Fibonacci Sequence
Closed-end funds

NexPoint Credit Strategies Fund - Exploiting Distress, Yet Trading At A Discount

NexPoint Credit Strategies Fund (NYSE:NHF) is a multi-asset class vehicle organized as a closed end fund that invests in a wide range of assets, with a particular focus on struggling borrowers. It is interesting because it offers meaningful exposure to small / mid cap enterprises (SME) via broadly syndicated loans and Collateralized Loan Obligations (CLOs). In addition there is a related allocation to post reorg equity which tends to be an inefficient sector of the market. The advisor, Highland Capital, is regarded as a tough and effective investor in the unsavory "loan to own" world. There is some misinformation on the internet about the vehicle, and this note is an effort to clarify some of that. NAV performance...

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