CADWX: CION Ares Diversified Credit L

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CADWX CION Ares Diversified Credit L


Profile

CADWX - Profile

Vitals

  • YTD Return -10.2%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $N/A
  • Holdings in Top 10 N/A

52 WEEK LOW AND HIGH

$23.27
$21.03
$26.01

Expenses

OPERATING RELATED FEES

  • Expense Ratio 4.24%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover N/A

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,500
  • IRA $1,000

Fund Classification

  • Primary Caregory
  • Fund Type Closed-end mutual fund
  • Investment Style Bank Loan

Distributions

  • YTD Total Return -10.2%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.47%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    CION Ares Diversified Credit Fund
  • Fund Family Name
    CION Investments
  • Inception Date
    Nov 02, 2017
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Mitch Goldstein

Fund Description

The fund will invest primarily in a portfolio of directly originated loans, secured floating and fixed rate syndicated loans, corporate bonds, asset-backed securities, commercial real estate loans and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the fund's managed assets. It may also invest in foreign instruments and illiquid and restricted securities.


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Categories

Performance

CADWX - Performance

Return Ranking - Trailing

Period CADWX Return Category Return Low Category Return High Rank in Category (%)
YTD -10.2% -18.0% 0.0% 45.00%
1 Yr -10.1% -21.9% 4.1% 40.00%
3 Yr N/A* -12.8% 0.2% N/A
5 Yr N/A* -9.1% 1.4% N/A
10 Yr N/A* -2.8% -0.6% N/A

* Annualized

Return Ranking - Calendar

Period CADWX Return Category Return Low Category Return High Rank in Category (%)
2019 3.6% -4.9% 7.5% 31.58%
2018 -1.1% -18.4% 5.5% 18.42%
2017 N/A -4.2% 3.7% N/A
2016 N/A -65.0% 18.1% N/A
2015 N/A -22.0% -0.3% N/A

Total Return Ranking - Trailing

Period CADWX Return Category Return Low Category Return High Rank in Category (%)
YTD -10.2% -18.0% 0.0% 45.00%
1 Yr -10.1% -21.9% 4.1% 40.00%
3 Yr N/A* -12.8% 0.2% N/A
5 Yr N/A* -9.1% 3.9% N/A
10 Yr N/A* -2.8% -0.6% N/A

* Annualized

Total Return Ranking - Calendar

Period CADWX Return Category Return Low Category Return High Rank in Category (%)
2019 3.6% -4.9% 7.5% 31.58%
2018 -1.1% -18.4% 5.5% 18.42%
2017 N/A -4.2% 3.7% N/A
2016 N/A -65.0% 18.1% N/A
2015 N/A -22.0% 4.8% N/A

NAV & Total Return History


Holdings

CADWX - Holdings

Concentration Analysis

CADWX Category Low Category High CADWX % Rank
Net Assets N/A 47.4 M 1.3 B N/A
Number of Holdings N/A 54 740 N/A
Net Assets in Top 10 N/A -208 M 609 M N/A
Weighting of Top 10 N/A 7.3% 94.9% N/A

Top 10 Holdings

  1. Cogeco Communications (Usa) Ii Lp/Term Loan 01/18 1.55%
  2. Imia Holdings, Inc./Term Loan 10/18 1.34%
  3. Eagle Bidco Limited/Gbp Facility B 05/15 1.33%
  4. Flora Food Group/Eur Term Loan 2/18 1.17%
  5. Dorna Sports, S.L./Eur B2 Term Loan Facility 03/11 1.17%
  6. Starfruit Finco B.V/Initial Dollar Term Loan 09/18 1.16%
  7. Wright By The Sea 1901, Llc/Loan 10/18 1.04%
  8. Sfe Intermediate Holdco Llc/Incremental Term Loan 8/18 1.04%
  9. Nmc Skincare Intermediate Holdings Ii, Llc/Term Loan 10/18 1.03%
  10. Centric Brands Inc./First Lien Term Loan 9/18 1.03%

