Matisse Capital

Our team had a fantastic time hosting the Lake Oswego Chamber of Commerce for their networking event this past Friday! It was a great opportunity to connect with fellow professionals in the area and discuss the latest trends and developments in our community. Thank you to everyone who attended and made it a success!

Looking for an astute play on Bill Ackman? 🧠 our own Eric Boughton, CFA was recently featured in Barron's and provided some color about Ackman’s closed-end fund (PSH) 📈 PSH currently trades at a -34.8% discount (as of 10/31/22) and is our 2nd largest holding in the Matisse Discounted Closed-End Fund Strategy (MDCEX) 🐂

https://www.barrons.com/articles/bill-ackman-pershing-square-holdings-stock-51667593080

PSH is an 8.59% position in MDCEX (as of 9/30/22).

MDCEX is -12.28% year-to-date; -9.49% one-year; +2.14% annualized 3-year; +3.63% annualized 5-year; and +5.82% annualized since inception 10/31/12 (as of 9/30/22).

Performance data quoted is past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. An investment’s return and principal value will fluctuate such that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance current to the most recent month end can be obtained by calling 1-800-773-3863. Performance shown assumes reinvestment of dividends and capital gains distributions. Total Fund Expenses are 2.48% (as of August 1, 2022).

An investor should consider the investment objectives, risks, and charges and expenses of the Fund before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at www.ncfunds.com or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing. Current and future holdings are subject to change and risk.

An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective.

Distributor: Capital Investment Group, Inc., Member FINRA/SIPC. There is no affiliation between Matisse Capital, including its principals, and Capital Investment Group, Inc.

This article is solely informational and does not constitute legal, tax, investment, accounting or other investment advice. This is not an offer to sell or a solicitation to purchase an interest in any investment. Investing is inherently risky, investors should carefully consider the investment objectives, risks, charges and expenses of a Fund before investing and be aware they may not receive a return equal to their initial investment and may lose their entire investment. Forward-looking statements are speculative in nature and may vary significantly from actual results. Past performance is not indicative of future results with no assurances an investment will achieve comparable results. The views expressed reflect the current opinions of Eric Boughton, CFA and may not be the opinions of Matisse in general.

Here’s a Cheap Way to Bet on Bill Ackman Bill Ackman’s investment fund trades at a 35% discount to net asset value. Ackman may have a plan to shrink the gap.

A historic rout in the bond market this year has sent municipal bond yields soaring 📈 our own Bryn Torkelson shed some light for Barron's on the "double discount" we're seeing today in municipal bond CEFs 👀 note the Matisse Discounted Bond CEF Strategy (MDFIX) invests into both taxable and tax-free bond CEFs 💸 MDFIX had 25% lookthrough exposure to municipal bonds as of quarter-end (9/30/22).

Read now: https://www.barrons.com/articles/municipal-bonds-yields-income-investing-51666995142

An investor should consider the investment objectives, risks, and charges and expenses of the Fund before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at www.ncfunds.com or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing. Current and future holdings are subject to change and risk.

An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective.

Distributor: Capital Investment Group, Inc., Member FINRA/SIPC. There is no affiliation between Matisse Capital, including its principals, and Capital Investment Group, Inc.

This article is solely informational and does not constitute legal, tax, investment, accounting or other investment advice. This is not an offer to sell or a solicitation to purchase an interest in any investment. Investing is inherently risky, investors should carefully consider the investment objectives, risks, charges and expenses of a Fund before investing and be aware they may not receive a return equal to their initial investment and may lose their entire investment. Forward-looking statements are speculative in nature and may vary significantly from actual results. Past performance is not indicative of future results with no assurances an investment will achieve comparable results. The views expressed reflect the current opinions of Bryn Torkelson and may not be the opinions of Matisse in general.

It’s Time to Scoop Up Muni Bonds. They Offer Yields You Won’t Want to Miss. A 5% muni now offers a tax equivalent yield of almost 8% for individuals in the top federal tax bracket.