Interval Fund Linkfest

What we’ve been reading lately:

The New CEFs on the Block (Morningstar)
 US asset managers embrace interval funds (Financial Times)
Interval Funds – at the Intersection of Liquidity, Transparency, and Valuation  (DLA Piper)
Converting a BDC to an Interval Fund (Interval Fund Tracker)
Interval Funds: Year in Review（Interval Fund Tracker)
Interval Funds Garnering Advisors’ Attention (Financial Advisor)
The Trendiest Investment on Wall Street …That Nobody Knows About (The Wall Street Journal)

Comparing BDCs and Interval Funds

With Financial Times coverage of closed end interval funds, and the recent growth in credit focused closed end funds, its a good time to compare the business development company structure to the closed end fund structure(including interval funds). Both provide investors with protections under the 1940 Act, and BDCs are also technically a type of closed end fund, but BDCs have several key differences in terms of fees, regulatory and filing requirements, and investment restrictions. These differences are important for investors, asset managers, and those involved in fund distribution.

Here are interactive tables comparing BDCs and Closed End Interval Fund:

PIMCO’s New Institutional Interval Fund

PIMCO Flexible Credit Income Fund an interval fund seeking to raise $1 billion, went effective on February 9.

The Fund’s strategy is true to its name:  flexible asset allocation across a wide variety of global credit sectors including, corporate , mortgage, consumer, emerging market, and municipal credit.  PIMCO will shift the allocation based on market conditions, valuation assessments, economic outlook, credit market trends , and other economic factors.

According to the Prospectus:

In Registration

Interval Funds: Year In Review

(Note: Information in this post was subsequently updated Here) 2016 was a historic year for interval funds. The number of funds doubled, new sponsors entered the space, and a clear trend towards credit strategies emerged. Download the free Interval Funds Year In Review for details. To access the research, fill out the contact form below. […]

Barron’s Story on Interval Funds

Barron’s featured a story on interval funds this weekend-  Interval Funds: Making the Best of Illiquid Assets.

Here are a few highlights:

“One of the conundrums facing income-seeking investors is that some of the highest-yielding securities are the toughest to buy and sell…”

“Interval funds are offering individual investors access to strategies and asset classes that they aren’t focused on, and maybe they should be…”

“There are a lot of open-end funds that might be better off as interval funds.”

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