Interval funds offer investors the ability to invest daily and redeem their investment on an interval basis, typically quarterly, through the fund’s tender offer program. What are the benefits and who should consider of investing in interval funds?
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After many years of a low interest rate environment in the U.S., the market has been weaning itself away from asset classes that have been bid up to very high valuations (relative to historical levels) in the search for reasonable yield. In our view, higher yields were traded, almost blindly, for higher risk—lower credit quality, longer maturities, subordination, etc. With continued strong indications by the Fed, the market has begun to adjust for a higher rate environment, and these assets classes need to be (and are being) repriced.