The investment team will employ a fundamental investment process to construct a high-conviction portfolio comprised primarily of floating rate debt instruments that are attractively valued, including, without limitation, floating rate leveraged loans, which could include, among other types of loans, senior secured loans, unsecured loans and second lien loans. The team’s aim is to invest across the credit quality spectrum in various industries and issuance sizes to construct a portfolio that can generate appealing risk-adjusted returns.
As of 31 May 2022 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: APDUX | -1.86 | -2.69 | — | — | — | — | -2.99 |
Credit Suisse Leveraged Loan Index | -2.34 | -2.44 | — | — | — | — | -1.85 |
As of 31 March 2022 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: APDUX | -0.85 | -0.85 | — | — | — | — | -1.15 |
Credit Suisse Leveraged Loan Index | -0.10 | -0.10 | — | — | — | — | 0.50 |
Gross | Net | |
Semi-Annual Report 31 March 2022 | 2.56% | 1.10% |
Prospectus 15 November 2021 | 1.19% | 1.11% |
Net expenses reflect a contractual expense limitation agreement in effect through 31 Jan 2023. Prospectus Figures: Includes estimated expenses for the current fiscal year. See prospectus for further details. Semi-Annual Report figures: Unaudited, for the period from commencement of operations 1 Dec 2021 through 31 Mar 2022.
Top 10 Holdings (% of total portfolio as of 31 May 2022) |
|
---|---|
KUEHG Corp | 4.8 |
Gridiron Fiber Corp | 4.3 |
Edelman Financial Engines Center LLC | 3.7 |
SS&C Technologies Inc | 3.6 |
AssuredPartners Inc | 3.6 |
SRS Distribution Inc | 3.1 |
USI Inc | 3.0 |
Employbridge LLC | 2.9 |
TKC Holdings Inc | 2.9 |
Alliant Holdings LP | 2.8 |
Total | 34.7% |
Portfolio Statistics (as of 31 May 2022) |
|
---|---|
Number of Holdings | 85 |
Number of Issuers | 68 |
30-Day SEC Yield (APDUX) | 3.69% |
Portfolio Composition (% of total portfolio as of 31 May 2022) |
|
---|---|
|
|
Floating Rate Loans | 88.3 |
Fixed Rate Bonds | 3.9 |
Other Floating Rate Securities | 3.0 |
Fixed Rate Loans | 0.4 |
Cash and Cash Equivalents | 4.4 |
Total | 100.0% |
Ratings Distribution (% as of 31 May 2022) |
|
---|---|
BBB | 4.7 |
BB | 14.1 |
B | 72.8 |
CCC | 8.0 |
Unrated | 0.4 |
Total | 100.0% |
Sector Diversification (% of portfolio securities as of 31 May 2022) |
|
---|---|
Automotive | 0.6 |
Banking | — |
Basic Industry | 1.8 |
Capital Goods | 8.7 |
Consumer Goods | 2.8 |
Energy | — |
Financial Services | 13.0 |
Health Care | 1.9 |
Insurance | 14.7 |
Leisure | 8.9 |
Media | 3.8 |
Real Estate | — |
Retail | 3.4 |
Services | 16.7 |
Technology & Electronics | 19.2 |
Telecommunications | 4.5 |
Transportation | — |
Utility | — |
Other | — |
Total | 100.0% |