First Trust Advisors L.P. Announces Portfolio Manager Update for First Trust Specialty Finance and Financial Opportunities Fund
November 06 2018 - 4:20PM
Business Wire
First Trust Advisors L.P. (“FTA”) announced today that
Confluence Investment Management, LLC (“Confluence”), investment
sub-advisor for First Trust Specialty Finance and Financial
Opportunities Fund (NYSE: FGB) (the “Fund”), will release an update
on the market and the Fund for financial advisors and investors.
The update will be available Thursday,
November 8, 2018, at 5:00 P.M. Eastern Time until 11:59 P.M.
Eastern Time on Friday, December 7, 2018. To listen to
the update, follow these instructions:
- Dial: (888) 203-1112; International
(719) 457-0820; and Passcode # 4093535 and PIN # 2526. The update
will be available from Thursday, November 8, 2018, at 5:00 P.M.
Eastern Time until 11:59 P.M. Eastern Time on Friday, December 7,
2018.
The Fund is a non-diversified, closed-end management investment
company that seeks to provide a high level of current income. As a
secondary objective, the Fund seeks to provide attractive total
return. The Fund pursues these investment objectives by investing
at least 80% of its managed assets in a portfolio of securities of
specialty finance and other financial companies that the Fund’s
investment sub-advisor believes offer attractive opportunities for
income and capital appreciation.
FTA is a federally registered investment advisor and serves as
the Fund’s investment advisor. FTA and its affiliate First Trust
Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are
privately-held companies that provide a variety of investment
services. FTA has collective assets under management or supervision
of approximately $134 billion as of September 30, 2018 through unit
investment trusts, exchange-traded Funds, closed-end Funds, mutual
Funds and separate managed accounts. FTA is the supervisor of the
First Trust unit investment trusts, while FTP is the sponsor. FTP
is also a distributor of mutual Fund shares and exchange-traded
Fund creation units. FTA and FTP are based in Wheaton,
Illinois.
Confluence, an SEC registered investment advisor, serves as the
Fund's investment sub-advisor. The Confluence team has more than
500 years of combined financial experience and 300 years of
portfolio management experience, maintaining a proven track record
that dates back to 1994. As of September 30, 2018, Confluence had
$9.0 billion dollars in assets under management and
supervision.
Investment return and market value of an investment in the Fund
will fluctuate. Shares, when sold, may be worth more or less than
their original cost.
Principal Risk Factors: The Fund invests in business development
companies ("BDCs") which may be subject to a high degree of risks,
including management's ability to meet the BDC's investment
objective, and to manage the BDC's portfolio when the underlying
securities are redeemed or sold, during periods of market turmoil
and as investors' perceptions regarding a BDC or its underlying
investments change.
Investing in real estate investment trusts ("REITs") involves
certain unique risks in addition to investing in the real estate
industry in general. REITs are subject to interest rate risk and
the risk of default by lessees or borrowers.
The Fund may invest in a variety of other mortgage-related
securities. Rising interest rates tend to extend the duration of
mortgage-related securities, making them more sensitive to changes
in interest rates, and may reduce the market value of the
securities. In addition, mortgage-related securities are subject to
the risk that borrowers may pay off their mortgages sooner than
expected, particularly when interest rates decline. This can reduce
the Fund's returns. The Fund's investments in other asset-backed
securities are subject to risks similar to those associated with
mortgage-backed securities, as well as additional risks associated
with the nature of the assets and the servicing of those
assets.
Because the Fund is concentrated in the financials sector, it
will be more susceptible to adverse economic or regulatory
occurrences affecting this sector, such as changes in interest
rates, availability and cost of capital funds, and competition.
Use of leverage can result in additional risk and cost, and can
magnify the effect of any losses.
The risks of investing in the Fund are spelled out in the
prospectus, shareholder report and other regulatory filings.
The information presented is not intended to constitute an
investment recommendation for, or advice to, any specific person.
By providing this information, First Trust is not undertaking to
give advice in any fiduciary capacity within the meaning of ERISA
and the Internal Revenue Code. First Trust has no knowledge of and
has not been provided any information regarding any investor.
Financial advisors must determine whether particular investments
are appropriate for their clients. First Trust believes the
financial advisor is a fiduciary, is capable of evaluating
investment risks independently and is responsible for exercising
independent judgment with respect to its retirement plan
clients.
The Fund’s daily closing New York Stock Exchange price and net
asset value per share as well as other information can be found at
www.ftportfolios.com or by calling 1-800-988-5891.
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First Trust Advisors L.P.JEFF MARGOLIN - (630) 915-6784
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