Activists get involved with closed-end funds when they are trading at a big discount to the value of their underlying securities. These moves can sometimes be good news for individual investors—but not always….
Durable Income Strategy Investor Letter – July 2016
For the first half of 2016, the Durable Income Strategy performed well in a volatile market environment. Durable Income generated a 9.48% net return vs the Barclays High Yield Index Benchmark return of 9.06%. Since inception (June 1, 2014) [Read more…] about Durable Income Strategy Investor Letter – July 2016
“Living in the USA” – Investor Newsletter – 2016 Q2
Listening to this song on July 4th, we were feeling particularly patriotic. Living in the USA has numerous benefits: freedom being the most obvious and, arguably, the most treasured. A less celebrated benefit is the US economy which continues to chug along with much less volatility than China, Japan or Europe [Read more…] about “Living in the USA” – Investor Newsletter – 2016 Q2
Closed-End Equity Funds: Unlocking Value Through Shareholder Activism
As professional investors who spend a lot of time analyzing the closed-end fund (CEF) market, we often question actions (or inaction) taken by fund companies. Advancements in proxy access and fiduciary standards are designed to ensure management makes decisions that are in the best interest of shareholders [Read more…] about Closed-End Equity Funds: Unlocking Value Through Shareholder Activism
Open Mouth Operations – Investor Newsletter – 2016 Q1
According to the Fed’s website, one of the four core purposes of the Federal Reserve is to provide stability to the financial system, however, last quarter it seemed like they were doing the opposite. Despite knowing their comments are closely scrutinized [Read more…] about Open Mouth Operations – Investor Newsletter – 2016 Q1
Durable Income Strategy Investor Letter – March 2016
For the first quarter of 2016, the Durable Income Strategy held up well during a very volatile market environment. Durable Income generated a 3.21% net return vs the Barclays High Yield Index Benchmark return of 3.35%. Since inception (June 1, 2014) [Read more…] about Durable Income Strategy Investor Letter – March 2016
Why It’s a Good Time for Loan Funds
Treasury bond yields are low, junk is volatile. For conservative investors, syndicated loans, perhaps in closed-end funds, look appealing…