Rephonic
Artwork for The NAVigator
Closed-End Funds
Closed End Funds
Business Development Companies
Active Investment Company Alliance
Artificial Intelligence
Private Credit
Interest Rates
Interval Funds
Nuveen
Private Equity
Municipal Bonds
Energy Infrastructure
Federal Reserve
Emerging Markets
Discount Capture
Rate Cuts
Natural Gas
Investment Company Act
Oil
Fixed Income

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 financi... more

PublishesWeeklyEpisodes300Founded7 years ago
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InvestingBusiness

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Artwork for The NAVigator

Latest Episodes

Ray DiBernardo, Portfolio Manager for the XAI Madison Equity Premium Income fund, says he's concerned about the market's valuation levels — noting that it "has been expensive for quite some time" — and while he is not expecting "dark clouds and a hor... more

Axel Merk, President and Chief Investment Officer at Merk Investments, discusses Saba Capital's activist campaign that got him ousted as portfolio manager and president of ASA Gold and Precious Metals Ltd., a closed-end fund that was up nearly 200% l... more

Kevin Dreyer, Co-Chief Investment Officer for value at Gabelli Asset Management, says that there are plenty of values left in a market that has returned to record levels, particularly when valuing stocks based on "what an informed industrialist or bu... more

John Cole Scott, President of CEF Advisors, attended the Private Credit Summit hosted this week in New York City by Dechert LLP, and came away with a sense that private-credit markets have not yet gotten to the overheated levels that could turn inves... more

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Recent Guests

Ken Burdon
Partner in the Registered Funds Group at Simpson Thacher & Bartlett
Simpson Thacher & Bartlett
Episode: Landmark Supreme Court decision is a game-changer for investor activism
Stephen Baffico
Executive Vice President and Head of Listed Products at Bluerock
Bluerock Real Estate
Episode: Bluerock's Baffico says HALO trades will benefit from Private Credit Redemptions
Gordon Hamilton
Senior Managing Director and Portfolio Manager for Kayne Anderson
Kayne Anderson Energy Infrastructure
Episode: Kayne's Hamilton: 'Historic' oil drawdowns create energy infrastructure opportunities
Matt Freund
Co-Chief Investment Officer at Calamos Investments
Calamos Investments
Episode: Calamos' Freund: Concerns are 'distractions,' not market impediments
David Gutierrez
Vice President at Liberty Street Advisors
Liberty Street Advisors / The Private Shares Fund
Episode: Liberty Street's Gutierrez on private investment trends in A.I.
Matt Weyandt
Client Portfolio Manager on the Listed Real Assets Team at Nuveen
Nuveen
Episode: Nuveen's Weyandt on why current events make listed real assets look good
Robert Gilhooly
Senior Emerging Markets Economist
Aberdeen Investments
Episode: Aberdeen's Gilhooly says oil could quickly reach $175 per barrel
Ryan MacDonald
Chief Investment Officer at Bluerock; Portfolio Manager for the Bluerock Private Real Estate Fund (BPRE)
Bluerock
Episode: Bluerock's MacDonald says 'uniquely boring' private real estate is value-priced now
Chris Oberbeck
Chairman and Chief Executive Officer at Saratoga Investment Corp
Saratoga Investment Corp
Episode: Saratoga's Oberbeck: Headline troubles aren't signalling systemic credit issues

Host

Chuck Jaffe
Host of The NAVigator

Chart Rankings

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Apple Podcasts
#139
Denmark/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

Variant's Hicks on mixing an impact on more than investors' finances
Q: So how do you square impact with the tradition of ESG, and why aren't we seeing more of it in the closed-end space?
Impact investing focuses on intentional, measurable outcomes alongside financial returns, and Variant emphasizes a structured, multi-step diligence process that includes exclusions, material risk assessment, and post-investment impact tracking, which differentiates it from standard ESG-only approaches.
Year-end action - not bubble worries - will drive year-end CEF discounts
Q: What is causing current discount widening and how should investors respond?
Discount widening is driven by a mix of fear-based selling and market dynamics; investors should look for reasons behind the widening, assess whether it is broad-based or sector-specific, and focus on an additive, long-term discount-capture approach while staying diversified.
ARDC's Brusky on how active management drives opportunities in a changing rate environment
Q: What is the role of active management in a rate-cut cycle?
Active management provides the flexibility to shift across asset classes (high-yield, CLOs, leveraged loans) to capture opportunities as rates move and spreads adjust, rather than staying locked into a single segment that may underperform under changing conditions.
ARDC's Brusky on how active management drives opportunities in a changing rate environment
Q: Which asset class might be the best to focus on in a falling rate environment?
The choice depends on the reason rates are falling; if driven by inflation cooling, multiple asset classes can perform well, but if caused by deteriorating economy, the adverse backdrop can weigh on all asset classes, so active management and diversification are key to navigating different outcomes.
ARDC's Brusky on how active management drives opportunities in a changing rate environment
Q: Is anything tied more to treasuries likely to perform differently in a rate-cut cycle?
Treasury-linked assets can diverge from other credit instruments as rate expectations shift; however, the overall view is that spread levels and qualitative factors like inflation expectations and economic trajectory will determine relative performance across high-yield, CLOs, and leveraged loans.

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Frequently Asked Questions About The NAVigator

What is The NAVigator about and what kind of topics does it cover?

The discussion across recent episodes centers on closed-end funds (CEFs) and business-development companies (BDCs), with a strong emphasis on data-driven analysis, risk scoring, and the evolving role of private credit, real assets, and AI-enabled investing within listed and non-listed structures. Guests range from fund managers and lawyers to analysts, offering practical frameworks for evaluating discounts, leverage, liquidity, and governance amid higher interest rates and a dynamic macro environment. A recurring thread is the importance of robust data, transparent disclosures, and strategic sector rotations to navigate volatility while pursuing income and capital appreciation. A notable strength is the show's ability to pair rigorous, metr... more

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These podcasts share a similar audience with The NAVigator:

1. CEF INSIGHTS
2. Investing Experts
3. Masters in Business
4. Monetary Matters with Jack Farley
5. Trillions

How many episodes of The NAVigator are there?

The NAVigator launched 7 years ago and published 300 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on The NAVigator?

Recent guests on The NAVigator include:

1. Ken Burdon
2. Stephen Baffico
3. Gordon Hamilton
4. Matt Freund
5. David Gutierrez
6. Matt Weyandt
7. Robert Gilhooly
8. Ryan MacDonald

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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