Episode Details

Michael Lowenberg of White Mountain Capital — Portfolio Manager for the Modern Capital Tactical Income fund (ticker MCTOX) discusses the factors he considers when picking closed-end funds for the portfolio. Lowenberg — whose fund buys both stocks and closed-end funds — likes the funds for their downside protection, and explains that he values the assets for the portfolio more than he values any discount, noting that he will actually buy funds trading at a premium if conditions are right. He particularly likes high-yield funds right now, dislikes tech-heavy issues and is a bit heavy in cash with discounts having narrowed in recent months.