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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

09:48

Record supply of high-yield bonds helps to overcome...

The NAVigator ·

2021/11/05

Matt Kence, portfolio manager for the Aberdeen Credit Income Strategies Fund (ticker ACP), says that the headwinds facing high-yield investors -- higher inflation and concerns over rising interest rates -- can be overcome with diligent security selection from the wider range of options available now thanks to record levels of bond issuance. Kence notes that if the economy delivers inflation and growth at the same time, high-yield bonds should do well, but the worry is that if inflation stunts growth

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12:36

The outlook for BDCs is strong heading into 2022

The NAVigator ·

2021/11/02

John Cole Scott, chief investment officer at Closed-End Fund Advisors and founding chairman of the Active investment Company Alliance, gives his take on wher business-development companies stand midway into earnings season and with the New Year just around the corner. He highlights four individual BDCs, talks about portfolio construction and highlights an upcoming BDC event that the Alliance will host later in November.

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10:49

Market conditions should drive bond investors to...

The NAVigator ·

2021/10/22

Larry Holzenthaler, an investment strategist and analyst at Nuveen who specializes in floating rate and high yield investments says that income-oriented investors who have allocations to junk bonds are likely under-allocated to loan funds, which offer equal returns with less risk. Holzenthaler says the floating-rate opportunities are particularly attractive in closed-end funds, thanks to persistent discounts -- despite more interest in loans -- that let investors buy the economic earning power of a

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10:11

'My fund wants to pay distributions in shares; is...

The NAVigator ·

2021/10/19

In this bonus edition of The NAVigator, John Cole Scott, chief investment officer at Closed-End Fund Advisors and executive chairman of the Active Investment Company Alliance again helps Chuck Jaffe answer audience questions, this time going into the nuts and bolts of how funds work to answer a complex inquiry about proxy votes, distribution decisions and how investors should view and respond to these actions.

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10:16

Solid energy infrastructure plays aren't going away,...

The NAVigator ·

2021/10/15

Sam Brothwell, director of research at Energy Income Partners, says that the frothy market for energy has created solid opportunities for infrastructure plays, such as pipelines, storage facilities, and liquid natural gas logistics companies. Brothwell discusses the emergence of renewables, noting that while they hold tremendous potential, they are not replacing legacy energy sources for use, and they should not replace those companies in investment portfolios either.

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08:54

Closed-end funds aren't just for retirees any more

The NAVigator ·

2021/10/12

In this bonus edition of The NAVigator, John Cole Scott, chief investment officer at Closed-End Fund Advisors and executive chairman of the Active Investment Company Alliance dispels the notion that closed-end funds are only suited for individuals in or near retirement age, investing in tax-advantaged accounts, helping host Chuck Jaffe answer a listener's question. He offers suggestions and creative ways that a younger investor can enhance an established taxable portfolio with a few well-chosen

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12:32

Preferred securities are the 'sweet spot' in this market

The NAVigator ·

2021/10/08

Eric Chadwick, president and portfolio manager at Flaherty & Crumrine, says that at a time when investors are searching for yield and are being tempted to take on more risk to get it, preferred securities are shining, providing a relatively attractive return without adding danger to the portfolio. Chadwick notes that preferreds now are offering the best credit quality he has seen in years, and at shorter durations, making them less risky than high-yield and emerging-markets debt, and more in line

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10:32

A bond-fund mix can safely stretch for yield

The NAVigator ·

2021/10/01

Bryce Doty, senior portfolio manager at Sit Investment Associates, says that yield-hungry investors can pursue better payouts through closed-end funds without stretching dangerously for yield, though he notes they will want to diversify -- and offers a number of promising funds to fill those varied portfolio slots -- in order to better manage the risk that typically comes with pushing to get higher distributions.

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12:58

Closed-end funds provide a better balance between...

The NAVigator ·

2021/09/24

Erik Herzfeld, president of Thomas J. Herzfeld Advisors, says that investors are sacrificing returns for liquidity when they choose traditional mutual funds and ETFs instead of closed-end funds. The issue -- which arises due to the structures of the different fund types -- is a problem because most investors never even consider it; Herzfeld notes that most investors would be willing to trade liquidity -- to lock in for longer -- if it meant for better returns from fixed-income on long-term

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16:00

Robinson's Browne: How to overcome current...

The NAVigator ·

2021/09/20

In this bonus edition of The NAVigator, Jonathan Browne, director of research at Robinson Capital, talks about how closed-end funds can help investors meet their needs for income in ways that traditional fixed-income strategies are struggling to do given current rate levels. By managing duration and supplying above-market yield -- and by focusing on credit risk at a time when it is more worrisome than interest-rate risk -- Browne says investors can better achieve income goals.

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10:11

Recovering at a different pace, India is a unique...

