Articles

Litigation Expected as SEC’s Ruling on Boulder No-Action Letter Limits Activism

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By |2020-12-22T12:26:49-05:00December 17th, 2020|

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The SEC’s decision in May to rescind the Boulder No-Action letter, allowing a closed-end fund to opt into a state control share statute without risking an enforcement action, could have a chilling effect on activism, and could face litigation for violating the Investment Company Act.

Closed-End Funds Finding Investment Opportunities Despite Ongoing Market Challenges

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By |2020-12-22T09:06:05-05:00December 17th, 2020|

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With the US presidential election next month, the ongoing impact of the coronavirus pandemic and the question of whether the economy is still in a recession or in a recovery, it can be tough for managers in the closed-end fund (CEF) space to navigate that uncertainty while preserving capital.

Goldman Sachs Eyes Real Estate Investment Opportunities with its First Interval Fund

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By |2020-12-22T09:15:22-05:00December 17th, 2020|

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Goldman Sachs has added interval funds to its growing offerings of retail alternative investments. During a keynote address at AICA’s Summer Summit on August 13th, Collin Bell, Managing Director and Global Head of Client Portfolio Management for Fundamental Equity within Goldman Sachs Asset Management, said Goldman has been involved in managing money in the form of traditional ‘40 Act funds and separately managed accounts for decades, but entered the interval fund space in May with the acquisition of a real estate interval fund.

Managers Now Offering Term CEFs to Minimize Premium Discounts

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By |2020-12-22T09:07:40-05:00December 17th, 2020|

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While closed-end funds (CEFs) have traditionally been perpetual offerings, more CEFS have term offerings that allow investors to liquidate at net asset value and minimize premium discounts.

BDC Industry Evolution to Favor the Largest Players

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By |2020-12-22T09:08:23-05:00December 17th, 2020|

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The BDC industry will evolve toward favoring the largest players who can make use of their scale to both address more attractive parts of the market and leverage their cost bases.

BDC Sessions

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By |2020-12-22T09:11:54-05:00December 17th, 2020|

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Following the lockdowns and onset of impacts of the coronavirus, when the stock markets went into turmoil, many business development companies (BDCs) took a step back to avoid the worst of the effects.

Key Take-Aways from CEF Advisors’ Research Call

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By |2020-04-10T06:56:39-04:00March 30th, 2020|

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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.

AICA NYC 2019 Article

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By |2020-04-10T06:58:10-04:00October 24th, 2019|

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The Active Investment Company Alliance conference that will be held in New York City on November 6th  is specifically designed for advisors interested in closed-end funds (CEFs), business development companies (BDCs) and interval funds, the conference boasts a diverse and top-notch speaker line-up: Conference Page: www.AICalliance.org/NYC2019Event    

AICA Article Bavaria

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By |2020-04-10T07:00:08-04:00October 15th, 2019|

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Sophisticated retail investors have known for a long time how closed-end funds and business development companies can provide them with diversified, dependable access to less liquid but higher yielding asset classes than are typically available through mainstream investment products.

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