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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

09:46

Bancroft's Spatacco: Closed-end funds are now...

The NAVigator ·

2020/06/12

Michael Spatacco, director at Bancroft Capital, says that closed-end funds were an overlooked investment type for years, largely because the structure used for selling new issues put investors at a disadvantage. With that negative now mostly gone, however, he believes closed-end funds can be a particularly effective investment tool, and that new issues no longer need to be avoided when they open. He also explains how his firm incorporates closed-end fund investing into its mission of helping

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10:33

Goldstein says new SEC ruling puts a chill on...

The NAVigator ·

2020/06/05

Phillip Goldstein, co-founder of Bulldog Investors and a leading activist investor in closed-end funds, discusses a recent Securities and Exchange Commission decision that he says protects the fund operators at the expense of shareholders, and which he believes will widen discounts and make closed-end funds less attractive in the future.

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08:42

'The most buyer-friendly market we have seen since...

The NAVigator ·

2020/05/29

Andrew Kerai, senior credit strategist at RiverNorth Capital Management, portfolio manager for RiverNorth Specialty Finance Corp., says that the difficult market has created strong opportunities for increasing the credit quality in bond portfolios, noting that the fixed-income space currently represents a buyer-friendly opportunity unlike anything seen since the Financial Crisis of 2008. He explains how he has re-positioned the portfolio to take advantage of those conditions, and when he expects

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09:35

DLDeals.com's Thompson talks about the pain - and...

The NAVigator ·

2020/05/22

Kelly Thompson, founder and editor at Direct Lending Deals, says that business development companies specializing in middle-market lending are facing the pain of some defaults and the potential for restructurings, but she believes that the problems ultimately will make for buying opportunities and better conditions for BDC managers. While waiting for those calmer, surer times, Thompson suggests sticking with older, more-established BDCs, particularly those that rode out the financial crisis of

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09:45

Matt Freund, co-manager of Calamos Long-Short Equity...

The NAVigator ·

2020/05/15

Matt Freund, co-manager of Calamos Long-Short Equity & Dynamic Income. says that while interest rates have been positioned lower-for-longer by the Fed, there are still ways to diversify bond holdings to generate income. In addition, he discussed how the fund has been able to tactically navigate the volatile pandemic-impacted market to bounce back sharply from when the market bottomed out.

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09:32

Despite liquidity concerns, non-listed interval funds...

The NAVigator ·

2020/05/08

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the founder of the Active Investment Company Alliance, returns to the NAVigator to compare traits, characteristics and results of closed-end funds with non-listed interval funds offered by the same management company. The analysis -- which you can request by writing to theNAVigator@aicalliance.org -- shows that while interval funds raise some liquidity concerns, they also can create a performance edge in certain market

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12:07

Nuveen's Meyers explains leverage in closed-end funds...

The NAVigator ·

2020/05/01

Bill Meyers, head of the closed-end business development group at Nuveen Inc., discusses how leverage works in closed-end funds and the types of leverage and rules governing it because leveraged funds -- and their potential to blow up fast when facing trouble -- could scare off nervous investors during volatile times.

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12:09

Aberdeen Standard's McCabe: First nation to re-open...

The NAVigator ·

2020/04/24

Adam McCabe, head of fixed income for Asia and Australia for Aberdeen Standard Investments, said in an interview from Singapore that the countries on the leading edge of the viral economy -- the ones who can awaken from global hibernation first -- will have a mild advantage over nations that quarantine longer, but they won't have all of their trading partners and won't gain any long-lasting benefit. Even when economies have re-started globally, McCabe says recovery likely will be slow as investors

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10:45

EY's Eisenberger: 'Fair-value pricing' has been hard...

The NAVigator ·

2020/04/17

Nicole Eisenberger, a partner at Ernst and Young, says that the economic shutdown has created conditions making fair-value pricing of illiquid securities and assets difficult and inconsistent, raising uncertainty for investors in business-development companies. Once the first quarter of 2020 ended, firms had more guidelines for using pricing models without tanking their assets, but Eisenberger discusses how the pricing systems work, how it impacts volatility and what BDC investors should expect

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11:18

CEF Advisors' Scott: Discounts have narrowed but...

The NAVigator ·

2020/04/10

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the executive chairman of the Active Investment Company Alliance, says that while discounts have narrowed as the stock market has rebounded from its March lows, many closed-end funds and business-development companies remain attractive, with prices well below historic norms. He offers four closed-end funds and one BDC to consider as attractive examples now.

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10:20

Angel Oak's Pate: Community banking sector is better...

