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CEFAdvisors // — Closed-End Funds & BDCs: Discounts, Dividend Risk & Leverage Limits: Putting recent market moves & actions into perspective w/ John Cole Scott (Webinar Replay & Transcript)

Market Trading ScreenGiven the recent market volatility and historically uncommon discount widening for closed-end funds and BDCs we wanted to share our opinions, experience, and near-term outlook for the CEF and BDC universe of listed funds. CEF Advisors’ CIO, John Cole Scott held a timely presentation for our clients, prospects, peers and strategic relationships on March 23rd, 2020 with 30 minutes of prepared remarks and 30 minutes to cover the pre-submitted and live Q&A.

Webinar Replay Registration URL

The transcript follows the information below on this blog article.

NOTE: As mentioned on the call, CEF Advisors /  has a daily news alerts email for listed CEFs / BDCs and weekly 285+ data point data sheet on CEFs/BDCs as well as daily API / FTP feeds for more active users of data. Both have tiered pricing for individuals, financial advisors and higher.

We will be offering four 50 minute consulting calls with John Cole Scott a week. Sessions will be available March 31st to April 30th for those in need of a personalized CEF / BDC portfolio check-up.

Consulting Call includes 60 minutes of portfolio review on, with 30 days access to the portfolio(s) & 20 minutes of phone / email support for 2 weeks post consultation + three months access to our Daily News Alerts. Cost is $689 and the value is approximated at $1600+. Pricing based on 2 portfolio and 40 combined holdings additional time $500 / hour. Schedule one of these limited calls with

Links mentioned on the webinar / call:

CEF Advisors 35+ Index Page:
CEF Advisors Index Performance: CEF/BDC Profile Page (Example):
CEF Analyzer Website (Heat Map)

AICA Member Nuveen has the following resource on Leverage:
Active Investment Company Alliance (AICA) website:
Check out The NAVigator AICA’s Weekly podcast:

BDC Links:
BDC Reporter:
BDC Buzz:
Direct Lending Deals:
National Securities March 17th BDC Research:

Webinar / Call Transcript:

Good afternoon. John Cole Scott with Closed-End Fund Advisors. We are still letting people log in. We have a couple of things point of order, we are recording this session, it’s worked ninety-eight times out of a hundred in the ten years we’ve been using GoToWebinar. We are also going to have our transcriber transcribe this session and get it out on our blog and available to all attendees and registrants after the fact. Read more…

Read John Cole Scott’s insights in Seeking Alpha Article Titled “The Ups And Downs Of CEF Investing – Author Interviews”

Click on the link below to see John Cole Scott’s answers to the following questions presented in a recent Seeking Alpha article: Seeking Alpha Logo

1. Do you use closed-end funds for growth or for income?

2. What was the biggest mistake you’ve ever   made with CEF Investing and what was  the result?

3. Based on your own experience, what has made the biggest impact on the success of your CEF Portfolio (a particular decision, strategy, concept, piece of advice, etc.), and why?

Click here for the article (note: subscription may be required)


John Cole Scott Quoted in Kiplinger’s article ” 33 Ways to Get Higher Yields”

John Cole Scott of Closed-End Fund Advisors was recently quoted in a May 3, 2019 Kiplinger red logoKiplinger article by John Waggoner. Click on the link below to read the article titled “33 Ways to Get Higher Yields” to see what John had to say regarding closed-end funds.


Click here to read article (subscription may be required)

CEF Advisors’ Quarterly Closed-End Fund, BDC Universe, and Interval Closed-End Fund Update, IPO Review & Outlook April 11, 2019

On April 11th we held our Quarterly Closed-End Fund, BDC Universe, and Closed-End Interval Fund Update, Outlook, and IPO Review.  Cover Slide for 1Q 2019 Webinar

Please watch the replay or download the slides to see what trends we covered in the CEF industry including:

*Discounts & Discount Trends
*Yield and Yield Trends
*Dividend Changes
*Last Quarter’s and Recent Peer-group performance (NAV and Market Price).
*UNII, Earnings and Return of Capital (RoC) Trends
* Recent CEF IPO’s
* Liquidity & Liquidity Trends
* Activist Updates & Trends
* CEF Deaths & Mergers
* NAV vs. Market Price Volatility
* New CEF Universe Data
* 2019 Outlook
* Pre-submitted & Live Q&A

Slides in PDF Format

Chuck Jaffe MoneyLife “Market Call” Interview of John Cole Scott, CIO at CEF Advisors on April 2, 2018.

