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CEFA Featured Content Library

2019

Precious Metals For Late Cycle Diversification
CEFA was joined by Axel Merk, President and Chief Investment Officer of Merk Investments for a discussion about how precious metals can provide diversification for a traditional stock/bond portfolio.
Tee Up for REIT Tax Benefits
A recent announcement by the IRS on January 18, 2019 gives U.S. investors one more reason to own REIT funds: lower taxes on income.
Infrastructure, Defensive & Diverse
CEFA was joined by Bob Becker, Senior Vice President, Portfolio Manager, Global Infrastructure at Cohen & Steers for a discussion highlighting the current environment, defensive characteristics and opportunities in listed infrastructure.
How the Rise of Netflix Has Reshaped the Media Industry
Now that consumers can get their favorite TV shows through the internet, they are cutting the cord at growing rates. Traditional media companies are scrambling to keep up with the changes, which has led to significant consolidation in the industry.
Real Estate 2019 Outlook
Nuveen discusses Trends & Tactics for investing in Real Estate in 2019. Click to gain more insight.
Emerging Markets Debt: Diversification & Yield
CEFA was joined by Mark Hughes, Portfolio Manager & Research Analyst on The Emerging Markets Debt Team at Western Asset Management. In this episode, Mark discusses emerging markets debt as a diversifier and yield enhancer within a fixed income portfolio.
Up the Escalator, Down the Elevator
2019 may see headwinds in the corporate bond market. Click here to read more.
Senior Loans, Positioning in 2019
CEFA was joined by Brian Good, Senior Managing Director, Co-Head of Tradable Credit at THL Credit. In this episode, Brian discusses why senior loans are a good way to invest based on their high income potential, low interest rate risk and lower volatility compared to core investments.
One Chart to Explain Why Investors May Need Emerging Markets
Take a hard look at emerging markets as a share of world GDP vs. the same measurement for the U.S. market over the past 60 years.
Discount Shopping with Closed-End Funds
Discounts had a higher rating than long-term stability and income among financial advisors and investors polled in a recent Aberdeen survey. About 54% of those polled believe that purchase discounts to net asset value are the most attractive benefit of investing in closed-end funds.
Podcast | How Electric Vehicles Could Impact Future Oil Demand
Click to learn why Tortoise doesn't think the oil sector will be meaningfully impacted soon by the growth of electric cars.
Alternative Income: Opportunities In Private Credit Markets
CEFA was joined by Kim Flynn, Managing Director for alternative investments at XA Investments discusses 1) How institutional strategies in alternative income investments can be accessed through closed-end funds; 2) less liquid investments and the private credit markets provide additional income; 3) diversification from traditional bond exposures.
U.S. REITs 2019 Outlook: Strength from the Ground Up
After a challenging year for REITs, here’s why 2019 could be better for REITs.
Senior Loan & High Yield Review
Mounting fears regarding the pace of interest rate led equities to fall 13.52% in the quarter, as measured by the S&P 500 hikes.
Nuveen Shares Ten Predictions for 2019
Nuveen shares insight on ten predictions for the 2019 market. Additional clips about each of the predictions will allow you to explore more.
Closed-End Fund Review -- FOURTH QUARTER 2018
Jeff Margolin, Senior Vice President, Closed-End Fund Analyst for First Trust summarizes the 2018 Q4 CEF marketplace and offers his opinion about opportunities and favorable categories in 2019.
Investment Flexbility in Volatile Markets
CEFA was joined by Bob Bush, Senior Vice President with Calamos, to discuss 1) the benefits of investment flexibility and active management in volatile markets; 2) convertibles as a risk-managed way to invest in equity markets and; 3) evaluating closed-end funds for your portfolio.
Municipals Remain Resilient amid Fed-driven Rate Pressures
The Federal Reserve (Fed) persists in tightening monetary policy in a pre-emptive manner. State and local government revenues have surged in 2018, representing a positive for credit quality. All things considered, we believe the entry point for investors in municipals appears favorable.
Looking Past the “Noise” to Focus on the Loan Market’s True Value
The floating-rate loan market has grown in 2018, elevating loans outstanding by 14% to $1.089 trillion as of September 30. What kinds of deals are you seeing?
Why Consider Preferred Securities When Rates Are Rising
Brian Cordes of Cohen & Steers shares three reasons why considering preferred securities can be beneficial for investor’s portfolios.
The Rewards of a Long-Term Approach in the 24-Hour News Cycle Era
As headlines become more sensational, investors should recognize how the 24-hour news cycle can negatively impact long-term returns.
Winning by not losing: Convertible Bonds and Closed-End Funds
CEFA was joined by F. Barry Nelson, Partner at Advent Capital Management LLC. This Q&A recaps a discussion about how convertible securities found in closed-end funds offer a compelling opportunity to add value in portfolios given the volatility that has re-emerged in the market.

