CION Ares Diversified Credit Fund

CLASS A CADEX

Daily Class A Share Nav*

$25.50

Current Distribution Rate**

5.46% 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. CADC seeks 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 December 4, 2018

MTD
0.07%WITHOUT SALES CHARGE
-5.68%WITH SALES CHARGE
YTD
6.22%WITHOUT SALES CHARGE
0.11%WITH SALES CHARGE
TTM
6.99%WITHOUT SALES CHARGE
0.84%WITH SALES CHARGE
SINCE INCEPTION
(Annualized)
6.94%WITHOUT SALES CHARGE
3.58%WITH SALES CHARGE
SINCE INCEPTION
(Cumulative)
13.26%WITHOUT SALES CHARGE
6.74%WITH SALES CHARGE

Returns include reinvestment of distributions and reflect fund expenses inclusive of expense support which will remain in effect at least until July 11, 2019 and may be subject to reimbursement in the future. The net expense ratio, inclusive of expense support, is 0.00% as of April 30, 2018. The gross expense ratio, without expense support, is 8.52% as of April 30, 2018. Expense ratios are annualized and calculated as a percentage of average net assets. The sales charge for Class A is 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 October 31, 2018

CLASS A INCEPTION 1/26/2017
TOTAL FUND NET ASSETS $180.5M
TOTAL ISSUES 216
DISTRIBUTIONS*** Monthly
CLASS A SHARPE RATIO (Annualized) 6.14
CLASS A STANDARD DEVIATION 0.94%

Portfolio Characteristics

As of October 31, 2018

Fixed vs. Floating Rate

Fixed7.2%

Floating Rate92.8%

Excludes cash, other net assets and equity instruments.

Allocation by Asset Type

Syndicated Loans32.5%

U.S. Direct Lending30.5%

CLO Debt15.4%

European Direct Lending7.3%

CLO Equity6.2%

Other5.9%

High Yield Bonds5.8%

Real Estate Debt2.2%

Private Asset-Backed0.7%

Cash-6.6%

Allocation by Geography

United States72.5%

Broader North America22.1%

United Kingdom6.1%

Broader Europe5.9%

Australia0.0%

Broader Asia0.0%

Other0.0%

Cash-6.6%

Top 10 Holdings % of Portfolio

PDI TA Holdings, Inc. 2.0%

Cogeco Cable 1.7%

IMIA Holdings, Inc. 1.4%

Busy Bees 1.4%

Akzo Nobel 1.4%

Flora Food Group 1.3%

Dorna Sports SL 1.2%

NueHealth Performance, LLC 1.2%

SFE Intermediate Holdco LLC 1.2%

Foundation Risk Partners, Corp. 1.1%

Allocation by Industry % of Portfolio

CLOs 28.2%

Healthcare 12.7%

Service 10.2%

Financial 8.4%

Information Technology 7.7%

Food/Tobacco 4.9%

Cable/Wireless Video 4.1%

Diversified Media 3.9%

Other 26.7%

Cash -6.6%

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: 23

Greg Margolies

Partner, Head of Markets, Ares Management

Years of Experience: 30

Mark Gatto

Co-CEO of CION Investments

Years of Experience: 15

Michael A. Reisner

Co-CEO of CION Investments

Years of Experience: 18

Allocation Committee
Keith Ashton

Partner, Co-Head of Structured Credit, Ares Management

Seth Brufsky

Partner, Co-Head of U.S. Liquid Credit, Ares Management

Kipp deVeer

Partner, Head of Credit Group, Ares Management

Scott Graves

Partner, Head of Distressed, Co-Head of North American Private Equity & Portfolio Manager, Ares Management

Jamie Henderson

Partner, Head of Real Estate Debt, Ares Management

Blair Jacobson

Partner, Co-Head of European Credit, Ares Management

Jeffrey Kramer

Partner, Co-Head of Structured Credit, Ares Management

John Leupp

Partner, Ares Management

David Sachs

Partner, Ares Management

Kort Schnabel

Partner, Co-Head of U.S. Direct Lending, Ares Management

Michael Smith

Partner, Co-Head of Credit Group, Ares Management

Fund Materials

CION Ares Diversified Credit Fund is only available through participating Broker/Dealers and Registered Investment Advisors. If you are interested in learning whether alternative investments are suitable for your investment needs, please contact your financial advisor.

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