Top 10 Holdings as of 3/31/2024 (%)
| % of Net Assets | |
|---|---|
| Valvoline, Inc., 02/15/2030, 4.250% | 3.90 |
| Cimpress PLC., 06/15/2026 7.000% | 3.40 |
| Equitrans Midstream Corp, Perp Pref 9.750% | 3.20 |
| Turning Point Brands 02/15/2026, 5.625% | 3.10 |
| Abercrombie & Fitch 07/15/2025, 8.750% | 2.90 |
| % of Net Assets | |
|---|---|
| WildBrain Ltd., 09/30/2024 5.875% | 2.80 |
| Conduent Services LLC, 11/01/2029, 6.000% | 2.60 |
| Opnet S.P.A., 02/09/2026 10.925% | 2.60 |
| ANGI Group LLC, 08/15/2028, 3.875% | 2.50 |
| KeHe Distributors LLC, 02/15/2029, 9.000% | 2.40 |
Sector Allocation as of 03/31/24 (%)
| % of Net Assets | |
|---|---|
| Consumer Discreationary | 22.7 |
| Industrials | 14.7 |
| Communication Services | 14.5 |
| Energy | 10.7 |
| Consumer Staples | 10.7 |
| Health Care | 10.4 |
| Financials | 8.3 |
| Real Estate | 2.9 |
| Information Technology | 2.7 |
| Materials | 1.8 |
| Cash & Equivalents | 0.6 |
Asset Allocation as of 03/31/24 (%)
| % of Net Assets | |
|---|---|
| Corporate Bonds | 79.4 |
| Loans | 10.3 |
| Preferred Stock | 4.5 |
| Convertible Bonds | 3.8 |
| Common Stock | 1.5 |
| Cash & Equivalent | 0.6 |
Credit Quality as of 03/31/24 (%)
| Standard and Poor's Credit Quality | % of Net Assets |
|---|---|
| A+ | 0.6 |
| BBB+ | 2.3 |
| BBB | 2.6 |
| BBB- | 2.7 |
| BB+ | 4.7 |
| BB | 8.7 |
| BB- | 12.1 |
| B+ | 7.4 |
| B | 10.4 |
| B- | 18.1 |
| CCC+ | 2.9 |
| CCC | 2.7 |
| Non-Rated | 18.5 |
| Preferred Stock | 4.5 |
| Common Stock | 1.5 |
| Cash or Equivalent | 0.4 |
Portfolio Characteristics as of 03/31/24
Weighted Avg Maturity
3.24 yrs
Weighted Avg Yield to Maturity
9.40%
Modified Duration
2.2 yrs
30-day Subsidized SEC Yield
7.87%
30-day Unsubsidized SEC Yield
7.87%