Top 10 Holdings as of 12/31/2023 (%)
| % of Net Assets | |
|---|---|
| QVC, Inc., 04/01/2024, 4.850% | 3.8 |
| Cimpress PLC., 06/15/2026 7.000% | 3.8 |
| Abercrombie & Fitch 07/15/2025, 8.750% | 3.5 |
| Equitrans Midstream Corp, Perp Pref 9.750% | 3.5 |
| Opnet S.P.A., 08/09/2023 8.452% | 3.3 |
| % of Net Assets | |
|---|---|
| Conduent Services LLC, 11/01/2029, 6.000% | 3.0 |
| Turning Point Brands 02/15/2026, 5.625% | 2.9 |
| WildBrain Ltd., 09/30/2024 5.875% | 2.9 |
| Valvoline, Inc., 02/15/2030, 4.240% | 2.6 |
| ANGI Group LLC, 08/15/2028, 3.875% | 2.5 |
Sector Allocation as of 12/31/23 (%)
| % of Net Assets | |
|---|---|
| Consumer Discreationary | 23.0 |
| Industrials | 19.3 |
| Energy | 14.4 |
| Communication Services | 11.8 |
| Health Care | 11.5 |
| Financials | 8.1 |
| Consumer Staples | 6.7 |
| Information Technology | 3.1 |
| Cash & Cash Equivalent | 1.5 |
| Materials | 0.6 |
Asset Allocation as of 12/31/23 (%)
| % of Net Assets | |
|---|---|
| Corporate Bonds | 85.3 |
| Loans | 10.2 |
| Convertible Bonds | 3.1 |
| Cash & Cash Equivalents | 1.0 |
| Preferred Stocks | .4 |
Credit Quality as of 12/31/23 (%)
| Standard and Poor's Credit Quality | % of Net Assets |
|---|---|
| A+ | 1.2 |
| BBB+ | 2.1 |
| BBB | 4.8 |
| BBB- | 2.7 |
| BB+ | 1.6 |
| BB | 11.6 |
| BB- | 16.2 |
| B+ | 9.3 |
| B | 4.7 |
| B- | 14.6 |
| CCC+ | 4.7 |
| CCC | 1.1 |
| Non-Rated | 25.1 |
| Cash or Equivalent | 0.3 |
Portfolio Characteristics as of 12/31/23
Weighted Avg Maturity
3.14 yrs
Weighted Avg Yield to Maturity
9.82%
Modified Duration
2.01 yrs
30-day Subsidized SEC Yield
8.14%
30-day Unsubsidized SEC Yield
8.08%