John Cole Scott, CIO @ CEF Advisors was back on Money Life with Chuck Jaffe. During the interview: Business Development Companies (BDCs), Preferred Equity, Municipal Bond CEFs. New Money Life LogoHe discussed the value in contractual income from funds and how they might help you get  though economic bumps or even a recession. 
Closed-End Funds (CEFs) in Focus: 
$GHY –  PGIM Global High Yield Fund (High Yield Sector) 
$JRI – Nuveen Real Asset Income &  Growth Fund (REIT & Real Asset Fund) 
  • With a CEF you are buying the common stock of an investment company (the fund) NOT the net asset value (NAV) = Volatility from retail “Fear” & “Greed”. 
  • Don’t just buy the “Yield” OR “Discount”!
  • Analyze After-Tax Yield, Duration, Leverage, Beta to S&P 500 and portfolios holdings Correlation
  • Dividend risk too high OR just right? … Look at a fund’ “Leverage Adjusted NAV Yield”
Listen to whole show (60 minutes): April 2nd Episode of “Money Life with Chuck Jaffe”
Listen to John Cole Scott’s interview ONLY April 2nd “Money Life with Chuck Jaffe”

Hold It or Fold It BUY Calls:


$EMO, Clearbridge Midstream Opportunity Fund – MLP Sector
$BIT, Blackrock Multi-Sector Income Fund – Multisector Bond Sector
Hold It or Fold It SELL Calls:
$NAN  Nuveen NY Quality Muni Income Fund, Swap Idea: $NVG  Nuveen AMT-Free Muni Credit Income Fund
$HPI, John Hancock Preferred Income Fund, Swap Idea: $FLC Fleherty & Crumrine Total Return Fund
$ACV Alliance Global Investors Diversified Income & Convertible Fund, Swap Idea: $AVK Advent Claymore Convertible Securities & Income Fund


Learn more about the show:
Find it on Spotify, iTunes, Stitcher or your favorite streaming platform
Money Life with Chuck Jaffe is leading the way in business and financial radio.The Money Life Podcast is sorting through the financial clutter every day to bring you the information you need to do better with Money Life

JohnCole Scott Quoted in ThinkAdvisor Article

Click HERE to see what John Cole Scott had to say about closed-end funds in a recent ThinkAdvisor article. Think-Advisor-Logo-Color_1

John Cole Scott Quoted in Bloomberg Businessweek

John Cole Scott, chief investment officer at Closed-End Fund Advisors, was recently Bloomberg Businessweek Logoquoted in Bloomberg Businessweek. Click HERE to read the article.

Fast Growing Fund Structure Offering Investors Increased Access to Alternative Investments

Richmond, VA, October 2, 2018

CEF Advisors announces it’s launch of data coverage for the interval closed-end fund structure (iCEF) on This adds to their offering full and robust data October 2 Image for iCEF Press Release in Blogcoverage of all US listed closed-end funds and Business Development Companies (BDCs) since 2012, including the only known public profile pages for BDCs.

iCEFs have been growing in popularity as an alternative investment vehicle in recent years even though the first interval fund is almost 30 years old and the SEC officially recognized iCEFs in 1992. According to our database there are 42 funds with $29 Billion in assets compared to the $280 billion in 564 listed CEF/BDC fund universe. The SEC has approved 17 iCEFs from January 1, 2017 through August 30, 2018 and 10 CEF/BDC fund sponsors have launched at least one iCEF. Read more…

ABC’s Of Interval Funds: An Introduction to Closed-Ended Interval Funds

Interval funds (iCEFs) are growing in popularity as an alternative investment vehicle. The SEC officially authorized iCEFs in 1992 as a best of both world’s alternative to closed-ended and open-ended funds. iCEFs had a slow start, the second iCEF wasn’t created until 2001 and the third fund formed in 2005. The structure is a small (0.1%) portion of the overall multitrillion dollar fund industry. However, iCEFs are growing assets quickly, in the 50% range annually with 42 current funds with a combined $28.52B in AUM as of August 31, 2018. This compares to CEF/BDC listed AUM of $280 billion in 564 funds according to Read more…

Chuck Jaffe MoneyLife “Market Call” Interview of John Cole Scott, CIO at CEF Advisors on October 1, 2018.

MoneyLifeliveJohn Cole Scott was interviewed by Chuck Jaffe on Money Life on October 1, 2018. Click here to listen to John discuss the following Tickers:
AEF, DNI, EXD, GHY, KTF; during “Hold It or Fold It:” BIF, GOF, JPC, CCD, FMO

Click HERE to stream the audio from this interview or
right click HERE to download the file and listen another time.

MoneyLife host Chuck Jaffe is senior columnist for MarketWatch. His weekly columns are syndicated nationally, and his “Your Funds” column is the most widely read feature on mutual fund investing in America. He is also the host of “Money Life with Chuck Jaffe,” a weekday radio show/podcast. In 2009, Chuck was named to MutualFundWire’s list of the 40 Most Influential People in Fund Distribution, the only journalist ever to make the list. Learn more on their website: