Cracking the closed-end fund market has been tough this year, but one code-breaker-turned-fund-manager has found the key.
Based in Annapolis, Md., Richard Shaker manages $85 million in assets, employing various closed-end fund trading strategies, most notably discount mean reversion. Prior to starting Shaker Financial Services, Dr. Shaker was deciphering enemy codes as chief of mathematical research for the National Security Agency.
Dr. Shaker's composite managed accounts are up 1.7% vs. a decline of 5.6% for the S&P 500 year to date. He finished up 13.7% in 2007, compared to 5.5% for the index.
TheStreet.com asked Dr. Shaker about his favorite CEFs, whether he expects discounts to narrow or widen and what he is hearing on the activist front. ...
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