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Indian Express
16 hours ago
- Sport
- Indian Express
Why Temba Bavuma was chosen as captain by Cricket South Africa all those seasons ago
When the World Test Championship came into the FTP in 2019, Enoch Nkwe was at the helm of South Africa team as its team director. He was then demoted as an assistant coach unceremoniously before he quit the post for good. In 2022, he returned as director of cricket overseeing a significant transition in white-ball and red-ball cricket with split coaches. The 42-year-old, gleeful after the Proteas won the WTC beating the mighty Australia, speaks to The Indian Express about the road that South Africa took to become new WTC champions and why Temba Bavuma was chosen as captain. 'It's not the colour, it's the character,' he explains. Excerpts Definitely this is very powerful. This is impactful. We have seen what CSA has done and the impact that he has had as a leader. In the cricketing space, he is now taking the belief to a new level among the kids in the township, who never believed that they can actually play cricket, become batsmen and also captain the country and lead them to becoming world champions. Now all the young kids and especially the ones in disadvantaged areas will get that belief. Even generally the young kids of today, they are going to start looking at this whole thing with a different lens because they can believe that it doesn't matter which background you come from, you have the opportunity and you can do it. It is what Temba has done. He has restored so much faith and belief in the individuals and it just goes to show it is not about colour. It is about the character. You put the right person with the right character in a position to lead the people and inspire the nation, and that is the result you get. He has been great at that. He's been fantastic at that. He did it and continues to do it for Proteas cricket. Q. What made you go with him as a captain? What pulled you towards him? The one thing about Temba is, he has always been a team man. He goes about his business very quietly and always puts the team first. And having worked with him before when I was a coach and also how he has blended well with Shukri I just knew it's gonna work. It's one of those you know… The strong chemistry and the dynamics were good between the two. Shukri has been very supportive of him as well. He has been fantastic through thick and thin. As a team we went through lot of challenges in 2020, 2021 and 2022. He was always the man who came forward and protected the team. He would rather take the punches for the team than letting the team take the punches. He got a lot of criticism and but for me, he stood firm and that's a sign of a great leader. It was just a matter of time he got rewarded in terms of the work that he's put behind all those years and show them the way through the struggles and all the challenges. Q: Winning the WTC has been your target since 2019. After different roles, you have achieved the target. How did you get here? We had a vision then and our thing was always looking at the WTC and the 2023 World Cup and how we need to put a strategy in place to try and win those two majors. Unfortunately, things obviously changed a little bit in between. My roles changed, but the blueprint remained the same. When I came back, it was all about how to take it forward by bringing in some new ideas. We had the WTC 2025 and the 2027 World Cup which we are hosting. When I took the role in 2022, we re-strategized by splitting the coaching role with an eye on 2023 World Cup and the 2025 WTC. We needed different strategy and the ones who we brought ended up producing the best performance by any South African team in the 2023 World Cup and the WTC. In successive white-ball World Cups we saw the team heading in the right direction and in red ball cricket, we had quite a nice generation of players coming through and Shukri Conrad (head coach) did great work. Obviously after the New Zealand tour there was a lot of criticism because we sent a C team for the tour. After that tour, Shukri and myself did re-strategize to find a way to reach the final. And here we are winning 8 of the remaining Tests. From my conversation with Shukri, I felt quite confident we could go all the way, because he had the plans in place. Q: It was also the time you were playing mostly two-match Test series and were losing some of the talents. How concerning was that? Test cricket has remained our one priority and we wanted to make sure that the best players were available for selection for each of those matches. Playing two-match series was a concern, but we knew it the moment the FTP came out. We wanted to maximise it and at the same time the SA20 was also important for us and outside of Test cricket, we played India A and West Indies A which helped us bridge the gap and make sure it keeps going forward. Shukri also ensured that he kept driving the belief in the Test team and within the individuals. I believe that was extraordinary because we had batsmen making huge scores in the journey. The character of the team was the biggest thing for me. It was powerful… even with the ball, we had a complete team performance where everyone bought into the plan and found ways to win games. It was evident right through. By the time