AICA – Excellence Beyond Indexing

Business Advice

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

Three decades of data and change give a glimpse into the future

January 3rd, 2020|Comments Off on Three decades of data and change give a glimpse into the future

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the founder and executive chairman of the Active Investment Company Alliance, revisits data used by his father George Cole Scott in writing "Investing in Closed-End Funds: Finding Value and Building Wealth,"...

AICA’s founding chairman looks back on 2019 and ahead to 2020

December 27th, 2019|Comments Off on AICA’s founding chairman looks back on 2019 and ahead to 2020

John Cole Scott, chief investment officer at Closed-End Fund Advisors and the founder and executive chairman at the Active Investment Company Alliance, looks at the year that was in closed-end funds for 2019, starting from the Christmas holiday a year ago when the business had been decimated by...

How and why some closed-end trades require a matchmaker

December 20th, 2019|Comments Off on How and why some closed-end trades require a matchmaker

Russell Robinson of Capital Institutional Services -- a brokerage platform that supplies liquidity for closed-end funds -- describes how some issues are thinly traded and require an intermediary like his firm to step in and maintain an orderly market...

15Dec, 2023

AICA Member Profile: Saratoga Investment Corp

By |December 15th, 2023|Articles, Member Spotlight|

Saratoga Investment Corp. is a New York-based business development company (BDC) that provides debt financing and equity capital to middle market companies. The BDC is listed with the NYSE ticker symbol “SAR” and has been managed since 2010 by Saratoga Investment Advisors, LLC, an affiliate of Saratoga Partners, which was founded almost 40 years ago as a division of the New York investment firm Dillon, Read & Co. Saratoga Partners has been an independent firm since its spinoff from Dillon Read in the 90s.

14Dec, 2023

AICA CEF Panel: Leveraged Finance Balances Portfolio Risk, Reward

By |December 14th, 2023|2023 Fall Roundtable, Articles|

As financial advisors question the future of the economy, a panel of leading asset managers at AICA’s 2023 Fall Roundtable said high-yield bonds, leveraged loans, and collateralized loan obligations (CLOs) provided performance-enhancing boosts to their managed portfolios this year, spelling good news for fixed income investors. With closed-end funds (CEF) currently trading at a discount to NAV, allocating to  leveraged finance has helped cultivate yield, experts from Octagon Credit Investors, abrdn, Ares Management, and Nuveen said at the November 15, 2023, event in New York City.

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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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