Ever since the First Eagle Alternative Credit Fund (FSLF) changed its ticker, I’ve been banging the table about how the widening in its discount relative to the broader loan CEF sector was due to a weird technicality that caused it to disappear from CEFConnect. And it was only a matter of time that CEFConnect got its act together, the fund reappeared in its database and investors realized just how cheap it was.
Well, lo and behold, CEFConnect did fix the issue and the fund’s discount has rallied back to near the sector average, driving 3-4% of pure alpha for investors over a couple of months.
The only annoying thing about the roundtrip was that there is one less golden opportunity around – we just took the fund off our Tactical Ideas list on the service.
If only other funds would change their tickers!
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