The NAVigator

Author: Active Investment Company Alliance

The NAVigator, from the Active Investment Company Alliance (AICA), talks all-weather investing and excellence beyond indexing through the use of closed-end funds (CEFs) & business-development companies (BDCs). AICA a new organization that includes a diverse constituency that runs from investors through fund sponsors aims to help investors & advisors plot a new and different course to financial success, via the tactical use of securities that mix active management within listed & non-listed structures. Subscribe now to get regular updates on everything you need to know to succeed with CEFs & BDCs.
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Language: en

Genres: Business, Investing

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Veteran manager says volatile market has stress-tested 'discount-capture investing'
Friday, 18 July, 2025

Rob Shaker, Portfolio Manager of Shaker Financial Services, discusses "discount-capture investing," and how the market's wild moves around tariff announcements this year made the strategy particularly sensitive to the emotional changes of investors. Shaker says the overall trend for 2025 has been a "generic narrowing" of discounts — by roughly 2 percent on equities and 1 percent on fixed income — but there was a rapid, fear-based 'generic widening' when tariff policies were announced in April and there was excessive selling. Shaker says that discount fallout was particularly big and fast, though conditions normalized quickly, rewarding his clients for staying patient and opportunistic.