x

75% of people globally want unbiased news (Pew Research) but are concerned they're not getting that.

Get balanced coverage with Symby. See how stories are covered across diverse outlets and spot when one side covers a story the other skips.

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

12:49

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

en

11:37

John Cole Scott: Expect 'upside surprises' for BDCs...

The NAVigator ·

2022/07/15

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the chairman of the Active Investment Company Alliance, says that business-development companies -- which are built to handle a four-year business cycle -- are looking at positive surprises as second-quarter earnings season arrives. From July 26 to August 10 -- when the bulk of BDCs will report earnings -- Scott says that BDC discounts are currently about 13 percent wider than media discounts have been over the last two

en

11:41

Rob Shaker: 'Sympathy widening' could signal a bottom...

The NAVigator ·

2022/07/08

Rob Shaker, portfolio manager at Shaker Financial Services, says that the closed-end fund market showed signs of a "sympathy widening" in mid-June, an event when there is "excessive liquidation selling based on fear," leading to a bad day on the stock markets and bond closed-end fund discounts widening at the same time. Shaker says it can be a sign of a market bottom, which can lead to a bounce-back; still, he says, markets remain fragile and there could be more excessive selling again, though it

en

11:04

XA Investments' McCulloch sees more growth, new...

The NAVigator ·

2022/07/01

Ben McCulloch, managing director and general counsel at XA Investments, says that the last five years have seen over $40 billion in growth in interval funds and tender-offer funds, and that interest has attracted more fund sponsors -- including companies that have been heretofore more focused on ETFs -- and more new ideas. That has brought with it increased regulatory scrutiny, as the Securities and Exchange Commission is evaluating what kinds of alternatives -- particularly with private-equity and

en

09:56

CEF Advisors' Scott: No time like the present for...

The NAVigator ·

2022/06/24

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the chairman of the Active Investment Company Alliance, returns to The NAVigator to answer questions frmo listeners, including one on whether it makes sense to do tax-loss selling now rather than waiting for the traditional period for making swaps at the end of the year. Scott recommends closed-end fund investors tap their "tax assets" when they are valuable, and losses in today's market can be turned into a benefit easily

en

11:42

Nuveen's Holzenthaler: Surprise, it's 'a buyer's...

The NAVigator ·

2022/06/17

Larry Holzenthaler, investment strategist and analyst for Nuveen, says that "floating rate loans actually look arguably cheap to us today," acknowledging that it's surprising that the asset class is trading at a discount "in the middle of one of the most brutal rate-hike campaigns we have ever seen." Holzenthaler -- who also covers the high-yield space -- says that senior loans have been one of the few places where investors have avoided much of the pain in the fixed-income markets, making them

en

15:03

Pre-market SPACs offer unique opportunity, given...

The NAVigator ·

2022/06/16

In this bonus episode of The NAvigator, Jonathan Browne, director of research at Robinson Capital and portfolio manager of the Robinson Funds talks about how balancing closed-end fund investments with pre-market SPACs [special-purpose acquisition companies] creates opportunities for higher yields with diversification that helps to balance out risks.

en

11:55

EIP's Brothwell: Energy market amid supply woes...

The NAVigator ·

2022/06/10

Sam Brothwell, director of research at Energy Income Partners, says that the current cycle of under-investment in capital spending has made it harder for energy producers to respond to the current global supply-demand imbalance; that has pushed energy prices -- for oil, natural gains, electricity and alternatives -- dramatically higher, where they are likely to stay, even as energy companies work to increase capacity and respond to market conditions. Brothwell says that investors should respond to

en

12:43

Five 'plain vanilla' closed-end funds for these markets

The NAVigator ·

2022/06/03

With the volatility and downward pressure in the market pushing many investors to specialty funds, sector offerings and alternatives, John Cole Scott, chief investment officer at Closed-End Fund Advisors and chairman of the Active Investment Company Alliance returns to the NAVigator this week to talk about some funds that are more basic in strategy, core holdings by nature, and highlights five that represent good values and opportunities now.

en

10:19

BDC Reporter's Marshi is 'quite optimistic,' even if...

The NAVigator ·

2022/05/27

Nicholas Marshi, editor of the BDC Reporter, says that business-development companies had a good first-quarter across the board, despite troubles across the broad market. After seven quarters of BDC's generally increasing net asset value per share, and while that growth decelerated during the first three months of 2022, Marshi says it was a "hinge quarter," where inflation, higher interest rates and more started to creep into results. He notes that business-development companies are poised to

en

10:44

Blue Bay's Farley: Investors 'aren't buying the dips,...

