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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

12:36

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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12:52

BlackRock's Minar on how the firm is changing...

The NAVigator ·

2024/05/24

Stephen Minar, Managing Director and Head of Closed-End Funds at BlackRock, discusses a contemporary conundrum in the closed-end fund industry: How discounts drive money flows into closed-end funds but also attract activist investors whose actions may be harmful to long-term individual investors. To address this, Minar notes that BlackRock has launched initiatives in a series of new funds that can reduce discounts, thereby making a fund less likely to attract activists, while increasing consistency

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13:12

Sizemore: "The Fed's actions have changed, but the...

The NAVigator ·

2024/05/17

Charles Lewis Sizemore, chief investment officer at Sizemore Capital Management, says that while short-term rates are as high as they are likely to be, the "massive discount" created in closed-end funds while rates were on the rise have not dissipated. That means closed-end funds remain a compelling value now, and Sizemore said he is finding particularly strong values in REIT-oriented funds and term funds. However, he noted that he's not a big fan of most equity-based funds now because with the

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13:00

Angel Oak's Triick says mortgages are in a...

The NAVigator ·

2024/05/10

Clayton Triick, Head of Portfolio Management, Public Strategies at Angel Oak Capital Advisors — part of the team running the Angel Oak Strategic Credit Fund — says that fundamentals and valuations seldom get aligned the way they have right now for the U.S. housing market and American homeowners. He notes that valuations are "cheaper than they should be" given the strength of the market and mortgage holders, creating opportunity. Triick says homeowners "did a really good job of locking in low

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14:03

Liberty Street's Munafo on opportunities in...

The NAVigator ·

2024/05/03

Christian Munafo, Chief Investment Officer at Liberty Street Advisors, which runs the Private Shares Fund, discusses how late-stage private venture companies are generating a huge chunk of economic power off most investors' radar. He says now is the time for many investors to pursue the opportunity, coming off of two years in which private shares struggled and markets for taking those companies public stalled. Munafo believes the recent pickup in IPOs is a positive sign. He also discusses Destiny

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10:59

Abrdn's Mondillo: Record discounts plus solid yields...

The NAVigator ·

2024/04/26

Jonathan Mondillo, head of North American fixed income for abrdn says that record discount levels for municipal bond closed-end funds, coupled with attractive yields on those funds, are creating real opportunities for investors, though he warns about the middle of the yield curve, noting that the most compelling values are at the two ends of the barbell -- the short-term and long-duration paper -- which he expects to continue even as the rate cycle plays out and the Federal Reserve finally moves to

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12:32

John Cole Scott gives his first take on 2024

The NAVigator ·

2024/04/19

John Cole Scott, President of Closed-End Fund Advisors and Chairman of the Active Investment Company Alliance, drills into the first-quarter data for closed-end funds. He notes that while municipal-bond funds still couldn't break out of their long-running slump, the first three months were a strong time for most closed-end funds (more than 90 percent were up for the period).

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13:24

Sit's Doty says meaningful rate cuts aren't coming...

The NAVigator ·

2024/04/12

Bryce Doty, Senior Portfolio Manager at Sit Investment Associates, says the uptick in inflation is not enough to overwhelm the yields investors are earning, noting that real returns may be better than ever. He says investors should enjoy collecting the high yields while interest rates remain high, and while total returns should improve once cuts start, investors will have to wait for that to happen. Doty does not expect meaningful rate cuts this year -- he anticipates two reductions, one after the

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