ETFs and CEFs

We manage portfolios of exchange traded funds (ETFs) and closed-end funds (CEFs) for our clients. Each fund is itself a diversified portfolio based upon a particular investment strategy.  ETFs are typically passive (index-based) whereas CEFs are actively managed.  Our investment process is focused on identifying the most attractive strategies to invest in at any point in time.  We like ETFs because of their low cost, daily liquidity, and well-defined index benchmarks.  We like CEFs because of their potential for inefficient pricing (they sometimes trade at large discounts to net asset value or NAV), use of modest amounts of leverage to boost returns, and daily liquidity.