About the Index
Debt-focused BDC grouping according to CEFdata.com with average 90-day trading dollar $ liquidity over $1MM. Equal weight the funds that meet these criteria. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | MTD(%) | QTD(%) | YTD(%) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,442.31 | -0.13 | 1.94 | 5.82 | 24.14 | 49.32 | 83.31 | 13.36 | 11.29 | 6.50 | 6.50 | 26.87 | |||||||
NAV | 1,325.73 | 0.00 | 0.28 | 1.86 | 5.51 | 10.31 | 17.91 | 6.82 | 7.56 | 0.68 | 0.68 | 5.99 | |||||||
Difference | 0.13 | -1.65 | -3.95 | -18.63 | -39.02 | -65.39 | -6.54 | -3.73 | -5.82 | -5.82 | -20.87 | ||||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2021 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | 2.92 | 11.51 | 3.80 | 19.12 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NAV | 1.29 | 2.62 | 1.29 | 5.28 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Difference | -1.63 | -8.89 | -2.51 | -13.84 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 1.24 | -10.69 | -40.04 | -45.79 | 25.48 | 9.23 | -0.85 | 35.89 | -26.33 | 1.11 | 5.55 | -1.65 | 4.96 | -3.43 | 22.70 | 1.23 | 19.95 | 25.89 | -7.26 |
NAV | 0.12 | 0.30 | 1.14 | 1.57 | -10.68 | 0.40 | 0.70 | -9.70 | -8.28 | 1.54 | 1.96 | 1.12 | 4.69 | 1.20 | 2.06 | 1.14 | 4.47 | 9.37 | 0.31 |
Difference | -1.12 | 11.00 | 41.18 | 47.36 | -36.16 | -8.83 | 1.55 | -45.59 | 18.05 | 0.43 | -3.59 | 2.78 | -0.27 | 4.63 | -20.64 | -0.09 | -15.48 | -16.52 | 7.57 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 14.99 | 2.20 | -0.60 | 16.81 | 4.09 | -3.47 | 2.66 | 3.15 | 20.48 | 1.93 | -0.75 | 2.06 | 3.26 | 0.83 | 3.18 | -0.05 | 3.99 | 7.37 | 29.37 |
NAV | -1.75 | 0.17 | 1.36 | -0.24 | 1.70 | 0.31 | 1.19 | 3.23 | 2.98 | 0.46 | 0.28 | 1.09 | 1.84 | 0.34 | 0.32 | 1.33 | 2.00 | 3.87 | 6.97 |
Difference | -16.74 | -2.02 | 1.97 | -17.04 | -2.39 | 3.79 | -1.48 | 0.08 | -17.50 | -1.47 | 1.03 | -0.97 | -1.42 | -0.49 | -2.86 | 1.38 | -1.99 | -3.50 | -22.40 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -0.88 | -4.86 | 1.60 | -4.19 | 3.66 | 3.66 | -0.80 | 6.59 | 2.13 | 5.12 | 1.72 | -2.13 | 4.65 | -4.20 | 0.78 | -9.27 | -12.39 | -8.32 | -6.36 |
NAV | 0.45 | 0.16 | 0.45 | 1.07 | 0.76 | 0.28 | 1.18 | 2.23 | 3.32 | 1.04 | 0.79 | 0.91 | 2.77 | 0.94 | 0.27 | 1.31 | 2.54 | 5.38 | 8.88 |
Difference | 1.33 | 5.02 | -1.15 | 5.25 | -2.90 | -3.39 | 1.98 | -4.36 | 1.19 | -4.08 | -0.93 | 3.05 | -1.88 | 5.13 | -0.51 | 10.58 | 14.93 | 13.70 | 15.24 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.05 | 3.08 | 1.77 | 7.07 | 1.42 | -4.85 | 1.35 | -2.19 | 4.72 | 1.59 | -4.43 | 3.73 | 0.71 | -1.35 | -1.00 | -1.75 | -4.04 | -3.37 | 1.20 |
