Gavin Aydt

An investment committee (IC) provides wealth management firms a formalized mechanism for improved due diligence, ongoing monitoring, and decision-making.  A good IC aligns organizational goals, roles, and processes and enhances accountability, clarity of purpose, and shared knowledge among the team.   

An interval fund is a subcategory of closed-end funds and is a Regulated Investment Company (RIC), which is subject to 1940 Act regulation. Shares of interval funds are not generally “redeemable,” which is why the funds are classified as closed-end rather than open-end funds. Interval funds are so named because they must offer to repurchase shares at pre-determined “periodic intervals.” Although interval funds are closed-end funds from a legal standpoint, they also have features that are usually related to open-end funds, which is why they are sometimes described as a hybrid.

Was it just me, or did our most recent conference in Scottsdale feel, dare I say it, almost normal? I mean, the sun was shining, the palms were swaying, and the beer burro was melting hearts.

Inflationary pressures have increased markedly in the global economy over the last year. CPI prints have recently reached levels not visited in almost four decades.

Many real estate investment trusts (REITs) voluntarily report supplemental performance metrics. Industry organizations established non-GAAP metrics to build credibility and broader capital markets acceptance of REITs by enhancing comparability of operating performance across funds. Two decades ago, Nareit established Funds from Operations (FFO) for publicly traded REITs, and a decade ago, the Institute for Portfolio Alternatives (IPA) established Modified Funds from Operations (MFFO) guidelines for non-listed (NL) REITs. In addition, many traded and NL REITs report Adjusted Funds from Operations (AFFO) or other variations such as Core FFO and Funds Available for Distribution.