Table of contents

AICA’s 2025 Advisor Survey on BDCs

Q1 – What investment products do you use?

  • Individual Stocks
  • Individual Bonds
  • OEFs
  • ETFs
  • CEFs
  • Listed BDCs
  • NonListed BDCs
  • Interval Funds
  • Tender Offer Funds
  • NonTraded REITs

Q2 – Do you currently use BDCs in client portfolios?

  • Yes
  • No
  • Exchange Listed
  • Private
  • Non-Traded

Q3 – When allocating to alternative investments, which asset classes (real estate, private credit, private equity, and infrastructure) do you prefer?

Q4 – Investment Allocation & Exposure

Q5 – Key considerations for selection

  • Yield
  • Credit quality
  • Management team
  • Liquidity
  • Fees
  • Historical performance

Q6 – Did you increase your BDC usage in the past 6 months?

Q7 – Do you plan to increase your BDC usage in the next 6 months?

Q8 – Due diligence & research

  • What sources of research and due diligence do you rely on when evaluating BDCs?
  • Do you find transparency levels in private BDCs sufficient compared to public ones?
    • Yes
    • No

Q9 – Approximately what % of your clients understand BDCs?

Q10 – Preferred BDC Sponsor

Q11 – What could be done to make you more comfortable or successful as a BDC investor?

AICA’s 2024 Advisor Survey on Closed-End Funds

We want to better understand the use of closed-end funds by financial advisors.
Access AICA’s 2024 Advisor Survey on Closed-End Funds to contribute.

Q1 – Advisor Classification

  • RIA
  • Wirehouse
  • Independent Broker Dealer
  • Family Office
  • Institutional Investor (13 Filer)

Q2 – What professional designations do you have

  • CAIA
  • CIMA<)li>
  • CFA
  • CFP
  • CFS
  • CPA
  • None

Q3 – What Investment Products Do You Use?

  • Individual Stocks
  • Individual Bonds
  • OEFs
  • ETFs
  • CEFs
  • Listed BDCs
  • NonListed BDCs
  • Interval Funds
  • Tender Offer Funds

Q4 – What year did you start as an Investment Professional?

Q6 – Client Assets

Q7 – Why do you use Exchange Listed Closed-end Funds

  • Discounts
  • Liquidity
  • Income
  • Diversification
  • Stable Asset Base
  • Active Management
  • Investment Products or Access not Available in ETFs or OEFs
  • Illiquid, Private or Level 3 Assets

Q8 – Did you increase your Exchange Listed Closed-end Funds usage in the past 6 months?

  • Yes
  • No
  • Not sure

Q9 – Do you plan to increase your Exchange Listed Closed-end Funds usage in the next 6 months?

  • Yes
  • No
  • Not sure

Q10 – Approximately what % of your clients understand Exchange Listed Closed-end Funds?

Q11 – Favorite Exchange Listed Closed-end Funds Sponsor

Q12 – Favorite Closed-end Fund Sector

Q13: What is one thing AICA could do to help you use and add these funds to your client portfolios?

AICA’s 2023 Advisor Survey on Closed-End Funds

Q1 – Advisor Classification

  • RIA
  • Wirehouse
  • Independent Broker Dealer
  • Family Office
  • Institutional Investor (13 Filer)

Q2 – What professional designations do you have

  • CAIA
  • CIMA
  • CFA
  • CFP
  • CFS
  • CPA
  • None

Q3 – What Investment Products Do You Use?

  • Individual Stocks
  • Individual Bonds
  • OEFs
  • ETFs
  • CEFs
  • Listed BDCs
  • NonListed BDCs
  • Interval Funds
  • Tender Offer Funds

Q4 – What year did you start as an Investment Professional?

Q5 – # Household Clients

Q6 – Client Assets

Q7 – Why do you use Exchange Listed Closed-end Funds?

Q8 – Did you increase your Exchange Listed Closed-end Funds usage in the past 6 months?

Q9 – Do you plan to increase your Exchange Listed Closed-end Funds usage in the next 6 months?

Q10 – Approximately what % of your clients understand Exchange Listed Closed-end Funds?

Q11 – Favorite Exchange Listed Closed-end Funds Sponsor

Q12 – Favorite Closed-end Fund Sector

Q13: What is one thing AICA could do to help you use and add these funds to your client portfolios?