2018

The How and Why of Leverage: CEF Edition
Leverage can magnify a fund’s performance—producing higher highs and lower lows than the same portfolio would deliver without it. Nuveen explains how and why it works in the CEF structure.
Midstream Energy & MLP Knowledge Center
Cohen & Steers' Knowledge Center aims to keep you up to date with key trends and learn more about the midstream energy and MLP space.
Interval Funds: A New Approach to Alternative Investing
CEFA is joined by Jeremy Held, Senior Vice President and Director of Research for ALPS, Jeremy Goff, Managing Director for Tortoise, and Brody Browe, Managing Director for FS Investments.
Perspectives on Global Equities
CEFA is joined by Noel O’Halloran, Chief Investment Officer with KBI Global Investors and Portfolio Manager of The New Ireland Fund, and Jonathan Morgan, President and CEO of Canadian General Investments Limited.
Investing Opportunities in Europe amidst a Changing Global Economy
Joined by Gerd Kirsten, CFA, Portfolio Manager, The European Equity Fund, we discuss investment trends and opportunities in the European market.
Market Outlook: Senior Loan Edition
First Trust’s Bill Housey, Senior Portfolio Manager for the Leveraged Finance Investment Team, discusses the senior loan sector and overall U.S. economy.
High-Yield and Bank Loan Outlook: Q4 2018
With the Federal Reserve (Fed) now targeting 2.00–2.25 percent on fed funds, tightening monetary policy is putting increasing pressure on corporate borrowers’ balance sheets across the leveraged credit landscape. Guggenheim shares their projections for this market sector.
Quarterly Closed-End Fund Market Commentary
Nuveen provides their CEF insight with a review of the third quarter.
Midyear Outlook: Infrastructure, MLPs and the CEF Market
In this discussion, the Closed-End Fund Association checks in with two Cohen & Steers’ experts for a mid-year review of the MLP, infrastructure and CEF markets. Special guests Doug Bond and Bob Becker are both portfolio managers who have decades of investment experience in their respective asset classes.
The Core Conundrum
How can core fixed-income investors meet their total return objectives without taking on undue credit or duration risk?
Built to Last: Investing in Global Listed Infrastructure
Interest in global listed infrastructure has grown significantly in recent years, resonating among investors seeking to reduce risk while maintaining attractive total return potential.
The Brilliance of Convertible Bonds
Tracy Maitland, President and CEO – Advent Capital Management, reviews the evolution of the convertible bond market and touches on reasons for investors to consider them, including: maturities, call protection, dividend protection and their performance in rising rate environments.
The Global Investment Landscape: A Look at Fixed Income
To ensure investors are better equipped to assess risks and opportunities in the global fixed income space, CEFA spoke with Rennie McConnochie — Aberdeen Standard Investments, and Gary Herbert – Brandywine Global.
MLPs: How Perceived Market Foe May be Fundamental Investment
