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(%) | 10 Year(%) | MTD(%) | QTD(%) | YTD(%) | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,544.19 | 0.54 | 1.67 | 7.86 | 9.22 | 2.55 | -1.12 | 7.49 | 8.47 | 6.61 | 8.71 | 8.71 | 8.71 | ||||||
NAV | 1,639.29 | 0.00 | 0.00 | 1.89 | 1.86 | 1.88 | 7.66 | 9.59 | 8.81 | 8.57 | 0.89 | 0.89 | 0.89 | ||||||
Difference | -0.54 | -1.67 | -5.97 | -7.36 | -0.67 | 8.78 | 2.10 | 0.34 | 1.96 | -7.82 | -7.82 | -7.82 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2022 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2022 | |
Price | 0.73 | -0.05 | 2.48 | 3.18 | -3.67 | -3.12 | -8.37 | -14.49 | -11.77 | 8.57 | 0.43 | -15.44 | -7.80 | 10.86 | 6.35 | -6.38 | 10.38 | 1.77 | -10.21 |
NAV | 0.98 | 0.77 | 1.61 | 3.40 | 0.92 | 0.29 | 1.03 | 2.25 | 5.73 | 0.64 | -1.68 | 1.14 | 0.08 | 0.81 | -0.67 | 1.42 | 1.56 | 1.64 | 7.47 |
Difference | 0.26 | 0.82 | -0.87 | 0.23 | 4.59 | 3.41 | 9.40 | 16.74 | 17.51 | -7.93 | -2.11 | 16.58 | 7.87 | -10.05 | -7.03 | 7.81 | -8.81 | -0.13 | 17.68 |
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 | 8.07 | 2.27 | -0.45 | 10.02 | 31.06 | 1.34 | 1.28 | -1.53 | 1.06 | 6.49 | -1.79 | 0.46 | 5.06 | 6.18 | 39.15 |
NAV | 1.29 | 2.62 | 1.29 | 5.28 | 1.74 | 2.01 | 1.23 | 5.05 | 10.60 | 1.21 | 2.68 | 1.12 | 5.09 | 1.05 | 1.55 | 1.35 | 4.00 | 9.29 | 20.88 |
Difference | -1.63 | -8.89 | -2.51 | -13.84 | -6.33 | -0.26 | 1.68 | -4.97 | -20.46 | -0.13 | 1.40 | 2.65 | 4.03 | -5.44 | 3.34 | 0.89 | -1.06 | 3.12 | -18.27 |
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 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | -0.21 | 2.16 | -3.00 | -1.11 | -1.13 | 1.52 | 5.90 | 6.29 | 5.11 | -3.79 | 2.21 | -5.39 | -6.97 | 1.49 | 0.40 | -6.60 | -4.83 | -11.46 | -6.93 |
NAV | 0.88 | 0.14 | 1.89 | 2.94 | 0.96 | 0.28 | 1.84 | 3.11 | 6.14 | 0.95 | 0.36 | 0.44 | 1.76 | 0.82 | 0.36 | -1.08 | 0.09 | 1.85 | 8.10 |
Difference | 1.09 | -2.01 | 4.89 | 4.05 | 2.10 | -1.24 | -4.06 | -3.18 | 1.03 | 4.74 | -1.84 | 5.83 | 8.72 | -0.68 | -0.04 | 5.53 | 4.92 | 13.31 | 15.04 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 5.84 | 0.96 | -0.06 | 6.79 | 2.26 | -1.93 | 0.02 | 0.30 | 7.11 | 3.72 | -2.94 | 2.80 | 3.48 | 2.02 | 4.19 | -1.63 | 4.55 | 8.20 | 15.89 |
NAV | 1.12 | 0.16 | 2.10 | 3.41 | 0.92 | 0.31 | 1.70 | 2.96 | 6.46 | 0.99 | 0.36 | 2.18 | 3.57 | 0.83 | 0.30 | 1.66 | 2.81 | 6.48 | 13.36 |
