John Cole Scott on 4th-quarter results and a hot new year's start for closed-end funds
Release Date: 01/23/2026
John Cole Scott on how headline risks are impacting closed-end funds
The NAVigator
John Cole Scott, President of , says that closed-end funds are being buffeted in two directions due to current headlines, with war in Iran impacting net asset values and anchored interest rates impacting levered closed-end funds and discounts shifting to reflect both situations. Scott, who also serves as the Chairman of the , says sectors that have benefitted from the chaos have been MPL and energy funds, while business-development companies and CLO equity funds have suffered. Scott also put his firm's "Trifecta analysis" to work, with four funds to consider now: ticker symbols , , and .
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Aberdeen's Gilhooly says oil could quickly reach $175 per barrel
The NAVigator
Robert Gilhooly, Senior Emerging Markets Economist at , says that the continuing war in Iran has put pressure on oil prices, but he expects them to stabilize short-term while the market determines what happens next. If the outlook becomes one where the Straits of Hormuz are closed off to shipments for a longer stretch of time, he says "If things get really bad, ." Gilhooly discusses the investment adage that the first shots of war signal a time to buy, and says that investors likely will see solid opportunities, but that they might want to wait a little longer for more clarity if they didn't...
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Bluerock's MacDonald says 'uniquely boring' private real estate is value-priced now
The NAVigator
Ryan MacDonald, Portfolio Manager for the , says that in a world teeming with market worries and broad geopolitical concerns, private real estate is "uniquely boring, in a good way." He says the market has taken its pain over the last three years through interest rate changes and the market cycle, but now values have receded creating a solid entry point. MacDonald, who also serves as chief investment officer at , says that "Entry point is the single biggest driver of future value for private real estate returns," and he notes that on an inflation-adjusted basis, the market is now approaching...
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John Cole Scott: BDC worries are creating headlines, opportunities
The NAVigator
The stock market has been beating up business-development companies, with the sell-off largely being blamed on the artificial intelligence boom and the high number of loans that BDCs make to software firms. Behind the theory that software companies will struggle to pay debts as artificial intelligence renders their products less useful and attractive, there are real loans, and John Cole Scott, President of , digs into the math that is impacting the lenders and BDCs in general. Scott, who also serves as Chairman of the , discusses two BDCs and shows how the headlines could be creating values...
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John Cole Scott evaluates Robinhood's new private-stock closed-end fund
The NAVigator
Robinhood Markets is launching its first closed-end fund, Robinhood Ventures Fund I, with the first IPO the closed-end fund space has seen in about four years and John Cole Scott, President of , sizes up the prospects for the new issue, which intends to be a concentrated portfolio of private companies. Scott, the chairman of the , discusses the role private equities can play in a portfolio, as well as the challenges investors face in sizing up a fund with a net asset value entirely based on the purported market value of shares that don't trade in public markets.
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Saratoga's Oberbeck: Headline troubles aren't signalling systemic credit issues
The NAVigator
, chairman and chief executive officer at , says that increases in default rates are more of a return to normal than a sign of trouble for business-development companies or the economy. While stories like the First Brands bankruptcy and fraud case have market watchers looking for more trouble, the rest of the headlines in the industry are much more routine, which leads Oberbeck to think that recent activity is more a hangover coming from a time of particularly low defaults, rather than a sign of the start of a bad business cycle.
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Trinity Capital's Brown sees BDC opportunity amid investor frustration
The NAVigator
Kyle Brown, Chief Executive Officer at , gives his outlook for the private credit and lending space, and notes that there could be some challenges for business development companies and private lenders late in the current economic cycle because returns from private credit generally have been declining. That has meant single-digit leveraged returns, Brown says, so "Investors are not happy." That, in turn, has led to redemptions in private funds and falling stock prices. Still, Brown says, that has created some opportunities for lenders and investors who keep digging to find gems; he sees the...
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Aberdeen's Robinson on how emerging markets are now an AI play
The NAVigator
Nick Robinson, Deputy Head of Global Emerging Market Equities at , says that the artificial intelligence wave that has pushed domestic stock markets to record highs is readily apparent around the world — including in countries that are not necessarily synonymous with technology — and that the capital expenditure wave should continue to power foreign markets if companies can monetize the potential gains created by AI. He also discusses how markets are weathering geopolitical events and why he thinks they will continue to push higher despite nervous headlines.
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John Cole Scott on 4th-quarter results and a hot new year's start for closed-end funds
The NAVigator
John Cole Scott, President of , reviews the key takeaways from his firm's fourth-quarter review of action in the closed-end fund industry, focusing on fund consolidation trends that have occurred in the middle of booming asset growth for the industry, as well as discount levels and whether narrowing discounts set up 2026 for more muted results. Scott, the chairman of the , also noted that a number of closed-end fund categories are off to a fast start to the new year, and while areas like international equities and convertible bonds are continuing strong performance from 2025, other areas like...
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Nuveen's Davis on what '25 has set up for closed -end funds in the year ahead
The NAVigator
Stephen Davis, closed-end fund product specialist at , says that while 2025 was a strong year for closed-end fund performance, price returns exceeded net asset value (NAV) gains, reflecting a narrowing of discounts, continuing a trend from 2024. Those narrower discounts will make it harder for that broad trend to continue in 2026, but he noted that municipal bonds and senior loans are two areas that should provide promising opportunities. Davis noted that 2025 saw significant merger and rights offering activity, a trend he expects to continue in the new year.
info_outlineJohn Cole Scott, President of CEF Advisors, reviews the key takeaways from his firm's fourth-quarter review of action in the closed-end fund industry, focusing on fund consolidation trends that have occurred in the middle of booming asset growth for the industry, as well as discount levels and whether narrowing discounts set up 2026 for more muted results. Scott, the chairman of the Active Investment Company Alliance, also noted that a number of closed-end fund categories are off to a fast start to the new year, and while areas like international equities and convertible bonds are continuing strong performance from 2025, other areas like managed limited partnership funds and large-cap business-development companies have jumped ahead after struggling in 2025.