John Cole Scott, president of Closed-End Fund Advisors — the chairman of the Active Investment Company Alliance — digs into his data to give a recap of the third quarter for the closed-end fund industry, noting that municipal bond funds and REIT funds particularly took it on the chin, with the entire categories being down during the period by 10 and 7 percent respectively. Business-development companies were the top category based on average returns, but senior loan funds were the can’t-miss asset class, with all of the funds there being up in the third quarter.
To listen to this episode of The NAVigator click on the link below:
https://aicalliance.org/john-cole-scott-reviews-a-rough-quarter-for-closed-end-funds/
On Wednesday, October 18, 2023, Closed-End Fund Advisors’ John Cole Scott held the quarterly closed-end fund, BDC Universe, interval funds update, IPO review, and outlook webinar to review the third quarter of 2023 and to look ahead to the rest of the year.
You can access the webinar by clicking on the link below.
https://register.gotowebinar.com/register/6456632878047900757
You can access the slides from the webinar by clicking on the link below.
https://www.cefadvisors.com/Download/2023-1018-CEFUpdate-Outlook.pdf
Muni discounts keep defying gravity; sizing up fixed-income risk and more
John Cole Scott, president of Closed-End Fund Advisors — and the chairman of the Active Investment Company Alliance — returns to The NAVigator noting that the discounts on muni funds have continued to get wider. He notes that the average discount for a closed-end muni fund stands now at 12.5 percent compared to their 10-year average of just under 5 percent, and talks about what is discouraging investors from heading into m unis now. He also compares muni funds to BDCs and discusses how investors should size-up current risks in credit before ramping it up in their portfolio. Plus, he discusses AICA’s upcoming Fall Roundtable in New York.
To listen to this episode of The NAVigator click on the link below:
John Cole Scott, president, Closed-End Fund Advisors — chairman of the Active Investment Company Alliance — discusses portfolio construction and the many factors that go into a diversified safe and solid separately managed account with closed-end funds and business-development companies as the primary focus. He details a diversified tax-sensitive income fund, discussing the many factors that went into selecting each security for it, and how his focus on certain key elements excludes some securities that other closed-end investors might gravitate towards. Plus, a tribute to the late Don Cassidy, best known for his time at Lipper and the Retirement Investing Institute.
To listen to this episode of The NAVigator click on the link below:
40 closed-end funds, a million ways to build a portfolio – AICA (aicalliance.org)
In a bonus episode of The NAVigator, John Cole Scott, president of Closed-End Fund Advisors and the chairman of the Active Investment Company Alliance, discusses the historic level of deep discounts he is seeing in closed-end funds, and how that translates to buying opportunities now. Closed-end funds have seldom seen bigger discounts in the last quarter-century, Scott said, and says the current level of yields are helping to confirm the current opportunity, despite the beating that closed-end funds took a year ago. ‘Buying after carnage is such a good closed-end fund decision,’ Scott says.’You should be uncomfortable with the last three to 12 months of the fund you are buying today, because if it looks bad, it should look better later.’
To listen to this episode of The NAVigator click on the link below:
Elana Margulies-Snyderman of EisnerAmper, recently spoke with John Cole Scott, President & CIO of Closed End Fund Advisors on Engaging Alternatives Spotlight, during which John shared his outlook for investing in closed end funds, including the greatest opportunities and challenges, how the firm is integrating ESG and DEI and more.
On Wednesday, July 19, 2023, Closed-End Fund Advisors’ John Cole Scott held the quarterly closed-end fund, BDC Universe, interval funds update, IPO review, and outlook webinar to review the second quarter of 2023 and to look ahead to the rest of the year.
You can access the webinar by clicking on the link below.
https://register.gotowebinar.com/register/841973450260632414
You can access the slides from the webinar by clicking on the link below.
https://www.cefadvisors.com/Download/2023-0719-CEFUpdate-Outlook.pdf
John Cole Scott sat down with Jane King on June 13th, 2023 for a NAVigator Interview and discussed the most recent earnings season for BDCs (Business Development Companies) and how the firm selects and manages BDCs both for their Fund with partner SmartTrust and for custom client separate account allocations. Data as of 6/9/2023 on CEFdata.com.
BDC Fund – smarttrustuit.com/trust/stbdax/
BDC Index – cefdata.com/index/details/407/
NAVigator Weekly Pocast – AICalliance.org/NAVigatorPOD
Click here or on the photo to watch the entire interview
Note at 2:49 Mr. Scott did not clarify that the 2nd dividend growth figure was over a 3-year period, 22% for their fund vs. +16% for the index.
John Cole Scott, President and Chief Investment Officer of Closed-End Fund Advisors, was recently quoted in a Kiplinger article titled “How To Find High Yields in Today’s Market”. Click below to read the article to see what Mr. Scott had to say and to see some of his recommendations in the current market.
Click here to read the article (subscription may be required).
On Wednesday, April 19, 2023, Closed-End Fund Advisors’ John Cole Scott held the quarterly closed-end fund, BDC Universe, interval funds update, IPO review, and outlook webinar to review the first quarter of 2023 and to look ahead to the rest of the year.
You can access the webinar by clicking on the link below.
https://register.gotowebinar.com/register/6580020069296473693
You can access the slides from the webinar by clicking on the link below.
https://www.cefadvisors.com/Download/2023-0419-CEFUpdate-Outlook.pdf
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