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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

09:02

Nuveen's Lamb says that muni bonds, despite rebound,...

The NAVigator ·

2020/09/11

Dave Lamb, head of closed-end funds for Nuveen, says that while municipal bonds have rebounded sharply, they haven't quite kept pace with investment-grade issues or recovered to pre-pandemic levels, creating an opportunity for investors. He notes that closed-end fund investors can find bargains and don't have to worry much about being disappointed when they can buy issues at wider discounts the way they can now.

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10:20

Skadden's DeCapo says SEC rules changes won't stop...

The NAVigator ·

2020/09/04

Thomas DeCapo, a securities attorney with Skadden Arps who recently appeared at the AICA's Summer Summit, joined Chuck Jaffe to discuss control shares statues that critics have said will reduce activist challenges to closed-end funds. DeCapo says that the rules will protect investors, result in more closed-end funds bring brought to market and that it won't stop real activism -- where investors are looking for real change and improvement rather than boosting a price and grabbing a quick profit --

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17:32

Matisse's Boughton: Closed-end funds represent a...

The NAVigator ·

2020/08/28

Eric Boughton, chief analyst at Matisse Capital -- a firm that manages portfolios of closed-end funds -- says that outsized discounts make most closed-end funds attractive potential investments now, noting in this interview from 'Money Life with Chuck Jaffe' that nearly every type of fund represents assets currently on sale. Still, Boughton notes that discounts by themselves are not a reason to buy, saying investors need to understand leverage and assets before taking a chance on higher-risk areas

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10:15

Symphony Nuveen's Holzenthaler on the disconnect...

The NAVigator ·

2020/08/21

On today's edition of the NAVigator, Lawrence Holzenthaler, investment analyst at Symphony Nuveen, discusses high-yield investing in a low-rate environment, noting that equity markets are more optimistic than the broad corporate credit market and how average credit investors see risk very differently right now when compared to the typical equity investor. Holzenthaler adds that closed-end junk-bond and floating-rate funds now are a way to 'buy discounted assets at a discount,' which should make them

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08:36

Veteran writer Waggoner on why the media doesn't like...

The NAVigator ·

2020/08/14

Long-time financial journalist John Waggoner explains why he has always gravitated towards closed-end funds even as investors and the news media often ignored them, and then explains how and why closed-end funds can provide advantages that he thinks most investors miss by focusing on closed-end funds, exchange-traded funds and active ETFs.

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10:23

Closed-end funds have bounced back, but have further...

The NAVigator ·

2020/08/07

Tom Roseen, head of research services at Lipper Refinitiv, says that closed-end fund discounts currently stand at an average of 8.7 percent, significantly wider than the 5.65 percent of the past but significantly improved from February and March as closed-end funds were hammered during the pre-pandemic market downturn. Roseen notes that convertible-securities funds have been exceptionally strong during the bounce back -- up 25 percent over the last three months -- but that energy MLP funds remain

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10:52

XA's Flynn talks alternative investments in new,...

The NAVigator ·

2020/07/31

Kimberly Flynn, managing director of alternative investments at XA Investments, talks about the new and different ways alternatives are being packaged in closed-end funds and how investors and fund companies deal with discounts and new structures in order to invest in assets that otherwise wouldn't be available to individuals. She also discusses auction funds and hybrid funds, new ways to put alternatives and real estate into portfolios that are just being brought to market now, but which have big

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08:48

Alternative credit lets investors expand, diversify...

The NAVigator ·

2020/07/24

Gregg Bell, co-founder of A3 Financial Investments -- which runs the A3 Alternative Credit Fund -- discusses why investing in alternative credits like reverse mortgages, private credit, credit-linked notes and more can create income streams that wouldn't be available to most individual investors without the closed-end, interval fund structure. Bell -- whose fund is positive this year and up nearly 9 percent since opening in October 2019 -- says that few retail investors have exposure to the

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09:30

Income Factory's Bavaria explains how closed-end...

The NAVigator ·

2020/07/17

Financial journalist Steven Bavaria of SeekingAlpha.com -- author of 'The Income Factory: An Investor’s Guide to Consistent Lifetime Returns" -- talks about how current market conditions should have investors looking to closed-end funds as a way of generating consistent income streams. Bavaria compares closed-end funds to factories, where the company owners are more concerned with the production they get from the workshop rather than the moment-by-moment value of the building. He notes that the

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09:57

Where closed-end funds stand after a...

The NAVigator ·

2020/07/10

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the founding chairman of the Active Investment Company Alliance, returns to the NAVigator for a fresh look at where closed-end funds stand now. It was a big rebound for CEF issues in the second quarter, with strong gains despite facing an environment of heavy dividend cuts; while closed-end issues remain down on average for the year, Scott notes that wider discounts make them particularly attractive at this point, especially

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11:35

Rareview's Azous: Muni bonds represent unique...

The NAVigator ·

2020/07/02

Neil Azous, chief investment officer at Rareview Capital in Stamford, Conn., discussed how the four ways that investors typically make money in municipal-bond closed-end funds typically aren't all in favor at the same time. These times, however, are anything but typical, and Azous says that in the current unusual times, all four potential return streams are lining up in ways that make muni funds a particularly attractive option right now.

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10:28

Brookfield's Antonatos: Real assets offer...

The NAVigator ·

2020/06/26

Larry Antonatos, managing director / portfolio manager at Brookfield Asset Management, says 'the depths of uncertainty and the market lows surrounding coronavirus are behind us.' The manager of Brookfield Real Assets Income Fund, said the firm's real asset managers are positioning now for a recover -- which he noted may not be particularly strong -- by focusing on areas where valuations are most attractive and recovery-driven cash-flow growth should be strongest. That means hotels, retail real

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11:31

Griffin's Forman: Interval fund structure has...

The NAVigator ·

2020/06/19

Zach Forman, head of fund relations at Griffin Capital Securities -- which runs the Griffin Institutional Access Real Estate Fund -- says that the illiquidity of interval funds can be a real benefit to investors during turbulent times, not only by providing access to private markets that many investors couldn't access otherwise, but by giving managers the ability to run a fund without fearing withdrawals while forcing investors into longer-term thinking.

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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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