BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (DCF)
- CUSIP 05588N108
- NAV $ 7.68 As of 03/23/23
- CHG $ -0.02 (-0.26 %)
- MKT PRICE $7.25 As of 03/23/23
- CHG $0.11 (1.54 %)
- Ann. Dist. Rate 7.81% As of 02/28/23
- Premium/Discount -5.84% As of 03/24/23
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
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.
Average Effective Maturity - It is the weighted average of the effective maturity dates of the fixed-income securities in the fund's holdings. The average effective maturity does not take into account the fund’s use of leverage.
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 Head of High Yield, Deputy CIO, Alcentra NY, LLC
5 yr(s). on fund
-
Kevin Cronk, CFA
Head of U.S. Credit Research, Alcentra NY, LLC
5 yr(s). on fund
-
Brandon Chao
Portfolio Manager,
Since November 2022
Daily Statistics
As of 03/23/23NAME |
30-DAY SEC YIELD (WITHOUT WAIVER) |
30-DAY SEC YIELD (WITH WAIVER) |
NAV |
NAV CHANGE |
MARKET PRICE |
MARKET PRICE CHANGE |
PREMIUM/ DISCOUNT |
---|---|---|---|---|---|---|---|
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
|
9.58% | 9.58% | $7.68 |
$-0.02
-0.26%
|
$7.25 |
$0.11
1.54%
|
-5.84% |
30-Day SEC Yield - 30-Day SEC Yield is based upon dividends per share from net investment income during the past 30 days, divided by the period ended maximum offering price per share and annualized. 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.
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 02/28/23 NAME |
52 WEEK AVERAGE PREMIUM/DISCOUNT |
52 WEEK LOW/HIGH MARKET PRICE |
---|---|---|
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
|
-2.78% | $6.71-$8.62 |
Total Returns
Month End
Average Annual As of 02/28/23 |
|||||||
---|---|---|---|---|---|---|---|
Name |
3 MO 02/28/23 |
YTD 02/28/23 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
(DCF) |
5.19 | 9.50 | -5.08 | 0.92 | 3.19 | - | 2.24 |
ICE BofA Global High Yield Index
|
3.09 | 2.44 | -6.68 | -0.44 | 1.33 | 3.25 | - |
Quarter End
Average Annual As of 12/31/22 |
|||||||
---|---|---|---|---|---|---|---|
Name |
3 MO 12/31/22 |
YTD YTD 12/31/22 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
DCF |
6.25 | -17.76 | -17.76 | -1.60 | 1.70 | - | 0.55 |
ICE BofA Global High Yield Index
|
6.96 | -13.22 | -13.22 | -1.73 | 0.85 | 3.15 | - |
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 Merrill Lynch Global High Yield Constrained Index contains all securities in the ICE BofAML Global High Yield Index but caps issuer exposure at 2%. The BofAML 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 08/31/21Fee Description | Total Expense Ratio (%) |
---|---|
Management Fee | 1.19% |
Other Expenses | 0.47% |
Interest Expense | 0.76% |
Total 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
Bonds are subject generally to interest rate, credit, liquidity and market risks, to varying degrees.
Collateralized Loan Obligations ("CLOs") and other types of Collateralized Debt Obligations ("CDOs") are typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CLOs and other types of CDOs may be characterized by the fund as illiquid securities. In addition to the general risks associated with credit instruments, CLOs and other types of CDOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the CLO or CDO is subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.
The Senior Secured Loans in which the fund invests typically will be below-investment-grade quality. Although, in contrast to other below-investment-grade instruments, Senior Secured Loans hold senior positions in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the borrower, the risks associated with Senior Secured Loans are similar to the risks of below-investment-grade instruments. Although the Senior Secured Loans in which the fund will invest will be secured by collateral, there can be no assurance that such collateral can be readily liquidated or that the liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal. Additionally, if a borrower under a Senior Secured Loan defaults, becomes insolvent or goes into bankruptcy, the fund may recover only a fraction of what is owed on the Senior Secured Loan or nothing at all. In general, the secondary trading market for Senior Secured Loans is not fully developed. Illiquidity and adverse market conditions may mean that the fund may not be able to sell certain Senior Secured Loans quickly or at a fair price.
