DoubleLine Income Solutions Fund (DSL)

Investment Objective
The Fund’s investment objective is to provide a high level of current income and its secondary objective is to seek capital appreciation.

The Fund may invest in debt securities and other income-producing investments anywhere in the world, including in emerging markets.

Trades at about a 4% discount to NAV

Currently yields $0.15 monthly but is subject to change at any point

1% management fee

World’s best fixed income manager for a relatively small fee

Very sensitive to moves in interest rates

 

Current allocation:

  Sector Breakdown
Mortgage-Backed Securities 22.2%
Emerging Markets 44.1%
High Yield Corporates 19.8%
Bank Loans 11.2%
CLOs 2.7%
Total 100.00%

 

Firsthand Technology Value Fund Inc (NASDAQ:SVVC)
 
a publicly traded investment fund that provides private technology and cleantech companies with development funding and working capital, primarily in the form of equity investments.
 

Pros:

  • Trades at a discount to NAV as of today
  • Portfolio contains difficult to acquire stakes in pre-ipo companies
  • About 130mm in cash (probably higher since FB stake likely sold)
  • Already 2 very successful investments with FB and SCTY
  • 1 million shares of common and preferred B shares of Twitter

Cons:

  • 2 and 20% fee structure
  • CEF’s typically trade at discounts to NAV
  • Management may have conflicts b/c of relationships with portfolio companies
  • NAV may not be accurate with illiquid private securities
  • Dependent on an healthy technology IPO market

Global X Top Guru Holdings Index ETF (NYSEARCA:GURU)

Pros:

  • Best long ideas from long/short, activist and long biased hedge funds based on 13f filings. 
  • Relatively low expense ratio.
  • Equal weighted
  • Diversified well. Mostly solid companies already.
  • Relatively high yield

Cons:

  • 13f filings could be stale
  • Highly correlated with the market
  • Illiquid and only about 120mm in net assets