Despite MLPs having a challenging start to the new year, we're going to consider the potential for improvement over the remainder of 2018.
Munis: Implications & Opportunities amid Changing Reform and Legislation
Joined by Purva Petal, CIMA®, Senior Vice President, Client Portfolio Manager — Nuveen Asset Management and Robert Amodeo, CFA and Head of Municipals – Western Asset, we discuss the outlook for municipals throughout a year of rising interest rates and changes to federal legislation.
Specialty Sectors: From Gold To Infrastructure And Real Estate
CEFA spoke with David Christensen, President, Chief Executive Officer, and Chief Investment Officer — ASA Gold & Precious Metals Limited, Larry Antonatos, Managing Director and Portfolio Manager — Brookfield Investment Management, and Steve Burton, Principal, Co-CIO and Senior Global Portfolio Manager — CBRE Clarion Securities.
Why It's Time to Buy Midstream Energy
Cohen & Steers believe fundamentals for pipeline demand are improving and valuations appear attractive. The midstream energy space represents one of today’s most compelling total-return opportunities in an otherwise richly valued market.
Fixed-Income Outlook: Walking the Risk Tightrope
There are high expectations for 2018 with concern that the downside far outweighs upside returns in fixed income.
Green Shoots for MLP 2.0
Cohen & Steers on how the MLP business model has adopted better practices focused on management alignment with unitholders and returns on invested capital.
REITs: Think Local, Invest Global
Cohen & Steers believes the flexibility to position portfolios globally is more important than ever amid a growing divergence in country and sector fundamentals.
10 Things to Know When Considering Closed-End Funds
Aberdeen debunks common misconceptions about closed-end funds and provides 10 easy tips for why investors should consider them in a portfolio.
Ireland — A Closer Look at Investment Opportunities within Europe
CEFA spoke with Noel O’Halloran, Chief Investment Officer with KBI Global Investors and Portfolio Manager of the New Ireland Fund, about Ireland’s investment landscape, what’s by many, an underappreciated investment opportunity in the European market.
Pieces In Place For Potential MLP Rebound In 2018
Clearbridge Investments offers insight on energy and cash flow outlook, sharing their predictions on its impact on MLPs.
Portfolio Considerations: Preferred Securities Edition
CEFA spoke with Brian Cordes, Senior Vice President, Head of Portfolio Specialists at Cohen & Steers. Here, we speak with Brian about preferred securities and two of Cohen & Steers closed-end funds.
High-Yield and Bank Loan Outlook
Be wary of eroding investor protections. Now more than ever, investors should take a company-by-company approach to credit selection, and avoid making general decisions based on industry preferences.
Tax-Management Season and the January Effect
The January effect is a stock market phenomenon wherein stocks tend to deliver abnormally strong returns during the month of January. It is often attributed to year-end tax-loss harvesting activity and the subsequent redeployment of assets back into the market.

