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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

09:23

US asset managers turn to London to raise capital via...

The NAVigator ·

2021/02/05

Wendy Huang, business development manager for primary markets at the London Stock Exchange Group, discusses the differences between American markets and closed-end funds and those in England and explains why fund sponsors and businesses are finding it particularly lucrative and timely to take their issues overseas now.

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11:40

Why closed-end directors need more than a rubber stamp

The NAVigator ·

2021/01/28

Anne Kritzmire, an independent closed-end fund trustee, explains how the role of directors differs in closed-end funds compared to traditional mutual funds, where boards are known for passing everything management's way. She explains the ways in which independent directors in closed-end funds have a more active hand in oversight on key factors like leverage, involvement in alternative and illiquid investments, dividend payout policies and interactions with activist shareholders, and how that

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11:17

Value stocks are set up for a good run in 2021 and...

The NAVigator ·

2021/01/22

Michael Roomberg, manager of the Miller/Howard High Income Equity Fund, says that the end of election uncertainty -- and sustainable fiscal policy that provides a tailwind for domestic consumption -- and the development of vaccines for coronavirus fueled a rally in value stocks at the end of 2020 that should carry through 2020, especially as investors get more excited about stocks and broaden their interest beyond the few names that drove the market a year ago. While value has struggled as an asset

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09:15

Fixed-income investors must be 'more creative, more...

The NAVigator ·

2021/01/15

William Costigan, managing director at Guggenheim Partners and senior member of the active fixed-income team, says that with real interest rates low and nominal yields on Treasuries at or below zero, investors must look to creatively expand their bond exposure. He calls for investors to be more creative, more thoughtful and do more homework' -- looking at, for example, alternative credits -- if they are going to be satisfied with returns in the current environment.

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11:11

Brookfield's Antonatos sees policies and pandemic's...

The NAVigator ·

2021/01/08

Larry Antonatos, portfolio manager overseeing real asset strategies at Brookfield Asset Management, says that infrastructure investments will benefit in 2021 from the political changes in Washington that may spur additional government investments, as well as the end of the pandemic, which should lead to economic expansion. He says that real assets -- and infrastructure in particular -- will benefit from job creation in the short run and long-term GDP growth down the line to pick up performance in

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15:07

The good, bad and ugly of closed-end investing from 2020

The NAVigator ·

2020/12/31

John Cole Scott of Closed-End Fund Advisors, the founding chairman of the Active Investment Company Alliance, compares 2020 to unusual years from the past, looks at the best and worst performing investment areas for closed-end funds from this year and looks ahead at the opportunities ahead in 2021.

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09:36

Angel Oak's Pate: Financials are at a good point 'for...

The NAVigator ·

2020/12/24

Cheryl Pate, portfolio manager for Angel Oak Capital, says that banks took steps to shore up their balance sheets and now are sitting on excess reserves, which should boost earnings in the latter half of 2021. Coupled with a positive picture on interest rates, inflation and government oversight, she says valuations are poised to show gains next year, although she notes that she has a slight preference for owning financial debt versus equity in the year ahead.

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10:03

RiverNorth's Kerai: Yield-hungry investors should...

The NAVigator ·

2020/12/18

Andrew Kerai, senior credit strategist and portfolio manager at RiverNorth Capital Management, says that investors looking to improve fixed income returns should consider middle-market corporate credits and other issues in the private credit market, but he notes that investors should be attuned to downside risks, noting that they make more with a manager who does better avoiding defaults than with one who chases higher yield but takes on more risk.

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11:44

Nuveen's Clark says Covid disrupted the stability for...

The NAVigator ·

2020/12/11

James Clark, client portfolio manager at Nuveen Asset Management, says that real assets and infrastructure investments -- normally consistent, defensive investments -- have seen those appealing characteristics under attack because of the pandemic shutdowns, but he noted that Covid-19 tended to accelerate trends that were in place rather than disrupting those movements. With the development of a vaccine,he expects pricing to firm up as uncertainty starts to melt away -- 'the worst case scenario has

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10:49

Think of closed-end funds as 'alternatives light' to...

The NAVigator ·

2020/11/27

Jonathan Browne, director of closed-end fund research at Robinson Capital, says that investors should be looking to closed-end funds to help solve the yield challenges they face today, when low interest rates have challenged the traditional 60-40 portfolio and when bonds have performed in lock-step with the stock market. While the industry keeps developing new and different investment solutions, Browne notes that closed-end funds are a more simple half-step toward alternatives that can be just as

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09:29

Rob Shaker: Tax-loss selling should spur closed-end...

