In this candid and timely update, portfolio managers Peter Montalbano and Michael Lowenberg of the Modern Capital Tactical Income Fund break down Q1 market movements and how they're tactically navigating extreme volatility. With closed-end funds trading at historic discounts and credit markets under pressure, the team sees emerging opportunity — but with caution.
Topics include:

• Why recent NAV vs. market price dislocations are creating long-term entry points

• Managing liquidity and maintaining a 15–20% cash buffer

• Current sector focus: fixed income over equities, with eyes on emerging market debt, munis, and high yield

• Their approach to duration and risk as Fed rate cuts loom

• How volatility (VIX) drives their opportunistic deployment of capital

• Insights into return of capital vs. sustainable income in CEFs

The team emphasizes capital preservation for now — and disciplined preparation for re-engagement when the market stabilizes.