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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

11:28

Barings' Feeley: Rate-cut cycle will make high-yield...

The NAVigator ·

2024/10/04

Sean Feeley, part of the U.S. High Yield Investment Group at Barings, says he believes that with the bulk of interest rate adjustments happening at the short end of the yield curve, a wave of refinancing of shorter-term debt is coming, and that this typically makes high-yield investments look more attractive. Feeley expects the economy to avoid a recession, with strong balance sheets contributing to a soft landing situation that plays out into 2025.

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12:03

John Cole Scott on four funds to consider in the...

The NAVigator ·

2024/09/27

John Cole Scott, President of Closed-End Fund Advisors and Chairman of the Active Investment Company Alliance, looks ahead to the fourth quarter on today's podcast. He discusses two equity and two fixed-income funds that hit his trifecta — an analytical mix of discount, dividend, and net asset value — and that he says look particularly promising for year-end portfolio moves.

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10:10

abrdn's Laranjiero: Rate cuts should boost muni bond...

The NAVigator ·

2024/09/20

Miguel Laranjeiro, Investment Director at abrdn, says we are seeing "the beginning of a robust in-flow cycle into the muni space," noting that credit spreads and all-in yields are attractive and that the value of the tax exemption will particularly pay off now. He says he expects the Federal Reserve's long-awaited rate cuts will end the longest yield curve inversion ever for municipal bonds. Once the yield curve has normalized, Laranjeiro expects leverage costs to become a positive for the total

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11:07

Oppenheimer's Penn on how BDCs might fare when the...

The NAVigator ·

2024/09/13

Mitchel Penn, Managing Director of Equity Research at Oppenheimer and Co., says that while business development companies (BDCs) have struggled this year, they are positioned well to ride out the changing interest rate cycle. He says that when the Federal Reserve starts cutting interest rates, he expects BDCs to see higher fee income, though some of that could be offset by a higher level of defaults. However, he notes that because those defaults are a hangover from high-rate conditions, they have

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12:13

John Cole Scott on the potential benefits of sector...

The NAVigator ·

2024/09/09

John Cole Scott, President of Closed-End Fund Advisors and Chairman of the Active Investment Company Alliance, discusses how investors in funds trading at premiums can use sector swapping to turbocharge their gains. He describes a process where an investor sells out of funds trading at premiums and purchases similar funds trading at discounts, locking in profits and expanding the buying power of their money. He cites examples of how making swaps — even within the same fund family — could deliver

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13:15

John Cole Scott on how funds perform after tenders,...

The NAVigator ·

2024/08/30

John Cole Scott, president of Closed-End Fund Advisors and Chairman of the Active Investment Company Alliance, explains how closed-end funds have responded historically to corporate actions like tender offers, liquidations, transitions to open-end funds, rights offerings, and big changes in dividend policy. He notes that understanding how those events play out gives investors a guideline on what to look for and how to act if they see those same actions in the funds they own.

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18:54

NAVigator bonus: RVP's Fertig on what's attractive as...

The NAVigator ·

2024/08/26

Maury Fertig, Chief Investment Officer at Relative Value Partners, discusses how the changing interest rate picture is impacting considerations on the closed-end funds he is considering for client portfolios — and which areas of the closed-end fund universe look particularly attractive now. He also talks about how a number of BlackRock funds are performing in the wake of a recent tender offer.

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12:36

Saratoga's Oberbeck on the state of private credit...

The NAVigator ·

2024/08/23

Chris Oberbeck, Chairman and Chief Executive Officer at Saratoga Investment Corp., says that private credit — which has been on the rise for several years — is being challenged by a cooling market for mergers and acquisition activity. That has put pricing pressure on managers, which should ease a bit as rates come down and mergers and financing deals become easier to do.

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13:10

CAIA's Filbeck on interval funds and media criticism...

The NAVigator ·

2024/08/16

Aaron Filbeck, Managing Director of the Chartered Alternative Investment Analyst Association (CAIA), discusses interval funds, their evolution, fee structures, and potential. He also responds to recent media coverage that has been critical of them as investment vehicles, including a recent Wall Street Journal article on how interval fund fees "will leave you high and dry."

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13:56

XAI's Flynn on growth and expansion in interval funds

The NAVigator ·

2024/08/09

Kimberly Flynn, Managing Director of Alternative Investments at XA Investments, discusses the state of interval funds, which have been growing rapidly and expanding their asset reach. It's not just the 50-plus funds on file and the entry of big players and new investment ideas, but also the recent rise in media interest. In the interview, Flynn responds to a recent Wall Street Journal article critical of interval funds and their fee structure.

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13:17

BlueBay's Farley: 'We're looking at a multi-year high...