we played Sri Lanka and Pakistan at home, the confidence was high. Q: Also does playing just two-match series in the new cycle help you retain the best talents? You don't have much Test cricket, so they can play the T20 leagues around as well? We signed off the FTP in 2022 so we knew the next four years this is what it looks like. For us, it was like how do we make this work. We know that from one cycle of the WTC to the next cycle there's an amount of games we are having and we're going to make do with it and see how we best manage our players. In this situation I guess it might help, we don't know. It might help because there's so much cricket being played, but we want to try and obviously better the Test cricket content in the next cycle after 2027 so that we play more Tests. Hence we're negotiating to improve the tally in the next cycle. But we have got 14 Tests and we are going to do our best to try and win as many as possible and be in the finals again and retain the championship. Q: Will the planned Test match fund help Cricket South Africa? From our point of view, there are always talks of how do we improve our Test cricket and bring in more three or four-match Test series. That should be great for global cricket as well because more the Test cricket, the better the sport is. It is a spin off because the best T20 cricketers in the last 15 years have all been great at Test cricket as well. If it is stronger, cricket is stronger across formats. We saw it at Lord's, how much people love it. It was exciting and that's what we want. Yes, the WTC format can be improved, and I don't know what structure it can be, but there are definite encouraging signs to build on. I'm hoping that you know there will be even a much more improved structure, come the next cycle and we can even play more Test cricket. Q: Making Temba Bavuma the captain wasn't a popular choice when CSA made the appointment. With the WTC win, he has left an undeniable footprint in South Africa's history. How much does it mean to the Black community? Definitely this is very powerful. This is impactful. We have seen what CSA has done and the impact that he has had as a leader. In the cricketing space, he is now taking the belief to a new level among the kids in the township, who never believed that they can actually play cricket, become batsmen and also captain the country and lead them to becoming world champions. Now all the young kids and especially the ones in disadvantaged areas will get that belief. Even generally the young kids of today, they are going to start looking at this whole thing with a different lens because they can believe that it doesn't matter which background you come from, you have the opportunity and you can do it. It is what Temba has done. He has restored so much faith and belief in the individuals and it just goes to show it is not about colour. It is about the character. You put the right person with the right character in a position to lead the people and inspire the nation, and that is the result you get. He has been great at that. He's been fantastic at that. He did it and continues to do it for Proteas cricket. Q What made you go with him as a captain? What pulled you towards him? The one thing about Temba is, he has always been a team man. He goes about his business very quietly and always puts the team first. And having worked with him before when I was a coach and also how he has blended well with Shukri I just knew it's gonna work. It's one of those you know… The strong chemistry and the dynamics were good between the two. Shukri has been very supportive of him as well. He has been fantastic through thick and thin. As a team we went through lot of challenges in 2020, 2021 and 2022. He was always the man who came forward and protected the team. He would rather take the punches for the team than letting the team take the punches. He got a lot of criticism and but for me, he stood firm and that's a sign of a great leader. It was just a matter of time he got rewarded in terms of the work that he's put behind all those years and show them the way through the struggles and all the challenges. Q: We saw Heinrich Klaasen announce his retirement recently with a home World Cup just two years away. At their high point, we see good talents suddenly exiting the scene by ignoring central contracts. How concerning is this? It's always going to be disappointing when players of such caliber leave the national team or not sign the national contract. We are always open to try and accommodate. Some of them are happy to just be freelancers but be available for the national team. Some of them retire completely from the game. But one thing we're doing now is the next best talent that we keep finding from our school system and inter-provincial system — which we are quite blessed with — we need to prepare them to transition up. So we are building a stronger feeder system, where even if an international player moves on, there is another player who is ready to step up. That's been our focus in the last three years because we did expect certain players at certain times to be leaving the national team or becoming freelancers. That's the reality of the new world. Since we are blessed with good talents which are coming through, we need to nurture them and empower them to make sure they are ready for Proteas.
