In this quarterly update call, Chief Investment Officer Kris Wild joins Portfolio Managers Peter Montalbano and Michael Lowenberg of the Tactical Income Fund to deliver a detailed mid-year review of market conditions and strategy. From income generation and macro risks to closed-end fund dynamics and tactical portfolio adjustments, the team shares timely insights for navigating today’s complex environment. Tune in for a breakdown of sector positioning, liquidity themes, and how the fund is being managed heading into the second half of 2025.

Highlights included:

• Fund Performance & Positioning: A 4% YTD return and continued strength in high-yield and emerging market allocations.

• Macro Environment: Perspectives on market reaction to tariffs, volatility trends, and rate movements.

• Valuations & Sector Strategy: Insights on current equity valuations, sector rotations, and risk-adjusted opportunities.

• Closed-End Fund Dynamics: Discussion of CEF discount behavior, dividend sustainability, and liquidity planning.

• Credit & Fixed Income Strategy: Tactical shifts between high-yield, EM, and CLOs based on spread and rate outlook.

• Portfolio Construction: Adjustments to cash positioning, exit strategies, and examples of opportunistic trading.

• Risk Management Philosophy: A focus on NAV preservation alongside income delivery through disciplined liquidity management.