The NAVigator

Bluerock's Baffico says HALO trades will benefit from Private Credit Redemptions 05.06.2026 16min

Steve Baffico, Executive Vice President and head of listed products at Bluerock, which runs the Bluerock Private Real Estate fund, expects the real estate market to benefit as money moves from private credit , business-development companies and direct-lending strategies in pursuit of something with "hard assets and low obsolescence." That HALO trade should drive growth moving forward; Baffico discusses what the fund is focused on as it continues its transition from an interval fund to being a closed-end fund. That journey has included four hikes in distributions over the last four months, and Baffico says he explains what the firm is doing to quickly reach its target distribution rate of 8 to 8.5 percent.

Kayne's Hamilton: 'Historic' oil drawdowns create energy infrastructure opportunities 29.05.2026 14min

Gordon Hamilton, Senior Managing Director for Kayne Anderson, Portfolio Manager for the Kayne Anderson Energy Infrastructure fund, says that there will be a big call on U.S. energy infrastructure companies to meet global demand for propane, butane, crude oil and natural gas as the world gets through the current energy crisis created by war in Iran. Coupled with an energy "supercycle" driven by artificial-intelligence needs, it is creating a positive long-term demand picture where infrastructure should be able to have persistent performance even if current events or A.I. expectations add concerns to the market.

Sit's Doty says rates will rise, peak and shift downward by year's end 22.05.2026 17min

Bryce Doty, Senior Portfolio Manager at Sit Investment Associates, says that "the worst is over as far as yields going up," noting that the next shift could be down, but he calls the conditions "tricky" and emphasizes that investors "need to be in the right part of the curve." Doty's case hinges on oil prices; if oil stays below $110, it's viewed as inflationary, but above that level "we have a problem, and so does the rest of the world." At that point, central banks will have to cut rates to "save economies from disaster." Doty, whose team manages $2.7 billion in closed-end fund-of-funds for separate accounts, likes two-year TIPS, municipal bonds and high-yield corporate bonds. He also discusses the IPO market, closed-end rights offerings and the quality of private credit investments.

CEF Advisors' Scott breaks down how bad news has impacted BDCs 15.05.2026 12min

John Cole Scott, President of CEF Advisors and the Chairman of the Active Investment Company Alliance, looks at the recent issues in business-development companies, which got hammered in March as the market punished software investments, including lenders who made loans to software firms. While BDCs rebounded in April, they remain significantly down, and Scott discusses how the companies with the biggest troubles have higher yields and bigger discounts, but the top performers are delivering a better return on equity and are the better, safer bet while the industry gets through the current rough patch.

Calamos' Freund: Concerns are 'distractions,' not market impediments 08.05.2026 16min

Matt Freund, Co-Chief Investment Officer at Calamos Investments, says that productivity, GDP growth and earnings are "what matters," and that the headline risks that are driving consumer sentiment are "distractions" from a market backdrop that is solid. He says inflation remains the big risk, but notes that the investor sentiment is creating opportunities, particularly in closed-end funds, and especially in senior loans and high-yield bonds, where discounts have widened this year.

Enduring investment lessons from the legendary Mark Mobius 01.05.2026 17min

Dr. Mark Mobius, widely considered the father of emerging markets investor and a man who helped put the world into everyone's grasp during his long career running funds at Templeton, passed away in mid-April. John Cole Scott, President of CEF Advisors, recounts Mobius' legacy and lasting lessons by digging into interviews conducted by his father, George Cole Scott, Founder of the Closed-End Fund Letter, with Mobius over the decades. Scott, the chairman of the Active Investment Company Alliance, makes sure to include why Mobius felt that the closed-end fund structure was particularly useful for emerging markets investors following his value-oriented strategy.

Liberty Street's Gutierrez on private investment trends in A.I. 24.04.2026 15min

David Gutierrez, Vice President at Liberty Street Advisors and part of the team running the Private Shares Fund, says that private markets are similar enough to public markets that artificial intelligence is now one of the big sweet spots in both. However, he says the best opportunities involve infrastructure more than AI itself. Gutierrez notes that the Private Shares Fund—an actively managed, continuously offered closed-end interval fund investing in late-stage venture capital and private company opportunities—is focusing heavily on AI infrastructure right now. For instance, he explains how the shift from copper-based to optical-based networking in servers has become an investable trend, and how this trend depends not on AI performance but rather on the demand for more AI technology support. Gutierrez also discusses shifting trends in how long private companies are waiting before going public, and how geopolitics could be impacting private firms.

