Apollo Tactical Income Fund (NYSE:AIF) - Strong Carry for Low Volatility
Apollo Tactical Income Fund is a relatively new fixed income (NYSE:FI) closed end fund (NYSEMKT:CEF) that invests across the corporate capital stack. This fund has been discussed briskly in a prior note; this is a more extensive inquiry into the value proposition. Like many of the best bargains in FI CEF space, this was IPO'ed just before 2013's bond sell off and shares continue to change hands at a considerable discount despite management's history in growing net asset value (NYSE:NAV) with minimal volatility. Management has added value over passive indexing, as demonstrated by a number of methods. The discount...
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