Difference | -4.71 | -0.81 | 2.16 | -3.38 | -1.33 | 2.24 | 1.68 | 2.66 | -0.64 | -2.73 | 3.30 | -0.61 | 0.08 | -1.19 | -3.88 | 3.29 | -1.74 | -1.72 | -2.52 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 5.59 | 2.23 | 2.01 | 10.11 | -0.49 | -1.45 | 7.90 | 5.81 | 16.51 | 2.27 | 4.69 | 3.23 | 10.52 | 1.44 | -0.76 | 2.36 | 3.04 | 13.88 | 32.68 |
NAV | 0.06 | 0.17 | 2.88 | 3.11 | 0.91 | 0.40 | 1.11 | 2.44 | 5.63 | 0.97 | 0.31 | 2.52 | 3.83 | 0.91 | 0.29 | 1.93 | 3.15 | 7.11 | 13.13 |
Difference | -5.53 | -2.06 | 0.87 | -7.00 | 1.40 | 1.85 | -6.79 | -3.37 | -10.89 | -1.30 | -4.38 | -0.71 | -6.68 | -0.53 | 1.06 | -0.43 | 0.12 | -6.77 | -19.55 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -4.98% |
1Yr Disc -2.37% |
3Yr Disc -0.86% |
5Yr Disc 0.68% |
Rel Disc Range (3yr) 64.46% |
Mkt Yield 10.73% |
Lev Adj NAV Yield 6.65% |
After Tax Yield* 8.07% |
Est Tax Friction* 2.66% |
3Yr NAV Volatiliy 8.63 |
Variable Loans 87.6% |
Last Q NAV Growth 4.35% |
Leverage 51.90% |
Non Lev Exp Ratio 3.63% |
Beta (2yr) 0.73 |
Equity Exposure 9.98% |
Bond Exposure 88.70% |
# Holdings 32 |
NII Coverage 111.9% |
Adj Core NII Coverage 112.2% |
Comp NAV TR 2.02% |
Comp Discount 3.81% |
Net Assets (M) 1,726 |
Liquidity - 90d (K) 7,878 |
Non Accruals 0.93% |
* 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 | 17.3% |
2 | CA | 12.2% |
3 | NY | 9.0% |
4 | TX | 7.8% |
5 | FL | 3.9% |
6 | MA | 3.9% |
7 | IL | 3.6% |
8 | GA | 2.5% |
9 | OH | 2.4% |
10 | WA | 2.2% |
Constituents
32 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
ARCC | Ares Capital Corp | Ares | 3.05 | 5.71 | 9.79 | 0.00 | 53.62 | 9,433 | 54,596 |
BBDC | Barings BDC | Barings | 3.03 | -23.76 | 11.16 | 0.00 | 51.74 | 1,228 | 3,922 |
BCSF | Bain Cap Splty Fin | BCSF Advisors | 3.19 | -22.20 | 10.90 | 0.00 | 53.92 | 1,096 | 2,551 |
BXSL | Blackstone Secur Lending Fd | Blackstone Cr BDC Advis | 3.03 | -8.58 | 10.19 | 0.00 | 55.54 | 4,117 | 17,167 |
CCAP | Crescent Capital BDC | Crescent Capital | 3.41 | -26.98 | 11.14 | 0.00 | 51.67 | 623 | 1,205 |
CGBD | TCG BDC | Carlyle | 3.09 | -12.94 | 9.64 | 0.00 | 54.07 | 881 | 4,612 |
CION | CION Inv Corp | CION Inv Mgmt | 3.14 | -34.50 | 11.64 | 0.00 | 58.33 | 901 | 2,976 |
CSWC | Cap Southwest Corp | Capital Southwest | 3.19 | 14.88 | 10.95 | 0.00 | 54.20 | 476 | 6,281 |
