业务发展公司(bdc)

Get a better understanding of what BDCs are and how you can incorporate them into your trading or investing strategy. 

    是什么为?

    业务发展公司(bdc) are a special type of investment that combines attributes of publicly traded companies and closed-end investment vehicles, 让投资者接触私募股权或类似风险资本的投资. 

    BDCs are considered specialty finance companies and primarily make investments in the debt and/or equity of small to mid-size companies predominantly in the U.S. An example of investing in debt would be senior secured debt, subordinated debt, or unsecured debt. Stocks投资的一个例子是优先股或普通股. 有些公司可能提供两个或更多的bdc, one BDC for investing in their debt and another BDC for investing in their equity.

    bdc可注册为受管制投资公司(RIC), 这可能给投资者带来税收优势. RICs must distribute 90% of their income to investors allowing the corporate entity to be exempt from federal taxes. Recent legislation increased the amount of leverage a BDC may take on to a 2-to-1 ratio; as a result, 在糟糕的经济环境中,这可能会放大损失. BDCs may be internally or externally managed with the majority of newly formed BDCs being externally managed. BDC managers will offer significant managerial assistance to the companies held in the portfolio.

    从今天开始投资bdc.

    为默认的好处

    • 潜在的高收益

      BDCs generally offer higher dividend yields than other common stocks due to their favorable tax structure. 

    • 可访问性

      BDCs are typically listed on a national exchange and provide investors considerable liquidity. These firms invest in private instruments that are not typically available to retail investors. BDCs allow investors to gain exposure to private equity-like investments without lockups or minimum investments.

    为默认的风险

    • 投资组合和流动性风险

      bdc持有非上市公司的非流动性投资. These loans and investments may not be considered investment grade and are often illiquid and not transparent.

    • 关键人员的风险

      BDC的投资决策由一个小型管理团队承担. 如果有团队成员离开公司, 这可能会对公司产生不利影响, including a loss of management expertise to the portfolio companies and financing relationships. 董事会也可以投票更换外部经理.

    • 信用和利率风险

      这些投资对利率波动非常敏感. bdc必须借钱才能以更高的利率贷给公司. 他们通过使用各种固定利率和浮动利率贷款来实现这一目标. Changes in interest rate policy can dramatically affect the margin between borrowing and lending costs and the amount the BDC is able to distribute.

    • 分散投资风险

      BDCs have a concentration of assets held in small to mid-size developing and distressed companies. These companies can have similar attributes in regard to their ability to repay a loan and their ability to weather a prolonged economic downturn. Each BDC is invested in a variety of companies and cannot hold more than 25% of its assets in a single company.

    • 管理费用高

      The costs associated with BDCs can be quite high and can be difficult to calculate. bdc可以收取管理费, 奖励费, 以及与贷款服务相关的其他费用. 这些费用可能没有明确披露,可能会从总回报中减损.

    施瓦布的角度来看

    Business development companies generally offer higher dividend yields than many other investment alternatives, 但更高的收益率伴随着更大的风险. The debt securities that generally make up a BDC's investment portfolio are relatively illiquid and tend to have high credit risk, 或者违约风险, leading to increased volatility and a greater likelihood of large price declines during a market downturn. BDCs should not be considered bond substitutes and should be considered part of the equities allocation of your overall portfolio, 没有固定收入.

    施瓦布的角度来看

    常见类型的bdc

    bdc投资于几种不同类型的非公开证券, 哪些通常包括分层投资结构.

    • 普通股

      普通股是公司Stocks的最底层. 普通股holders' earnings on dividends vary and are subordinate to preferred stockholders. In the event of liquidation, common stockholders are last in line for asset distribution.

    • 优先股

      优先股 is an upper tier of corporate equity shares that grants stockholders higher claims to dividends and asset distribution.

    • 高级担保债务

      优先担保债务是指由抵押物担保的优先偿还债务. 如果公司被清算, 优先债务首先解决, 如果是有担保的债务, 抵押资产可以出售来偿还债务.

    • 次级债务或无担保债务

      Subordinated debt, such as junior debt, is collected after higher priority debt has been paid. 无担保债务没有任何担保, 这对投资者来说意味着更高的风险水平.

    如何投资bdc?

    你在bdc的投资方式取决于你是哪种类型的投资者. BDCs aren't low-risk investments and therefore may not be appropriate for investors without a high level of risk tolerance. 在施瓦布, 明陞m88手机客户端app为您提供建立强大的投资组合所需的帮助, 无论你选择哪种投资方式. 你可以自己用一个 施瓦布一® 经纪帐户 或打电话 和嘉信理财的代表讨论bdc是否适合你.  

    • Stocks在施瓦布

      发现作为嘉信理财的客户你能得到什么, 包括高级研究, 直观的工具和平台, 和有经验的支持.

    • 今天就开始投资.

      我已经是嘉信理财的客户了? 登录

    对bdc有问题吗? 明陞m88手机客户端app是来帮忙的.