The NAVigator ·

2024/08/02

Duncan Farley, Portfolio Manager on the Developed Markets Special Situations team at RBC BlueBay Asset Management — manager of the BlueBay Destra International Event-Driven Credit Fund — says corporations that have been "dining out on cheap finance" now have indigestion because their debt levels, leverage, and costs have gone up, so "the math doesn't work." As a result, he's expecting trouble for corporate paper globally, with a sharp rise in default rates, though he notes that creates opportunities

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13:43

John Cole Scott on where closed-end funds stand at...

The NAVigator ·

2024/07/26

John Cole Scott, President of Closed-End Fund Advisors and Chairman of the Active Investment Company Alliance, provides an update on what's been happening with closed-end funds throughout the first half of 2024. He notes that discounts narrowed almost across the board, but yields increased, resulting in positive returns for most asset classes.

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12:08

Abrdn's Akus sees opportunity as health care plays...

The NAVigator ·

2024/07/19

Jason Akus, Senior Investment Director and Head of Health Care Investing at abrdn — Manager of the firm’s four closed-end funds covering biotech and health care — says that the stock market appears to be broadening out and that health care and biotech are both likely to be beneficiaries. Health care stocks have generally lagged the stock market since the start of 2023, but with the Standard & Poor's Health Care index up 11 percent in 2024 — respectable but still trailing the broader S&P 500 by about

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13:22

CION's Gatto: Money rushing into BDCs creates...

The NAVigator ·

2024/07/12

Mark Gatto, Co-Founder and Co-Chief Executive Officer at CION Investment Group — which runs CION Investment Corp., a business-development company — discusses the heavy interest and cash-flow into BDCs and how that is changing the space and making it important for investors and advisers to "pull back the layers to understand what they are investing in," paying particular attention to the deals and credit quality a BDC gets involved in. Gatto says that the biggest players in BDCs are becoming "very

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12:41

Picking between funds is about much more than big yields

The NAVigator ·

2024/07/05

John Cole Scott, President of Closed-End Fund Advisors and Chairman of the Active Investment Company Alliance, compares two high-yielding offerings from Ares, breaking down the Ares Dynamic Credit Allocation (ARDC) fund and the CION Ares Diversified Credit I (CADUX) fund. He shows that while both could be viable and attractive options for investors diversifying a portfolio into the alternative credit space, there's much more to picking between them than big yields, reasonable expense ratios,

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11:50

John Cole Scott on BDCs vs. private credit funds, AI...

The NAVigator ·

2024/06/28

John Cole Scott, President of Closed-End Fund Advisors and Chairman of the Active Investment Company Alliance, shares takeaways from a recent industry conference focused on business development companies (BDCs). He talks about how BDCs compare to private credit funds, how the market is changing, and how some money managers are using artificial intelligence to get better information on market trends that could help them pick better investments or improve timing on the trades they make.

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09:24

VettaFi's Islam on the highs and lows of applying...

The NAVigator ·

2024/06/21

Roxanna Islam, Head of Sector and Industry Research at VettaFi, discusses the benefits and flaws of applying rules-based investing to closed-end funds. She notes that changes in the industry have forced changes on a rules-guided index of closed-end funds created by VettaFi, and how that is impacting the holdings and asset allocation of the fund-of-funds that some investors are using instead of building their own portfolio of individual closed-end strategies.

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11:41

When the industry tries to narrow discounts, 'that's...

The NAVigator ·

2024/06/14

Rob Shaker, Portfolio Manager at Shaker Financial Services, says that economic conditions — the debt-ceiling debate, troubled banks, higher interest rates and persistent inflation — have created a situation where the market isn’t climbing the proverbial wall of worry, but rather a ‘Wall of Meh.’ However, he adds that there is opportunity in the unimpressive current conditions, noting that long-term investors in closed-end funds can use lagging investor sentiment to capture discounts as early as the

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13:23

Nuveen's Lamb on how fund firms are reacting to...

The NAVigator ·

2024/06/07

Dave Lamb, Head of Closed-End Funds at Nuveen, says there is a "much more aggressive form of activism today than what we saw years ago," nd notes that it's driven entirely by discount-arbitrage opportunities rather than whether a fund is underperforming due to management decision-making. With discounts at wide levels — particularly for fixed-income funds —sponsors like Nuveen are taking more steps to cut the gap and reduce their funds' attractiveness to activists. Lamb discusses Nuveen's strategies

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13:31

John Cole Scott on new trends reshaping closed-end funds

The NAVigator ·

2024/05/31

John Cole Scott, President of Closed-End Fund Advisors and Chairman of the Active Investment Company Alliance, talks about the good and bad in recent industry developments. For example, Scott discusses how fund sponsors are taking steps to keep a lid on discounts, potentially reducing a fund's attractiveness to activist investors. He also highlights the trend towards managed payouts and how investors should size up distributions that might be connected more to marketing materials than to what a fund

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338 results

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