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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

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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09:30

Closed-end funds can be their own asset class for...

The NAVigator ·

2020/01/24

Mitch Reiner, chief operating officer at Capital Investment Advisers, says he considers closed-end funds one of six key asset classes for delivering income in an investment portfolio, and while he acknowledged that his view is unique because closed-end issues can hold any type of asset within them, he said the discount structure makes them unique and therefore a necessary element for strategies where income is the primary focus.

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10:28

John Cole Scott answers questions on closed-end fund...

The NAVigator ·

2020/01/17

Audience members have questions, and John Cole Scott has answers. The chief investment officer at Closed-End Fund Advisors and executive chairman of the Active Investment Company Alliance answers three queries from audience members this week, one on closed-end basics, one from an investor trying to make sure he has the right fit before making his first closed-end fund purchase, and one about the ongoing and future content content of this podcast.

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10:51

Aberdeen's Pittard: US closed-end opportunities are...

The NAVigator ·

2020/01/10

Christian Pittard, group head of product opportunities for Aberdeen Asset Management, says that changing structures have made initial-public offerings in closed-end funds more attractive, and were responsible for a big increase in IPO activity in America in 2019 that he expects to continue. Aberdeen continues to expand its presence not only through IPOs but acquisition, and Pittard said he expects the company to keep looking for the chance to bring unique institutional strategies to retail

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12:37

Three decades of data and change give a glimpse into...

The NAVigator ·

2020/01/03

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the founder and executive chairman of the Active Investment Company Alliance, revisits data used by his father George Cole Scott in writing "Investing in Closed-End Funds: Finding Value and Building Wealth," the seminal book on closed-end fund investing that was written 30 years ago. He examines changes in the industry -- moves away from single-country funds, dramatic growth amongst new funds and more -- and gives his take on

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12:05

AICA's founding chairman looks back on 2019 and ahead...

The NAVigator ·

2019/12/27

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the founder and executive chairman at the Active Investment Company Alliance, looks at the year that was in closed-end funds for 2019, starting from the Christmas holiday a year ago when the business had been decimated by a market downturn to turn things around in the course of one of the industry's best years ever. Scott also turns his attention to what lies ahead for closed-end funds in 2020.

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09:52

How and why some closed-end trades require a matchmaker

The NAVigator ·

2019/12/20

Russell Robinson of Capital Institutional Services -- a brokerage platform that supplies liquidity for closed-end funds -- describes how some issues are thinly traded and require an intermediary like his firm to step in and maintain an orderly market. He explains the importance of having that liquidity and the lengths his firm sometimes must go to make it work when institutional investors want to make big moves in funds that don't trade much.

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08:41

Interval funds offer a unique, structured way to get...

The NAVigator ·

2019/12/13

This week on The NAVigator, Jeremy Goff, managing director at Tortoise Advisors, discusses how investors can use interval funds -- which have less liquidity than the standard closed-end fund -- to add structure and diversification to a portfolio. Goff compares traditional closed-end funds, as well as hedge funds, to interval offerings, noting that the reduced liquidity of an interval fund often pays off by allowing managers to pursue higher-risk strategies without any danger of investor flight

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