Latest news with #JFR
Forbes
03-06-2025
- Business
- Forbes
3 Cheap CEFs With Yields Up To 12%
Buy on the dip, purchase stock when price drop, trader signal to invest, make profit from market ... More collapse concept, smart businessman investor buy stock with down arrow graph. We've got a rare 'delayed reaction' income play on our hands right now. Thanks to the April stock-market plunge, we can now pick up 12%+ dividends at attractive discounts. But I don't expect this cheap CEF opportunity to last very long. I know early April feels like a while ago, but it created our opportunity, and the chance to buy is still available today. It lies in closed-end funds (CEFs). (I'll show you three that pay those outsized 12%+ yields in just a second.) In a nutshell, these three funds trade at discounts to their portfolio values—known as 'net asset value,' or NAV, in CEF-speak. And many of those discounts still haven't recovered from the April 'tariff terror.' When we buy a CEF at, say, a 10% discount to NAV, we're essentially paying 90 cents on the dollar. As that gap narrows, we essentially profit twice: once from the fund's high yield and again from the closing discount. Here's the important part: These discounts are on the road to recovery. And their 'discount momentum' positions us for gains, in addition to these three funds' double-digit payouts. You simply won't find such a profitable situation in the S&P 500. While the benchmark index has clawed its way back to around breakeven for 2025, the three funds we'll get into next are still lagging, and that's a gift for income investors like us. Let's get into them. Our first fund is the Nuveen Floating Rate Income Fund (JFR), with a 12.5% yield and a still-cheap valuation that's unlikely to stay that way for long. JFR Discount NAV As you can see above, JFR's discount plunged to within a hair of 12% when President Trump's tariffs were unveiled. That deal has since been cut nearly in half, to 6.7%. That might make you think it's too late to buy. Not at all—JFR's discount hasn't fully snapped back to where it was at the start of the year, so there's still upside here. And the discount will likely fade, because JFR has had a great run. With a 31% total return in the last three years, JFR is bound to attract more investor attention, putting those who front run that crowd now in a strong position to gain. JFR mainly invests in senior loans, as well as corporate bonds that are below investment grade, with a focus on floating-rate credit. You do need skilled management to navigate these waters, but Chicago-based Nuveen, which traces its roots back to 1898, is among the best in the business. Moreover, senior loans are repaid ahead of all other obligations in the event of a bankruptcy, which helps offset their risk. But that's not really an issue now, since corporate defaults are below their long-term average, despite the heavy markdown corporate bonds suffered in 2022, when investors thought they would see huge defaults. Since floating-rate loans (whose rates, as the name says, are linked to interest rates) still haven't fully recovered from that selloff, they're particularly compelling now, while default rates remain low. In all, JFR gives us a well-designed bond portfolio to diversify our holdings. The income and discount make the deal even sweeter. For something a bit more familiar, consider another Nuveen CEF: the Nuveen Multi-Asset Income Fund (NMAI). NMAI mixes investments in well-known stocks, like Microsoft (MSFT), JPMorgan Chase & Co. (JPM) and Apple (AAPL), with loans and bonds, resulting in a well-diversified portfolio that helps management cover the fund's 13.6% dividend. Again, this diversification has been attracting investors, causing NMAI's discount to dwindle. But we're still getting a generous 9% markdown here. Investors who buy NMAI's diversified portfolio get a big yield at a hefty markdown to the fund's actual value; this is partly why the fund's discount has been disappearing. This narrowing of the discount will likely continue, and good economic news could accelerate it, as we saw happen in June 2024 (the peak in the chart above). Let's wrap with a 'pure' stock fund packing a powerful 12.8% dividend: the abrdn Total Dynamic Dividend Fund (AOD). Like the two CEFs above, AOD is attracting more investment, which we can see happening in real time through its shrinking discount: AOD Discount NAV Still, AOD trades for far less than NAV, with a 9.7% discount that makes little sense given the fund's huge yield and large cap holdings, like Microsoft, Apple, Alphabet (GOOGL) and Tencent Holdings (TNCT). It also makes little sense for an investor to be able to get these stocks at such a big discount, which explains why that deal has been eroding. The bottom line here is that these 12%+ yielders are still catching up in the wake of April's panic, making them worth a look for those with extra cash to put to work. But their shrinking discounts show the crowd is catching on, so you'll need to act fast. Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report 'Indestructible Income: 5 Bargain Funds with Steady 8.6% Dividends.' Disclosure: none
Newsweek
04-05-2025
- Automotive
- Newsweek
NHRA Legend John Force Championed By Team With Touching Message
