ProShares Global Listed Private Equity

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  • uploads///recent quarters
    Basic Materials

    Prospect Capital: Impact of Macro Policy Decisions, Reforms

    Prospect Capital (PSEC) is registered as a business development company (or BDC), which means that if it pays 90% of its profits in dividends, it won’t have to pay any taxes.

    By Robert Karr
  • uploads///Interest income
    Company & Industry Overviews

    What to Expect for Prospect Capital’s Yield Expansion in 2018

    Prospect Capital (PSEC) has seen a decline in yields in recent quarters to 9.9% compared to a high of 13% in 2016.

    By Robert Karr
  • uploads///Control
    Earnings Report

    Prospect Deploying towards Real Estate, Structured Investments

    Controlled, online lending Prospect Capital’s (PSEC) controlled investments in fiscal 2Q17 rose to 31.5% of its total portfolio, compared with 30.6% in the previous quarter. The company targets selective exits to raise capital when it has found attractive pricing. In fiscal 2Q17, it saw net exits of $175.5 million, compared with net investments of $232.8 million […]

    By Robert Karr
  • uploads///Control
    Company & Industry Overviews

    Prospect Capital Focusing on Structured, Controlled Investments

    Prospect Capital (PSEC) has deployed money for equity investments and majority stake when there’s an opportunity for an investment in growing businesses.

    By Robert Karr
  • uploads///Control
    Macroeconomic Analysis

    Originations, Retail Lending Are Key Drivers for Closed-End Funds

    Closed-end funds have seen subdued originations over the past few quarters. Quality originations commanding higher yields continue to drive closed-end funds’ stock performances.

    By Robert Karr
  • uploads///EPS Estimates
    Macroeconomic Analysis

    What to Expect from Prospect’s, Ares’s, BlackRock’s 4Q16 Earnings

    BlackRock Capital Investment (BKCC) is expected to report EPS (earnings per share) of $0.23 in 4Q16, compared to earlier estimates of $0.25.

    By Robert Karr
  • uploads///Dividends
    Macroeconomic Analysis

    Prospect, Arlington Reward Shareholders with High Dividend Yields

    Closed-end companies (PEX) tend to pay higher dividends, with dividend payout ratios in the range of 70%–100%.

    By Robert Karr
  • uploads///Capital Structure
    Macroeconomic Analysis

    Why Closed-End Funds Are Deploying Higher Leverages

    Closed-end funds have been deploying leverage in bids to take advantage of near-zero interest rates following the 2007 financial crisis.

    By Robert Karr
  • uploads///Portfolio
    Company & Industry Overviews

    Prospect’s, Ares’s Originations Rise, BlackRock’s, Apollo’s Fall

    The availability of credit has led to higher competition among investors and closed-end funds (PEX) seeking better investment options.

    By Robert Karr
  • uploads///Investment income
    Macroeconomic Analysis

    Prospect’s and Ares’s Yields Fell, BlackRock’s Rose in 3Q16

    Closed-end funds (PEX) have been targeting higher yields by investing in second lien—or marginally risky—offerings or companies.

    By Robert Karr
  • uploads///Control
    Company & Industry Overviews

    Prospect Capital’s Controlled Investments, Structured Credit Expansion

    Prospect Capital’s (PSEC) controlled investments in fiscal 1Q17 rose to 30.6% of its total portfolio, as compared to 29.7% in the previous quarter.

    By Robert Karr
  • uploads///Control classification
    Earnings Report

    Exploring PSEC’s Online Lending and Structured Credit Investments

    Prospect Capital has seen strong growth in originations through its online platform. The company has entered into the online lending business with National Property REIT.

    By Robert Karr
  • uploads///Capital Structure
    Company & Industry Overviews

    Closed-End Funds Face Leverage Issues as Rate Hike Looms

    Ares Capital’s (ARCC) net DE (debt-to-equity) ratio decreased to 0.73x on June 30, 2016. Management had targeted a DE ratio of 0.65x–0.75x.

    By Robert Karr
  • uploads///Portfolio total
    Company & Industry Overviews

    Volatility Continues to Cause Net Exits for Closed-End Funds

    Prospect Capital (PSEC) made portfolio investments of $294 million in the June quarter, a substantial rise from its investment of $23 million in the March quarter.

    By Robert Karr
  • uploads///Investment income
    Company & Industry Overviews

    Prospect, BlackRock Lead in Yields among Closed-End Funds

    Closed-end funds (PEX) have been boosting their yields by deploying capital in marginally risky asset classes or companies.

    By Robert Karr
  • uploads///Control classification
    Company & Industry Overviews

    Prospect Capitalizes on Its Controlled and Structured Credit in 4Q

    Prospect Capital’s (PSEC) controlled investments in fiscal 4Q16 declined to 29.7% of its total portfolio, as compared to 33.3% in the previous quarter.

    By Robert Karr
  • uploads///Control class
    Earnings Report

    Prospect to Deploy More in Control, Online, Structured in 4Q16

    Prospect Capital’s (PSEC) controlled investments in the March quarter stood at 33.3% of its total portfolio compared to 32.5% in the previous quarter.

    By Robert Karr
  • uploads///EPS Estimates
    Company & Industry Overviews

    What to Expect from Closed-End Fund Earnings and Consolidation in 2016

    Closed-end funds will be tested on a quality of their portfolios. Companies with higher leverage and lower grade investments will see discounted valuations.

    By Robert Karr
  • uploads///Dividend
    Company & Industry Overviews

    Where Do Closed-End Funds Stand on Dividends in 2016?

    Closed-end funds tend to pay higher dividends, with dividend payout ratios in the range of 70%–90%.

    By Robert Karr
  • uploads///Debt ARCC
    Company & Industry Overviews

    What’s Happening to Closed-End Funds as Interest Rates Remain Low?

    Closed-end funds are replacing their existing debt in order to reduce the effective rate of interest. Prospect Capital’s cost of debt is approximately 5.4%.

    By Robert Karr
  • uploads///Investment income
    Company & Industry Overviews

    How Closed-End Funds Are Increasing Yields on a Given Risk

    Closed-end funds (PEX) have been boosting yields by deploying capital in marginally risky asset classes or companies.

    By Robert Karr
  • uploads///Control class
    Earnings Report

    PSEC Cashes In on Its Controlled and Structured Credit Strategy

    Prospect Capital’s (PSEC) controlled investments in fiscal 3Q16 stood at 33.3% of its total portfolio compared to 32.5% in the previous quarter.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Prospect Capital’s Valuation: Can It Improve in Fiscal 3Q16?

    Prospect’s valuation gap has declined over the past one month due to a sharp pullback in stock followed by a strong performance during the December quarter.

    By Robert Karr
  • uploads///Debt ARCC
    Company & Industry Overviews

    Why Closed-End Funds Are Increasing Leverage

    Closed-end funds have taken advantage of low interest rates inside and outside the US by deploying capital in asset classes that yield higher returns.

    By Robert Karr
  • uploads///EPS Estimates
    Macroeconomic Analysis

    BlackRock, Prospect, and Ares: What to Expect from Their Earnings

    BlackRock Capital Investment (BKCC) is expected to post $0.26 earnings per share in 1Q16, which would represent growth of 5%.

    By Robert Karr
  • uploads///YTD Returns Comparative Between Real Estate PE ETF vs Index
    Macroeconomic Analysis

    ETFs that Invest in Private Equity Funds

    Investors can purchase shares of ETFs that track an index of publicly traded companies that invest in PE funds.

    By Arthur Penn
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