Dan seeks to exploit inefficiencies in Closed-End Funds and other under-followed exchange-traded securities across multiple asset categories. His discipline is exercised within various primary styles: - Well-Intentioned Activism - Core Total Return - MLP Direct Ownership - Taxable Income - Long-Short Opportunistic

My Investment Models

Core

Core Total Return model seeks to exploit inefficiencies in Closed-End Funds. The goal of this model is to provide significant risk-adjusted total return outperformance versus the S&P 500.  Target yield of 3-6% (when fully invested).  However, yield is less important than total return.

• Manager
• Benchmark
• S&P 500

Long/Short Opportunistic

Long/Short Opportunistic model seeks to exploit inefficiencies in Closed-End Funds. This model is aggressive and flexible. It has no mandate to follow growth versus income strategies.

• Manager
• Benchmark
• S&P 500

MLP Direct Ownership

The MLP Direct Ownership Model intends to foster long term tax-advantages of investing in Master Limited Partnerships via direct ownership of publicly traded MLP units. An MLP combines the tax benefits of a limited partnership (ie. Avoiding taxes at the corporate level) with the liquidity of publicly traded securities. MLPs generally offer stable yield, as they are required to pay minimum quarterly distributions to the limited partners by contract. The target annual yield of this model is 6-7%. The MLP structure is limited by US Code to only apply to enterprises that engage in certain businesses. Most pertain to the use of natural resources (ie: petroleum and natural gas extraction and transportation). In a space cluttered with extraordinary IDRs ("Incentive Distribution Rights" to the General Partner), the model seeks to select MLPs where management is perceived least subject to conflicted interest that hazard ordinary investors. Tax efficiencies of MLP structures may be degraded through ETFs, ETNs, or Closed-End Funds alternatives. The model does not use ETFs, ETNs, or Closed-End Funds. The model approaches individual MLPs from a long term perspective.

• Manager
• Benchmark
• S&P 500

Taxable Income

Taxable Income model seeks to exploit inefficiencies in Closed-End Funds and other under followed securities. This model focuses on taxable income securities. The goal is to significantly outperform bond portfolio managers and bond ETFs on a total return basis.  The target yield on the portfolio is 6-10% (when fully invested).  However, total return is paramount to yield.

• Manager
• Benchmark
• S&P 500

Well-Intentioned Activism

This model seeks to benefit from the presence of observed, well-intentioned activism in the Closed-End Fund space. Activism in Closed-End Funds is a historical mechanism for unlocking shareholder value. The model seeks to maintain positions to the conclusion of observed Activism, with minimal turnover.

• Manager
• Benchmark
• S&P 500