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. John Force Racing shared a touching tribute to its owner, 16-time NHRA champion John Force, as he celebrated his 76th birthday. Taking to social media, the team wrote: "Happy Birthday 16X!! What can we say that hasn't already been said? To the man who created a drag racing dynasty, the father of a beautiful family (and one of the biggest extended families out there with all of his friends and fans!), and to a man who has, and continues to, overcome challenges and obstacles and is a beacon of light and strength to all; can we all wish John Force a BIG HAPPY BIRTHDAY?!" Happy Birthday 16X!! What can we say that hasn't already been said? To the man who created a drag racing dynasty, the father of a beautiful family (and one of the biggest extended families out there with all of his friends and fans!), and to a man who has, and continues to,... — John Force Racing (@JFR_Racing) May 4, 2025 Force is currently out of the race seat after suffering from a severe crash in Virginia last year. Following the crash, the driver went from intensive care to the Neuro ICU due to a traumatic brain injury, before eventually being discharged from hospital to continue with his rehabilitation from home. John Force, driver of the Castrol High Mileage Ford funny car waves to the fans during the NHRA Carolinas Nationals on September 20, 2009 at Zmax Dragway in Concord, North Carolina. John Force, driver of the Castrol High Mileage Ford funny car waves to the fans during the NHRA Carolinas Nationals on September 20, 2009 at Zmax Dragway in Concord, North made his first track appearance since the Virginia crash in Las Vegas later that year to support his John Force Racing team. He commented at the time: "I'm still going to therapy every week and working as hard as I can to get back out there with the sponsors and the fans in a sport I love and I miss. I've still got a lot of things I want to do, so I don't want anybody thinking they've seen the last of John Force. We'll have a lot more to talk about after the holidays." Jack Beckman has continued to step in for Force since the crash. "I am thrilled to continue a partnership with PEAK and BlueDEF and look forward to returning to JFR in 2025," Beckman stated. "As a car enthusiast, I believe in using the best products available for both personal and professional applications. PEAK and BlueDEF products are trusted for our support vehicles and haulers, ensuring reliability and performance." Adding to his long list of achievements, including 16 NHRA championship titles, Force was recently inducted into the Canadian Motorsports Hall of Fame. He reacted to the honor, as previously reported by Newsweek Sports: "I'm very proud to accept this honor along with the other 2024 inductees. "It's been a rough year and I'm sorry I couldn't be there in Canada for the ceremonies, but this is special to me because I won my first NHRA race in Canada. It may have been a long time ago, but I still remember."
Yahoo
18-03-2025
- Automotive
- Yahoo
NHRA Great Bernie Fedderly, Key to John Force's Brain Trust, Dies
Bernie Fedderly, the respected and popular NHRA crew chief who helped engineer most of John Force's 16 Funny Car championships, has died at age 76. An Edmonton, Alberta, native, Fedderly was a 1996 inductee into the Canadian Motorsport Hall of Fame and a 2013 honoree for the International Drag Racing Hall of Fame. News of his death was posted on his Facebook page Saturday. Fedderly teamed with Austin Coil to cement John Force's legacy with 10 consecutive titles between 1993 and 2002. In all, from 1992-2012, when he retired from John Force Racing (JFR)and the sport, Fedderly and Coil tuned Force to 13 series championships, 109 victories, five NHRA Funny Car bonus-race triumphs, four Winston Invitational wins, and a victory at the inaugural Funny Car vs. Top Fuel Winston Showdown in 1999. He said working for Force 'was never boring, that's for sure.' He called it 'a really special and interesting time. Force sometimes had a hundred ideas an hour, and it was up to us to make them happen, and sometimes that was pretty challenging. But we got through it. Some of the safety things that came from those times are important advances.' Before joining JFR, Fedderly started his career with high-school buddy and 1980 U.S. Nationals winner Terry Capp, then moved to Larry Minor Racing as crew chief from 1982-1985 to Top Fuel driver and two-time champion Gary Beck. Together they went on a tear in which Beck qualified first 14 times in 16 races and broke a couple of speed barriers (5.50 and 5.40 seconds), which earned them and Minor the 1983 Car Craft magazine Person(s) of the Year Award. Fedderly also tuned drag-racing legend Ed 'The Ace' McCulloch to 12 victories. But his role in Force's 'brain trust' for nearly two decades is what defined Fedderly most, although he won national events with six different drivers over his career: Capp, Beck, McCulloch, Cruz Pedregon, Force, and Mike Neff. 'Most of my friends wanted to drive. I just wanted to make cars run fast. So I had a lot of opportunities to gain experience,' Fedderly said when he was inducted to the Canadian hall. Ironically, he began the 1992 season as crew chief for Cruz Pedregon before departing mid-season to take the job with Force. Later that year, Pedregon claimed his first of two Funny Car titles to dethrone Force, who had won the previous two championships. Renowned tuner Lee Beard said on a social-media post, 'Life is about memories. I have fond memories about Bernie. I'll never forget him. He was a prince of a man!!' Fedderly is survived by wife Mary.
