My Takeaways From The 22nd Annual Capital Link CEF/ETF Forum

seekingalpha2023-11-22

The Capital Link 22nd Annual Closed-End Funds & Global ETFs event was held in cooperation with the NYSE and Calamos Investments.The digital event attracted financial advisors, institutional investors,...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2385865569?lang=en_US&edition=fundamental","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/530685719/image_530685719.jpg","is_english":true,"pubTime":"2023-11-22 19:40","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"2385865569","market":"us","top_or_hot":-1,"title":"My Takeaways From The 22nd Annual Capital Link CEF/ETF Forum","media":"seekingalpha","content":"<div>\n<p>The Capital Link 22nd Annual Closed-End Funds & Global ETFs event was held in cooperation with the NYSE and Calamos Investments.The digital event attracted financial advisors, institutional investors,...</p>\n\n<a href=\"https://seekingalpha.com/article/4653644-my-takeaways-from-the-22nd-annual-capital-link-cefetf-forum\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>My Takeaways From The 22nd Annual Capital Link CEF/ETF Forum</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMy Takeaways From The 22nd Annual Capital Link CEF/ETF Forum\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-22 19:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4653644-my-takeaways-from-the-22nd-annual-capital-link-cefetf-forum><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Capital Link 22nd Annual Closed-End Funds & Global ETFs event was held in cooperation with the NYSE and Calamos Investments.The digital event attracted financial advisors, institutional investors,...</p>\n\n<a href=\"https://seekingalpha.com/article/4653644-my-takeaways-from-the-22nd-annual-capital-link-cefetf-forum\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4534","symbol_name":"瑞士信贷持仓","start_time":0,"source_url":"https://seekingalpha.com/article/4653644-my-takeaways-from-the-22nd-annual-capital-link-cefetf-forum","article_id":"2385865569","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/530685719/image_530685719.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2385865569","pubTimestamp":1700653202,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"The Capital Link 22nd Annual Closed-End Funds & Global ETFs event was held in cooperation with the NYSE and Calamos Investments.The digital event attracted financial advisors, institutional investors,","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4534":"瑞士信贷持仓","FDN":"First Trust Dow Jones Internet I","CEF":"Sprott Physical Gold & Silver Trust","MS":"摩根士丹利","CHY":"CHY基金","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","JFR":"JFR基金","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4550":"红杉资本持仓","BK4588":"碎股","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","JSD":"Nuveen Short Duration Credit Opp","JRO":"Nuveen Floating Rate Income Oppo","NSL":"纽文高级收益基金","BK4179":"石油天然气设备与服务","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","NUV":"纽文市政价值基金","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","FET":"Forum Energy Technologies","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","CSQ":"CSQ基金","LU0106831901.USD":"贝莱德世界金融基金A2","BK4581":"高盛持仓","BK4504":"桥水持仓","TSLY":"YIELDMAX TSLA OPTION INCOME STRATEGY ETF","AOD":"Alpine Total Dynamic Dividend Fn","BK4127":"投资银行业与经纪业","ECAT":"BLACKROCK ESG CAPITAL ALLOC TERM TR","LU0971096721.USD":"富达环球金融服务 A","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","CHI":"CHI基金","BCAT":"BLACKROCK CAPITAL ALLOCATION TERM TRUST","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4585":"ETF&股票定投概念"},"translate_title":"我在第22届资本通CEF/ETF论坛上的收获","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BCAT":1,"TSLY":1,"NUV":1,"NSL":1,"JSD":1,"JRO":1,"JFR":1,"FET":1,"FDN":1,"ECAT":1,"CSQ":1,"CHY":1,"CEF":1,"AOD":1,"CHI":1,"MS":0.9},"content_text":"The Capital Link 22nd Annual Closed-End Funds & Global ETFs event was held in cooperation with the NYSE and Calamos Investments.The digital event attracted financial advisors, institutional investors, and analysts to discuss the latest trends in CEFs and ETFs.The CEF panel highlighted the advantages of CEFs, including high yields in fixed income, discounted trading, leverage, and opportunities in global income and senior loan funds.The panel on the ETF industry included a discussion of trends, including more active funds going public and alternative/derivative income funds.Caiaimage/Sam Edwards On November 1, 2023, I attended a Digital Event that was advertised as the Capital Link 22nd Annual Closed-End Funds & Global ETFs Forum. The event was held in cooperation with the New York Stock Exchange and Gold Sponsor, Calamos Investments. From the announcement: FORUM OVERVIEW With a 22-year track record, Capital Link's Annual Closed-End Funds & Global ETFs Forum is the longest running investment forum with significant branding and recognition in the industry. It updates the broader investment community on the latest trends, developments and investment strategies using Closed-End Funds, MLPs, BDCs, and Exchange Traded Funds. This conference attracts financial advisors, institutional investors, RIAs, private bankers, financial planners, fund and asset managers, analysts, and financial media who utilize this forum as a resource for sharing and evaluating the latest CEF and ETF products and trends. PARTICIPATING COMPANIES:  abrdn (AOD) BlackRock (ECAT) (BCAT) Calamos Investments (CSQ) (CHY) (CHI) Fitch Ratings Morgan Stanley Wealth Management New York Stock Exchange Nuveen (NUV) (JFR) State Street Global Advisors Stifel Tidal Financial Group (TSLY) Wells Fargo Investment Institute  As an Individual Investor with a particular interest in generating passive income from CEFs and ETFs, as well as my research interests in income-oriented funds in support of my writing, I was curious to hear what the industry experts had to say. My notes are organized by the 2 broad categories of CEFs and ETFs, although one panel specifically focused on the use of Leverage in CEFs. Most of the panel on CEF leverage included slides presented by Steven Johnson with Fitch Ratings to support the