voya senior loan strategy - breakwater advisory...voya senior loan strategy │ characteristics...
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Voya Senior Loan Strategy│
Composite Gross and Net Returns vs. the Index (%) – April 2, 2001 to December 31, 20162001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
Composite Gross Return 5.16 4.42 10.23 6.46 6.27 8.06 3.04 -29.26 52.84 9.98 2.01 11.27 6.49 2.55 1.43 8.66 8.66Composite Net Return 4.69 3.80 9.57 5.83 5.64 7.41 2.43 -29.70 51.95 9.33 1.40 10.72 5.96 2.04 0.93 8.13 8.13S&P/LSTA Leveraged Loan Index 2.02 1.91 9.97 5.17 5.08 6.77 2.02 -29.10 51.62 10.13 1.52 9.66 5.29 1.60 -0.69 10.16 10.16Excess Gross Over S&P/LSTA Index 3.14 2.51 0.26 1.30 1.20 1.28 1.02 -0.16 1.22 -0.15 0.49 1.61 1.20 0.95 2.12 -1.50 -1.50
Composite Default History vs. the Index – April 2, 2001 to December 31, 20162001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 LTM1
Composite Payment Defaults 1 0 1 2 1 1 0 4 10 6 1 1 1 0 1 1 1Composite Aggregate Defaults 1 3 2 4 1 1 0 6 17 9 1 1 3 0 2 2 2S&P/LSTA Index Defaults 21 21 9 7 10 5 2 37 63 20 3 9 11 5 11 20 20Composite Payment Default Rate (%) 0.81 0.00 0.79 0.24 0.03 0.16 0.00 0.30 6.06 1.26 0.16 0.10 0.11 0.00 0.04 0.19 0.19Composite Aggregate Default Rate (%) 0.81 2.01 1.27 0.39 0.03 0.16 0.00 0.66 9.33 1.68 0.16 0.10 0.46 0.00 0.52 0.32 0.32S&P/LSTA Index Default Rate (%) 6.30 6.01 2.25 1.01 3.02 0.48 0.24 3.75 9.61 1.87 0.17 1.27 2.11 3.24 1.54 1.58 1.58
Voya Senior Loan Strategy│
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CharacteristicsNumber of Industries 38Average per Industry $107,542,317Average per Industry as a % of AUM 2.63%Number of Issuers 403Average per Issuer $10,140,467Average per Issuer as a % of AUM 0.25%% of Loans Denominated in USD 100.00%AUM (Market Value) $4,086,608,058Previous Month End AUM $3,956,212,016Weighted Average Spread 3.84%Weighted Average Maturity (years) 5.04Weighted Average Market Price 99.25%
Top Ten Issuers ($ millions) Market Value ($) % of AUMAsurion, LLC 47.9 1.17%Dell International LLC 38.9 0.95%National Financial Partners Corp. 33.5 0.82%Advantage Sales & Marketing, Inc. 29.4 0.72%RCN Grande Cable 29.3 0.72%Bass Pro Group, LLC 28.9 0.71%PetSmart, Inc. 28.8 0.70%Communications Sales & Leasing, Inc. 28.8 0.70%Amaya Gaming Group Inc. 28.4 0.69%BMC Software, Inc. 28.2 0.69%
Ratings Distribution (%)
10.0% 10.0%
17.0%
24.9%26.8%
6.5%4.3%
0.6%
BB+ orAbove
BB BB- B+ B B- CCC orBelow
Not PubliclyRated
Industry Distribution*
Electronics/Electrical, 12.2%
Health Care, 10.3%
Retailers (Except Food & Drug), 7.4%
Telecommunications, 6.4%Business Equipment & Services,
5.7%Diversified Insurance, 4.9%
Chemicals & Plastics, 4.2%Lodging & Casinos, 4.0%
Cable & Satellite Television, 3.4%
Automotive, 3.3%Containers & Glass Products, 3.1%
Leisure Goods/Activities/Movies, 3.0%
Utilities, 2.6%
Industrial Equipment, 2.4%
Radio & Television, 2.3%
Other, 19.3%
investment
Voya Senior Loan Strategy│
SL Org chart
SL strategy brief
SICAV SB
FIRM_crosspres
PWA
Investment Committee and Credit Risk Management
Jeff BakalarManaging Director and Group Head
31 Years Experience
Dan NormanManaging Director and Group Head
32 Years Experience
Ralph BucherSenior Vice President and Senior Credit Officer
32 Years Experience
Scottsdale
Team Leaders and Portfolio Managers
Mohamed Basma, CFASenior Vice President20 Years Experience
Mark Haak, CFASenior Vice President23 Years Experience
Chuck LeMieux, CFASenior Vice President30 Years Experience
Michel Prince, CFASenior Vice President30 Years Experience
Robert WilsonSenior Vice President30 Years Experience
Olivier StrubenSenior Vice President20 Years Experience
Research and Investment Management
Kris Trocki, CFAVice President14 Years Experience
Ambuj Chaudhary, CFASr. Structured Analyst13 Years Experience
Logan HurstResearch Analyst4 Years Experience
Joseph LagunaVice President17 Years Experience
Michael Donoghue, CFAAsst. Vice President7 Years Experience
Amanda KrauseResearch Analyst5 Years Experience
Kelly Byrne, CFAVice President17 Years Experience
Romain Catois, CFAVice President17 Years Experience
Sara PagesSenior Research Analyst6 Years Experience
Stan Zou, CFAVice President19 Years Experience
Colin ClinganVice President17 Years Experience
Kyle Crosse Research Analyst5 Years Experience
Jim EssertSenior Vice President23 Years Experience
Jason Esplin, CFAVice President15 Years Experience
Mallory AndersonResearch Analyst6 Years Experience
Floris van den Berg, CFAVice President16 Years Experience
Joe Alston Research Analyst4 Years Experience
Industries■ Restaurants■ Retail■ Structured Finance
Industries■ Automotive■ Building Products■ Consumer Products■ Entertainment / Leisure■ Manufacturing■ Telecommunications■ Transportation
Industries■ Aerospace and Defense■ Cable Television■ Chemicals■ Energy■ Metals/Mining■ Paper/Packaging■ Utilities
Industries■ Broadcasting■ Ecological■ Healthcare■ Media■ Publishing
Industries■ Financial Services■ Food/Beverage■ Gaming■ Lodging■ Technology■ Real Estate
Industries■ European Loan Exposure
Administrative Support
Kelly HugeExecutive Assistant24 Years Experience
Trading
Bill NuttingSenior Trader22 Years Experience
Warren MillerTrader17 Years Experience
Sarah SwiftTrading Assistant14 Years Experience
Administration and Marketing
Jake JamisonAssistant Vice President5 Years Experience
Tamara WiegingPortfolio Specialist11 Years Experience2 Specialists
Treasury, Operations and Compliance
Elliot RosenHead of Treasury and Operations40 Years Experience
20 Specialists
London
As of January 1, 2017.