be_ixf;ym_202002 d_24; ct_500

CION Ares Diversified Credit Fund

CLASS A CADEX

Daily Class A Share Nav*

$25.95

Current Distribution Rate**

5.36% 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 February 11, 2020

MTD
0.16%WITHOUT SALES CHARGE
-5.60%WITH SALES CHARGE
YTD
0.62%WITHOUT SALES CHARGE
-5.17%WITH SALES CHARGE
TTM
7.29%WITHOUT SALES CHARGE
1.12%WITH SALES CHARGE
SINCE INCEPTION
(Annualized)
6.88%WITHOUT SALES CHARGE
4.82%WITH SALES CHARGE
SINCE INCEPTION
(Cumulative)
22.43%WITHOUT SALES CHARGE
15.39%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 31, 2020 and may be subject to reimbursement in the future. The net expense ratio, inclusive of expense support, is 4.30% as of October 31, 2019. The gross expense ratio, without expense support, is 4.03% as of October 31, 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

Fund Facts

As of December 31, 2019

CLASS A INCEPTION1/26/2017
TOTAL MANAGED ASSETS~$695M
TOTAL ISSUES370
DISTRIBUTIONS***Monthly
CLASS A SHARPE RATIO (Annualized)2.09
CLASS A STANDARD DEVIATION2.37%

Portfolio Characteristics

As of December 31, 2019

Fixed vs. Floating Rate

Fixed6.9%

Floating Rate93.1%

Excludes cash, other net assets and equity instruments.

Allocation by Asset Type

U.S. Direct Lending34.4%

Syndicated Loans27.9%

European Direct Lending11.6%

CLO Debt9.2%

CLO Equity7.1%

High Yield Bonds6.0%

Private Asset-Backed1.4%

Opportunistic1.2%

Real Estate Debt0.8%

Cash0.3%

Allocation by Geography

United States67.9%

Broader North America17.3%

United Kingdom9.8%

Broader Europe4.6%

Australia0.0%

Broader Asia0.0%

Other0.0%

Cash0.3%

Top 10 Holdings % of Portfolio

True Potential Group Limited 1.6%

Nelipak Holding Company 1.5%

Bearcat Buyer, Inc. 1.3%

Capnor Connery Holdco A/S 1.1%

DFC Global Facility Borrower III LLC 1.1%

Reddy Ice LLC 1.1%

Cheyenne Petroleum Company Limited Partnership 1.0%

Immucor, Inc. 1.0%

Blackwood Midco Limited 0.9%

Old Oak Holdings Limited 0.9%

Allocation by Industry % of Portfolio

Structured Products (CLOs & Private ABS) 18.4%

Healthcare 14.4%

Financial 12.5%

Service 11.1%

Information Technology 9.5%

Energy 5.0%

Gaming/Leisure 3.7%

Manufacturing 3.2%

Other 21.8%

Cash 0.3%

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

Bryan Donahoe

Partner, Head of Real Estate Debt
Ares Management

Boris Okuliar

Co-Head, Global Liquid Credit
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

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Contact Us

800.435.5697 sales@cioninvestments.com