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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

14:37

Your questions answered with John Cole Scott of...

The NAVigator ·

2025/06/20

John Cole Scott, President of Closed-End Fund Advisors — the Chairman of the Active Investment Company Alliance — answers listener questions about whether premiums and returns of capital are as bad for investors as they are often cracked up to be, on whether interval funds are worth the illiquidity risk and if the reasons why individuals buy closed-end funds means they are better used as short-term investment tools. Plus, our host asks a question that came up for him as he watched the AICA chairman

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12:17

Bonus NAVigator: Gladstone's Bob Marcotte at the AICA...

The NAVigator ·

2025/06/19

Bob Marcotte, President at Gladstone Capital Corp., says that government policies which encourage business investment and capital expenditures are creating outstanding conditions for the private credit market. In an interview at the Active Investment Company Alliance BDC Forum in New York City, Marcotte said that Gladstone is "very bullish" on the likely capital-expenditure cycle being spurred by tariff and near-shoring policies, but the veteran money manager also noted that BDCs have never been

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11:32

Bonus NAVigator: Oppenheimer's Penn is watching how...

The NAVigator ·

2025/06/13

Mitchel Penn, Managing Director at Oppenheimer & Co. — interviewed at the Active Investment Company Alliance BDC Forum in New York on Wednesday — says that credit losses for business development companies during the first quarter of 2025 were more than double the level they have been at for the last few years. Penn says some of that increase could be attributed to the market's reaction to government policies, but that it also could be that interest rates have stayed higher for so long now that they

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12:06

How a BDC industry advocate shapes policies in...

The NAVigator ·

2025/06/13

Tonnie Wybensinger, Head of Government Relations for the Small Business Investors Association — interviewed at the AICA BDC Forum in New York on June 11 — discusses the role that lobbyists play in the legislative process and how current efforts to improve the tax treatment of business-development companies, as well as to level the playing field with mutual funds when calculating expense ratios for fund-of-funds. Those efforts — which have been ongoing for years — could soon be coming to a head, with

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15:51

Calamos' Grant on getting equity-like returns without...

The NAVigator ·

2025/06/06

Michael Grant, Co-Chief Investment Officer at Calamos Investments — Co-Manager of the Calamos Long/Short Equity & Dynamic Income Trust — says that current market conditions have made it that bonds are no longer a natural working hedge for equities downturns, and the downside risk in terms of capital return can be greater in the bond market than in stocks. He notes that investors are over-exposed to Magnificent Seven and the biggest of the large-cap stocks — noting that the typical client has about

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16:47

John Cole Scott on whether "the best funds" live up...

The NAVigator ·

2025/05/30

John Cole Scott, president of Closed-End Fund Advisors — the chairman of the Active Investment Company Alliance — discusses two mainstream media articles that purported to name "the best closed-end funds" and that were published right around the times when he appeared on The NAVigator and gave out his own investment suggestions; he digs into the data to compare how all of the suggestions turned out and see how one-size-fits-all advice actually suits individual investors. It's a lesson in evaluating

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15:10

Nuveen's Griggs: In turbulent markets, small...

The NAVigator ·

2025/05/23

Brian Griggs, head of portfolio strategy and solutions at Nuveen, says that investors have long had too much dependence on large-cap domestic stocks and an over-reliance on duration in fixed-income allocations, and he says that investors should address those pain points today to address macro-sensitivity caused by today's headlines. Using Nuveen's Nsights anaytical tool — a proprietary system that examines how portfolio changes impact future portfolio performance — Griggs says that investors want to

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13:27

CION's Gatto on how private markets have weathered...

The NAVigator ·

2025/05/16

Mark Gatto, co-founder and co-chief executive officer at CION Investment Group, says that private investments have been weathering current storms better than public companies because illiquidity translates to stability in times when the market is volatile. Gatto says these markets have highlighted what private investments do well, which should boost their attractiveness moving forward, with heightened demand leading to better pricing as more investors see how well the private sector's valuations

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11:45

Aberdeen's Kohl: Dividends offer some certainty amid...

The NAVigator ·

2025/05/09

Andrew Kohl, a Portfolio Manager with Aberdeen Investments — part of the team running the firm's Total Dynamic Dividend and Global Dynamic Dividend funds — says dividend-paying stocks are not immune from tariff concerns, and while investors often pick them for the income and don't want to make too many changes, it's important to to watch how the underlying business will be impacted by current conditions. Kohl says his portfolios have tilted toward international investments this year, noting that

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16:22

Oaktree's Poli: Amid concerns over stocks and bonds,...

The NAVigator ·

2025/05/02

Danielle Poli, Portfolio Manager at Oaktree Capital Management, says the credit market is delivering returns that are close to the historic gains for equities, noting that the current set-up is reminiscent of times in the early 2000s when credit "smoked" equities. With high-yield bonds earning around 8 percent and private credit showing significant demand, Poli says that credit can be more than just "a great place to hide out," amid rocky conditions and uncertainty surrounding the stock and bond

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14:45

Sit's Doty is trading up and still expecting...

