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Closed End Funds

Voya High Income Floating Rate FundMarch 31, 2017

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The Fund’s investment objectives are to (i) provide monthly cash distributions; (ii) preserve capital; and (iii) generate increased returns in the event that short-term market interest rates rise, in each case, through an investment in a diversified portfolio consisting primarily of first lien and second lien secured floating rate loans of non-investment grade North American borrowers, actively managed by ING Investment Management Co. LLC (the “Sub-Advisor”). The Sub-Advisor will strategically allocate among the Fund's permitted investments based upon its view of economic conditions, asset availability and macro-economic trends.

The Fund has two classes of Units: Class A Units and Class U Units. Class A Units (TSX: IHL.UN) are denominated and pay distributions in Canadian dollars. Class U Units are denominated and pay distributions in U.S. dollars. The Class U Units are unlisted; however, daily NAVs are reported on this website and Class U Units can be converted to Class A units on a weekly basis.

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 Loans which are floating rate, returns may vary with changes in interest rates. The Fund’s initial distribution target is expected to be $0.05417 per Unit per month (U.S. $0.05417 in the case of the Class U Units), representing an initial yield on the Unit issue price of 6.5% per annum.

For weekly prices, click here.  

Performance Review

Performance (%) – Class A

As OfCurrent QuarterYTD1 Yr2 Yr3 Yr4 Yr5 yrIncep.
03/31/20170.50.57.32.43.0--3.6

Portfolio Review

Top 10 Issuers

(19.4% of Portfolio)% of AUM
Huntsman International LLC2.4
Rackspace Hosting2.4
XPO Logistics2.4
Encompass Digital Media, Inc.2.2
Avolon Holdings Limited1.9
Albertsons LLC1.9
Western Digital1.9
Coinmach Service Corp.1.4
Gardner Denver, Inc.1.4
Horseshoe Baltimore1.4

Top 15 Industries

(64.4% of Portfolio)% of AUM
Electronics/Electrical13.0
Health Care9.6
Telecommunications7.7
Chemicals & Plastics5.2
Surface Transport4.5
Business Equipment & Services3.1
Food/Drug Retailers2.8
Industrial Equipment2.8
Lodging & Casinos2.8
Retailers (Except Food & Drug)2.5
Diversified Insurance2.4
Automotive2.4
Radio & Television2.0
Aerospace & Defense1.9
Home Furnishings1.9

Portfolio by Issuer

Number of Issuers75
Average $ per Issuer (USD)$280,644
Average % per Issuer1.3%

Portfolio by Industry

Total Industries24
Average $ per Industry (USD)$877,011
Average % per Industry4.2%

Portfolio Characteristics

 Dec. 31, 2016Mar. 31, 2017
Weighted Average Spread (bps)4.24%3.77%
Weighted Average Coupon (bps)5.25%4.93%
1st Lien Term Loans97.89%98.49%
Loans with LIBOR Floors96.47%92.23%
Unsecured Bonds0.00%0.00%

Portfolio Size & Leverage

Total Assets$28,071,029
Net Assets$28,071,008
Leverage (% of total assets)0.0%

Fund Facts

Class A Units (March 31, 2017)

NAV:$8.22
Market Price:$8.11
Monthly Distribution:$0.05417
Cumulative Distributions:$2.24
Current Yield (Annualized):8.0%
Market Capitalization:$26.1 million
TSX Symbol:IHL.UN

Class U Units (March 31, 2017)

(All figures in U.S. Dollars) 
NAV:$8.34
Monthly Distribution:$0.05417
Cumulative Distributions:$2.24
Current Yield (Annualized):7.8%

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 High Income Floating Rate 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.

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