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Mar 30, 2020

Key Take-Aways from CEF Advisors’ Research Call

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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.

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Oct 24, 2019

AICA NYC 2019 Article

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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    

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Oct 15, 2019

AICA Article Bavaria

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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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Disclosure: Views and opinions expressed are for informational and educational purposes only as of the date of production/writing/speaking and may change without notice at any time based on a multitude of factors. Speaker’s/presenter’s/author’s opinions are their own and may not necessarily represent the opinions of AICA, its Board, or its staff. Materials may contain “forward-looking” information that is not purely historical in nature, such as projections, forecasts, market return estimates, proposed or expected portfolio composition, and other items. Listed closed-end funds and business development companies trade on exchanges at prices that may be above or below their NAVs. There is no guarantee that an investor will be able to sell shares at a price greater than or equal to the purchase price or that a closed-end fund’s discount will narrow. Non-listed closed-end funds and business development companies do not offer investors daily liquidity but rather offer liquidity on a monthly, quarterly or semi-annual basis, often on a small percentage of shares. Closed-end funds often use leverage, which can increase the fund’s volatility (i.e., risk). Actual distribution amounts may vary with fund performance and other conditions. Past performance is no guarantee of future results. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Closed-end funds frequently trade at a discount to their net asset value (NAV).

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This website is owned, operated, and maintained by Active Investment Company Alliance (“AICA”). The mailing address for AICA is 7204 Glen Forest Drive, Suite 105, Richmond, Virginia, 23226

For information, general inquiries, or to update your information or have your name and contact info removed from any shared lists that we may have please contact us through email at contact@aicalliance.org. You may also contact us by regular mail at the above address.

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Richmond, VA 23226


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Disclaimer Statement

Active Investment Company Alliance The Active Investment Company Alliance (“AICA”) is a trade association committed to educating and engaging investment professionals and investors about closed-end management companies: listed and non-listed closed-end funds, business development companies, interval funds and tender offer funds. The alliance supports transparency and, therefore, does not allow any agent, employee or representative to personally solicit any investment or accept any monies to be invested in a particular fund or security. Investments and solicitations for investment should be made directly with your financial advisor, broker or a trusted individual and not with this association. Please contact AICA  (contact@aicalliance.org OR call (888-440-9694) if any person or organization solicits funds from you while representing that they are an agent, employee or representative of AICA.

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