BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (DCF)
- CUSIP 05588N108
- NAV $ 9.26 As of 09/18/24
- CHG $ 0.02 (0.22 %)
- MKT PRICE $9.13 As of 09/18/24
- CHG $0.00 (0.03 %)
- Ann. Dist. Rate 4.62% As of 08/31/24
- Premium/Discount -1.19% As of 09/19/24
Why invest in this Fund?
- Seeks to provide high current income for today's yield-challenged market
- Dynamic, multi-asset portfolio designed to access multiple sub-investment grade credit opportunities for enhanced yield potential with active risk management.
- Global strategy for expanded opportunities in the U.S. and Western European credit markets.
- Target term structure that seeks to return at least $9.835 per Common Share (the original NAV) to holders of record at the end of the Fund's term. (Please review the disclosure below)
- Time-tested and experienced management by Alcentra NY, LLC, a recognized leader in global credit investing.
– On or about December 1, 2024 the Fund will terminate. The termination date is subject to changes and/or extensions.
The objective to return at least the Fund's original NAV is not an express or implied guarantee obligation of the Fund, or any other entity, and an investor may receive less than the original NAV upon termination of the Fund. There is no assurance the Fund will achieve its investment objective
Yields and Expense Ratio
|
30-DAY SEC YIELD as of 09/19/24 |
ANNUALIZED DISTRIBUTION RATE as of 08/31/24 |
PROSPECTUS FEE TABLE EXPENSE RATIO (%) as of 08/31/21 |
|||
|---|---|---|---|---|---|
| Subsidized | Unsubsidized | Net | Gross | Contractual Fee Waiver End Date |
|
| 7.54 | 7.54 | 4.62 | 2.42 | 2.42 | - |
The SEC 30-day Yield is calculated by dividing the net investment income per share earned during the period (calculated in accordance with regulatory guidelines) by the maximum offering price per share on the last day of the period.
Unsubsidized yield displays what the fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place during the period.
NAV - A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.
Market Price - The market price is the most recent price at which the fund was traded.
Annualized Distribution Rate - It represents the latest declared regular distribution, annualized, relative to the market price as of quarter end. Special distributions, including special capital gains distributions, are not included in the calculation. Distributions are sourced entirely from net investment income, unless otherwise noted.
Net Assets - It is the total assets (inclusive of borrowings) minus liabilities (inclusive of borrowings).
Managed Assets - It is the total assets of the fund, including any assets attributable to leverage, minus the fund's accrued liabilities, other than any liabilities or obligations attributable to leverage.
Total Leverage - It is the amount of borrowed funds used to purchase assets in order to potentially enhance returns.
Average Effective Maturity (AEM) - is a measure of maturity that takes into account the possibility that a bond might be called back by the issuer. For a portfolio of bonds, average effective maturity is the weighted average of the maturities of the underlying bonds.
Average Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.
Portfolio Turnover Rate - It is a measure of how quickly securities in a fund are either bought or sold by the fund's managers, over a given period of time.
NAV - A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.
Market Price - The market price is the most recent price at which the fund was traded.
Annualized Distribution Rate - It represents the latest declared regular distribution, annualized, relative to the market price as of quarter end. Special distributions, including special capital gains distributions, are not included in the calculation. Distributions are sourced entirely from net investment income, unless otherwise noted.
Net Assets - It is the total assets (inclusive of borrowings) minus liabilities (inclusive of borrowings).
Managed Assets - It is the total assets of the fund, including any assets attributable to leverage, minus the fund's accrued liabilities, other than any liabilities or obligations attributable to leverage.
Total Leverage - It is the amount of borrowed funds used to purchase assets in order to potentially enhance returns.
Average Effective Maturity (AEM) - is a measure of maturity that takes into account the possibility that a bond might be called back by the issuer. For a portfolio of bonds, average effective maturity is the weighted average of the maturities of the underlying bonds.
Average Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.
Portfolio Turnover Rate - It is a measure of how quickly securities in a fund are either bought or sold by the fund's managers, over a given period of time.
