XA's Flynn on how crypto, private equity will impact retirement-savings plans
Release Date: 08/29/2025
With his fund up 100% this year, veteran manager says gold can go higher
The NAVigator
Axel Merk, Chief Investment Officer of the , says that while gold has been rolling this year, the start of rate cuts along with a weakening dollar and persistent geopolitical risks (including tariffs) make it that there is no end in sight for the precious metals rally to continue. ASA Gold, which invests largely in junior mining companies, is up more than 100 percent year-to-date (compared to roughly 40 percent gains for physical gold ETFs), but still carries a double-digit discount, and Merk explains why that is logical given current market conditions.
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John Cole Scott on when CEFs have the edge over ETFs
The NAVigator
John Cole Scott, President of , acknowledges how many consumers shy away from closed-end funds, fearing complexity or an investment type they don't fully understand. The chairman of the would obviously favor closed-end funds, but he sizes up situations where a closed-end fund and an ETF or a fund-of-funds cover the same asset class and why he would choose one over the other or whether he might mix and match for better balance.
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NAVigator bonus: CEF Advisors' Scott on picking and managing funds
The NAVigator
In this interview from the "Money Life with Chuck Jaffe" podcast, John Cole Scott, President of , discusses his "trifecta analysis" of closed-end funds and how he will frequently add or drop funds to take advantage of market conditions and make the most of tax circumstances, capturing incremental gains and minimizing incremental losses to squeeze the client's desired result in their portfolio.
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Tortoise's Thummel says it's 'the best time i've ever seen' for energy investing
The NAVigator
Rob Thummel, Senior Portfolio Manager at , says that this is "the best time I have ever seen" in a three-decade career to be investing in energy. Thummel, who manages Tortoise Energy Infrastructure, notes that the U.S. has grown into the largest energy producer and energy exporter in the world, but that it now needs expanded infrastructure to build on that leadership position. Moreover, the energy sector and technology sector have come together with the development of artificial intelligence, which needs high levels of energy and which should drive demand for "decades to come," particularly in...
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XA's Flynn on how crypto, private equity will impact retirement-savings plans
The NAVigator
Kimberly Flynn, President at , discusses the recent executive order signed by President Trump that allows a dramatic expansion of alternative assets to be part of 401(k) and other retirement plans. While the headlines have made it seem like crypto bros will blow up their retirement plans with alternatives, Flynn discusses how many firms running life-cycle and target-date funds may decide to make allocations to more alternative asset classes, which could create opportunities for interval funds or closed-end funds. She also discusses when and if Bitcoin and other cryptocurrencies might be...
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Oppenheimer's Penn: 'Fairly valued' BDCs
The NAVigator
Mitchel Penn, Managing Director of Equity Research for , says that business-development companies are now "fairly valued" by the market, which means that their biggest potential gains for the remainder of the year will come from simply capturing dividend payouts. In 2026, with the industry likely facing interest rate cuts, BDCs will see their return on equity shrink in line with rate declines, saying that for every 1% cut in rates, BDC payouts would be expected to shrink in step. In an interview from AICA's BDC Forum in June, Penn noted that he was worried about a spike in credit losses that...
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Calamos' Freund expects 4 rate cuts in a year, creating wider discounts
The NAVigator
Matt Freund, Co-Chief Investment Officer at , expects the Federal Reserve to make "a couple of cuts this year, followed by two or three cuts next year," and that those moves will be made while inflation stays at current levels or rise slightly. With those cuts, Freund thinks there will be a steepening yield curve, around 3 percent, creating more opportunities. Freund, whose team manages the Calamos Closed End Fund Income & Arbitrage ETF, says that the yield curve changes would bring borrowing costs down and "present a nice springboard" for closed-end funds, particularly among muni funds,...
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A battle over closed-end activism is now awaiting a Supreme Court decision
The NAVigator
Kenneth Burdon, an attorney with , discusses the court case between Saba Capital and four closed-end fund sponsors that has wound its way and that is expected to force a change in the tactics of the industry's most prominent activist investor or in the way management companies protect themselves against aggressive shareholder actions. Saba challenged the four companies' actions in adopting a Maryland law that makes it more difficult for outside investors to gain control through a proxy fight. Burdon says Saba is the only company to challenge closed-end fund governance in federal court,...
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CEF Advisors' Scott on the realities and mirages of double-digit yields
The NAVigator
John Cole Scott, President of and Chairman of the digs into to look at how many categories of closed-end funds are delivering double-digit yields now, in some cases doubling the average payouts in the underlying asset class. He talks about judging how real the big payouts are, and which areas of the market are delivering the best combination of yield and discount.
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Aberdeen's Akus on the struggles facing healthcare, biotech investors
The NAVigator
Jason Akus, Head of Healthcare Investing for , says that current conditions for healthcare and biotech investing are making for "one of the most challenging, difficult and dislocated environments I've seen." While trades in technology, artificial intelligence and the Magnificent Seven stocks have driven the stock market back to record-high levels, Akus notes that healthcare has been flat in 2025 with biotech faring only slightly better; moreover, healthcare has been flat for two years, while the Standard & Poor's 500 was gaining about 40 percent. "It's not to say that healthcare is not...
info_outlineKimberly Flynn, President at XA Investments, discusses the recent executive order signed by President Trump that allows a dramatic expansion of alternative assets to be part of 401(k) and other retirement plans. While the headlines have made it seem like crypto bros will blow up their retirement plans with alternatives, Flynn discusses how many firms running life-cycle and target-date funds may decide to make allocations to more alternative asset classes, which could create opportunities for interval funds or closed-end funds. She also discusses when and if Bitcoin and other cryptocurrencies might be available in some from of closed-end offering.