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.
Within the equity closed-end fund market, several funds exist with a primary objective of generating income and capital appreciation. While some believe this type of investment does not have a place in a traditional growth-oriented equity portfolio, there is an investment case for such strategies. In fact, this segment of the market can provide great value…
Read more about An Investment for Value and Yield in Equity CEFs
The dust is starting to settle from one of the most bitter and contentious presidential elections in memory. If you’re retired, potential Trump administration tax changes provide a good opportunity for you to review your long-term financial plans and uncover areas to implement new strategies…
Read more about What The Trump Tax Proposals Mean For High Net Worth Retirees
For the year ended December 2016, Durable Income generated a 21.27% net return vs the Barclays High Yield Index Benchmark return of 17.13%. Since inception (June 1, 2014), Durable Income has generated an 8.44% annualized net return vs the Barclays High Yield Index’s annualized return of 3.62%. Durable Income invests in exchange traded, income oriented securities with the underlying goal …
Read more about Durable Income Strategy Investor Letter – January 2017
The quote from America’s most famous fictional Marine, Gomer Pyle, comes to mind when reviewing events of 2016. The year got off to one of the worst starts ever as the S&P 500 dropped 11% in the first six weeks and oil traded below 30 dollars per barrel. The Brexit vote in June proved all the pundits wrong. Finally, the election of Donald Trump to be the 45th President of the United States certainly was the ultimate surprise…
Read more about “Surprise, Surprise, Surprise” – Investor Newsletter – 2016 Q4
Of the more than 5,000 mutual funds, ETFs and closed-end funds in today’s universe, the overwhelming majority are somewhat cookie cutter alternatives to an easily accessible index, which makes it difficult for investors to uncover truly unique funds for their overall investment strategy… 
Fixed-income closed-end funds have been falling in price for the past few weeks as rates rise, borrowing costs increase and investors flee…
Read article on Barrons
Relative Value Partners founder Maury Fertig names two floating-rate bond funds which should be able to adjust as rates rise…
Read article on Seeking Alpha
Investors hungry for income have driven up to lofty levels the premiums on dozens of closed-end funds, exposing investors to steep, sudden losses and prompting one prominent manager to warn investors away from his own funds…
For the first nine months of 2016, the Durable Income Strategy performed well. Durable Income
generated a 16.64% net return vs the Barclays High Yield Index Benchmark return of 15.11%…
Read more about Durable Income Strategy Investor Letter – October 2016
For all the ongoing market concerns, the 3rd quarter ended with higher asset values. At the
start of the year, we felt strongly that the economy was not going to slide into a recession and the FOMC
would not raise rates four times…
Read more about Patience Rewarded – Investor Newsletter – 2016 Q3