Veteran manager says that for all the headline risks, this is a 'generic widening' 17.04.2026 12min

Rob Shaker, Portfolio Manager at Shaker Financial Services, says that while the headlines may have investors on edge, the fear-based selling that gripped the market around the start of war in Iran created a "generic widening" of discounts for closed-end funds. Shaker, who is a "discount-capture investor," says the current widening and recovery was caused mostly by "the irrational effects of excessive selling pressures overall," which means that the bad news is not creating fundamental problems for industries so much as temporary issues affecting share values. He says we could see more generic widening and narrowing until the market gets clarity on the headlines.

Despite scary headlines, low-A.I.-risk BDCs are worth a new look now 10.04.2026 13min

With the market kicking business-development companies in the teeth, John Cole Scott , President of CEF Advisors, digs into his firm's data looking at "artificial-intelligence risk scoring" to find BDCs that have been hurt by headlines without holding tainted portfolios. BDCs relied heavily on software companies, due to the tech sector's blend of strong fundamentals, innovation and ability to resist economic fluctuations, but have suffered as investors fear for the future of software in the face of challenges from artificial-intelligence companies. Scott, who also serves as chairman of the Active Investment Company Alliance, went looking for BDC's with "low AI risk, clean credit and sensible leverage and costs," and came away from the analysis convinced that investors should lean into the troubles. Specifically, he mentions funds from Nuveen and Kayne Anderson as worth watching now.

Nuveen's Weyandt on why current events make listed real assets look good 02.04.2026 16min

Matt Weyandt, a client Portfolio Manager on the listed real assets team at Nuveen, discusses how buying "location-specific hard assets" in essential industries that deliver to a "Halo theme" — heavy asset, low obsolescence — creates a buffer against a market that is being driven by headlines and geopolitical risks. Weyandt says that real estate, infrastructure, utilities, midstream energy companies, communications and commodities are not immune to the headlines, but they are built to deliver regardless of market conditions, and he discusses Nuveen's wide range of options for accessing those assets through closed-end funds.

XA's Flynn on how private credit market is challenging BDCs, interval funds 27.03.2026 15min

Kim Flynn, president at XA Investments, a firm that specializes in alternative investments, says recent private-credit bad news events have widened discounts and raised concerns over business-development companies and interval funds, but have likely created a buy-the-dip moment in the industry. She discusses how fund sponsors and advisers must do a better job educating investors on how these products get through worrisome times, but says she does not think the headlines or their attendant challenges on direct lenders will discourage yield-hungry private-credit investors in the long run.

John Cole Scott on how headline risks are impacting closed-end funds 20.03.2026 14min

John Cole Scott, President of CEF Advisors, says that closed-end funds are being buffeted in two directions due to current headlines, with war in Iran impacting net asset values and anchored interest rates impacting levered closed-end funds and discounts shifting to reflect both situations. Scott, who also serves as the Chairman of the Active Investment Company Alliance, says sectors that have benefitted from the chaos have been MPL and energy funds, while business-development companies and CLO equity funds have suffered. Scott also put his firm's "Trifecta analysis" to work, with four funds to consider now: ticker symbols AFB, ARDC, CSQ and MEGI.

Aberdeen's Gilhooly says oil could quickly reach $175 per barrel 13.03.2026 14min

Robert Gilhooly, Senior Emerging Markets Economist at Aberdeen Investments, says that the continuing war in Iran has put pressure on oil prices, but he expects them to stabilize short-term while the market determines what happens next. If the outlook becomes one where the Straits of Hormuz are closed off to shipments for a longer stretch of time, he says "If things get really bad, you could be talking $175 for a barrel of oil." Gilhooly discusses the investment adage that the first shots of war signal a time to buy, and says that investors likely will see solid opportunities, but that they might want to wait a little longer for more clarity if they didn't jump in with the very first shots. He also discusses how tensions should be good for income-producing investments like closed-end funds.

