Billionaire investor Bill Ackman is aiming to raise $5 billion through the U.S. listing of his closed-end fund, Bloomberg News reported on Tuesday, citing people with knowledge of the offering. ...

Group 1 - The ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) is a closed-end fund focused on providing investors exposure to midstream operators and their distributable cash flows without requiring a K-1 tax filing [1] - The fund offers a robust distribution, appealing to investors seeking income from midstream investments [1] Group 2 - Analyst Michael Del Monte has over 5 years of experience in the investment management industry and previously worked in professional services across various sectors including Oil & Gas, Midstream, and Information Technology [1] - Investment recommendations are based on a comprehensive view of the investment ecosystem rather than evaluating companies in isolation [1]

Core Insights - The NXG Cushing Midstream Energy Fund (NYSE: SRV) is a closed-end fund focused on providing diversified exposure to the midstream energy sector, aiming for both capital appreciation and current income [1] - SRV has a forward payout rate of $5.40 per share, which translates to a yield of 12.33% [1] Fund Characteristics - SRV is designed to deliver capital appreciation and current income to investors [1] - The fund's structure as a closed-end fund allows for a focused investment strategy within the midstream sector [1] Analyst Background - Michael Del Monte, a buy-side equity analyst with over 5 years of experience, is associated with Monte Independent Investment Research [1] - Del Monte has a diverse background, having spent over a decade in professional services across various industries, including Oil & Gas, Midstream, and Information Technology [1] - Investment recommendations are based on a comprehensive view of the investment ecosystem rather than isolated company analysis [1]

Core Points - The abrdn National Municipal Income Fund held its Annual Meeting of Shareholders on September 30, 2025, where shareholders voted to re-elect the Board of Trustees [1] - As of August 5, 2025, the Fund had 12,278,003 outstanding common shares and 990 outstanding preferred shares, with 84.21% of common shares and 100% of preferred shares voted, indicating a quorum [2] - The election results for the Trustees showed significant support, with Christian Pittard receiving 9,959,301 votes for and 381,001 against, and Todd Reit receiving 10,036,064 votes for and 304,238 against [2] Fund Trading Dynamics - The trading value of closed-end fund stocks is influenced by external market factors, which are beyond the control of the Fund's Board or Investment Advisor [3] - Closed-end fund shares may trade at a premium or discount to net asset value, and shareholders should be aware that a premium may not be sustainable [3] - The investment return and principal value of closed-end funds can fluctuate, meaning shares may be worth more or less than the original cost [3]

Group 1: Market Trends - Large cap stocks have significantly outperformed small caps in recent years, which is an unusual trend, leading to attractive 7.2% dividends from closed-end funds [2][3] - Since the pandemic, small caps have lagged behind the S&P 500, but signs indicate a potential shift as investors may start looking for alternatives to large cap tech stocks [3][5] - The concentration of the S&P 500 is notable, with the top 10 firms accounting for 25% of earnings and 40% of market cap, indicating that Big Tech has become increasingly expensive relative to the rest of the market [4] Group 2: Investment Opportunities - If small caps begin to gain investor attention, it could lead to years of outperformance compared to large caps, with the iShares Russell 2000 ETF (IWM) potentially starting to outperform S&P 500 index funds [5][6] - The Royce Small-Cap Trust (RVT) is highlighted as a small-cap focused closed-end fund that offers a significantly higher yield of 7.2%, outperforming the IWM [7][8] - RVT has shown a near-10% net asset value (NAV) return, surpassing the small-cap index's 6.6%, indicating it is generating "alpha" [9][10] Group 3: Fund Performance - RVT's total market price return is up 5.8%, suggesting that its shares are not being bid up in line with its fundamentals, leading to a widening discount to NAV [10][11] - The fund's strategy of paying out a large portion of its profits as dividends makes it an attractive investment in the volatile small-cap sector, providing a steady income stream [12] - A potential strategy involves pairing RVT with another closed-end fund to optimize income and capital gains, reducing exposure to market volatility [13]