Subordinated Loans generally are subject to similar risks as those associated with investments in Senior Secured Loans, except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. Subordinated Loans are subject to the additional risk that the cash flow of the borrower and collateral securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior unsecured or senior secured obligations of the borrower. This risk is generally higher for subordinated, unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated Loans generally have greater price volatility than Senior Secured Loans and may be less liquid.
The use of leverage magnifies the fund's investment, market and certain other risks. For derivatives with a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself.
The fund may, but is not required to, use derivative instruments. 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.
CEFs are exposed to much of the same risk as other exchange traded products, including liquidity risk on the secondary market, credit risk, concentration risk and discount risk. If the CEF includes foreign market investments, it will be exposed to the typical foreign market risks, including currency, political and economic risk.
The Fund may invest all of its assets in below investment grade instruments. Below investment grade instruments are commonly referred to as "junk" or "high yield" instruments and are regarded as predominantly speculative with respect to the issuers capacity to pay interest and repay principal.
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. 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.
The fund's primary portfolio managers will make all determinations regarding allocations and reallocations of the fund's managed assets to the funds different credit strategies. 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.
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.
An investment in the fund's common shares may be speculative and it involves a high degree of risk. The fund should not constitute a complete investment program. Due to the uncertainty in all investments, there can be no assurance that the fund will achieve its investment objectives. It is anticipated that the fund will terminate on or about December 1, 2024. 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. The Fund should not be confused with a so-called "target date"or "life cycle" fund whose asset allocation becomes more conservative over time as the funds target date (often associated with retirement) approaches and does not typically terminate upon the target date.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
Risk Metrics
As of 02/28/23 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
---|---|---|---|---|---|
DCF
|
18.57 | 8.67 | 1.17 | 14.71 | 0.17 |
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 - It 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 - It is a measure of a security's or portfolio's excess return.
Beta - It is a measure of a security’s or portfolio’s volatility, or systematic risk.
R-Squared - It 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 - It 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 |
---|---|---|---|---|---|---|
03/10/23 | 03/09/23 | 03/24/23 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
RECORD DATE | EX-DIVIDEND DATE | PAYABLE DATE | DIVIDEND INCOME | SHORT-TERM CAPITAL GAIN |
LONG-TERM CAPITAL GAIN |
TOTAL DISTRIBUTION |
---|---|---|---|---|---|---|
02/09/23 | 02/08/23 | 02/24/23 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
12/29/22 | 12/28/22 | 01/13/23 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
12/07/22 | 12/06/22 | 12/21/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
11/08/22 | 11/07/22 | 11/23/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
10/13/22 | 10/12/22 | 10/27/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
09/09/22 | 09/08/22 | 09/23/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
08/11/22 | 08/10/22 | 09/01/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
07/08/22 | 07/07/22 | 07/22/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
06/09/22 | 06/08/22 | 06/24/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
05/10/22 | 05/09/22 | 05/24/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
04/08/22 | 04/07/22 | 04/25/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
03/10/22 | 03/09/22 | 03/24/22 | 0.0500 | 0.0000 | 0.0000 | 0.0500 |
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
ANNOUNCEMENTS
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PRODUCT INFORMATION
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DCF PRODUCT PAGE AS CHANGE IN CONTROL OF ALCENTRA NY, LLC THE FUNDS COMPLETED EFFECTIVE 11/1/2022 | Download | Share |
Reports
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Factsheet | Download | Share | ||
Annual Report | Download | Share | ||
Semi Annual Report | Download | Share | ||
1Q Fiscal Holdings | Download | Share | ||
3Q Fiscal Holdings | Download | Share |
REGULATORY DOCUMENTS
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SECTION 16 REPORTS | ||||
BNY Mellon Funds Audit Committee Charter |