Equity

Global Equity CEF Strategy

The strategy aims to generate long-term outperformance and uncorrelated alpha versus the MSCI All Country World Index by exploiting the consistent arbitrage opportunity in the highly inefficient closed-end fund market.

Products offered

Separate Account
- Global Equity CEF

Unique source of alpha generation

The team capitalizes on market inefficiencies and discounts driven by fear and greed.

Repeatable investment process

A proprietary quantitative model enhanced by experience and sound judgment allows the team to exploit volatile discounts.

“Deep discount” investing

The team’s model is built to capitalize on the tendency of CEF shares to trade at discounts to NAV following an IPO, so they’re paying 85¢ for $1.00 of assets.

Reactive—not predictive—investing

Eliminating dependence on forecasting and pro-forma estimates.

Structural advantages

The team invests through the market cycle, creating a stable pool of assets under management.

Sell discipline

The sell signal is clearly defined and driven by discounts; the team sells near or above parity to NAV.

Investment approach

Unique closed-end fund strategies are built to generate uncorrelated alpha.

Taking a consistent and disciplined approach to exploiting market inefficiencies.

The repeatability of the team’s investment process empowers them to consistently seize arbitrage opportunities in the uniquely inefficient CEF market.

A proven quantitative process is balanced with hands-on qualitative assessment.

The team’s proprietary model is enhanced by robust experience and sound judgment.

Clients benefit from diversified portfolios.

Reducing idiosyncratic risk without style or market-cap biases.

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Composite performance

Average annual returns

(as of 6/30/2024)

10/1/2022

	1M	3M	YTD	1Y	Inception
Composite (Gross)	2.27	3.97	10.75	19.31	24.04
Composite (Net)	2.21	3.76	10.31	18.36	23.05
Benchmark	2.23	2.87	11.30	19.38	25.73

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Calendar year

	2023	2022
Composite	18.58	9.91
Benchmark	22.20	9.76

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Our team

Meet the investment team

The Closed-End Fund Strategies team draws on decades of expertise to provide clients with uncorrelated alpha and long-term outperformance.

View Team

Eric Harper

Head of Closed-End Fund Strategies

Key risks

Market risk: Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments with different sectors of the market and different security types reacting differently to such developments.

Equity securities risk: Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer's products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic, and political conditions.

Small-cap securities risk: If a strategy invests in the securities of smaller-capitalization companies, these securities tend to be more volatile and less liquid than those of larger companies.

Foreign securities risk: If a strategy invests in the securities of non-U.S. issuers, these investments may be subject to lower liquidity, greater price volatility, and risks related to adverse political, regulatory, market, or economic developments and may be affected by changes in foreign currency exchange rates.

Investors should know that this strategy deployed may be subject to additional investment risks. For important information about the investment manager, please refer to Form ADV Part 2.

We look forward to helping you with your investment needs

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