Express Tribune
2 days ago
- Sport
- Express Tribune
Pakistan set for Bangladesh T20I tour in July: report
The Pakistan men's cricket team will tour Bangladesh in July for a three-match T20I series, with the Bangladesh Cricket Board (BCB) expected to officially confirm the schedule next week, according to reports. The BCB has reportedly shared a proposed itinerary with the Pakistan Cricket Board (PCB), outlining fixtures on 20, 22 and 24 July. All matches are set to be held at the Sher-e-Bangla National Cricket Stadium in Mirpur, Dhaka. This bilateral series falls outside the International Cricket Council's (ICC) Future Tours Programme (FTP) and was arranged following high-level discussions between PCB and BCB officials on the sidelines of the ICC Champions Trophy 2025, jointly hosted by Pakistan and the United Arab Emirates. Bangladesh, currently led by Litton Das, recently completed a reciprocal tour of Pakistan where they were swept 3–0 in a T20I series. That campaign marked the first assignment for Pakistan's new white-ball head coach Mike Hesson and T20I skipper Salman Ali Agha. Following their matches in Bangladesh, Pakistan will travel to the West Indies for another white-ball assignment. A three-match T20I series is scheduled to begin on 31 July in the United States. Although an ODI leg is tentatively planned, reports suggest that the PCB and Cricket West Indies (CWI) are in talks to replace it with additional T20Is. The change would allow both teams to focus on upcoming T20 tournaments, including the 2025 ACC Men's Asia Cup and the 2026 ICC Men's T20 World Cup. As it stands, the T20Is against the West Indies are scheduled for 31 July, 2 August and 3 August. The proposed ODI series is slated to be held at the Brian Lara Cricket Academy in Trinidad on 8, 10 and 12 August, pending final confirmation. Further details on both tours, including any changes to the fixture list, are expected in the coming weeks.
Business Wire
3 days ago
- Business
- Business Wire
First Trust High Yield Opportunities 2027 Term Fund Declares its Monthly Common Share Distribution of $0.125 Per Share for July
WHEATON, Ill.--(BUSINESS WIRE)--First Trust High Yield Opportunities 2027 Term Fund (the "Fund") (NYSE: FTHY) has declared the Fund's regularly scheduled monthly common share distribution in the amount of $0.125 per share payable on July 25, 2025, to shareholders of record as of July 1, 2025. The ex-dividend date is expected to be July 1, 2025. The monthly distribution information for the Fund appears below. This distribution will consist of net investment income earned by the Fund and return of capital and may also consist of net short-term realized capital gains. The final determination of the source and tax status of all distributions paid in 2025 will be made after the end of 2025 and will be provided on Form 1099-DIV. The Fund has a practice of seeking to maintain a relatively stable monthly distribution which may be changed periodically. First Trust Advisors L.P. ("FTA") believes the practice may benefit the Fund's market price and premium/discount to the Fund's NAV. The practice has no impact on the Fund's investment strategy and may reduce the Fund's NAV. The Fund is a diversified, closed-end management investment company. The Fund's investment objective is to provide current income. Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its managed assets in high yield debt securities of any maturity that are rated below investment grade at the time of purchase or unrated securities determined by First Trust Advisors L.P. ("FTA") to be of comparable quality. High yield debt securities include U.S. and non-U.S. corporate debt obligations and senior, secured floating rate loans ("Senior Loans"). Securities rated below investment grade are commonly referred to as "junk" or "high yield" securities and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. There can be no assurance that the Fund will achieve its investment objective or that the Fund's investment strategies will be successful. First Trust Advisors L.P. ("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 $268 billion as of May 31, 2025 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. Principal Risk Factors: Risks are inherent in all investing. Certain risks applicable to the Fund are identified below, which includes the risk that you could lose some or all of your investment in the Fund. The principal risks of investing in the Fund are spelled out in the Fund's annual shareholder reports. The order of the below risk factors does not indicate the significance of any particular risk factor. The Fund also files reports, proxy statements and other information that is available for review. Past performance is no assurance of future results. 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. There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors. Market risk is the risk that a particular investment, or shares of a fund in general may fall in value. Investments held by the Fund are subject to market fluctuations caused by real or perceived adverse economic conditions, political events, regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund and its investments. Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments. The Fund will typically invest in securities rated below investment grade, which are commonly referred to as "junk" or "high yield" securities and considered speculative because of the credit risk of their issuers. Such issuers are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund's NAV and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a high yield security may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a high yield security may decline in value or become illiquid, which would adversely affect the high yield security's value. The debt securities in which the Fund invests are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk, credit risk, and interest rate risk. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons which directly relate to the issuer. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current earnings rate. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates. Senior Loans are structured as floating rate instruments in which the interest rate payable on the obligation fluctuates with interest rate changes. As a result, the yield on Senior Loans will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from a Senior Loan. In addition, the market value of Senior Loans may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. Many Senior Loans have a minimum base rate, or floor, which will be used if the actual base rate is below the minimum base rate. To the extent the Fund invests in such Senior Loans, the Fund may not benefit from higher coupon payments during periods of increasing interest rates as it otherwise would from investments in Senior Loans without any floors until rates rise to levels above the floors. As a result, the Fund may lose some of the benefits of incurring leverage. Specifically, if the Fund's borrowings have floating dividend or interest rates, its costs of leverage will increase as rates increase. In this situation, the Fund will experience increased financing costs without the benefit of receiving higher income. This in turn may result in the potential for a decrease in the level of income available for dividends or distributions to be made by the Fund. The senior loan market has seen a significant increase in loans with weaker lender protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (i.e., "covenant-lite loans") that would typically be included in a traditional loan agreement and general weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of "borrower-favorable" terms may impact recovery values and/or trading levels of senior loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund's ability to reprice credit risk associated with a particular borrower and reduce the Fund's ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund's exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans are typically secured by a second priority security interest or lien on specified collateral securing the borrower's obligation under the interest and present a greater degree of investment risk. These loans are also subject to the risk that borrower cash flow and property securing the loan may be insufficient to meet scheduled payments after giving effect to those loans with a higher priority. These loans also have greater price volatility than those loans with a higher priority and may be less liquid. However, second lien loans often pay interest at higher rates than first lien loans reflecting such additional risks. The Fund intends to terminate on or about August 1, 2027. Because the assets of the Fund will be liquidated in connection with the termination, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money. The Fund is not a "target term" Fund and its primary objective is to provide high current income. As a result, the Fund may not return the Fund's initial public offering price of $20.00 per share at its termination. Investing in securities of non-U.S. issuers, which are generally denominated in non-U.S. currencies, may involve certain risks not typically associated with investing in securities of U.S. issuers, including but not limited to economic risks, political risks, and currency risks. Investing in emerging market countries, as compared to foreign developed markets, involves substantial additional risk due to more limited information about the issuer and/or the security (including limited financial and accounting information); higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country's dependence on revenue from particular commodities or international aid; and the risk of expropriation, nationalization or other adverse political or economic developments. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses. The Fund's portfolio is subject to credit risk, interest rate risk, liquidity risk, prepayment risk and reinvestment risk. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk may be heightened for the Fund because it invests in below investment grade securities. Liquidity risk is the risk that the fund may have difficulty disposing of senior loans if it seeks to repay debt, pay dividends or expenses, or take advantage of a new investment opportunity. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. The Fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called instruments at market interest rates that are below the Fund's portfolio's current earnings rate. The risks of investing in the Fund are spelled out in the 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, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their 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 or by calling 1-800-988-5891.