Bluerock's MacDonald says 'uniquely boring' private real estate is value-priced now 06.03.2026 17min

Ryan MacDonald, Portfolio Manager for the Bluerock Private Real Estate Fund, says that in a world teeming with market worries and broad geopolitical concerns, private real estate is "uniquely boring, in a good way." He says the market has taken its pain over the last three years through interest rate changes and the market cycle, but now values have receded creating a solid entry point. MacDonald, who also serves as chief investment officer at Bluerock, says that "Entry point is the single biggest driver of future value for private real estate returns," and he notes that on an inflation-adjusted basis, the market is now approaching valuation levels "not seen since the depths of the 2008 financial crisis."

John Cole Scott: BDC worries are creating headlines, opportunities 27.02.2026 16min

The stock market has been beating up business-development companies, with the sell-off largely being blamed on the artificial intelligence boom and the high number of loans that BDCs make to software firms. Behind the theory that software companies will struggle to pay debts as artificial intelligence renders their products less useful and attractive, there are real loans, and John Cole Scott, President of CEF Advisors, digs into the math that is impacting the lenders and BDCs in general. Scott, who also serves as Chairman of the Active Investment Company Alliance, discusses two BDCs and shows how the headlines could be creating values that make the industry more attractive, not less, for investors who understand and measure the risk.

John Cole Scott evaluates Robinhood's new private-stock closed-end fund 20.02.2026 16min

Robinhood Markets is launching its first closed-end fund, Robinhood Ventures Fund I, with the first IPO the closed-end fund space has seen in about four years and John Cole Scott, President of CEF Advisors, sizes up the prospects for the new issue, which intends to be a concentrated portfolio of private companies. Scott, the chairman of the Active Investment Company Alliance, discusses the role private equities can play in a portfolio, as well as the challenges investors face in sizing up a fund with a net asset value entirely based on the purported market value of shares that don't trade in public markets.

Saratoga's Oberbeck: Headline troubles aren't signalling systemic credit issues 13.02.2026 13min

Chris Oberbeck, chairman and chief executive officer at Saratoga Investment Corp., says that increases in default rates are more of a return to normal than a sign of trouble for business-development companies or the economy. While stories like the First Brands bankruptcy and fraud case have market watchers looking for more trouble, the rest of the headlines in the industry are much more routine, which leads Oberbeck to think that recent activity is more a hangover coming from a time of particularly low defaults, rather than a sign of the start of a bad business cycle.

Trinity Capital's Brown sees BDC opportunity amid investor frustration 06.02.2026 15min

Kyle Brown, Chief Executive Officer at Trinity Capital, gives his outlook for the private credit and lending space, and notes that there could be some challenges for business development companies and private lenders late in the current economic cycle because returns from private credit generally have been declining. That has meant single-digit leveraged returns, Brown says, so "Investors are not happy." That, in turn, has led to redemptions in private funds and falling stock prices. Still, Brown says, that has created some opportunities for lenders and investors who keep digging to find gems; he sees the technology sector and continued capital expenditure spending as being particularly robust in the year ahead.

Aberdeen's Robinson on how emerging markets are now an AI play 30.01.2026 14min

Nick Robinson, Deputy Head of Global Emerging Market Equities at Aberdeen Investments, says that the artificial intelligence wave that has pushed domestic stock markets to record highs is readily apparent around the world — including in countries that are not necessarily synonymous with technology — and that the capital expenditure wave should continue to power foreign markets if companies can monetize the potential gains created by AI. He also discusses how markets are weathering geopolitical events and why he thinks they will continue to push higher despite nervous headlines.

John Cole Scott on 4th-quarter results and a hot new year's start for closed-end funds 23.01.2026 12min

John Cole Scott, President of CEF Advisors, reviews the key takeaways from his firm's fourth-quarter review of action in the closed-end fund industry, focusing on fund consolidation trends that have occurred in the middle of booming asset growth for the industry, as well as discount levels and whether narrowing discounts set up 2026 for more muted results. Scott, the chairman of the Active Investment Company Alliance, also noted that a number of closed-end fund categories are off to a fast start to the new year, and while areas like international equities and convertible bonds are continuing strong performance from 2025, other areas like managed limited partnership funds and large-cap business-development companies have jumped ahead after struggling in 2025.