Asset Allocation

Weighting Return Low Return High CADWX % Rank
Stocks
0.00% -14.93% 5.52% N/A
Preferred Stocks
0.00% 0.00% 18.91% N/A
Other
0.00% -4.39% 10.44% N/A
Convertible Bonds
0.00% 0.00% 7.48% N/A
Cash
0.00% -45.93% 39.11% N/A
Bonds
0.00% 44.30% 145.92% N/A

Expenses

CADWX - Expenses

Operational Fees

CADWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 4.24% 0.73% 10.93% 12.50%
Management Fee 1.50% 0.00% 1.73% 97.78%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.08% 0.25% N/A

Sales Fees

CADWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

CADWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CADWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 11.70% 122.00% N/A

Distributions

CADWX - Distributions

Dividend Yield Analysis

CADWX Category Low Category High CADWX % Rank
Dividend Yield 0.00% 0.00% 2.00% 87.23%

Dividend Distribution Analysis

CADWX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

CADWX Category Low Category High CADWX % Rank
Net Income Ratio 4.47% 3.42% 9.15% 75.00%

Capital Gain Distribution Analysis

CADWX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

CADWX - Fund Manager Analysis

Managers

Mitch Goldstein


Start Date

Tenure

Tenure Rank

Jan 26, 2017

3.43

3.4%

Mr. Goldstein is a Partner in the Ares Credit Group and a member of the Management Committee of Ares Management. He additionally serves as Co-President of ARCC. He is a member of the Investment Committee of ARCC's investment advisor, Ares Capital Management LLC, and the Ares Credit Group's U.S. Direct Lending Investment Committee. He additionally serves on the Ivy Hill Asset Management Investment Committee and the Ares Commercial Finance Investment Committee. Prior to joining Ares Management in May 2005, Mr. Goldstein worked at Credit Suisse First Boston, where he was a Managing Director in the Financial Sponsors Group. At CSFB, Mr. Goldstein was responsible for providing investment banking services to private equity funds and hedge funds with a focus on M&A and restructurings as well as capital raisings, including high yield, bank debt, mezzanine debt, and IPOs. Mr. Goldstein joined CSFB in 2000 at the completion of the merger with Donaldson, Lufkin & Jenrette. From 1998 to 2000, Mr. Goldstein was at Indosuez Capital, where he was a member of the Investment Committee and a Principal, responsible for originating, structuring and executing leveraged transactions across a broad range of products and asset classes. From 1993 to 1998, Mr. Goldstein worked at Bankers Trust. Mr. Goldstein graduated summa cum laude from the State University of New York at Binghamton with a B.S. in Accounting, received an M.B.A. from Columbia University's Graduate School of Business and is a Certified Public Accountant.

Greg Margolies


Start Date

Tenure

Tenure Rank

Jan 26, 2017

3.43

3.4%

Mr. Margolies is a Partner in the Ares Credit Group, the Head of Markets for Ares, and a member of the Management Committee of Ares Management and is Vice President of CION Ares Diversified Credit Fund. Additionally, Mr. Margolies serves as a member of the Ares Credit Group’s Global Structured Credit Investment Committee, the Ares Dynamic Credit Allocation Fund Investment Committee and the Ares Private Equity Group’s Special Situations Funds Investment Committee. Prior to joining Ares in 2009, Mr. Margolies served as a Managing Director and Global Head of Leveraged Finance and Capital Commitments at Merrill Lynch & Co. and was a member of the Executive Committee for Merrill Lynch’s Global Investment Banking Group. Previously, Mr. Margolies was Co-Head of the DB Capital Mezzanine Fund. Mr. Margolies serves on the Board of Directors for the International Organization for Women and Development and the Advisory Council for University of Michigan’s Life Science Institute and the Board of Trustees for The Juilliard School. Mr. Margolies holds a B.A. from the University of Michigan in International Economics and Finance and an M.B.A. from the University of Pennsylvania Wharton School of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 25.19 6.06 0.41