FDUS | Fidus Investment Corp | Fidus | 3.05 | 1.66 | 10.11 | 0.00 | 42.89 | 485 | 1,624 |
FSK | FS KKR Capital Corp | FS/KKR | 3.34 | -22.73 | 13.91 | 0.00 | 54.89 | 7,159 | 21,217 |
GAIN | Gladstone Inv Corp | Gladstone | 3.00 | 1.28 | 7.12 | 0.00 | 36.52 | 442 | 1,571 |
GBDC | Golub Capital BDC | Golub Capital | 3.02 | -7.12 | 9.54 | 0.00 | 54.45 | 2,545 | 10,403 |
GLAD | Gladstone Cap Corp | Gladstone | 3.01 | 10.90 | 8.94 | 0.54 | 51.35 | 319 | 1,460 |
GSBD | Goldman Sachs BDC | Goldman Sachs | 3.25 | 3.20 | 11.61 | 0.00 | 56.52 | 1,544 | 8,970 |
HRZN | Horizon Tech Fin Corp | Horizon Tech Fin | 2.97 | 1.97 | 11.10 | 0.00 | 53.23 | 308 | 2,265 |
HTGC | Hercules Capital | Hercules | 3.11 | 36.39 | 10.08 | 0.00 | 52.02 | 1,363 | 12,132 |
MAIN | Main Street Cap Corp | Main Street Capital | 3.08 | 46.31 | 6.87 | 0.00 | 49.30 | 2,075 | 11,755 |
MFIC | MidCap Fin Invt Corp | Apollo | 3.21 | -20.19 | 12.00 | 0.00 | 58.80 | 1,011 | 2,504 |
NEWT | Newtek Biz Serv Corp | Newtek | 3.28 | 15.52 | 15.11 | 0.00 | 54.20 | 392 | 3,583 |
NMFC | New Mountain Fin Corp | New Mountain Capital | 3.02 | -1.67 | 9.86 | 0.00 | 59.14 | 1,332 | 4,719 |
OCSL | Oaktree Splty Lending | Oaktree Capital | 2.80 | -1.37 | 10.75 | 0.00 | 49.16 | 1,245 | 7,701 |
ORCC | Owl Rock Capital Corp | Owl Rock | 3.33 | -12.05 | 10.11 | 0.00 | 53.65 | 5,848 | 28,241 |
PFLT | PennantPark Flt Rt Cap | PennantPark | 2.83 | -7.92 | 10.65 | 0.00 | 54.97 | 527 | 3,373 |
PNNT | PennantPark Inv Corp | PennantPark | 3.03 | -34.41 | 11.21 | 0.00 | 53.43 | 586 | 1,830 |
PSEC | Prospect Capital Corp | Prospect Capital | 3.12 | -24.88 | 9.57 | 0.00 | 46.77 | 3,980 | 9,732 |
RWAY | Runway Gwth Fin Corp | Runway Gwth Cap | 3.18 | -9.35 | 11.25 | 0.00 | 36.49 | 572 | 1,483 |
SLRC | SLR Inv Corp | SLR Capital | 3.22 | -15.90 | 10.61 | 0.00 | 46.77 | 1,006 | 3,690 |
TCPC | BR TCP Capital Corp | BlackRock | 2.96 | -6.09 | 9.65 | 9.25 | 54.61 | 816 | 2,746 |
TPVG | TP Vntr Gwth BDC Corp | TriplePoint Capital | 3.27 | -6.62 | 12.49 | 0.00 | 52.13 | 448 | 3,823 |
TRIN | Trinity Capital | Trinity Capital | 3.66 | -3.64 | 13.90 | 0.00 | 51.03 | 483 | 4,568 |
TSLX | Sixth St Splty Lending | Sixth St Splty Lending | 3.16 | 19.44 | 9.21 | 0.00 | 50.95 | 1,325 | 7,405 |
WHF | WhiteHorse Finance | H.I.G. Capital | 3.01 | -9.96 | 10.68 | 0.00 | 54.10 | 343 | 998 |