Portfolio Managers
-
Chris Barris
Global HY Portfolio Manager, Alcentra NY, LLC
Managing Fund Since Inception
Joined Firm in 2013
Joined Industry in 1994
-
Kevin Cronk, CFA
US Loan Portfolio Manager, Alcentra NY, LLC
Managing Fund Since Inception
Joined Firm in 2013
Joined Industry in 1996
-
Brandon Chao
Portfolio Manager,
Managing Fund Since 2022
Joined Firm in 2017
Joined Industry in 2005
Daily Statistics
As of 09/18/24| NAME | NAV |
NAV CHANGE |
MARKET PRICE |
MARKET PRICE CHANGE |
PREMIUM/ DISCOUNT |
|---|---|---|---|---|---|
|
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
|
$9.26 |
$0.02
0.22%
|
$9.13 |
$0.00
0.03%
|
-1.19% |
Premium / Discount - The amount the fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund's NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund's NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number.
Market Price performance is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the NAV is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times.
Monthly Statistics
| As of 08/31/24 NAME |
52 WEEK AVERAGE PREMIUM/DISCOUNT |
52 WEEK LOW/HIGH MARKET PRICE |
|---|---|---|
|
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
|
-1.41% | $7.52-$9.09 |
Total Returns
Month End
|
Average Annual As of 08/31/24 |
|||||||
|---|---|---|---|---|---|---|---|
| Name |
3 MO 08/31/24 |
YTD 08/31/24 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
|
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
(DCF) |
5.84 | 14.71 | 22.67 | 4.88 | 6.57 | - | 5.56 |
|
ICE BofA Global High Yield Index
|
4.67 | 6.83 | 13.52 | 1.13 | 3.59 | 3.83 | - |
Quarter End
|
Average Annual As of 06/30/24 |
|||||||
|---|---|---|---|---|---|---|---|
| Name |
3 MO 06/30/24 |
YTD 06/30/24 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
|
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
DCF |
4.04 | 10.82 | 23.38 | 3.97 | 5.95 | - | 5.16 |
|
ICE BofA Global High Yield Index
|
1.21 | 2.70 | 10.62 | -0.02 | 2.79 | 3.35 | - |
The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield and investment return fluctuate and an investor's shares may be worth more or less that the original cost.
Total return based on market price represents changes to the fund's closing market price on its primary exchange. Total return based on net asset value (NAV) reflects changes in the fund's NAV during each period.
Returns are shown net of fund expenses and assumes the reinvestment of all distributions. Investors who purchase shares of the fund through an investment advisor or other financial professional may separately pay a fee to that service provider.
The ICE BofA Global High Yield Constrained Index contains all securities in the ICE BofA Global High Yield Index but caps issuer exposure at 2%. The BofA Global High Yield Index tracks the performance of USD-, CAD-, GBP- and EUR-denominated below-investment-grade corporate debt publicly issued in the major domestic or eurobond markets. Investors cannot invest directly in any index.
Growth of $10,000 Investment at Market Price
Historical NAV and Market Price Trailing Twelve Months
Historical Premium/Discount Trailing Twelve Months
Historical Performance
Past performance is no guarantee of future results.
Returns are shown net of fund expenses and assumes the reinvestment of all distributions.
Expense Ratio
As of 08/31/21| Fee Description | Total Expense Ratio (%) |
|---|---|
| Management Fee | 1.19% |
| Other Expenses | 0.47% |
| Interest Expense | 0.76% |
| Total Expenses | 2.42% |
| Net Expenses | 2.42% |
Total Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Total Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.
Please see the fund's Annual Report for full information on expenses.
Portfolio Manager
Asset Allocation
| Composition | Allocation |
|---|
Main Risks
No Operating History. The Fund has no operating history and its Common Shares have no history of public trading. As a result, prospective investors have no track record or history on which to base their investment decision.
Risk of Market Price Discount From Net Asset Value: Shares of closed-end funds frequently trade at a market price that is below their net asset value. This is commonly referred to as
trading at a discount.This characteristic of shares of closed-end funds is a risk separate and distinct from the risk that the Fund's net asset value may decrease. Common Shareholders who sell their Common Shares within a relatively short period after completion of this public offering are likely to be exposed to this risk.
Management and Allocation Risk: The Fund's primary portfolio managers will make all determinations regarding allocations and reallocations of the Fund's Managed Assets to each Credit Strategy. The percentage allocations among Credit Strategies may, from time to time, be out of balance with the target allocations set by the fund's primary portfolio managers due to various factors, such as varying investment performance among Credit Strategies, illiquidity of certain portfolio investments or a change in the target allocations. Any rebalancing of the Fund's portfolio, whether pursuant to a fixed percentage allocation or otherwise, may have an adverse effect on the performance of the Fund and may be subject to certain additional limits and constraints.
