heading_image

Closed End Funds

Voya Floating Rate Senior Loan FundMarch 31, 2017

Printer Friendly
Commentary Commentary-tooltip
Performance Performance-tooltip

The Fund’s investment objectives are to (i) provide distributions; (ii) preserve capital; and (iii) generate increased returns in the event that short-term interest rates rise, in each case, through exposure to a diversified portfolio consisting primarily of Senior Loans and other senior debt obligations of non-investment grade North American borrowers, actively managed by the Sub-Advisor.

The Fund has two classes of Units: Class A Units and Class U Units. Class A Units (TSX: ISL.UN) are denominated and pay distributions in Canadian dollars. Class U Units (TSX: ISL.U) are denominated and pay distributions in U.S. dollars.

The Fund will not have a fixed distribution policy, but intends to make monthly distributions based on the actual and expected returns on the Portfolio. Given that the majority of the Portfolio will be invested in Senior Loans which are floating rate, returns will vary with changes in interest rates. The Fund’s initial distribution target is expected to be $0.0417 per Unit per month (US $0.0417 in the case of the Class U Units), representing an initial yield on the Unit issue price of 5.0% per annum, consisting primarily of returns of capital which are not immediately taxable but which reduce a Unitholder’s adjusted cost base of its Units.

For weekly prices, click here.

Performance Review

Performance (%) – Class A

As OfCurrent QuarterYTD1 Yr2 Yr3 Yr4 Yr5 yrIncep.
03/31/20171.11.19.03.53.64.45.75.7

Portfolio Review

Top 10 Issuers

(12.0% of Portfolio)% of AUM
Sedgwick Holdings, Inc.1.5
Hawaiian Telecom Communications, Inc.1.5
USI, Inc.1.3
PetSmart, Inc.1.2
Avolon Holdings Ltd.1.2
Liberty Cablevision of Puerto Rico LLC1.2
TI Group Automotive Systems, LLC1.1
Connolly / iHealth Technologies1.1
BBB Industries US Holdings, Inc.1.0
American Airlines, Inc.1.0

Top 15 Industries

(85.9% of Portfolio)% of AUM
Electronics/Electrical14.7
Health Care11.8
Business Equipment & Services7.1
Telecommunications6.5
Chemicals & Plastics6.4
Diversified Insurance5.3
Automotive5.2
Retailers (Except Food & Drug)5.1
Leisure Goods/Activities/Movies4.5
Lodging & Casinos4.1
Cable & Satellite Television3.4
Industrial Equipment3.2
Containers & Glass Products3.2
Radio and Television3.0
Aerospace & Defense2.8

Portfolio Size & Leverage

Total Assets$166,551,701
Net Assets$118,006,716
Leverage (% of total assets)29.1%

Portfolio by Issuer

Number of Issuers285
Average $ per Issuer (USD)$438,190
Average % per Issuer0.4%

Portfolio Characteristics

 Dec. 31, 2016Mar. 31, 2017
Weighted Average Spread (bps)4.33%3.90%
Weighted Average Coupon (bps)5.34%5.06%
1st Lien Term Loans91.12%93.73%
Loans with LIBOR Floors93.73%89.49%
Unsecured Bonds0.37%0.00%

Portfolio by Industry

Total Industries35
Average $ per Industry (USD)$3,568,118
Average % per Industry2.9%

Fund Facts

Class A Units (March 31, 2017)

NAV:$9.40
Market Price:$9.19
Monthly Distribution:$0.0417
Cumulative Distributions:$3.12
Current Yield (Annualized):5.4%
Market Capitalization:$86.9 million
TSX Symbol:ISL.UN

Class U Units (March 31 2017)

(All figures in U.S. Dollars) 
NAV:$8.51
Market Price:$8.45
Monthly Distribution:$0.0417
Cumulative Distributions:$3.72
Current Yield (Annualized):5.9%
Market Capitalization:$21.4 million
TSX Symbol:ISL.U

This webpage and related documents may make forward-looking statements and there are risks that actual results could differ materially from forecasts, projections or conclusions in the forward-looking statements. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections in the forward-looking statements and you may find additional information about such material factors and assumptions and the material factors that could cause actual results to so differ in the prospectus for Voya Floating Rate Senior Loan Fund (the “Fund”) and on an ongoing basis in the Fund’s management reports of fund performance. The above information should be considered as background information only and should not be construed as investment or financial advice. Further, it should not be construed as an offer or solicitation to buy or sell securities. Investors should read the Fund’s prospectus and continuous disclosure documents available at www.astonhill.ca or www.sedar.com, which further describe the risks and fees and expenses associated with an investment in the securities of the Fund and should consult with professional advisors before making investments decisions.

Please correct the following errors:

Minimum Investment Requirements

The AHF Credit Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $125,000 or $25,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $25,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the AHF Credit Opportunities Fund.


Disclaimer: Information pertaining to AHF Credit Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the AHF Credit Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

Minimum Investment Requirements

The Aston Hill Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $150,000 or $5,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $5,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the Aston Hill Opportunities Fund.


Disclaimer: Information pertaining to Aston Hill Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the Aston Hill Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

X


close.jpg

click-here.jpg

Markets

May 29, 2017 16:04 EDT

S&P/TSX 4.98 icon-arrow-up-green-small-dark.png 15,421.91
S&P 500 0.75 icon-arrow-up-green-small-dark.png 2,415.82
Dow Jones -2.67 icon-arrow-down-red-small.png 21,080.28
NASDAQ 4.93 icon-arrow-up-green-small-dark.png 6,210.19
CAD/USD -0.00 icon-arrow-down-red-small.png 0.74
Oil (NY) 0.19 icon-arrow-up-green-small-dark.png 49.99
Gold -1.60 icon-arrow-down-red-small.png 1,266.50
Natural Gas -0.10 icon-arrow-down-red-small.png 3.21
back-to-top.png