The NAVigator ·

2021/09/17

James Thom, senior investment manager in Aberdeen’s Asian equities team based in Singapore and portfolio manager for The India Fund, says that the country's economic recovery from Covid-19 has resulted in astronomical growth levels -- significantly higher than in the United States -- that have the potential to continue longer, since the recovery there is still in early stages. Still, with vaccination levels low and concerns over variants, Thom noted that he expects more volatility ahead during the

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09:22

Less opportunities to generate income requires...

The NAVigator ·

2021/09/10

Michael Ordonez, director of client portfolio management at Thornburg Investment Management, says that the biggest issue income investors face today is economic dynamics that are leading to a 'very difficult sustained income demand landscape, with less and less opportunities to generate that income.' That situation led Thornburg to enter the closed-end fund space for the first time with the Thornburg Income Builder Opportunities Trust, a new fund that uses the new, commonplace pricing structure,

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10:23

Private equity adds spice, return potential and...

The NAVigator ·

2021/09/03

Daniel Wildermuth, chief investment officer for the Wildermuth Endowment Fund -- an interval fund that uses an endowment-like investment strategy built around alternative investments -- discusses how private equity investments have not only weathered the storm of the pandemic, but have largely outperformed the broad stock market over the longer term, and how they can spark and diversify a portfolio.

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10:54

Create a 'quasi-bond' to get steady, high returns now...

The NAVigator ·

2021/08/27

The right mix of closed-end funds creates a quasi-bond, delivers steady ionJohn Cole Scott, chief investment officer at Closed-End Fund Advisors -- the founder/executive chairman of the Active Investment Company Alliance -- discusses what is involved in turning portfolios of closed-end funds into 'synthetic bonds,' delivering consistent returns above what is available in the fixed income markets, during times of concerns over inflation interest rates and possible tax hikes.

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08:59

'Distribution coverage ratios' give clues on...

The NAVigator ·

2021/08/20

Roxanna Islam, associate director of research for Alerian and S-Network Global Indexes, discusses why her firm's indexes of closed-end funds show particularly high yields right now, but suggests that investors keep an eye on distribution coverage ratios -- which look at whether a fund's earnings can cover its payouts -- to identify issues where distribution cuts are more likely in the future.

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12:01

Taggart says investors can find the devil is in...

The NAVigator ·

2021/08/13

Mike Taggart, founder of Taggart Fund Intelligence, joins the NAVigator to discuss current trends in closed-end fund mergers, and while he says that most deals benefit shareholders and management alike, he raises concerns about those times when consolidations and investment-mandate changes aren't great for a fund's owners. Taggart cites two affiliated funds that have been going through transitions, NexPoint Strategic Opportunities and Highland Income, as examples, noting that the former has been in

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09:14

TortoiseEcofin's Kessens: Expect double-digit returns...

The NAVigator ·

2021/08/06

Portfolio manager Brian Kessens of Tortoise Ecofin, who oversees the closed-end Tortoise Pipeline and Energy, and the Tortoise Power and Energy Infrastructure Fund, says he expects double-digit total returns from midstream and other energy companies based on current high yields, supported by stock buybacks and debt paydowns. The energy sector had a rocky time through 2020 and has rebounded sharply, but Kessens says valuations generally remain reasonable and that 'as the market starts to appreciate

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12:12

BDC Reporter's Marshi sees a 'golden age' ahead

The NAVigator ·

2021/07/30

Nicholas Marshi, editor of the BDC Reporter says that business development companies are heading into 'a bit of a golden age' over the few years as a result of low interest rates continuing to help with the cost of capital, improved credit conditions generally, and thanks to mergers that have swallowed up some of the weaker players in the field. It all combines to make Marshi's take on the BDC sector as good as it has ever been in his two decades covering the field. Marshi also gives his take on the

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11:13

Bonus NAVigator: ICON's Paul still likes closed-end...

The NAVigator ·

2021/07/26

Jerry Paul, senior vice president of fixed income for ICON Advisors -- manager of the ICON Flexible Bond Fund -- says that fears of rising interest rates and inflation haven't made reasonable yields on closed-end investments dry up. Paul continues to look at closed-end activism situations, which has brought him to bank-loan funds; he worries about decreased investor activism but thinks they will always play a role in closed-end fund investing.

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10:37

Tax edge makes munis attractive even as discounts shrink

The NAVigator ·

2021/07/23

Patrick Galley, chief investment officer at RiverNorth Capital Management -- which runs four municipal bond closed-end funds that invest in both individual bonds and in other muni closed-end funds -- says that as tax-equivalent yields in the muni space have become relatively attractive, the supply-demand picture has changed, narrowing discounts. That doesn't diminish the tax edge provided by the bonds, but makes selective buying critical for investors looking for tax advantages now.

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