AdvisorShares Press Release, AdvisorShares Announces February 2015 Distributions
|HYLD||Barclays U.S. High Yield Index|
|Yield to Maturity||9.66%||6.81%|
|Duration||3.05 years||4.13 years|
|Number of Holdings||107|
|30-Day SEC Unsubsidized Yield||8.98%|
|30-Day SEC Subsidized Yield||8.98%|
Past Performance is not indicative of future results. HYLD statistics and industry breakdowns are for the actual HYLD security holdings as of the listed date, excluding cash, and the coupon, maturity in years, modified duration, yield to maturity, and ratings breakdown additionally exclude non-fixed income holdings, such as equities. For the purposes of the duration calculation, equity holdings have been excluded and loans assigned a duration of 0.25. Yield to Maturity is the yield if the security is held until the maturity date. Duration is the change of a fixed income security that will result from a 1% change in interest rate. HYLD uses a modified duration calculation and the Barclays High Yield Index a Macaulay duration calculation, both based on the yield to worst date. Current Yield is the bond’s annual coupon income divided by the bond’s current price. 12-Month Yield is the sum of the company’s interest and dividend payments over the last twelve months divided by the fund NAV as of the listed date, expressed as a percentage. 30–Day SEC Yield (Standardized Yield) is an annualized yield furnished by the Fund's custodian that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30-day period by the current maximum offering price. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Subsidized Yield and 30-Day Unsubsidized Yield will be identical.
|Bond Rating (Category Average, ex-cash)||Holdings|
The Moody’s and S&P bond ratings have been calculated for each ratings category, and then the average of the two rating agencies’ percentage for each listed category has been calculated and presented herein. For the purposes of this presentation, Moody’s ratings have been mapped to the S&P equivalent. In cases were only one agency rates a security that rating will be used throughout and Provisional and Expected ratings have been used when provided. The ratings have been provided for the debt holdings, excluding cash and any equity holdings. A Standard & Poor's issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation. Moody’s ratings are forward-looking opinions of the relative credit risks of financial obligations issued by the issuing entity.
The credit ratings are published rankings based on detailed financial analyses by a credit bureau specifically as it relates the bond issue's ability to meet debt obligations. The highest rating is AAA, and the lowest is D. Securities with credit ratings of BBB and above are considered investment grade.
|NAV||Market Price Return||Barclays U.S. High Yield Index|
|NAV||Market Price Return||Barclays U.S. High Yield Index|
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.
The Barclays U.S. High Yield Index is an unmanaged index considered representative of the universe of U.S. fixed rate, non investment grade debt. One cannot invest directly in an index.
|Ex-Date||Record Date||Pay Date||Cash Div||ST Cap Gain||LT Cap Gain||Return of Capital||Total Distribution|
Timothy Gramatovich, Chief Investment Officer
Mr. Gramatovich, co-founder of Peritus, has 30 years of experience directly involved in the high yield asset class. As the Chief Investment Officer, he leads the investment committee and is responsible for developing investment strategies, themes, and ideas. Prior to co-founding Peritus, Mr. Gramatovich was a Portfolio Manager with Smith Barney’s Asset Management Division in Los Angeles, where he managed high yield portfolios for high net worth individuals and institutions. He began his career with Drexel Burnham Lambert in 1984, assisting in the development and marketing of high yield corporate debt management products. Mr. Gramatovich is a Chartered Financial Analyst (“CFA”) charter holder and a member of the CFA Institute. He is a graduate of the New York Institute of Finance.
Ronald Heller, CEO & Senior Portfolio Manager
Mr. Heller, co-founder of Peritus, is the Senior Portfolio Manager, overseeing portfolio management and trading activities. With over 20 years in the industry, Mr. Heller has developed long standing relationships with dealers across Wall Street for new issue and secondary trading. He began his career in finance in 1993 with Smith Barney. Prior to Mr. Heller’s investment career, he had a seven year career in the National Football League with San Francisco, Atlanta and Seattle, retiring in 1993. Mr. Heller attended Oregon State University majoring in Kinesiology.
|4PM Bid/Offer Midpoint||$35.21||Premium/Discount||$-0.54|
|Assets Under Management||$200,201,679.28|
|Premium/Discount Historical Data|
|OSUM PRODUCTION 07/31/20 TERM LOAN||77.5||1.88%|
|Isola 11/29/18 Term Loan||88.5||1.86%|
|SPEEDY CASH INT HLDG COR 10.75 5/15/2018||95||1.71%|
|QUAD GRAPHICS INC 7 5/1/2022||95.5||1.64%|
|WINDSTREAM SERVICES LLC 7.75 10/1/2021||100.75||1.57%|
|Greenway Medical 11/13 2nd 11/04/21 Term Loan||96||1.56%|
|GLOBAL SHIP LEASE INC 10 4/1/2019||89.75||1.56%|
|AMAG PHARMACEUTICALS INC 7.875 9/1/2023||97.92||1.56%|
|HARLAND CLARKE HOLDINGS 9.25 3/1/2021||85.375||1.55%|
|TECHNIPLAS LLC 10 5/1/2020||87.5||1.54%|
Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Holdings and allocations are subject to risks and to change. A holding identified with an "MM" at the end of its name indicates it is a Money Market fund.
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Net Expense Ratio