, but also discusses the business development company's exceptionally high yield relative to the rising interest rate and high inflation rates of today. He also talks about how those conditions impact the high-growth, venture-backed, early-stage companies that Trinity finances.

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10:47

Angel Oak's Pate: Aggressive Fed actions puts...

The NAVigator ·

2022/09/09

Cheryl Pate, senior portfolio manager for the Angel Oak Financial Strategies Income Term Trust, says that community banks stand out as a part of the financial sector that is poised to benefit into 2023, as banks will likely see the bulk of continuing rate hikes fall directly to the bottom line. Even with that boost, however, she favors bank debt right now compared to holding bank stocks, noting that banks had an excess of deposits generated during the pandemic period and that is being flushed from

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10:51

Abrdn's Duitz: Recessionary pressure is good for...

The NAVigator ·

2022/09/02

Josh Duitz, deputy head of global equities at Abrdn -- portfolio manager for Abrdn Global Infrastructure Income and two of the firm's dynamic dividend funds -- says that the macro drivers for infrastructure -- globalization, upgrades and repairs, urbanization and increased demand -- coupled with current inflationary pressures have created an environment that is solid for recession-resistant infrastructure stocks. Meanwhile, with rising interest rates pushing demand higher, dividend stocks have been

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11:54

Protections in Delaware law could change activist...

The NAVigator ·

2022/08/26

Kenneth Burdon, an attorney in the investment management group at Skadden, Arps, Slate, Meagher & Flom, says the new "control share" statute enacted at the start of August by the state of Delaware should protect should protect investors from activist investors acting like corporate raiders trying to force a pop to net asset value without regard to what the broad group of shareholders is interested in. The law forces further negotiation between the board and outsiders, Burdon says, giving directors

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10:03

VettaFi's Islam talks the benefits of an index of...

The NAVigator ·

2022/08/19

Roxanna Islam, associate director of research at VettaFi -- which developed the the S-Network Composite Closed-End Fund Index and other benchmarks for the closed-end fund space -- discusses the construction of indexes of closed-end funds and the benefits to using them over individual issues, as well as how passive investing in the space has held up against active management during the rough start to the year.

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11:50

Sit's Doty sees current market creating a sweet spot...

The NAVigator ·

2022/08/12

Bryce Doty, senior portfolio manager at Sit Investment Associates, says that the market's troubles this year have set closed-end funds up to be in a sweet spot, able to generate additional returns that traditional mutual funds and ETFs can't get investing in the same spaces. Despite those potential benefits, Doty acknowledges that most investors shy away from closed-end funds for a lack of understanding, and also miss out on the benefits of running closed-end funds as a portfolio or bucket of money,

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10:37

The difference between funds with discounts or...

The NAVigator ·

2022/08/05

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the chairman of the Active Investment Company Alliance, discusses some equity and fixed-income funds currently trading at premiums and compares them with similar funds priced at a discount, noting that expenses, payouts and more determine relative values. Further, he notes that when the market takes a dive and discounts widen, investors should consider whether the best bargain is the fund with the widest discount or the fund

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11:35

Nuveen's Ryan: Municipal bonds have stabilized and...

The NAVigator ·

2022/07/29

Portfolio manager Tim Ryan of Nuveen -- who runs the Nuveen Dynamic Municipal Opportunities closed-end fund -- says that after a miserable first half of 2022 that lagged Treasury bonds, conditions have stabilized for muni bonds, which now have a more attractive yield curve and offer a better investment opportunity than Treasuries. Ryan says that the first-half selloff was more about technicals than about the quality of the underlying municipal bonds, which means that when the interest-rate picture

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12:49

Private equity zags in market where everything is...

The NAVigator ·

2022/07/22

Timothy Reick, chief executive officer at Liberty Street Advisors -- advisor to the Private Shares Fund -- says that private equity is an asset class that is not correlated to the broad stock market, and that individual investors largely overlook its potential role in their portfolios. Reick notes that with private companies waiting much longer both in terms of time in business and the asset size they grow to before turning to public markets -- if they ever go that route -- investors will find a

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