Sold ADAMH (1.22%)

This baby bond did its job…a place to park cash, generate 9.6%, and avoid volatility. I expected it to trade flat, but it appreciated 0.9%. I would happily buy it back again.

Reduced RQI (From 2% to 1% Allocation)

Bought this real estate fund last month and didn’t expect the price to jump 9.2% over such a short period of time. This caused the yield to fall just below 8%.

Reduced UTF (From 4.65% to 2.49% Allocation)

Bought UTF in Oct/Nov 2025 when the market was confused/worried about a rights offering. Love this utility fund, but it has appreciated approx 12% over that short period, making it less appealing now that the yield is down to 6.9%. I would happily add to it again.

Reduced CSWC (From 3.47% to 1.47% Allocation)

Bought this BDC in June 2023 and January 2025, for a blended profit of 16%. Great company, but my overall BDC exposure is quite high, which means I haven’t been adding during the recent dip. Also, I have a small amount of additional exposure to CSWC in PBDC. It’s one of the few BDC’s that isn’t currently oversold, due to market concerns about a possible threat to software companies from AI.

The Price to Book valuation is slightly above its recent average.

Bought EMO (1% Allocation)

I’ve been wanting to add more Midstream exposure for a while. 2025 was a flat year for this sector, but the income was rock steady. By contrast, 2026 is off to a flying start. The primary attraction of Midstreams, apart from income, is that they don’t move with the S&P 500. Stay tuned for another episode about Midstreams on March 1st.

Increased NIHI (From 2.12% to 5% Allocation)

Global markets left the US behind in 2025. If the US Dollar continues to depreciate, there’s a risk of this happening again in 2026. I remain heavily invested in US assets, but I don’t want all my eggs in one basket, as explained in this recent episode about NIHI and IDVO.

Increased IDVO (From 2.5% to 5% Allocation)

Same story as NIHI above. IDVO doesn’t offer as much income, but it has demonstrated an ability to achieve substantial growth via its active portfolio management (in contrast to NIHI’s index approach). Beyond currency hedging, IDVO also offers exposure to high quality companies outside the US including Novartis, Taiwan Semiconductor, and Siemens.