Key Highlights

  • Muzinich BDC Income Fund - Active ETF (ASX:BDCI) aims to invest in a selective, actively managed portfolio of US-listed business development companies.
  • The fund holds 24 holdings, with Ares Capital Corp the largest position at 13.47%.
  • The fund has a management fee of 0.95%.

As of 27 October, Muzinich BDC Income Fund - Active ETF (ASX:BDCI) holds 24 US-listed business development companies and charges 0.95%. It began trading on 1 April 2026 and is categorised as Alternative - Private Debt.

Key Fact

Detail

Fund

Muzinich BDC Income Fund - Active ETF

ASX code

BDCI

Issuer

Muzinich

Category

Alternative - Private Debt

Benchmark

S&P BDC PR USD

ISIN

AU0000459737

Admitted to the ASX

1 April 2026

Fund size

Not disclosed

Management fee

0.95%

Holdings

24 holdings

Latest distribution

Interim, $0.170 per unit (ex-date 1 Oct 2026; payment 20 Oct 2026)

Private Credit Through Listed Vehicles

Business development companies lend to US middle market businesses, and the fund buys listed shares in them. Typically it holds 20 to 45 BDCs, spread across managers, sectors and credit ratings. The largest holdings are Ares Capital (13.47%), Golub Capital BDC (9.88%), Main Street Capital (8.71%), Blackstone Secured Lending Fund (8.21%) and Hercules Capital (7.42%), and the top ten account for 70.37%.

Size and Liquidity Considerations

Holdings are smaller companies: 39.11% are between $500 million and $1 billion in market capitalisation and 60.89% are below $500 million. The category description notes that private debt funds can carry more liquidity risk and operate in less transparent markets than publicly traded instruments.

Additional Allocation Data

The four largest sector allocations are Financial Services (100.00%). Allocation data indicates stocks make up 94.17% of the portfolio and cash 5.83%. Country exposure is split across United States (100.00%).

Latest Payment Details

Under the latest distribution announcement, $0.170 per unit (interim) is payable on 20 October 2026 to holders on the record date of 2 October 2026, following an ex-date of 1 October 2026.

Regulatory Notices

Notices lodged recently include a revised investment update dated 30 September 2026 (lodged 26 October 2026), the original investment update on 15 October 2026, a DRP price for the month ending 30 September 2026 and monthly redemptions and units on issue reporting.

Understanding the Category

Muzinich BDC Income Fund - Active ETF is classified as Alternative - Private Debt. Funds in this category predominantly hold non-tradeable debt, commonly loans made directly by non-bank institutions to smaller companies that cannot otherwise access traditional public bond markets. They can carry more liquidity risk and operate in less transparent markets than publicly traded instruments.

Benchmark Background

The S&P BDC PR USD index is the fund's benchmark. The fund is relatively new, having been admitted to the ASX on 1 April 2026. Muzinich is the issuer, and the ISIN is AU0000459737. The fee is 0.95%.

Weight of the Largest Positions

The top five holdings add up to 47.69% of the portfolio, with Ares Capital Corp the largest at 13.47%.

Distribution Dates Explained

Distributions follow a set sequence. Units go ex-distribution first, the record date then fixes who is entitled, and payment follows on the payment date.

Wrapping Up

BDCI offers listed access to US private lending through a concentrated portfolio. The latest distribution was an interim payment of $0.170 per unit on 20 October 2026.