All interval funds must be governed by a fund board of directors. Like a corporate board of directors, the board of an interval fund registered under the Investment Company Act of 1940 (the “1940 Act”) has a fiduciary duty to represent the interests of the fund’s shareholders. The operations of the fund, however, are clearly different than those of a corporation.
The structure of the interval fund sector is changing as it expands. Here are three key interval fund market themes to watch out for. Giants Walk the Earth At the end of 2022 there were 16 interval funds with net assets greater than $1 billion. Five years ago, there were only six funds with $1 […]
The increasing popularity of high yield bond funds brings the issue of liquidity mismatches to the forefront. There are plenty of opportunities in credit, but investors need to find the right vehicle for the right strategy. When the average high yield bond only trades nine times per week, a daily liquidity structure such as a […]