Yahoo
13-03-2025
- Automotive
- Yahoo
NHRA Champ Robert Hight Trades Racing Business for Gun Business
Three-time NHRA Funny Car champ and president of John Force Racing thanks John Force for '30 great years,' says being out of car has inspired new goals. Force puts trust in business director Bob McAleer to keep status quo. Hight exits NHRA with 65 victories, third-most in class. Three-time Funny Car champion Robert Hight announced Thursday he has resigned as president of John Force Racing, a position he has anchored since 2011. 'Family is everything,' team owner John Force said in a prepared statement. 'So as much as I'll miss Robert, I understand that he has some other things he wants to do. He was a big part of the success of John Force Racing for more than 25 years. "I love him and I wish him well in whatever he decides to do. Down the line, we'll name a new president. But right now we've got a great team in place and I'm looking forward to working closer with everyone. With Robert leaving, Bob McAleer will be my go-to guy.' McAleer, based at the company's Brownsburg, Ind., headquarters, is JFR's Director of Business Operations. Force said, 'He already works closely with our partners. Now, he'll be working with me a lot more, and with the brain trust, to keep this machine firing on all cylinders.' Hight, 55, said, 'I had 30 great years at JFR. But being out of the car last year made me realize there are other things I want to do, especially with my wife Leslie and my family. John opened so many doors for me, and I'm just glad I was there to help him and the company through everything that happened last year.' He was referring to the June 23, 2024, crash at Virginia Motorsports Park, near Richmond, that has sidelined the 16-time NHRA Funny Car champion and 157-time winner with what was diagnosed as a traumatic brain injury. But Hight also was Force's lifeline and a stabilizing influence in late 2007, when Force suffered a devasting crash at Texas Motorplex, near Dallas, that followed the March 2007 passing of teammate Eric Medlen. Hight, who started his career as a crew member with Force's championship-winning Funny Car team in 1995. Hight became the facilities manager at JFR before becoming the company's first designated test driver in 2004. He made his competitive driving debut in 2005, winning in just his fourth career start. He was runner-up to Matt Hagan in 2023, his final season. Hight leaves the sport with 65 victories (third-best in the category) and championships in 2009, 2017, and 2019. He still owns the Funny Car class' national elapsed-time record at 3.793 seconds on the 1,000-foot course. And until his successor, current champion Austin Prock, officially broke the 340-mph barrier at 341.68, Hight had owned the sport's fastest speed—339.87 mph—since August 2017. Earlier this week, a social media post on the Trap Shooters website, North Carolina businessman Tom Wilkinson said he has sold his Durham Gun Works to Hight. Another website indicated that Hight would move the business from Oxford, N.C., to the Provo-Orem area of Utah to Spanish Fork, Utah, where he has been living since announcing he was on medical leave from JFR. 'We just signed new deals with [sponsors], and I'm really excited about being back at the track with all of them, with our race teams,' Force said. 'Jimmy and Thomas Prock, Nate Hildahl, my son-in-law Daniel Hood, Chris Cunningham, Tim Fabrisi, David Grubnic,and John Collins. That's our brain trust,' Force said. 'They run the race cars, but they also work with Sam Fabiano at Force American Made, our company in Brownsburg (Ind.) that makes all our parts, everything from chassis to engine blocks to cylinder heads to superchargers. It's why we stay on top.'