The NAVigator ·

2020/11/20

Rob Shaker, portfolio manager at Shaker Financial, says that the tax-loss selling season for closed-end funds should be particularly interesting in 2020, given the volatility funds saw throughout the year. That said, he anticipates that discounts will widen in December, making a good opportunity in closed-end issues look even better by mid-month, with the expectation of a January effect that will narrow the discounts back again in favor of investors.

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10:50

Calamos' Bush: Low interest rates have helped create...

The NAVigator ·

2020/11/13

Robert Bush, senior vice president and director of closed-end fund products at Calamos Investments, says that the benefits of closed-end fund investing have been on display this year in the rebounding stock market coupled with the low rate environment, because that low borrowing costs have helped funds profit from using leverage. He also discusses convertible securities, where many of the closed-end funds have not kept up with the underlying securities -- convertibles are up about 20 percent on

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10:01

Prosek's Schaffer says communications can sway...

The NAVigator ·

2020/11/06

Brian Schaffer, managing director at Prosek Partners -- and the head of special situations for the public-relations firm -- discusses the changing face of shareholder activism for closed-end funds, and the role that communications has in helping investors measure the relative merits of any deal that pits fund management against shareholders making a move to take control.

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10:17

AICA's Scott: 1 interview, 2 funds to consider, 3...

The NAVigator ·

2020/10/30

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the founder and executive chairman of the Active Investment Company Alliance does a quick 1-2-3 in this week's edition of The NAVigator, answering three questions from the audience and giving 2 ticker symbols worth following in one wide-ranging interview. He discusses the way discounts widen during bear markets, the expanded role closed-end funds could play in fixed-income portfolios looking for higher yields, and why he

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09:20

BDC's have been in buying territory through the...

The NAVigator ·

2020/10/23

Bryce Rowe, senior equity research analyst for business development companies at National Securities Corp., returns to the NAVigator to revisit business-development companies now. In his last appearance -- just days before the stock market bottomed out from its winter swoon and as the country was just entering the pandemic shutdown, Rowe said that beaten-down BDCs were a strong buy. Now, despite a solid run up along with the market, Rowe says that the bulk of business-development companies he

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08:41

David Tepper: Closed-end funds remain an investment...

The NAVigator ·

2020/10/16

David Tepper of Tepper Capital Management in San Francisco explains why he uses closed-end funds almost exclusively in his client portfolios, noting that in today's market conditions there are plenty of opportunities to build a well-diversified portfolio at a discount, and adding that even long-term closed-end fund investors need to be prepared to take advantage of times when discounts narrow suddenly, creating short-term chances for bigger-than-expected gains.

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08:51

ClearBridge's Vanderlee: Dividend stocks are a...

The NAVigator ·

2020/10/09

Peter Vanderlee of ClearBridge Investments, co-manager of the LMP Capital and Income Fund, says that the stock market's recovery back to record-high levels hasn't made dividend stocks overpriced because much of the move has been in stocks that don't make distributions. Coupled with lower-for-longer interest rates, it makes dividend stocks the compelling buy for income-oriented investors in today's market.

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09:13

UMB's Gallagher discusses the evolution of...

The NAVigator ·

2020/10/02

Terry Gallagher, executive vice president at UMB Fund Services, sees an industry-wide trend towards the development of new interval and tender-offer funds. Gallagher -- whose firm helps investment companies launch new issues -- covers the reasons why the structures are growing in popularity, the tax implications that issuers consider when setting up a fund and more.

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10:42

John Cole Scott revisits a year of The NAVigator and...

The NAVigator ·

2020/09/25

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the founder/executive chairman of the Active Investment Company Alliance, celebrates the end of the first year of The NAVigator podcast with a quick look back at a tumultuous 12 months for closed-end funds, but looks ahead at the industry with an eye toward how inflated by the pandemic economy are creating strong opportunities in the credit markets, in municipal bonds and beyond.

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10:14

Endowment strategy in interval fund creates patient...

The NAVigator ·

2020/09/18

Daniel Wildermuth, chief executive officer, Wildermuth Wealth and portfolio manager of the Wildermuth Endowment Fund, says that investing like the big college endowment funds creates a long-term outlook that's heavy in private equity and other alternative asset classes, but that having that approach in an interval fund's structure forces investors to be patient and to ride out short-term market noise, which is necessary when loading up on private investments. He also provides his assessment of how

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