The NAVigator ·

2020/04/03

Cheryl Pate, portfolio manager for Angel Oak Capital, says that the community banking sector is better positioned than most to ride out current market conditions, noting that it has better fundamentals, capital ratios, liquidity and credit quality compared to the last bull market in 2008. While lower rates and a flatter yield curve can be negatives, Pate explains how the leverage she has in managing her closed-end funds is helping to position the issues to weather the market storm quickly.

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22:13

MatisseCap's Boughton: Discounts are at record...

The NAVigator ·

2020/03/31

In this bonus edition of The NAVigator, Eric Boughton, portfolio manager at Matisse Capital discusses how the current market turmoil has pushed discounts to levels even greater than seen in the financial crisis of 2008, and while he expects some dividend cuts, he does not think any distribution reductions should discourage investors. 'Nearly everything is a buy,' Boughton says, though he notes that investors will need a strong stomach for risk to consider the hardest-hit areas of the market.

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10:40

Shaker: Don't trade closed-end funds on days when the...

The NAVigator ·

2020/03/27

Rob Shaker, portfolio manager at Shaker Financial, says that the current market has been hard on closed-end funds because closed-end instruments suffer any time there is fear-based selling. He warns against trading any time CNBC carries a graphic saying 'Markets in turmoil.' Yet, he adds, troubling times also make closed-end funds compelling values, so long-term investors want to be prepared to step in once they are comfortable that the market has stabilized, and he talks about whether that time is

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10:29

BDC dividends are eye-popping and might be cut, but...

The NAVigator ·

2020/03/20

Bryce Rowe, senior equity research analyst for business development companies at National Securities, says that the current market turmoil has dropped prices -- expanding discounts -- while jacking up yields to massive levels, in some cases with payouts now set to be north of 30 percent. While he expects BDCs to dramatically trim those enormous distributions, he suggests that the compelling values and strong payouts -- which could stay near 10 percent even after cutbacks -- make it a good time to

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10:44

As discounts grow and yields rise, closed-end funds...

The NAVigator ·

2020/03/13

John Cole Scott, chief executive officer at Closed-End Fund Advisors and executive chairman of the Active Investment Company Alliance discusses the state of closed-end funds in the middle of the stock market's current meltdown. He notes that discounts have grown wider since the market stepped back from all-time highs in February, notes that yields have become even more attractive, urges caution in the use of leveraged funds, and offers a few attractive options for today's tough conditions

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12:27

Roosevelt's Konrad talks closed-end fund's...

The NAVigator ·

2020/02/28

Rick Konrad, director of value strategies at The Roosevelt Investment Group says that closed-end funds have some natural advnatages over traditional mutual funds and ETFs when it comes to investing with a value bent, and while he uses all of the various types of investments, he makes a case for how and why an investor might want to pay up -- in terms of expense ratios and portfolio costs -- for closed-end funds and business-development companies because it can pay off in superior long-term

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09:11

Muni bonds and preferred stocks are key closed-end...

The NAVigator ·

2020/02/21

John Cole Scott, chief investment officer at Closed-End Fund Advisors and executive chairman of the Active Investment Company Alliance, joins the podcast today to talk about a very popular type of closed-end asset -- municipal bonds -- and one that has been trending, but which has just 13 closed-end options, preferred stocks. Scott covers key investment considerations for each asset class, noting that muni bonds are a particularly popular yield choice for investors today, while pointing out that a

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10:43

Convertible securities play multiple roles in...

The NAVigator ·

2020/02/14

Tony Huang, associate portfolio manager for the Advent Convertible and Income Fund, discusses the compelling reasons to add convertible securities -- a hybrid security that can act like either a stock or bond -- to a stock portfolio, noting that the flexibility of the security helps to mitigate risk, especially in volatile times. Huang talks about how different fund managers and individuals evaluate and purchase convertibles, whether convertibles are an asset class unto themselves or a reflection of

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09:18

Return of capital isn't always the bad sign investors...

The NAVigator ·

2020/02/07

John Yesford, analyst at High Dividend Opportunities, comes to the NAVigator to help explain 'return of capital,' which many investors worry about as a warning sign that a closed-end fund is struggling or headed for trouble. Yesford explains that, with the right conditions, a return of capital doesn't diminish a good opportunity and talks about what investors should look for and consider to find those situations.

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10:54

Let's hunt unicorns with management of the Sharespost...

The NAVigator ·

2020/01/31

The NAVigator looks at a unique offering today as Christian Munafo of SP Investment Management discusses his firm's Sharespost 100 Fund, an actively managed, continuously offered, closed-end interval fund that buys late-stage venture-backed private companies, a part of the alternative-investment world normally reserved for high net worth individuals and venture capital firms. Munafo discusses how the fund looks for unicorns, the unusual company that can move from start-up to billion-dollar private

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