discussion and those are available to view on the website. I will also include one or two here to highlight some of the key points that I took from the discussion. CEF Overview and Status The most recent one-year period has been a tough time for introducing new CEFs with no new IPOs completed since October 2022. In 2021, there were a dozen new CEFs introduced, The Dirty Dozen CEFs From 2021: A Summary. However, the trend since the end of 2021 has been to merge, consolidate, or shut down more CEFs in recent months. For example, fund sponsor abrdn has been acquiring CEFs from other fund sponsors and merging them as was the case recently with 4 funds acquired from First Trust. abrdn In another example of consolidation, abrdn also acquired the 4 healthcare funds from Tekla. As of October 27, other than a name change there have been no other changes to the fund holdings or investment objectives. Upon the close of business on October 27, 2023, the investment team responsible for the management of the Funds joined abrdn. The Funds will continue to be managed in accordance with their existing investment objectives and strategies, by the same team of Boston-based investment professionals pursuing the same investment philosophy and employing the same investment process that has served the Funds well through the years. In another recent example from August of this year, Nuveen merged four CEFs into one when they combined Nuveen Senior Income Fund (NSL), Nuveen Floating Rate Income Opportunity Fund (JRO), and Nuveen Short Duration Credit Opportunities Fund (JSD) into Nuveen Floating Rate Income Fund (NYSE:JFR). The panel then discussed some of the advantages and characteristics of CEFs that investors should consider when investing. The Nuveen website, CEFconnect was discussed as an excellent source of current information for publicly traded CEFs, and I personally make frequent use of it to review leverage, discount/premium to NAV, and Z-scores. The Z score is a useful indicator of the standard deviation from the median price when evaluating discounts or premiums to NAV. The more negative the Z-score, the further it is from the average (or median) price. In the case of JFR, the 1-year Z-score is -0.28 as shown in the Pricing Information chart from CEFconnect, indicating that the discount is slightly wider than the 1-year median discount. CEFconnect What is Good in CEFs Now? The panel discussion then addressed some of the positive qualities of CEFs in the current environment and I listed in my notes what is considered \"good\" right now.  Fixed Income - with Treasury rates approaching 5%, high yields offered by fixed income holdings are better than ever. Lower duration is better than longer duration due to uncertainty over future rate cuts. Trading and premium to par - some CEFs are at all time discounts to par and even some that typically trade at a premium have come down close to par or even trade at a discount. For example, GOF recently traded at a discount for the first time since 2020.  CEFconnect  Global income - emerging markets are starting to see some recovery and offer strong potential for attractive income generation. I believe that EDF, which is scheduled to merge with EDI in December, is one example of this opportunity. Senior loan funds - many CEFs that hold floating rate senior loans are seeing elevated yields and have benefited from rising interest rates. JFR is one example of a senior loan fund that post-merger is one of the largest funds in this category and recently raised the distribution. Leverage that is lower than the yield the fund creates. Many CEFs use leverage (approximately 75% use some form of leverage), and those where the cost of leverage is lower than the yield generated from the fund's holdings are performing well. Several CLO funds such as ECC and EIC are a good example of this trend. See my latest update: EIC: 15% Annual Returns For Past 3 Years And Still Soaring.   Nuveen has a good discussion on the use of leverage in CEFs on their website. In summary, CEFs are diminishing in number over time as investor demand sours and concerns about leverage and widening discounts discourage some investors from participating in them. The ETF Industry Overview The actively managed ETF industry, in contrast to the CEF industry, is growing rapidly and now includes more than 3,300 publicly listed ETFs. There are more than 250 new ETFs this year alone. When ETFs first came along, they were mostly passive funds that followed an index such as SPY. The recent trend leans more toward actively managed ETFs and many now offer alternative or derivative investments. Some of the larger ETF fund offerings come from Morgan Stanley, who acquired the Eaton Vance fund family. The SPDR funds from State Street now include 138 ETFs, many of which are actively managed. Tidal is another ETF fund manager that is aggressively launching new ETFs, many of which are \"white label\" ETFs, and now offers 118 of them. The big trends that the ETF industry panel noted include the shift to actively managed ETFs as well as conversions, including conversions from mutual funds to ETFs. Another evolving trend is the use of more derivative and alternative ETFs such as those offered by YieldMax. For those who are not familiar with the YieldMax funds, they include single asset funds such as NVDY, TSLY, APLY, and OARK that generate option income from trading a single security such as Nvidia, Tesla, Apple, or ARKK, respectively. Other recently offered ETFs that use derivatives such as covered calls include JEPI/JEPQ and the Global X funds - QYLD, RYLD, XYLD, and QRMI. There is also a trend to offer more funds of funds such as BIZD, which holds BDCs, and CEFS and PCEF which are ETFs that invest in CEFs.  As an income investor with much more knowledge of and experience with investing in CEFs than in ETFs, I find these trends very interesting and will be trying to learn and understand more about the new ETFs that are being offered. Several of them offer very high yield distributions but are still quite new and unproven over varying market cycles making it difficult to evaluate the risk/reward proposition.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2385865569"}