![]() 4 With earnings conditions recovering, the loan markets credit quality composition is steadily returning towards pre-COVID-19 levels. The earnings rebound among speculative-grade issuers whichīegan in earnest during Q1 2021 continued into Q2 2021. The loan market continued to benefit from strong fundamental and technical backdrops. Worst-performing sector returning -2.28%. 1 Energy was the best performing sector returning 20.06% for the fiscal year, while Utility was the During the fiscal year, BB-, B- and CCC-rated loans returned 4.22%, 7.60% and 22.28%, respectively. The loan market following the COVID-19 sell-off. 3 Themes of performance dispersion by credit rating and industry remained during the price recovery in 1 With business reopening well underway, loan prices in the secondary market were supported by issuers improving earnings and cash flow, which contributed to robust balance sheets and vanishingĮvidence of issuer distress as 1% of the market traded below $80 as of the end of August 2021. Senior loans returned 8.50% as represented by the Credit Suisse Leveraged Loan Index during the Funds fiscal year. During this bout of volatility, Senior loans defensive positioning at the top of the capital structure benefited the asset class, as it experienced more muted drawdowns compared to other risk assets. Investors viewed the accommodative monetary and fiscal policies taken on by central banks around the globe as encouraging and began to look through what was deemed as short term disruptionsĬaused by the pandemic. Report of Independent Registered Public Accounting FirmĪpproval of Investment Advisory and Sub-Advisory Contractsĭuring the fiscal year covered by this report, the senior loan market was characterized by a continued rebound after the sharp sell-off during the outbreak of coronavirus (COVID-19). Managements Discussion of Fund Performance ![]() The Registrants annual report transmitted to shareholders pursuant to Ruleģ0e-1 under the Investment Company Act of 1940 is as follows: The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DCĢ0549-0609. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB)Ĭontrol number. The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.Ī registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this Registrants telephone number, including area code:ĭate of reporting period: August 31, 2021įorm N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 daysĪfter the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFRĢ70.30e-1). ![]() (Address of principal executive offices) (Zip code) (Exact name of Registrant as specified in charter) Investment Company Act file number 811-21977
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |