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01. Debt-Focused Business Development Company (BDC) Index

Data as of

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 1,288.60 0.13 -1.20 -13.84 -9.95 -21.56 -15.40 3.74 3.94 5.22 0.13 0.13 -18.55
NAV 1,601.12 0.08 0.89 1.17 0.09 2.16 10.07 9.52 8.82 8.69 0.08 0.08 5.90
Difference -0.05 2.09 15.01 10.03 23.72 25.46 5.78 4.88 3.48 -0.05 -0.05 24.45
* 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 - - - - - -
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 - - - - - -
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 - - - - - -
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
-16.16%
1Yr Disc
6.22%
3Yr Disc
0.68%
5Yr Disc
1.50%
Rel Disc Range (3yr)
45.55%
Mkt Yield
11.46%
Lev Adj NAV Yield
6.23%
After Tax Yield*
8.64%
Est Tax Friction*
2.82%
3Yr NAV Volatiliy
8.72
Variable Loans
86.1%
Last Q NAV Growth
-2.44%
Leverage
52.10%
Non Lev Exp Ratio
3.37%
Beta (2yr)
0.80
Equity Exposure
11.09%
Bond Exposure
87.53%
# Holdings
29
NII Coverage
105.8%
Adj Core NII Coverage
107.7%
Comp NAV TR
3.66%
Comp Discount
4.49%
Net Assets (M)
1,858
Liquidity - 90d (K)
7,000
Non Accruals
1.30%
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


29 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
ARCC Ares Capital Corp Ares 3.44 -7.50 9.89 0.00 53.81 9,507 45,546
BBDC Barings BDC Barings 3.44 -27.17 11.55 2.70 54.17 1,246 3,518
BCSF Bain Cap Splty Fin BCSF Advisors 3.44 -29.74 11.29 0.00 51.29 1,107 1,558
BXSL Blackstone Secur Lending Fd Blackstone Cr BDC Advis 3.44 -8.23 10.10 0.00 55.75 4,279 17,506
CGBD TCG BDC Carlyle 3.44 -30.99 11.72 0.00 55.23 872 2,450
CION CION Inv Corp CION Inv Mgmt 3.44 -46.76 14.66 0.00 58.14 905 2,439
CSWC Cap Southwest Corp Capital Southwest 3.44 3.02 12.21 0.00 54.84 455 3,033
FDUS Fidus Investment Corp Fidus 3.44 -11.31 8.20 0.00 42.56 484 1,319
FSK FS KKR Capital Corp FS/KKR 3.44 -34.42 15.47 0.00 54.38 7,480 19,123
GAIN Gladstone Inv Corp Gladstone 3.44 -8.93 7.35 0.00 35.22 446 1,095
GBDC Golub Capital BDC Golub Capital 3.44 -17.70 9.63 0.00 54.67 2,587 7,428
GLAD Gladstone Cap Corp Gladstone 3.44 -6.58 9.51 0.55 46.46 313 1,222
GSBD Goldman Sachs BDC Goldman Sachs 3.44 -6.83 12.44 0.00 54.91 1,587 5,189
HRZN Horizon Tech Fin Corp Horizon Tech Fin 3.44 -13.94 11.93 0.00 55.18 297 1,666
HTGC Hercules Capital Hercules 3.44 11.31 12.06 0.00 52.22 1,327 11,542
MAIN Main Street Cap Corp Main Street Capital 3.44 34.57 7.73 0.00 48.54 1,909 12,373
MFIC MidCap Fin Invt Corp Apollo 3.44 -33.57 12.42 0.00 60.80 986 2,767
NEWT Newtek Biz Serv Corp Newtek 3.44 0.98 15.79 0.00 49.87 397 2,459
NMFC New Mountain Fin Corp New Mountain Capital 3.44 -13.49 10.34 1.37 59.22 1,352 3,110
OCSL Oaktree Splty Lending Oaktree Capital 3.44 -12.05 11.22 0.00 50.44 1,263 4,415
ORCC Owl Rock Capital Corp Owl Rock 3.44 -26.52 11.65 0.00 53.89 5,703 19,068
PFLT PennantPark Flt Rt Cap PennantPark 3.48 -19.90 11.66 0.00 58.57 554 3,589
PNNT PennantPark Inv Corp PennantPark 3.54 -42.49 10.81 0.00 52.18 631 1,093
PSEC Prospect Capital Corp Prospect Capital 3.44 -39.03 11.27 0.00 44.75 4,137 9,455
SLRC SLR Inv Corp SLR Capital 3.44 -32.54 13.12 10.16 41.72 1,015 3,307
TCPC BR TCP Capital Corp BlackRock 3.44 -20.90 10.86 14.68 55.96 807 2,533
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 3.44 -14.30 12.91 0.00 53.85 453 2,783
TRIN Trinity Capital Trinity Capital 3.44 -14.77 14.45 0.00 53.73 512 2,787
TSLX Sixth St Splty Lending Sixth St Splty Lending 3.44 1.78 10.14 0.00 48.64 1,318 8,834

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2019. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %