In this bonus episode of the NAVigator taped at the Active Investment Company Alliance Fall Roundtable in New York, Ryan Paylor, Portfolio Manager and partner at Thomas J. Herzfeld Advisors, discusses the continuing evolution of the Herzfeld Credit Income Fund, which a year ago converted from a Caribbean Basin fund to a focus on collateralized loan obligations, just as the market for CLOs was getting hairy. As a result, Paylor says, the fund has moved more towards collateralized fund obligations and other instruments that have helped it weather the storm somewhat better than just riding out what he sees as a cyclical bear market in CLOs. Despite those moves, Paylor acknowledges the fund’s deep discount and the potential for it to widen during tax-loss harvesting season, but he also says that any normalization of discounts if CLO conditions improve would create real opportunity when the calendar turns into 2027.