2026 outlook: John Cole Scott on what '26 holds for closed-end funds
Release Date: 12/26/2025
XA's Flynn on how interval fund indexes change the game
The NAVigator
Kimberly Flynn, President at , discussed the just-launched XAI Interval Fund Credit Index, which tracks the performance of non-listed closed-end interval funds and tender offer funds in the alternative-credit space, and how having the benchmark should help investors as they look at adding private credit and other alternatives to their portfolios. Flynn says the new index — which is not currently investable, so it is not the basis for a fund — is a sister to a broad interval fund index the firm introduced last year, both reflecting the growth in interval funds and in advisers' interest in...
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The year in review: John Cole Scott looks at his his 2025 predictions worked out
The NAVigator
John Cole Scott, President of , reviews the forecasts he made a year ago for 2025, grading his wins and losses on everything from inflation levels and Treasury yields to discount levels and the outcome in various sectors of the closed-end fund industry. Scott, the chairman of the , also reviews the five funds he identified as buys for 2025 and how they turned out.
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2026 outlook: John Cole Scott on what '26 holds for closed-end funds
The NAVigator
John Cole Scott, President of , climbs his mountain of data to get a great view on the year ahead, and he's forecasting no recession, lower inflation and modest GDP growth for 2026, with less volatility coming from the rate picture but more market tension due to the global macro picture. Scott, who also serves as chairman of the , also discusses what he sees happening in the closed-end fund industry, from the growth he expects to see in assets to the activism picture, down to what he foresees in leverage, return of capital and more. Plus, he's got five funds he's expecting big things from in...
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Is activism in the UK following or leading the action in the U.S.?
The NAVigator
Richard Stone, Chief Executive Officer for (the British equivalent to the ), discusses differences in the activist investor cultures in the United States and Great Britain, noting that the British model is more about engagement with the board and a collaborative effort to improve the business, while the U.S. model has shifted towards an entrenched fight to make change and capture opportunities. With Saba Capital emerging as the leading activist on both sides of the pond, Stone discusses how he sees activism continuing to change. In addition, he discusses how interval funds are viewed in...
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Sit's Doty sees opportunities in the next Fed 'mess'
The NAVigator
Bryce Doty, senior portfolio manager at , says that "every time a new Fed chair comes in, they do something dumb," and with Jerome Powell on his way out as the chairman of the Federal Reserve, he expects some chaos that will create opportunities, potentially as soon as the next chairman of the central bank is announced. "The interpretation — and mis-interpretation — of what's going to happen is going to be crazy," Doty says, but that "complete mess" should create opportunity that turns out well for investors who ride it out and who "don't expect logic and reason to rule the day, at least...
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Bonus NAVigator: Bulldog Investors' Goldstein on the state of activism
The NAVigator
Long-time activist investor Phil Goldstein of sat down with NAVigator host Chuck Jaffe at the Fall Roundtable in New York City on Nov. 19 to discuss the current state of shareholder activism and why there seems to be so much less of it than there was just a few years back. While there have been moves and regulations that have made it harder for activist moves to succeed, Goldstein also says that there has been better fund management, resulting in less opportunity/need for activists to get involved.
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CEF Advisors' Scott on the start of the 2025 tax-loss harvesting season
The NAVigator
John Cole Scott, President of , looks at tax-loss selling season and whether it has started yet, noting that a few asset classes have largely been able to avoid situations where there will be widespread harvesting this year, while others (most notably business-development companies) may be poised for a lot of tax-driven reshuffling before year's end. Scott, who is the chairman of the , also answers some questions on the value of tax-loss harvesting if it means selling a fund you like, and how he recognizes yield traps and spots big discounts that are poor buying opportunities.
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NAVigator bonus: Herzfeld's Paylor on how CUBA became a CLO fund
The NAVigator
The Active Investment Company Alliance held its annual Fall Roundtable in New York City on Nov. 19, and NAVigator host Chuck interviewed Ryan Paylor, Portfolio Manager at Thomas J. Herzfeld Advisors, which recently converted a closed-end fund from a focus on companies located in the Caribbean Basin — ticker Symbol CUBA — to one focused on collateralized loan obligations. Paylor explains the thinking behind the move and how shareholders reacted to the fund's drastic makeover.
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Talking closed-end funds on sale with John Cole Scott
The NAVigator
Consumers have a tradition of going bargain hunting on Black Friday, but The NAVigator has a day-after-Thanksgiving ritual too, looking for discounts on closed-end funds with John Cole Scott, President of and The Chairman of the . For the fourth straight year, he's looking at market bargains in time for the holiday, and this year he is looking at two municipal-bond funds, two business-development companies and two direct offerings that the market has put on sale and that investors might want to consider wrapping up for their portfolios.
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David Tepper on how economic woes could create a closed-end meltdown
The NAVigator
In an interview recorded at the Fall Round Table in New York City on Wednesday, Nov. 19, David Tepper of Tepper Capital Management talks about the state of the closed-end fund business, ranging from the classic funds he has held for a many years to his concerns about the boom in private credit, the potential for trouble if the economy turns and what he might be looking to invest in if the market turns away from the large-cap tech companies that have been leading the way for the market.
info_outlineJohn Cole Scott, President of CEF Advisors, climbs his mountain of data to get a great view on the year ahead, and he's forecasting no recession, lower inflation and modest GDP growth for 2026, with less volatility coming from the rate picture but more market tension due to the global macro picture. Scott, who also serves as chairman of the Active Investment Company Alliance, also discusses what he sees happening in the closed-end fund industry, from the growth he expects to see in assets to the activism picture, down to what he foresees in leverage, return of capital and more. Plus, he's got five funds he's expecting big things from in the new year.