Putnam BDC Income ETF
PBDC
Market cap $216M

33.36 USD

-0.33

0.98%

At close Jun 13, 4:00 PM EDT

After hours

33.00

-0.36

1.08%

1 day

-0.98%

5 days

-0.74%

1 month

1.28%

3 months

0.12%

6 months

-3.81%

Year to date

-3.86%

1 year

-2.80%

5 years

32.80%

10 years

32.80%

0

Funds holding %

of 7,296 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

133% more first-time investments, than exits

New positions opened: 7 | Existing positions closed: 3

73% more repeat investments, than reductions

Existing positions increased: 19 | Existing positions reduced: 11

12% more capital invested

Capital invested by funds: $39.8M [Q4 2024] → $44.6M (+$4.77M) [Q1 2025]

11% more funds holding

Funds holding: 35 [Q4 2024] → 39 (+4) [Q1 2025]

5.7% less ownership

Funds ownership: 28.56% [Q4 2024] → 22.86% (-5.7%) [Q1 2025]

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Research analyst outlook

We haven’t received any recent analyst ratings for PBDC.

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Financial journalist opinion

PBDC: Reliable Income Through BDC Exposure

The investment provides a dividend yield of nearly 10%, while offering diversified exposure to BDCs. The fund has outperformed its passive counterpart BIZD since the end of 2022 through active management. The fund maintains a limited number of holdings which creates higher risk, but offers better potential returns.

PBDC: Reliable Income Through BDC Exposure

PBDC: I Consolidated My BDC Positions Into This ETF

I'm consolidating my BDC holdings into PBDC due to rising risks from prolonged high interest rates and increased competition for quality deals. PBDC offers strong total returns, a nearly 10% dividend yield, and greater income stability compared to individual BDCs, making it attractive for income investors. The ETF's top holdings prioritize first lien senior secured debt, quality underwriting, and portfolio diversity, reducing risk of non-accruals and sector concentration.

PBDC: I Consolidated My BDC Positions Into This ETF

PBDC: Recent Sell-Off Creates An Opportunity

Fear-driven volatility creates investment opportunities, with Business Development Corporations performing well in the current economic environment. Initiating a buy rating on Putnam BDC Income ETF due to its strong performance, high yield, and strategic focus on higher-grade, liquid companies. PBDC has outperformed peers, offering a 60.89% return since September 2022, with top holdings like Blue Owl, Blackstone, Ares Capital, and Golub Capital.

PBDC: Recent Sell-Off Creates An Opportunity

All That Glitters Is Not Gold, 2 BDCs To Avoid Before They Cut Again

The BDC land consists of a small number of players, most of which have tiny market cap levels. Even though the asset class is relatively shallow and niche-like, we can still find some strong brand names operating here. Theoretically, this should provide an advantage in terms of accessing sizeable and high-quality private credit investments.

All That Glitters Is Not Gold, 2 BDCs To Avoid Before They Cut Again

My BDC Portfolio: 2 Months In And A Clear Alpha Performance

My BDC Portfolio: 2 Months In And A Clear Alpha Performance

My BDC Portfolio: 2 Months In And A Clear Alpha Performance

PBDC: Valuation Reversion Makes BDCs A Sector Buy

Business development companies have faced valuation reversion amid market volatility and changing interest rate expectations, impacting their recent performance. PBDC, an actively managed ETF of BDCs, remains a Buy despite recent declines, offering diversification and attractive long-term yields. Key holdings like ARCC and MAIN have seen significant price corrections, aligning closer to historical valuations and improving attractiveness.

PBDC: Valuation Reversion Makes BDCs A Sector Buy

PBDC: The Recent Downturn Confirms The Inherent Flaws

Putnam BDC Income ETF is actively managed but, in my view, lacks true active management substance. PBDC and VanEck BDC Income ETF have both underperformed compared to my custom BDC portfolio, which includes smaller, high-conviction picks. PBDC's top 10 holdings are overly concentrated and biased towards large-cap BDCs, limiting its potential for optimized price-to-risk ratios.

PBDC: The Recent Downturn Confirms The Inherent Flaws

My BDC Portfolio And The Strategy For Alpha Going Forward

This is my first BDC portfolio monthly performance review article. The good news is that the portfolio has done its job, outperforming the two BDC benchmarks - PBDC and BIZD. Yet, on an absolute basis, the portfolio is slightly down.

My BDC Portfolio And The Strategy For Alpha Going Forward

2 Income ETFs To Ride Out The Current Market Decline

Dividends provide stability and psychological benefits during market declines, helping investors avoid panic selling and irrational decisions. Janus Henderson AAA CLO ETF offers a 6.1% dividend yield with investment-grade debt, providing stable income and sector diversification. Putnam BDC Income ETF offers a 9.1% dividend yield with high-quality BDCs, combining capital appreciation and income, but with higher price volatility.

2 Income ETFs To Ride Out The Current Market Decline

PBDC On The Chopping Block: The BDC Bonds Are Still Better

The PBDC ETF is scrutinized for its holdings in the BDC sector, with a focus on risk-adjusted returns compared to BDC bonds. Despite a recent sector sell-off, BDC common equity remains overvalued, making BDC baby bonds a safer investment with better returns. BDC baby bonds, with an expected leveraged return of 10.35%, outperform PBDC's 9.24% return.

PBDC On The Chopping Block: The BDC Bonds Are Still Better

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