2017

Infrastructure & Energy Outlook: Reflecting on Harvey & Puerto Rico
A panel of energy and infrastructure experts discussed their respective market segments at large, touching on what’s followed the recent string of storms in our homeland and the neighboring Caribbean.
Closed-End Funds | Premiums & Discounts
Wells Fargo Advisors shares their analysis of the CEF space, sharing what investors need to know about market premiums and discounts.
The Case For Listed Infrastructure
Cohen & Steers examines the asset class’s historical investment characteristics and the secular themes driving significant capital formation in infrastructure globally.
What to Tell Clients About Closed-End Funds in a Rising Rate Environment
Here are several points that advisors can share with clients about fixed-income closed-end funds.
At a Glance: The Global Market Outlook
Western Asset’s Mark Lindbloom and Aberdeen’s Rennie McConnochie weigh in on the global market space for the remainder of 2017 and provide their outlooks for 2018.
Q2 2017: CEF Market Overview
Nuveen’s quarterly review highlights how CEFs continued to perform strongly, with positive average share price and NAV total returns in 42 of the 45 segments.
US Energy and MLP Market Update
On Thursday, July 20, Kyri Loupis and Ganesh Jois, CFA, discussed the recent market environment as well as the long term outlook for investing in US energy and energy infrastructure.
CEF REITs: The Growing and Global Appeal of Real Estate
CBRE Clarion Securities’ Steve Burton shares perspective on the real estate market and potential opportunities for closed-end fund investors.
Themes, Trends and Opportunities in Emerging Markets
Rennie McConnochie of Aberdeen Asset Management shares insights on the many changes taking place in the emerging markets, and potential opportunities for closed-end fund investors.
5 Things to Know about Convertible Securities in 2017
John Calamos, Sr. and Eli Pars provide a comprehensive overview on convertible securities’ structure and their role in an asset allocation as well as insight on the global convertible market.
Portfolio Strategy Research: The Core Conundrum
The fact that nearly 70% of the Bloomberg Barclays U.S. Aggregate Bond Index is comprised of low-yielding government-related securities presents a conundrum: How can core fixed-income investors meet their total return objectives without taking on undue credit or duration risk?
How do CEFs Compare to Mutual Funds and ETFs?
Test your knowledge about key characteristics of a closed-end fund, mutual fund and exchange-traded fund.
A Growing CEF Opportunity in Real Assets and Alternatives?
A conversation with Larry Antonatos of Brookfield Asset Management about his thoughts on real assets and alternative investing, and potential opportunities for closed-end fund investors.
REITS in a Rising Rate Environment
In an environment where interest rates are increasing as a result of improving economic vitality, listed REIT fundamentals may improve due to an increase in demand for commercial real estate.
The Month in Closed-End Funds: April 2017
FundMarket Insight Report — Thomson Reuters Lipper Research Series
Preferred Securities: A Tax-Advantaged Alternative to Muni Bonds
In the search for tax-efficient income, preferred securities are an often-overlooked option.
Opportunities in Fixed Income CEFs
A conversation with Chris Kilpatrick of Western Asset about their investment approach in a rising rate environment, areas of opportunity for CEF investors, using leverage to generate additional income and trends in CEF discounts and premiums.
Fixed-Income Outlook: A Time for Caution in Complacent Markets
With credit spreads at or near their peaks, our second quarter 2017 report focuses on economic fundamentals and evolving monetary and fiscal policy.
The Effects of Rising Interest Rates
After the long-standing period of extremely low interest rates, which began with the financial crisis in 2008, the Federal Reserve has begun to gradually raise rates. This has meaningful implications for consumers and investors who have benefited from seven years of near-zero interest rates.
Energy MLPs: Looking Beyond the Headlines
A discussion on investing in energy Master Limited Partnerships (MLPs), the outlook and trends in the energy market, and the Trump presidency and other factors influencing the MLP space.
Dispelling Common Closed-End Fund Myths
A great deal of misunderstanding remains over how CEFs are structured, traded and incorporated into an investment portfolio.
A Review of the Convertible Securities Market
The unique convertible structure offers much of the best of both the fixed income and equity worlds, although the opportunity is often overlooked by investors.
Fixed Income Investing After the Fed Rate Increase
CEFA speaks with John Bellows about the fixed income markets and the economic outlook after the Fed rate increase.
The ABCs of ABS
Asset-backed securities (ABS) finance pools of familiar asset types, such as auto loans, aircraft leases, credit card receivables, mortgages, and business loans. In one way or another, these asset types represent contractual obligations to pay.
Will the Small-Cap Rally Continue?
Q&A discussion about why small-caps took off after the election, active and passive management, and the closed-end fund structure.
   

