The complex nature of the closed-end fund universe requires a specialized approach and detailed analysis to identify relative value.
|Closed-end Fund Risk||Risk Management|
|Higher credit risk than core fixed income strategies, with allocations to sub-investment grade and non-rated issues||Screening at fund constituent holdings level for size, credit, and sector exposures|
|Use of leverage to boost yield can result in higher interest rate sensitivity||
Interest rate sensitivity analysis to determine what we believe to be true effective duration, optional interest rate hedge strategy
|Low average daily trading volumes call for sophisticated trade execution||Trade execution strategy designed to source liquidity and minimize market impact|