Relative Value Partners merged with Kovitz Investment Group Partners, LLC as of August 2024. All Insights are opinions of the author as of the posting date. Any graphs, data, or information in this publication are considered reliably sourced, but no representation is made that it is accurate or complete, and should not be relied upon as such. This information is subject to change without notice at any time, based on market and other conditions. Past performance is not indicative of future results, which may vary.
As investors, we are always searching for a stable and attractive yield without taking excessive risk. Currently, we seek opportunities that can provide an attractive return even as the Fed may raise short-term rates by a modest 25 basis points this December…
Read more about Wells Fargo’s Troubles Create Buying Opportunity
Closed-end funds (CEFs) sometimes get lost in the never ending expanse of investment options. That certainly seems to be the case in recent months, as yield-starved investors continue to gobble up risky debt with coupons at all-time lows while ignoring safer plays in the fixed income CEF market…
Read more about Why Are Yield-Starved Investors Ignoring Closed-End Funds?
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….
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
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
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… 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
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
Treasury bond yields are low, junk is volatile. For conservative investors, syndicated loans, perhaps in closed-end funds, look appealing…