Business Wire
3 days ago
- Business
- Business Wire
First Trust Senior Floating Rate Income Fund II Declares its Monthly Common Share Distribution of $0.097 Per Share for July
WHEATON, Ill.--(BUSINESS WIRE)--First Trust Senior Floating Rate Income Fund II (the "Fund") (NYSE: FCT) has declared the Fund's regularly scheduled monthly common share distribution in the amount of $0.097 per share payable on July 15, 2025, to shareholders of record as of July 1, 2025. The ex-dividend date is expected to be July 1, 2025. The monthly distribution information for the Fund appears below. This distribution will consist of net investment income earned by the Fund and return of capital and may also consist of net short-term realized capital gains. The final determination of the source and tax status of all distributions paid in 2025 will be made after the end of 2025 and will be provided on Form 1099-DIV. The Fund has a practice of seeking to maintain a relatively stable monthly distribution which may be changed periodically. First Trust Advisors L.P. ("FTA") believes the practice may benefit the Fund's market price and premium/discount to the Fund's NAV. The practice has no impact on the Fund's investment strategy and may reduce the Fund's NAV. The Fund is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund attempts to preserve capital. The Fund pursues these investment objectives by investing primarily in senior secured floating-rate corporate loans. Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in lower grade debt instruments. First Trust Advisors L.P. ("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 $268 billion as of May 31, 2025 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. Principal Risk Factors: Risks are inherent in all investing. Certain risks applicable to the Fund are identified below, which includes the risk that you could lose some or all of your investment in the Fund. The principal risks of investing in the Fund are spelled out in the Fund's annual shareholder reports. The order of the below risk factors does not indicate the significance of any particular risk factor. The Fund also files reports, proxy statements and other information that is available for review. Past performance is no assurance of future results. 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. There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors. Market risk is the risk that a particular investment, or shares of a fund in general may fall in value. Investments held by the Fund are subject to market fluctuations caused by real or perceived adverse economic conditions, political events, regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund and its investments. Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments. The Fund will typically invest in senior loans rated below investment grade, which are commonly referred to as "junk" or "high-yield" securities and considered speculative because of the credit risk of their issuers. Such issuers are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund's NAV and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a senior loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan's value. The senior loan market has seen an increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund's ability to reprice credit risk associated with a particular borrower and reduce the Fund's ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund's exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans are typically secured by a second priority security interest or lien on specified collateral securing the Borrower's obligation under the interest. Because second lien loans are second to first lien loans, they present a greater degree of investment risk. Specifically, these loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan may be insufficient to meet scheduled payments after giving effect to those loans with a higher priority. In addition, loans that have a lower than first lien priority on collateral of the Borrower generally have greater price volatility than those loans with a higher priority and may be less liquid. In the event a borrower fails to pay scheduled interest or principal payments on a senior loan held by the Fund, the Fund will experience a reduction in its income and a decline in the value of the senior loan, which will likely reduce dividends and lead to a decline in the net asset value of the Fund's common shares. If the Fund acquires a senior loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risks with respect to that lender. Although senior loans may be secured by specific collateral, the value of the collateral may not equal the Fund's investment when the senior loan is acquired or may decline below the principal amount of the senior loan subsequent to the Fund's investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Fund bears the risk that the stock may decline in value, be relatively illiquid, and/or may lose all or substantially all of its value, causing the senior loan to be under collateralized. Therefore, the liquidation of the collateral underlying a senior loan may not satisfy the issuer's obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated. Distressed securities frequently do not produce income while they are outstanding. The Fund may be required to incur certain extraordinary expenses in order to protect and recover its investment. The Fund also will be subject to significant uncertainty as to when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be satisfied. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses. The Fund's portfolio is also subject to credit risk, interest rate risk, liquidity risk, prepayment risk and reinvestment risk. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk may be heightened for the Fund because it invests in below investment grade securities. Liquidity risk is the risk that the fund may have difficulty disposing of senior loans if it seeks to repay debt, pay dividends or expenses, or take advantage of a new investment opportunity. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. The Fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called instruments at market interest rates that are below the Fund's portfolio's current earnings rate. The risks of investing in the Fund are spelled out in the shareholder reports 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, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their 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 or by calling 1-800-988-5891.
