CEF Insights Quarterly Review: January 2024 Interview - Tom Roseen

The Chinese equities market struggled in 2022 and 2023, but the consumer market continues to broaden and develop, which presents potential opportunities for medium and long-term investors of Franklin Templeton’s Templeton Dragon Fund (TDF). Gain insight into the current Chinese market landscape, TDF’s strategy, and why the time is now to invest in China, from Portfolio Manager Nicholas Chui. The Templeton Dragon Fund (TDF) seeks long-term capital appreciation by investing at least 45% of assets in the equity securities of companies whose primary business are conducted in, or whose main offices are in China. This may also include companies whose business is expected to improve from development in China and may include other Asian firms.

With current market dynamics, Merk Investments President and Chief Investment Officer sees significant upside potential in junior gold miners, the focus of ASA Gold and Precious Metals Limited (ASA). At the same time, ASA shareholders have an important vote on its Board of Directors, which could impact the Fund. Gain insight into the current market, ASA’s strategy, and the need for shareholders to vote in the latest CEF Insights Podcast episode.     Merk Investments focuses on gold, precious metals, and minerals, and is the Advisor to ASA Gold and Precious Metals Limited (ASA), a closed-end precious metals fund. Learn more here.   

Market volatility remains a concern despite steady economic conditions, making convertible securities and high-yield bonds like the Advent Convertible and Income Fund (AVK) potentially attractive to investors. Gain insight into AVK’s strategy, performance, and outlook from Tony Huang, Portfolio Manager at Advent Capital Management, a leader in managing convertible securities.     Advent Capital Management is the Investment Adviser of the Advent Convertible and Income Fund (AVK), a closed-end fund which aims to provide total return through a combination of capital appreciation and current income. The Servicing Agent for the Fund is Guggenheim Funds Distributors. Learn more here.

As one of the world’s largest managers of collateralized loan obligations (CLOs), Carlyle leverages its 25 years of experience and broad resources including 20-plus research analysts to help investors generate income and capital appreciation through the Carlyle Credit Income Fund (CCIF). Gain insight into CCIF’s strategy, positioning, current market dynamics, and more from Managing Director and Portfolio Manager Nishil Mehta below.       Since July 2023, Carlyle has served as the investment advisor to CCIF, an externally managed closed-end fund focused on investing in primarily equity and junior debt tranches of CLOs. The CLOs are collateralized by a portfolio consisting primarily of U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

Since Thornburg Investment Management’s last conversation with CEF Insights, some market dynamics have changed. Amid resilient economic growth, daunting federal deficits, an upcoming election and other factors, Thornburg’s Christian Hoffmann shares the latest views on its global multi-asset strategy for income, potential opportunities, and the broader market outlook for 2024. Listen to the episode and view the transcript below.   Thornburg is a privately held global investment firm delivering on strategy for institutions, financial professionals, and investors worldwide, and offers a variety of products including closed-end funds. Its Thornburg Income Builder Opportunities Trust (TBLD), allocates between global equities and fixed income to support an income stream as well as total return for investors.

Tom Roseen, Head of Research Services with Refinitiv Lipper & author of the Fund Market Insight Report alongside the Closed-End Fund Association discuss Tom’s insights on the closed-end fund market.

Generally exempt from income taxes, municipal bonds have long been attractive to income-oriented investors – but current market dynamics may offer more opportunities in 2024. Gain views on munis, the broader fixed income landscape, inflation, and more from Western Asset Management Head of Municipals Rob Amodeo below.    An independent specialist investment manager of Franklin Templeton, Western Asset Management is recognized as one of the world’s leading fixed-income managers. The company offers a variety of funds including Municipal Funds:   Western Asset Managed Municipals Fund (MMU)  Western Asset Intermediate Municipal Fund (SBI)  Western Asset Municipal High Income Fund (MHF)

Robust economic growth surprised investors this year, but significant geopolitical tensions and other factors bring uncertainty. As 2024 approaches, Thornburg Investment Management’s Ben Kirby discusses its global strategy for providing long-term investors with income despite current market challenges, and views on the broader market outlook. Listen to the episode and view the transcript below. Thornburg is a privately held global investment firm delivering on strategy for institutions, financial professionals, and investors worldwide, and offers a variety of products including closed-end funds. Its Thornburg Income Builder Opportunities Trust (TBLD) allocates between global equities and fixed income to support an income stream as well as total return for investors.

As infrastructure investing continues to gain investor interest, the MainStay CBRE Global Infrastructure Megatrends Term Fund (MEGI) managed by New York Life Investments takes a unique approach to the asset class. Listen as David Leggette, Lead Product Strategist at CBRE Investment Management, the sub-advisor to the Fund, shares views on factors reshaping the demand for infrastructure assets and potential opportunities presented by MEGI. MEGI seeks a high level of total return with an emphasis on current income by, under normal circumstances, investing at least 80% of its assets in securities issued by infrastructure companies. Learn more about the Fund here.

Since fall 2022, the inflation rate has slowed but remains a significant issue as interest rates stand over 5% and geopolitical tensions remain heightened. In this CEF Insights Podcast episode, Merk Investments President, Chief Investment Officer & Portfolio Manager Axel Merk and Vice President & Portfolio Manager Peter Maletis share views on the impacts of inflation and interest rates on U.S. and global economies, and on gold, precious metals, and minerals going into 2024.     Merk Investments focuses on gold, precious metals, and minerals, and is the Advisor to ASA Gold and Precious Metals Limited (ticker: “ASA”), a closed-end precious metals fund.