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GlobeNewswire (Wed, 4:20PM)
GlobeNewswire (Feb 14, 2014)
at CNBC.com (Jul 19, 2013)
at CNBC.com (Jul 17, 2013)
at CNBC.com (Jun 19, 2013)
TCRD vs. ETF Alternatives
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Wednesday, Feb 261:16 PM
Wednesday, Feb 261:16 PM| 14 Comments
- WIth business development companies getting the boot from S&P indices, will the Russell follow suit? It's a significant issue as investors are far more heavily invested in BDCs though the Russell indices than through S&P, writes Brendan Conway. He notes ownership of BDCs by Russell-tracking index funds are as high as 38 days worth of trading volume, and Wells Fargo estimates there are 24 BDCs where 10 or more days of average volume would be required to unload them.
- Wells, however, does not see Russell following S&P's lead, with item #1 being Russell's desire to "represent small cap reality." "Russell Indices receive acclaim because they are willing to provide investors access to the true investable small cap universe. To the extent BDCs are excluded, this would deprive investors the opportunity to invest in what has become a very large/growing industry."
- The following list is those BDCs with 10 or more days of average volume in index funds tracking Russell indices.
- NGPC 38.23 days of volume, CSWC 29 days, SCM 23.5, FDUS 20.7, GARS 20, MVC 19.7, SUNS 18, WHF 17.8, SLRC 17.2, CPTA 16, MCGC 15.1, BKCC 14.9, TCRD 14, HRZN 14, TCAP 13.9, PNNT 13.3, HTGC 12.6, TICC 12.6, GLAD, 12.4, GBDC 12.3, KCAP 12.2, TAXI 11.8, MAIN 11.4, NMFC 9.98.
- Related ETFs: BDCL, BDCS, BIZD
- Other major names - no doubt included in the indices, but whose holdings are less than 10 days of average trading volume: PSEC, FSC, ARCC, AINV, MCC, HTGC, TCPC, FULL, GBDC
Tuesday, Feb 2510:35 AM
Tuesday, Feb 2510:35 AM| 41 Comments
- Amid the dropping of Prospect Capital (PSEC -3%) from the S&P SmallCap 600 and Apollo Investment from the S&P MidCap 400, the business development sector is reeling a bit.
- Ares Capital (ARCC -1.5%), Main Street (MAIN -1.8%), Blackrock Kelso (BKCC -3.3%), Triangle (TCAP -2.2%), TICC Capital (TICC -1.2%), PennantPark (PNNT -2.7%), THL Credit (TCRD -1.2%), Hercules Technology (HTGC -2.6%).
- BDC ETFs: BDCL, BDCS, BIZD
- See also: AINV with 12M share secondary
Monday, Nov 42013, 6:43 PM
Monday, Nov 42013, 5:56 PM
Tuesday, Aug 62013, 4:14 PM
Wednesday, Jul 172013, 12:13 PMSandRidge Energy (SD +3.2%) gets a boost as Lee Cooperman presents at the Delivering Alpha conference. Asked which of his best ideas has the highest risk/reward, he says SandRidge is a potential double. The other picks: ESRX, QCOM, TMO, ABR, ARP, CIM, KFN, TCRD. |Wednesday, Jul 172013, 12:13 PM| 5 Comments
Wednesday, Jun 192013, 2:42 PMAside from Linn Energy (LINE +6%) (earlier), SandRidge Energy (SD +3.2%) also enjoys a sustained rise from Lee Cooperman's CNBC comments. He thinks SD's assets are worth close to $10/share and expects management changes in the coming weeks. The full list of stocks Cooperman likes (video): TCRD, ESRX, HAL, RIG, QCOM, MSI, CIM, S, DISH, ARP. |Wednesday, Jun 192013, 2:42 PM| 2 Comments
Wednesday, Jun 192013, 12:35 PM"The Fed just has to remain friendly and I think they will," says Lee Cooperman, following Jeff Gundlach on CNBC. Business development firm THL Credit (TCRD) gets a boost after Cooperman mentions it as a company providing both growth and yield. Linn Energy (LINE): "We think the assets are worth more than $40." |Wednesday, Jun 192013, 12:35 PM| 4 Comments
Tuesday, May 72013, 6:20 AM
Monday, May 62013, 6:15 PM
Tuesday, Mar 262013, 10:36 AMInvestors may want to take profits in BDCs, says Wells Fargo, downgrading the sector to Hold. New investment yields are near historic lows despite higher leverage multiples and a spike in covenant-lite deals, says Wells, a risky combination. Individual downgrades: AINV, PSEC, BKCC, TICC, HRZN, PNNT, TCRD, MCC. A few upgrades make the mix: HTGG, GBDC, ARCC, NMFC. |Tuesday, Mar 262013, 10:36 AM| 14 Comments
Monday, Mar 42013, 5:01 PM