The NAVigator ·

2022/05/20

Duncan Farley, portfolio manager for BlueBay Asset Management and co-manager of the Destra International Event Driven Credit Fund, says that today's headlines are driving more companies to distraction and creating the types of problems that he sees as investment opportunities. His fund has taken advantage, posting double-digit gains while most of the market has moved in the opposite direction, and he believes that investors willing to buy discounted credits will be rewarded if they can ride through

en

11:20

Is liquidity 'a feature or a benefit' of closed-end...

The NAVigator ·

2022/05/13

Bill Kelly, president of the CAIA Association, discusses the importance -- which he believes is mostly misplaced -- that many investors place on having daily liquidity in their investments, even though they have no intention of touching the money in the short term. The result of these mis-aligned time frames is that investors pay a real price for liquidity they neither want and need; the offshoot of this thinking is helping to drive the expansion of new issues for closed-end and interval funds,

en

11:15

The search for funds in today's 'painful, ugly...

The NAVigator ·

2022/05/06

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the chairman of the Active Investment Company Alliance, talks about the search for closed-end funds that can deliver in rising-rate, high-inflation conditions, talks about five issues from different categories that pass muster now, and explains how in today's business-development company space, "Sometimes discounts are expensive and premiums are cheap."

en

09:54

Low-return environment calls for savvy allocations,...

The NAVigator ·

2022/04/29

Nathan Shetty, head of multi-asset for Nuveen and co-manager of the Nuveen Multi-Asset Income Fund, discusses the importance of using proper allocations to generate reasonable and consistent total returns in a low-return environment. Shetty notes that proper diversification and risk management are particularly important in times like today, with so many wild cards, headline risks and uncertainties.

en

11:37

Taggart: Closed-end funds struggled and discounts...

The NAVigator ·

2022/04/22

Mike Taggart of Taggart Fund Intelligence -- executive director of the Active Investment Company Alliance -- reviews the first-quarter results for closed-end funds, noting that discounts widened out during a rough period for the market, reaching a crossroads where investors are trying to decide now if the discount has hit a level low enough to represent a good risk premium and a buying opportunity. Taggart also discusses interval funds, the focus of an upcoming AICA educational event, and how the

en

10:20

For private-equity success, commit to riding 'the...

The NAVigator ·

2022/04/15

Bob Long, chief executive officer at Conversus -- which manages the Conversus StepStone Private Markets Fund -- returns to the NAVigator to discuss private equity and how investors looking for success must commit to overcoming the J-curve, the start-up period when private-equity investments tend to lose money in the early days in order to be positioned for long-run success. Individual investors wanting to avoid the pain of those start-ups through diversification are increasingly turning to interval

en

11:08

Steven Bavaria on how the 'Income Factory strategy'...

The NAVigator ·

2022/04/08

Steven Bavaria, author of “Inside the Income Factory” on SeekingAlpha.com, says that current market conditions have shown the value of focusing on income streams rather than the value of the underlying securities, allowing investors the peace of mind that comes from generating cash-flow and putting that money back to work buying at a discount. Bavaria noted that when a manufacturing company builds a production plant, they don't worry about the resale value of the factory but instead focus on its

en

11:19

Private equity fund lets ordinary investors go after...

The NAVigator ·

2022/04/01

Michael Bell, founder of Primark Capital -- which runs the Primark Private Equity Investments Fund, a closed-end interval fund -- discusses how changing market conditions have reduced the number of public companies and dramatically increased the number of available private equity investments, which he says are best handled in the limited-liquidity structure of an interval fund. It creates an opportunity to buy brand-name middle-market companies that investors can't access in traditional funds.

en

11:06

How to size up BDCs to determine the standout buys

The NAVigator ·

2022/03/25

Mitchel Penn, managing director of equity research for Oppenheimer and Co., talks about the challenges of analyzing and evaluating business-development companies, and then highlights Runway Growth Finance Corp. -- which his firm expects to outperform the market and competition -- to show the methodology in action and to showcase the place BDCs should occupy in diversified investment portfolios.

en

17:57

Matisse’s Boughton: International, emerging-markets...

The NAVigator ·

2022/03/23

Eric Boughton, chief analyst at Matisse Capital and portfolio manager for the Matisse Discounted Closed-End Fund Strategy, says that the war in Ukraine has been creating deep discounts and bigger buying opportunities for closed-end fund investors, noting that emerging markets and international stocks went into the conflict already at low levels, which now means investors are getting ‘a discount on a discount.’ He notes that international equity closed-end funds now are trading at a median discount

en

340 results

Similar Podcasts

TaxTalent.com The Golden Rule Podcast

Adam Golden

TaxTalent.com Podcast

Tony Santiago

Handelsblatt Crime - spannende Streitfälle der deutschen Wirtschaft

Ina Karabasz, Solveig Gode, Sönke Iwersen

Deffner und Zschäpitz – Der Wirtschafts-Talk von WELT

WELT

Black Box - La scatola nera della finanza

Guido Brera e Gian Luca Comandini -...