2016

Understanding Closed-End Funds
Income is one of investors’ most common goals — but one not easily achieved, especially in today’s low-yielding environment. That’s why investors should consider looking beyond traditional investments in their quest for income.
How Closed-End Funds and International Diversification Can Enhance Your Portfolio
The benefits of investing internationally have been well documented, and yet investors have continued to invest a disproportionate amount in stocks listed on their home market.
Tortoise Talk: Q4 2016
Crude oil prices hit their lowest point since 2003 in February of 2016, and the subsequent recovery drove positive performance across the broad energy sector. This piece provides a perspective and outlook on the energy market, including post-election policy expectations.
10 Macro Themes for 2017
This collection of charts presents 10 of the global macroeconomic trends we believe are most likely to shape the investment environment in 2017.
Time to Consider Year-End Portfolio Strategies
Less Tax-Loss Selling in Closed-End Funds Anticipated this Year.
Fixed-Income Outlook: Risk and Relative Value in a Time of Change
In this fourth quarter 2016 report, investment team leaders discuss market conditions heading into a new administration and likely Fed rate hikes.
Tax Loss Selling Strategies for CEF Investors
BlackRock believes that an important consideration for investors during the tax season should be identifying underperforming investments for potential liquidation to help reduce current year tax liabilities.
High-Yield and Bank Loan Outlook
Despite the recent rise in prices and tightening of spreads, interest expense coverage ratios for non-commodity high-yield issuers are relatively low, and the domestic economy is resilient.
GICS Goes to 11: A Look at REIT Allocations Post GICS Expansion
In the run-up to real estate’s premiere as the 11th GICS sector, REITs have seen increasing interest from new investors, including generalist fund managers who have long been underweight.
Five Ways to Implement Closed-End Funds in Your Portfolio
CEFs offer investors a unique way of accessing the potential for income and capital growth. Read about five ways investors can seek to implement CEF investments in their portfolios.
CLOSED-END FUNDS: A Little Understood Path to Income
Investors increasingly seek dependable income. But where can you find income in today’s low-yielding environment? Learn more about CEFs potential to generate steady, high income and complement a core fixed income portfolio.
Closed-End Funds Defy Conventional Wisdom on Yields and Discounts
Valuation and income potential are good places to start when evaluating closed-end funds. However, as this research analysis shows, the draw of high yields and deep discounts can distract investors from other factors that may have a larger impact on returns in the long run.
CEFs: Rights Offering
CEFs may sometimes offer rights to raise capital. This report reviews the basics of such a corporate action, its consequences, and how shareholders may decide to respond to it.
The Secret to Navigating CEFs
Understanding why a fund is trading at a certain discount or premium is key to finding opportunity in CEFs.
Return of Capital in CEFs
Closed-end fund distributions that are classified as return of capital can be confusing. This research report highlights what investors should consider when evaluating return of capital in CEFs.
Closed-End Fund IPO Trends
This research report provides a glimpse into what trends have been emerging among CEF IPOs during the past few years, and the significant innovation in the CEF IPO market that took place in 2015.
Retirement Income – Reality, Facts and Solutions
Retirees’ need for income to meet expenses has never been greater, and investors are seeking ways to derive income from their investments.
Discount Shopping with Closed-End Funds
Discover how widening discounts can offer opportunities in the closed-end fund market.
Five Considerations When Evaluating a CEF
CEFs can play an important role in a diversified portfolio. Given the intricacies of the CEF structure, many investors are not familiar with how to evaluate a CEF investment. Below are five things you should consider before making an investment in a CEF.
Five Reasons to use CEFs in Your Portfolio
CEFs can play an important role in a diversified portfolio as they may offer investors the potential for generating capital growth and income through investment performance and distributions. Over time, CEFs have evolved to include a variety of asset classes and investment strategies to accommodate the objectives and risk tolerance of a wide range of investors.



Resources


Aberdeen Closed-End TV

Asset TV — CEF Channel

CEF Connect

Cohen & Steers CEFs Knowledge Center

Harvest — CEFA Channel

Legg Mason CEFs

Seeking Alpha — CEFA Channel


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