FMD Capital Management

Posts Tagged: dsl

VIDEO: Closed-End Fund Market Update – Running Hot

Written by David Fabian, February 09th, 2017

This month’s video takes an in-depth look at the closed-end fund marketplace.  Charts include both diversified CEF indexes and single fund names.  Overall the trend remains solid, however we are starting to see stretched premiums and tight discounts across the entire spectrum.  Risk is high and caution should be warranted at this stage of the cycle.  Video recorded after the market close on February 8, 2017.

A log of our previous videos are posted here.

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The Interest Rate Pump Fake

Written by Michael Fabian, September 18th, 2015

The double edged sword of the Federal Reserve’s interest rate policy is rearing its ugly head this morning as investors identify the true psychological meaning of a continuation of the status quo.  The persistent dovishness points to a potentially weaker economy than most market participants were hoping for, which doesn’t sound so great, even though low interest rates could continue to spur growth into year-end.  Read more

Best Funds to Hold in a Roth IRA

Written by Michael Fabian, April 20th, 2015

What’s interesting about managing other people’s retirement assets is how often I get asked about how I manage my own. While, my immediate response is usually: “not unlike how I manage your portfolio!” there are always individual considerations such as goals, objectives, and acquired taste for volatility.   Yet, above all I think it’s very important that managers remain as transparent as possible and always eat their own cooking. Read more

Doubling Down on DoubleLine

Written by Michael Fabian, April 10th, 2015

When managing a portfolio of closed-end funds (CEFs), often times the valuation of funds you do own are less important to consistently evaluate than the funds you don’t own.  This is a key reason why every CEF investor should maintain a watch list of familiar funds on their radar screen.  Read more

3 Unique Multi Sector Income Strategies

Written by Michael Fabian, April 24th, 2014

Ever since I began managing money I have always gravitated toward multi sector income funds in lieu of traditional aggregate bond strategies as a way of increasing income and lowering volatility. The innate problem with core bond strategies is that they traditionally weigh the balance of their holdings based on the total size of the U.S bond market. This translates into a nonsensical practice of lending the largest slice of a client’s assets to the most indebted issuers.

I believe this method is fundamentally flawed when evaluating the creditworthiness of an issuer and its ability to ultimately service its debt load. Conversely, seeking out responsible issuers on a global level that assume debt to fund productive assets or new processes can make for a more sound investment. Read more