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Muzinich & Co Portfolio holdings

AUM $293M
1-Year Est. Return 18.57%
This Fund
S&P 500
This Quarter Est. Return
-4.77%
1 Year Est. Return
-18.57%
3 Year Est. Return
-9.67%
5 Year Est. Return
-14.94%
10 Year Est. Return
-7.38%
AUM
$771M
AUM Growth
-$239M
Cap. Flow
-$193M
Cap. Flow %
-24.97%
Top 10 Hldgs %
70.89%
Holding
45
New
–
Increased
2
Reduced
28
Closed
4

Top Buys

Rank Stock Value
1
CGBD icon
Carlyle Secured Lending
CGBD
+$4.24M
2
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$2.42M

Top Sells

Rank Stock Value
1
ARCC icon
Ares Capital
ARCC
+$43.6M
2
NMFC icon
New Mountain Finance
NMFC
+$14.8M
3
MAIN icon
Main Street Capital
MAIN
+$14.6M
4
OCSL icon
Oaktree Specialty Lending
OCSL
+$11.6M
5
PSEC icon
Prospect Capital
PSEC
+$11.1M

Sector Composition

Rank Sector Weight
1 Financials 94.56%
2 Real Estate 0.32%
3 Utilities 0.1%
4 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARCC icon
1
Ares Capital
ARCC
$13.5B
$150M 19.39%
9,512,830
-2,683,915
-22% -$43.6M
MAIN icon
2
Main Street Capital
MAIN
$5.06B
$75.3M 9.77%
1,896,424
-363,177
-16% -$14.6M
PSEC icon
3
Prospect Capital
PSEC
$1.08B
$51.3M 6.65%
7,608,498
-1,707,109
-18% -$11.1M
FSK icon
4
FS KKR Capital
FSK
$2.96B
$48M 6.23%
1,632,825
-303,107
-16% -$9.74M
MFIC icon
5
MidCap Financial Investment
MFIC
$796M
$40.4M 5.24%
2,380,253
-482,173
-17% -$8.65M
GBDC icon
6
Golub Capital BDC
GBDC
$3.34B
$39M 5.06%
2,188,268
-440,768
-17% -$8.15M
NMFC icon
7
New Mountain Finance
NMFC
$653M
$38.5M 4.99%
2,839,096
-1,051,463
-27% -$14.8M
HTGC icon
8
Hercules Capital
HTGC
$2.98B
$36.2M 4.7%
2,760,471
-393,303
-12% -$5.14M
TCPC icon
9
BlackRock TCP Capital
TCPC
$273M
$34.7M 4.51%
2,273,285
-510,441
-18% -$8.17M
TSLX icon
10
Sixth Street Specialty
TSLX
$1.64B
$33.6M 4.35%
1,695,548
-473,654
-22% -$9.72M
SLRC icon
11
SLR Investment Corp
SLRC
$696M
$33.1M 4.3%
1,639,277
-270,871
-14% -$5.77M
GSBD icon
12
Goldman Sachs BDC
GSBD
$975M
$26M 3.38%
1,173,491
-257,724
-18% -$5.72M
CGBD icon
13
Carlyle Secured Lending
CGBD
$702M
$22.1M 2.87%
1,104,243
+229,783
+26% +$4.24M
PFLT icon
14
PennantPark Floating Rate Capital
PFLT
$696M
$18.2M 2.36%
1,328,188
-108,548
-8% -$1.53M
OCSL icon
15
Oaktree Specialty Lending
OCSL
$1.03B
$16.7M 2.16%
1,137,106
-723,440
-39% -$11.6M
FDUS icon
16
Fidus Investment
FDUS
$755M
$16.2M 2.1%
1,067,525
-184,646
-15% -$2.97M
BBDC icon
17
Barings BDC
BBDC
$865M
$13.2M 1.72%
1,394,683
-499,725
-26% -$5.48M
PNNT
18
Pennant Park Investment Corp
PNNT
$217M
$12.4M 1.61%
1,795,680
-488,343
-21% -$3.62M
SCM icon
19
Stellus Capital Investment Corp
SCM
$216M
$10.4M 1.34%
788,824
-56,253
-7% -$754K
SUNS
20
DELISTED
SLR Senior Investment Corp. Common Stock
SUNS
$10.2M 1.32%
572,005
-69,975
-11% -$1.25M
BKCC
21
DELISTED
BlackRock Capital Investment Corporation
BKCC
$9.95M 1.29%
1,596,804
-1,184,040
-43% -$8.15M
MRCC
22
DELISTED
Monroe Capital Corp
MRCC
$9.26M 1.2%
673,410
-167,429
-20% -$2.4M
OCSI
23
DELISTED
Oaktree Strategic Income Corporation
OCSI
$8.27M 1.07%
984,107
-376,761
-28% -$3.26M
OFS icon
24
OFS Capital
OFS
$44.1M
$4.87M 0.63%
409,390
-100,276
-20% -$1.25M
ABDC
25
DELISTED
Alcentra Capital Corp
ABDC
$4.84M 0.63%
577,236
-85,979
-13% -$766K
1
2

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Muzinich & Co's Q4 2017 Portfolio in Review

As of Q4 2017, Muzinich & Co held 45 positions worth $771M, down 24% from $1.01B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Muzinich & Co withdrew a net $193M in Q4 2017, closing 4 positions and reducing 28 holdings. Its most notable exit was First Eagle Alternative Capital BDC, Inc. Common Stock, an estimated $2.17M position sold in full.

By sector, the portfolio is most concentrated in Financials at 95% of assets, up from 93% a quarter earlier, followed by Real Estate and Utilities.

Against the trend, Muzinich & Co added an estimated $4.24M to Carlyle Secured Lending.

  • Muzinich & Co added most to Carlyle Secured Lending in Q4 2017, an estimated $4.24M increase.
  • Muzinich & Co's biggest Q4 2017 reduction was Ares Capital, cutting an estimated $43.6M.
  • Muzinich & Co fully exited First Eagle Alternative Capital BDC, Inc. Common Stock in Q4 2017, selling an estimated $2.17M.
  • Muzinich & Co's ten largest holdings make up 71% of its $771M portfolio in Q4 2017.
  • Muzinich & Co opened 0 new positions and closed 4 in Q4 2017.
  • Muzinich & Co's portfolio value fell 24% quarter-over-quarter to $771M.

Based on Muzinich & Co's 13F filing for Q4 2017, filed 12 Feb 2018.