NAV | 0.02 | 0.24 | 0.95 | 1.21 | 0.59 | 0.30 | 1.34 | 2.25 | 3.48 | 0.36 | 0.27 | 1.29 | 1.94 | -0.05 | 0.25 | 1.30 | 1.49 | 3.46 | 7.06 |
Difference | -2.04 | -2.85 | -0.82 | -5.86 | -0.83 | 5.15 | -0.01 | 4.44 | -1.24 | -1.23 | 4.71 | -2.43 | 1.23 | 1.29 | 1.24 | 3.05 | 5.53 | 6.82 | 5.86 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | -7.70 | 2.73 | 6.72 | 1.19 | 3.54 | -1.21 | 3.19 | 5.55 | 6.80 | 6.55 | 5.20 | -1.53 | 10.38 | -1.34 | 3.97 | 1.68 | 4.29 | 15.12 | 22.95 |
NAV | 0.95 | 0.27 | -0.40 | 0.82 | 0.90 | 0.43 | 2.01 | 3.37 | 4.22 | 0.90 | 0.33 | 1.96 | 3.21 | 0.82 | 0.35 | 1.15 | 2.34 | 5.63 | 10.09 |
Difference | 8.65 | -2.46 | -7.12 | -0.37 | -2.64 | 1.64 | -1.18 | -2.18 | -2.58 | -5.65 | -4.87 | 3.48 | -7.17 | 2.17 | -3.62 | -0.53 | -1.95 | -9.49 | -12.87 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | -0.90 | 6.71 | -1.63 | 4.02 | 2.18 | -0.69 | -3.19 | -1.76 | 2.19 | -0.85 | -1.36 | -7.58 | -9.61 | 4.56 | 5.72 | -5.51 | 4.45 | -5.58 | -3.52 |
NAV | 0.88 | 0.21 | 1.51 | 2.62 | 1.16 | 0.35 | 0.84 | 2.37 | 5.06 | 1.01 | 0.33 | -0.44 | 0.89 | 0.78 | 0.61 | -3.32 | -1.98 | -1.10 | 3.90 |
Difference | 1.78 | -6.50 | 3.15 | -1.40 | -1.02 | 1.05 | 4.03 | 4.14 | 2.87 | 1.85 | 1.69 | 7.13 | 10.50 | -3.79 | -5.12 | 2.20 | -6.43 | 4.48 | 7.42 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount 10.26% |
1Yr Disc -12.95% |
3Yr Disc -5.55% |
5Yr Disc -2.44% |
Rel Disc Range (3yr) 90.35% |
Mkt Yield 8.44% |
Lev Adj NAV Yield 6.18% |
After Tax Yield* 6.34% |
Est Tax Friction* 2.10% |
3Yr NAV Volatiliy 10.19 |
Variable Loans 84.7% |
Last Q NAV Growth 2.12% |
Leverage 48.11% |
Non Lev Exp Ratio 3.82% |
Beta (2yr) 1.49 |
Equity Exposure 9.64% |
Bond Exposure 86.96% |
# Holdings 34 |
NII Coverage 96.5% |
Adj Core NII Coverage 105.2% |
Comp NAV TR 0.81% |
Comp Discount 6.76% |
Net Assets (M) 1,296 |
Liquidity - 90d (K) 6,854 |
Non Accruals 1.81% |
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Top Ten States Weighted Average Data |
||
---|---|---|
1 | DE | 12.1% |
2 | CA | 11.4% |
3 | NY | 8.7% |
4 | TX | 7.7% |
5 | FL | 4.6% |
6 | MA | 4.4% |
7 | IL | 3.6% |
8 | NJ | 3.3% |
9 | GA | 2.6% |
10 | WA | 2.5% |
Constituents
34 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
AINV | Apollo Inv Corp | Apollo | 2.93 | -9.04 | 8.74 | 0.00 | 58.80 | 1,017 | 5,812 |
ARCC | Ares Capital Corp | Ares | 2.84 | 13.55 | 8.30 | 0.00 | 52.43 | 7,176 | 43,760 |
BBDC | Barings BDC | Barings | 2.85 | -6.46 | 7.39 | 0.00 | 56.29 | 718 | 3,508 |
BCSF | Bain Cap Splty Fin | BCSF Advisors | 2.93 | -5.20 | 8.67 | 0.00 | 56.02 | 1,068 | 4,033 |
BKCC | BR Cap Inv Corp | BlackRock | 3.11 | -13.24 | 10.90 | 0.00 | 35.14 | 315 | 1,570 |
CGBD | TCG BDC | Carlyle | 2.86 | -11.24 | 9.37 | 0.00 | 53.78 | 847 | 2,597 |
