Average annual returns
Average annual returns
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Calendar year
Calendar year
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Equity strategies
International Equity Closed-End Fund Strategy
The strategy pursues long-term outperformance and uncorrelated alpha relative to the MSCI All Country World Index ex USA Index (Net) by exploiting consistent arbitrage opportunities in an inefficient closed-end fund market.
Products offered
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Separate Account
- International Equity MSCI ACWI ex-U.S. CEF
Competitive advantages
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.
Unique closed-end fund strategies are built to generate uncorrelated alpha.
Composite performance
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.