Seven-Year Term Risk: It is anticipated that the Fund will terminate on or about December 1, 2024, subject to certain extensions described herein. As the assets of the Fund will be liquidated in connection with its termination, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money.
Investment and Market Risk: An investment in the Fund is subject to investment risk, including the possible loss of the entire amount that you invest. Your investment in Common Shares represents an indirect investment in the credit instruments and other investments and assets owned by the Fund. The value of the Fund's portfolio securities may move up or down, sometimes rapidly and unpredictably.
Principal Risks of the Use of Derivatives: The Fund will be subject to additional risks with respect to its use of derivatives. A small investment in derivatives could have a potentially large impact on the Fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
Risks of Investing in Credit Instruments: Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in credit instruments and other investments with similar economic characteristics. Credit instruments are particularly susceptible to the following risks:
Issuer Risk: The market value of credit instruments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.
Credit Risk: Credit risk is the risk that one or more credit instruments in the Fund's portfolio will decline in price or fail to pay interest or principal when due because the issuer of the instrument experiences a decline in its financial status.
Foreign Investment Risk: Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
Equity Risk: Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund's prospectus.
Risk Metrics
| As of 08/31/24 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
|---|---|---|---|---|---|
|
DCF
|
9.10 | 6.27 | 0.71 | 35.66 | 0.26 |
All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is Bloomberg U.S. Aggregate Bond Index.
Standard Deviation - Standard deviation is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater the degree of dispersion, the greater the degree of risk. In mutual funds, the standard deviation tells us how much the return on the fund is deviating from the expected normal returns.
Alpha - Alpha is a measure of a security's or portfolio's excess return.
Beta - Beta is a measure of a security’s or portfolio’s volatility, or systematic risk.
R-Squared - R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.
Sharpe Ratio - Sharpe ratio is a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe ratio, the better.
Dividend Schedule
Distributions History
| RECORD DATE | EX-DIVIDEND DATE | PAYABLE DATE | DIVIDEND INCOME | SHORT-TERM CAPITAL GAIN |
LONG-TERM CAPITAL GAIN |
TOTAL DISTRIBUTION |
|---|---|---|---|---|---|---|
| 09/12/24 | 09/12/24 | 09/26/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| RECORD DATE | EX-DIVIDEND DATE | PAYABLE DATE | DIVIDEND INCOME | SHORT-TERM CAPITAL GAIN |
LONG-TERM CAPITAL GAIN |
TOTAL DISTRIBUTION |
|---|---|---|---|---|---|---|
| 08/08/24 | 08/08/24 | 09/03/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 07/11/24 | 07/11/24 | 07/25/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 06/06/24 | 06/06/24 | 06/21/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 05/09/24 | 05/08/24 | 05/23/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 04/11/24 | 04/10/24 | 04/25/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 03/07/24 | 03/06/24 | 03/21/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 02/08/24 | 02/07/24 | 02/23/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 12/28/23 | 12/27/23 | 01/12/24 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 12/07/23 | 12/06/23 | 12/21/23 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 11/09/23 | 11/08/23 | 11/27/23 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 10/12/23 | 10/11/23 | 10/26/23 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| 09/08/23 | 09/07/23 | 09/22/23 | 0.0350 | 0.0000 | 0.0000 | 0.0350 |
| See all rows... |
Distributions are sourced entirely from net investment income, unless noted otherwise. If the fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and accounting practices, the fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice.
Tax consequences of dividend or capital gain distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. You should not draw any conclusions about the Fund's investment performance from the amount of the fund's distributions. Trading CEFs will also generate tax consequences and transaction expenses. This information is general in nature and is not intended to constitute tax advice. Please consult your own legal or tax advisor for more detailed information on tax issues and advice as they relate to your specific situation.
Literature
PRODUCT INFORMATION
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| BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. - Commentary | Download | Share |
Reports
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| Factsheet | Download | Share | ||
| Annual Report - Common Stock | Download | Share | ||
| Semi Annual Report - Common Stock | Download | Share | ||
| 1Q Fiscal Holdings | Download | Share | ||
| 3Q Fiscal Holdings | Download | Share |