CSWC | Cap Southwest Corp | Capital Southwest | 2.99 | 52.16 | 8.68 | 0.00 | 54.01 | 313 | 4,278 |
FDUS | Fidus Investment Corp | Fidus | 3.01 | 0.71 | 7.32 | 0.00 | 50.61 | 411 | 2,707 |
FSK | FS KKR Capital Corp | FS/KKR | 2.96 | -17.55 | 11.63 | 0.00 | 55.85 | 3,096 | 11,305 |
FSKR | FS KKR Capital Corp. II | FS/KKR | 2.95 | -19.12 | 10.84 | 0.00 | 46.51 | 4,265 | 11,368 |
GAIN | Gladstone Inv Corp | Gladstone | 3.05 | 21.51 | 6.22 | 0.00 | 38.26 | 369 | 2,413 |
GBDC | Golub Capital BDC | Golub Capital | 2.90 | 5.14 | 7.56 | 0.00 | 48.57 | 2,442 | 8,715 |
GECC | Great Elm Cap Corp | Great Elm Capital | 2.66 | -5.20 | 12.20 | 0.00 | 40.82 | 81 | 985 |
GLAD | Gladstone Cap Corp | Gladstone | 2.97 | 39.95 | 7.32 | 0.18 | 45.29 | 247 | 2,125 |
GSBD | Goldman Sachs BDC | Goldman Sachs | 2.77 | 21.87 | 9.28 | 0.00 | 49.12 | 1,616 | 7,548 |
HRZN | Horizon Tech Fin Corp | Horizon Tech Fin | 3.13 | 48.09 | 7.35 | 0.00 | 46.08 | 213 | 3,282 |
HTGC | Hercules Capital | Hercules | 2.91 | 50.09 | 7.57 | 0.00 | 49.03 | 1,300 | 11,536 |
MAIN | Main Street Cap Corp | Main Street Capital | 2.94 | 86.76 | 5.89 | 0.00 | 43.64 | 1,519 | 15,811 |
MRCC | Monroe Capital Corp | Monroe Capital | 2.91 | -3.82 | 9.45 | 0.00 | 59.91 | 234 | 1,164 |
NEWT | Newtek Biz Serv Corp | Newtek | 2.84 | 77.86 | 7.28 | 0.00 | 53.72 | 339 | 4,298 |
NMFC | New Mountain Fin Corp | New Mountain Capital | 2.88 | 2.61 | 9.27 | 0.00 | 58.58 | 1,222 | 5,967 |
OCSL | Oaktree Splty Lending | Oaktree Capital | 2.94 | -3.65 | 7.27 | 0.00 | 38.73 | 1,235 | 5,259 |
ORCC | Owl Rock Capital Corp | Owl Rock | 2.83 | -4.34 | 8.79 | 0.00 | 46.82 | 5,769 | 17,508 |
OXSQ | Oxford Square Cap Corp | Oxford Lane | 3.01 | 11.21 | 8.30 | 0.00 | 29.88 | 226 | 1,812 |
PFLT | PennantPark Flt Rt Cap | PennantPark | 3.01 | 1.10 | 8.88 | 0.00 | 53.23 | 492 | 2,981 |
PNNT | PennantPark Inv Corp | PennantPark | 3.21 | -26.77 | 7.47 | 0.00 | 47.58 | 589 | 3,334 |
PSEC | Prospect Capital Corp | Prospect Capital | 2.87 | -11.16 | 9.05 | 0.00 | 37.39 | 3,456 | 24,158 |
SAR | Saratoga Inv Corp | Saratoga | 2.72 | -7.04 | 6.89 | 0.00 | 47.30 | 300 | 1,664 |
SCM | Stellus Cap Inv Corp | Stellus Capital | 2.96 | -2.92 | 7.34 | 0.00 | 58.26 | 273 | 1,098 |
SLRC | SLR Inv Corp | SLR Capital | 3.03 | -5.46 | 8.60 | 0.00 | 34.68 | 852 | 3,390 |
TCPC | BR TCP Capital Corp | BlackRock | 2.88 | 9.06 | 8.31 | 0.00 | 51.22 | 765 | 4,608 |
TPVG | TP Vntr Gwth BDC Corp | TriplePoint Capital | 2.95 | 19.04 | 9.33 | 0.00 | 38.20 | 401 | 2,952 |
TSLX | Sixth St Splty Lending | Sixth St Splty Lending | 3.09 | 29.60 | 7.37 | 0.00 | 47.48 | 1,165 | 10,687 |
WHF | WhiteHorse Finance | H.I.G. Capital | 3.11 | 9.65 | 8.50 | 0.00 | 54.28 | 313 | 1,266 |