Fixed income

Fixed Income Closed-End Fund Strategy

The strategy pursues long-term outperformance and uncorrelated alpha versus the Bloomberg U.S. Aggregate Bond Index by balancing a disciplined, quantitative, model-driven approach with thorough qualitative research.

Products offered
  • Separate Account
    • Fixed Income Bond 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.

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

Average annual returns

(as of 6/30/2024)
10/1/1994
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Gross)
1.71
1.38
2.86
7.07
-1.77
1.83
2.93
7.44
Composite (Net)
1.68
1.28
2.65
6.64
-2.17
1.42
2.51
7.05
Benchmark
0.95
0.07
-0.71
2.63
-3.02
-0.23
1.35
4.54

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

Calendar year

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Composite
6.70
-14.85
1.97
8.89
14.08
-3.55
5.13
6.39
1.96
6.00
Benchmark
5.53
-13.01
-1.54
7.51
8.72
0.01
3.54
2.65
0.55
5.97

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

Eric Harper

Head of Closed-End Fund Strategies
Contact Us

We look forward to helping you with your investment needs

 

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