AICA – Excellence Beyond Indexing

Business Advice

Insight2016-08-01T14:51:33-04:00

Oppenheimer’s Penn: ‘Fairly valued’ BDCs

August 22nd, 2025|Comments Off on Oppenheimer’s Penn: ‘Fairly valued’ BDCs

Mitchel Penn, Managing Director of Equity Research for Oppenheimer & Co., says that business-development companies are now "fairly valued" by the market, which means that their biggest potential gains for the remainder of the year will come from simply capturing dividend payouts.

John Cole Scott’s August 2025 Update

August 22nd, 2025|Comments Off on John Cole Scott’s August 2025 Update

John Cole Scott, President and CIO of CEF Advisors and Chairman of the Active Investment Company Alliance, provides a mid-year 2025 update on closed-end funds (CEFs) and exchange-traded funds (ETFs). He notes that his firm’s online database, CEFData.com, recently added a new 250-ticker symbol ETF data file with over 150 metrics in response to increasing interest in, and active management of, ETFs. Scott explains how both ...

Covered Call CEF MCN Ends Q2 Ahead of Market Indexes

August 20th, 2025|Comments Off on Covered Call CEF MCN Ends Q2 Ahead of Market Indexes

Saratoga Investment Corp. (NYSE: SAR), a publicly listed business development company (BDC) that provides debt financing and equity capital to middle market companies, continues to exhibit a high-performing lower middle market core portfolio and provides a good market opportunity for investors, despite two recent discrete non-accruals that dented its stock price, Saratoga’s CFO says.

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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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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.

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