Business Wire
3 days ago
- Business
- Business Wire
First Trust Intermediate Duration Preferred & Income Fund Declares its Monthly Common Share Distribution of $0.1375 Per Share for July
WHEATON, Ill.--(BUSINESS WIRE)--First Trust Intermediate Duration Preferred & Income Fund (the "Fund") (NYSE: FPF) has declared the Fund's regularly scheduled monthly common share distribution in the amount of $0.1375 per share payable on July 15, 2025, to shareholders of record as of July 1, 2025. The ex-dividend date is expected to be July 1, 2025. The monthly distribution information for the Fund appears below. The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of all 2025 distributions will be made after the end of 2025 and will be provided on Form 1099-DIV. The Fund has a practice of seeking to maintain a relatively stable monthly distribution which may be changed periodically. First Trust Advisors L.P. ("FTA") believes the practice may benefit the Fund's market price and premium/discount to the Fund's NAV. The practice has no impact on the Fund's investment strategy and may reduce the Fund's NAV. The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income. The Fund has a secondary objective of capital appreciation. The Fund seeks to achieve its investment objectives by investing in preferred and other income-producing securities. Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in a portfolio of preferred and other income-producing securities issued by U.S. and non-U.S. companies, including traditional preferred securities, hybrid preferred securities that have investment and economic characteristics of both preferred securities and debt securities, floating-rate and fixed-to-floating rate preferred securities, debt securities, convertible securities and contingent convertible securities. 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 $268 billion as of May 31, 2025 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. Stonebridge Advisors LLC ("Stonebridge"), the Fund's investment sub-advisor, is a registered investment advisor specializing in preferred and hybrid securities. Stonebridge was formed in December 2004 by First Trust Portfolios L.P. and Stonebridge Asset Management, LLC. The company had assets under management or supervision of approximately $12.4 billion as of April 30, 2025. These assets come from separate managed accounts, unified managed accounts, unit investment trusts, an open-end mutual fund, actively managed exchange-traded funds, and the Fund. Principal Risk Factors: Risks are inherent in all investing. Certain risks applicable to the Fund are identified below, which includes the risk that you could lose some or all of your investment in the Fund. The principal risks of investing in the Fund are spelled out in the Fund's annual shareholder reports. The order of the below risk factors does not indicate the significance of any particular risk factor. The Fund also files reports, proxy statements and other information that is available for review. Past performance is no assurance of future results. 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. There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors. Market risk is the risk that a particular investment, or shares of a fund in general may fall in value. Investments held by the Fund are subject to market fluctuations caused by real or perceived adverse economic conditions, political events, regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund and its investments. Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments. Preferred/hybrid and debt securities in which the Fund invests are subject to various risks, including credit risk, interest rate risk, and call risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk may be heightened for the Fund because it invests in below investment grade securities, which involve greater risks than investment grade securities, including the possibility of dividend or interest deferral, default or bankruptcy. Interest rate risk is the risk that the value of fixed-rate securities in the Fund will decline because of rising market interest rates. Call risk is the risk that performance could be adversely impacted if an issuer calls higher-yielding debt instruments held by the Fund. These securities are also subject to issuer risk, floating rate and fixed-to-floating rate risk, prepayment risk, reinvestment risk, subordination risk and liquidity risk. The risks associated with trust preferred securities typically include the financial condition of the financial institution that creates the trust, as the trust typically has no business operations other than holding the subordinated debt issued by the financial institution and issuing the trust preferred securities and common stock backed by the subordinated debt. Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. The duration of a security will be expected to change over time with changes in market factors and time to maturity. Although the Fund seeks to maintain a duration, under normal market circumstances, excluding the effects of leverage, of between three and eight years, if the effect of the Fund's use of leverage was included in calculating duration, it could result in a longer duration for the Fund. 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, loan concentration and competition. Investment in non-U.S. securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. Investments in securities of issuers located in emerging market countries are considered speculative and there is a heightened risk of investing in emerging markets securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. Contingent Capital Securities provide for mandatory conversion into common stock of the issuer under certain circumstances, which may limit the potential for income and capital appreciation and, under certain circumstances, may result in complete loss of the value of the investment. Reverse repurchase agreements involve leverage risk, the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences. 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 shareholder reports 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, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their 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 or by calling 1-800-988-5891.
