CION Ares Diversified Credit Fund

CLASS A CADEX

Daily Class A Share Nav*

$25.61

Current Distribution Rate**

5.44% based on daily NAV

About the Fund

CION Ares Diversified Credit Fund (CADC) is a continuously offered, diversified, unlisted closed-end management investment company that is structured as an interval fund. The fund’s investment objective is to provide superior risk-adjusted returns across various market cycles by investing in a globally diversified portfolio of liquid and illiquid credit assets.

 

The fund materials 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 here. View the risk factors.

 

Get to Know CADC

Directly managed by CION Ares Management

Dynamically allocates across the full spectrum of credit assets

Globally diversified with an emphasis on U.S. and Western Europe

Floating rate focus to hedge against inflation and rising rates

Performance

As of October 15, 2019

MTD
-0.32%WITHOUT SALES CHARGE
-6.05%WITH SALES CHARGE
YTD
6.91%WITHOUT SALES CHARGE
0.77%WITH SALES CHARGE
TTM
4.72%WITHOUT SALES CHARGE
-1.31%WITH SALES CHARGE
SINCE INCEPTION
(Annualized)
6.53%WITHOUT SALES CHARGE
4.24%WITH SALES CHARGE
SINCE INCEPTION
(Cumulative)
18.76%WITHOUT SALES CHARGE
11.93%WITH SALES CHARGE

Returns include reinvestment of distributions and reflect fund expenses inclusive of expense support which will remain in effect at least until February 29, 2020 and may be subject to reimbursement in the future. The net expense ratio, inclusive of expense support, is 3.06% as of April, 30 2019. The gross expense ratio, without expense support, is 3.58% as of April, 30 2019. Expense ratios are annualized and calculated as a percentage of average net assets. The sales charge for Class A is up to 5.75%. Share values will fluctuate, therefore if repurchased, they may be worth more or less than their original cost. Past performance is not indicative of future results.

CADEX Growth of $10K Since Inception
<strong>CADEX Growth of $10K</strong> Since Inception

This graph illustrates the performance of a hypothetical $10,000 investment made in this Fund from the inception date of the product. This is represented as the change in total return at monthly intervals. 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 CION Ares Management (CAM). The performance quoted represents past performance, is no guarantee of future results and may not provide an adequate basis for evaluating the performance of the Fund over varying market conditions or economic cycles. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Facts

As of August 31, 2019

CLASS A INCEPTION1/26/2017
TOTAL MANAGED ASSETS~$533M
TOTAL ISSUES334
DISTRIBUTIONS***Monthly
CLASS A SHARPE RATIO (Annualized)2.13
CLASS A STANDARD DEVIATION2.23%

Portfolio Characteristics

As of August 31, 2019

Fixed vs. Floating Rate

Fixed8%

Floating Rate92%

Excludes cash, other net assets and equity instruments.

Allocation by Asset Type

U.S. Direct Lending35.7%

Syndicated Loans29.9%

CLO Debt12.5%

European Direct Lending7.2%

High Yield Bonds7.0%

CLO Equity6.1%

Private Asset-Backed1.7%

Opportunistic1.6%

Real Estate Debt1.1%

Cash-2.8%

Allocation by Geography

United States73.1%

Broader North America19.1%

Broader Europe5.9%

United Kingdom4.7%

Australia0.0%

Broader Asia0.0%

Other0.0%

Cash-2.8%

Top 10 Holdings % of Portfolio

Nelipak Holding Company 1.9%

Immucor, Inc. 1.5%

Reddy Ice LLC 1.4%

DFC Global Facility Borrower III LLC 1.4%

Capnor Connery Holdco A/S 1.4%

Cheyenne Petroleum Company Limited Partnership 1.4%

Bearcat Buyer, Inc. 1.3%

Cast & Crew Payroll, LLC 1.2%

Petroleum Service Group LLC 1.1%

Wand Newco 3, Inc. (dba Caliber Collision) 1.0%

Allocation by Industry % of Portfolio

Structured Products (CLOs & Private ABS) 21.2%

Healthcare 12.9%

Service 12.7%

Information Technology 10.0%

Financial 8.5%

Energy 5.7%

Gaming/Leisure 4.3%

Food/Tobacco 3.9%

Other 23.7%

Cash -2.8%

Holdings and allocations, unless otherwise indicated, are based on the total portfolio and subject to change without notice. Data shown is for informational purposes only and not a recommendation to buy or sell any security.

Management
Mitch Goldstein

Partner, Co-Head of Credit Group, Ares Management

Years of Experience: 25

Greg Margolies

Partner, Head of Markets, Ares Management

Years of Experience: 31

Mark Gatto

Co-CEO of CION Investments

Years of Experience: 19

Michael A. Reisner

Co-CEO of CION Investments

Years of Experience: 19

Allocation Committee
Keith Ashton

Partner, Portfolio Manager
Alternative Credit
Ares Management

Seth Brufsky

Partner, Co-Head & Portfolio Manager
U.S. Liquid Credit
Ares Management

Kipp deVeer

Partner, Head of Credit Group
Ares Management

Scott Graves

Partner, Head & Portfolio Manager
Special Opportunities
Ares Management

Jamie Henderson

Partner, Head of Real Estate Debt
Ares Management

Peter Higgins

Partner, Portfolio Manager
European Liquid Credit
Ares Management

Blair Jacobson

Partner, Co-Head of European Credit
Ares Management

Jeffrey Kramer

Partner, Portfolio Manager
Alternative Credit
Ares Management

David Sachs

Partner, Strategy & Relationship Management
Ares Management

Kort Schnabel

Partner, Portfolio Manager
U.S. Direct Lending
Ares Management

Michael Smith

Partner, Co-Head of Credit Group
Ares Management

Discover More About Cion Investments

Discover More About Cion Investments

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Learn More About Ares Management

Learn More About Ares Management

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800.435.5697 sales@cioninvestments.com