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Investment Portfolio Snapshot

CION Ares Diversified Credit

As of August 31, 2018

The portfolio snapshot below must be preceded or accompanied by a prospectus.  By proceeding, you acknowledge that you have received and reviewed the prospectus.  If not, a prospectus can be obtained hereView the risk factors here.


Management Team

  • Mitch Goldstein
    Co-Head of Ares Credit Group
    23 years experience
  • Greg Margolies
    Head of Markets, Ares Management
    29 years experience
  • CADC’s allocation committee consists of an
    additional 13 members, averaging nearly
    25 years experience.


Class A Inception 01/26/2017
Class C & I Inception 07/12/2017
Class L Inception 11/02/2017
Net Assets $135.7 MM
Total Issues 179
Distributions1 Monthly
Current Distribution Rate2 5.41%
Class A NAV Sharpe Ratio (Annualized) 5.94
Class A Standard Deviation 0.98%


Excludes cash, other net assets and equity instruments.



MTD YTD Since Inception (Annualized)
Class A Share – CADEX 0.81% 5.34% 7.55%
Class C Share – CADCX 0.81% 5.34% 8.54%
Class I Share – CADUX 0.81% 5.34% 8.54%
Class L Share – CADWX 0.81% 5.34% 6.70%
Total return is a measure of the change in NAV including reinvestment of all distributions and is presented on a net basis reflecting the deduction of fund expenses and applicable fees with expense support provided by CAM. The Class A and Class L Shares excludes all sales commissions and dealer manager fees. If these had been deducted, performance would have been lower. Returns for periods of less than one year are not annualized. Past performance is not indicative of future results.



Name of Holding % of Portfolio
Premise Health Holding Corp.  1.5%
Production Resource Group, LLC 1.5%
Hometown Food Company 1.5%
Visual Edge Technology, Inc. 1.4%
Foundation Risk Partners, Corp.  1.4%
Implementation Management Assistance, LLC 1.3%
ICG 2018-2 1.2%
Dryden 2016-43  1.1%
Kindred at Home  1.1%
Allegro 2018-2 1.0%

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security.

Risks and limitations include, but are not limited to, the following: most credit instruments will be rated below investment grade and should be considered speculative; illiquid investments may be susceptible to economic downturns causing extended losses; there is no guarantee that all shares can be repurchased; the Fund’s business and operations may be negatively impacted by fluctuations in the capital markets; the Fund is a newly organized, diversified, closed-end investment company with no operating history; diversification does not eliminate the risk of experiencing investment losses.

Sharpe Ratio – a risk-adjusted measure that measures reward per unit of risk.  The higher the Sharpe Ratio, the better.  The numerator is the difference between a portfolio’s trailing twelve month (TTM) return and the return of a risk-free instrument. The denominator is the portfolio’s standard deviation.

Standard Deviation – a widely used measure of an investment’s performance volatility. Standard deviation shows how much variation from the mean exists with a larger number indicating the data points are more spread out over a larger range of values.

1. Monthly Distributions – There is no assurance monthly distributions paid by the fund will be maintained at the targeted level or paid at all.

2. Current Distribution Rate – Current distribution rate is expressed as a percentage equal to the projected annualized distribution amount (which is calculated by annualizing the current cash distribution per share without compounding), divided by the current net asset value. The current distribution rate shown may be rounded.

A portion of distributions may be a direct result of expense support payments provided by CION Ares Management, LLC (“CAM”), which are subject to repayment by CADC within three years. The purpose of this arrangement is to ensure that CADC bears an appropriate level of expenses. Any such distributions may not be entirely based on investment performance and can only be sustained if positive investment performance is achieved in future periods and/or CAM continues to make such expense support payments. Future repayments will reduce cash otherwise potentially available for distributions. There can be no assurance that such performance will be achieved in order to sustain these distributions. CAM has no obligation to provide expense support payments in future periods.

CADC may fund distributions from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital, as well as net income from operations, capital and non-capital gains from the sale of assets, dividends or distributions from equity investments and expense support payments from CAM, which are subject to repayment. For the year ending October 31, 2017, distributions were paid from taxable income and did not include a return of capital for tax purposes. If expense support payments from CAM were not provided, some or all of the distributions may have been a return of capital which would reduce the available capital for investment. The sources of distributions may vary periodically. Please refer to the semi-annual or annual reports filed with the SEC for the sources of distributions.

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