The NAVigator ·

2025/04/25

Bryce Doty, Senior Portfolio Manager at Sit Investment Associates, says that current market conditions have changed the opportunity set for investors, who now want to be trading up by unloading closed-end funds that have hardly moved in favor of issues that have swung more wildly, even if that means "holding your nose" on the quality of the funds you're buying. He says that he is playing NAV movement in muni funds but discount movement in categories like high yield. And for all of the turmoil, Doty

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12:40

John Cole Scott on closed-end funds that can weather...

The NAVigator ·

2025/04/17

John Cole Scott, President of Closed-End Fund Advisors — The Chairman of the Active Investment Company Alliance — is back with funds that can fit the bill of giving investors confidence amid the current stock market chaos. After answering audience questions last week, he supplements those answers with three investment ideas, discussing the details of the "trifecta analysis" — covering data points on discounts, yields and net asset values — that he performs on all funds when he sizes them up.

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12:49

John Cole Scott on how the wild market action is...

The NAVigator ·

2025/04/11

John Cole Scott, President of Closed-End Fund Advisors — the Chairman of the Active Investment Company Alliance — checks in on how closed-end funds have performed since the government's tariff announcement, particularly in bond funds, where the outlook for yields has put fixed-income markets under pressure; he also discusses discount levels, strategies that closed-end fund investors might use now, and how the current situation compares in closed-end funds to the market decline around the Covid

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11:54

John Cole Scott on finding 'the best' funds and more

The NAVigator ·

2025/04/04

John Cole Scott, Chief Investment Officer at Closed-End Fund Advisors — Chairman of the Active Investment Company Alliance — continues The NAVigator's ongoing effort to answer audience questions, this week digging into nuts-and-bolts issues like how to find the best closed-end fund in any sector, how to judge if a fund might reduce its distribution or change its term date, and how to size up expense ratios and yields to make sure you are accurately judging costs and returns.

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11:39

Aberdeen Purington: Middle-market infrastructure will...

The NAVigator ·

2025/03/28

Eric Purington, Portfolio Manager for the aberdeen Global Income Infrastructure fund says that large-scale infrastructure investors have raised billions to pump into the big names in the sector, the smaller private-equity firms and the middle-market opportunities have struggled to bring in capital. That has created an opportunity that Purington has taken advantage of for the last few years and that he sees continuing, as the infrastructure space continues booming; middle-market opportunities grow

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13:09

The NAVigator at FutureProof: Nuveen's Rodriguez on...

The NAVigator ·

2025/03/21

Tony Rodriguez, head of fixed income strategy at Nuveen, expects the Federal Reserve to make two interest-rate cuts this year — he calls them "recalibration cuts," made to stabilize the economy but not in response to a hard landing — which will boost floating-rate assets like leveraged loans, collateralized loan obligations and more. Speaking at FutureProof Citywide in Miami Beach, Rodriguez said the Treasury market is over-valued right now, but that the municipal bond market is the most attractive

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10:25

VettaFi's Islam: Now 15, the 'S&P 500 of closed-end...

The NAVigator ·

2025/03/14

Roxanna Islam, Head of Sector and Industry Research at VettaFi, discusses PCEF — the Invesco Closed-End Fund Income Composite ETF — which she considers the bellwether measure of the closed-end fund industry, a parallel to the Standard & Poor's 500 but for a closed-end space that is rapidly changing. Islam talks about how the ETF — which recently celebrated its 15th anniversary and has $800 million in assets — has changed over the years, how its approach has changed and how it stacks up to newer

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13:33

XA's Flynn: Healthy borrowers should keep CLO space...

The NAVigator ·

2025/03/07

Kimberly Flynn, President of XA Investments — which runs the XAI Octagon Floating Rate & Alternative Income Trust — discusses the development, growth and heightened demand in alternative investments, as well as how current market conditions around rates, tariffs and uncertainty are hitting the loan markets. She notes that the current picture for leveraged loans involves healthy borrowers and muted defaults, making for good fundamentals and a solid outlook. She notes that the uncertainty surrounding

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12:01

John Cole Scott on BDCs, how they stack up to...

The NAVigator ·

2025/02/28

John Cole Scott, Chief Investment Officer at Closed-End Fund Advisors — the Chairman of the Active Investment Company Alliance — returns to The NAVigator in an ongoing project to answer audience questions, this week diving into the world of business-development companies. He sorts out the differences between BDCs and closed-end funds, explaining why some investors — himself included — analyze BDCs like a closed-end fund rather than a stock, but then digs into his firm's data to show what to look for

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12:48

How activism in Britain holds lessons for American...

The NAVigator ·

2025/02/21

Richard Stone, Chief Executive Officer for The Association of Investment Companies — the British equivalent to the Active Investment Company Alliance — discusses the similarities and differences in the closed-end fund industry between the two countries, and how activist investors, most notably U.S. based closed-end powerhouse Saba Capital, have struggled to gain traction in boardroom battles.

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338 results

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