Where closed-end funds stand after a strong-but-volatile 2nd quarter
() -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 [...]
Rareview’s Azous: Muni bonds represent unique opportunity now
() -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 [...]
Brookfield’s Antonatos: Real assets offer diversification, balance in tough times
() -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 [...]
Griffin’s Forman: Interval fund structure has benefits in turbulent markets
() -Zach Forman, head of fund relations at Griffin Capital Securities -- which runs the Griffin Institutional Access Real Estate Fund -- says that the illiquidity [...]
Bancroft’s Spatacco: Closed-end funds are now attractive right out of the box
() -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 [...]
Goldstein says new SEC ruling puts a chill on shareholder activism
() -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 [...]
AICA’s BDC 1Q 2020 Earnings Season Review and COVID-19 Impact on Middle Market Loans
() -On Thursday, June 11, 2020 we held webinar on AICA's BDC 1Q 2020 Earnings Season Review and COVID-19 Impact on Middle Market Loans ...
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‘The most buyer-friendly market we have seen since the Great Recession’
() -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 [...]
DLDeals.com’s Thompson talks about the pain – and recovery – ahead for BDCs
() -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 [...]
Matt Freund, co-manager of Calamos Long-Short Equity & Dynamic Income
() -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 [...]
Despite liquidity concerns, non-listed interval funds can be an attractive choice
() -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 [...]
Nuveen’s Meyers explains leverage in closed-end funds in the virus economy
() -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 [...]
Aberdeen Standard’s McCabe: First nation to re-open its economy only gains a mild edge
() -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 [...]
AICA Webinar on CLO Investing Post COVID-19 Octagon and Eagle Point
() -On April 30, 2020 we held webinar on CLO investing in the post COVID -19 World and follow with live and pre-submitted Q&A. Tom Majewski Gretchen Lam Join Tom Majewski from Eagle Point and Gretchen Lam from Octagon Credit Investors to discuss recent trends and their outlook on CLO investing. Kim Flynn John Cole Scott We have been fielding many questions on this sector and [...]
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EY’s Eisenberger: ‘Fair-value pricing’ has been hard amid the virus economy
() -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 [...]
CEF Advisors Scott: Discounts have narrowed but bargains remain
() -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 [...]
Angel Oak’s Pate: Community banking sector is better prepared than most for pandemic
() -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, [...]
MatisseCap’s Boughton: Discounts are at record levels, buys are everywhere
() -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 [...]
Key Take-Aways from CEF Advisors’ Research Call
() -The average closed-end fund through Friday March 20th is down around 40%. Discounts widened; NAVs and market prices both fell. NAV movements reflect both bear market pricing and a lack of trading in the market, a shortage of bids. Most funds are levered (including 90% of bond funds), and leverage magnifies results on the way up and down.
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