AICA – Excellence Beyond Indexing

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

Choose your weapons: Arming yourself against rising rates and recession

September 30th, 2022|Comments Off on Choose your weapons: Arming yourself against rising rates and recession

John Cole Scott, chief investment officer at Closed-End Fund Advisors -- the chairman of the Active Investment Company Alliance -- discusses and compares floating-rate and senior loan funds with preferred-securities funds, noting that floating-rate funds are a tool for combating high and rising interest rates...

Validus’ Mark Scalzo discusses ‘direct listing’ alternatives and a massive discount

September 23rd, 2022|Comments Off on Validus’ Mark Scalzo discusses ‘direct listing’ alternatives and a massive discount

Mark Scalzo, chief investment officer at Validus Growth Investors, Manager and the portfolio manager for the newly listed Destra Multi-Alternative Fund discusses the outlook for alternative investing, the process his fund went through in changing its status and becoming one...

Trinity Capital’s Brown on double-digit yields and venture-backed growth

September 16th, 2022|Comments Off on Trinity Capital’s Brown on double-digit yields and venture-backed growth

Kyle Brown, president and chief investment officer at Trinity Capital, explains how the company's structure helps to support double-digit yields and makes them more secure than other high-yield investments, but also discusses the business development...

13May, 2025

CEF Discounts Narrow Again in Q1 2025: CEF Advisors

By |May 13th, 2025|Articles, CEF Advisors Research and Presentations|

The universe of closed-end funds (CEFs) saw discounts narrow in the first quarter of 2025, averaging -4.9% and yielding about 9%, said John Cole Scott, AICA Chairman and President of Closed-End Fund Advisors (CEF Advisors), during his firm’s 53rd consecutive quarterly research call covering the CEF and business development company (BDC) universe

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Disclosure: This content is provided for informational and educational purposes only and is intended solely as a summary of the views expressed. The opinions expressed are those of the speakers and/or presenters as of the date of the content, are their own opinions, may not be the opinions of AICA and are subject to change without notice.

The information contained herein should not be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide advisory services.

References to specific securities, sectors, investment strategies, or market conditions are for illustrative purposes only and do not constitute investment recommendations. Any discussion of investment strategies may not be suitable for all investors, and there can be no assurance that any strategy will achieve its intended objectives.

Listed closed-end funds (CEFs) and business development companies (BDCs) trade on exchanges at prices that may be above or below their NAVs. There is no guarantee that an investor can sell shares at a price greater than or equal to the purchase price, or that a CEF’s or BDC’s discount will narrow or be eliminated. Non-listed closed-end funds and business development companies do not offer investors daily liquidity, but rather on a quarterly or semi-annual basis, often on a small percentage of shares. CEFs often use leverage, which can increase a fund’s risk or volatility. The actual amount of distributions may vary with fund performance and other conditions.

Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Forward-looking statements, expectations, and projections are inherently uncertain, and actual results may differ materially from those discussed.

This content does not take into account the specific investment objectives, financial situation, or particular needs of any individual investor. Prospective investors should consult their financial, legal, and tax advisers before making any investment decision.

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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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