Monday’s session was a doji range day with the S&P 500 (SPX) repelled at the morning high ...
10/31/2013 9:00 am EST
I want income investors to buy a mutual fund that has been closed to new investors—but just recently reopened, advises Doug Fabian in Successful Investing.
It is the RiverNorth DoubleLine Strategic Income Fund (RNSIX). We originally recommended this uniquely managed mutual fund in our High Monthly Income service back in December 2011.
RNSIX is a joint venture between RiverNorth Capital and DoubleLine Capital, and it allocates its assets among three principal strategies: tactical closed-end fund income strategy, core fixed income strategy, and opportunistic income strategy.
RiverNorth manages the tactical closed-end fund strategy, while DoubleLine manages the core fixed income and opportunistic income strategies.
The $1.1 billion mutual fund had been closed to new investors since March, and that's one reason why we didn't include it in our current model Income Portfolio.
Recently, however, the growing concern over rising interest rates and the possibility that the Fed would taper its bond buying program prompted many RNSIX holders to sell.
That selling opened the fund back up to new money, and this is what has provided us with an opportunity to get back into this stalwart income-generating fund.
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