Blackstone Senior Floating Rate 2027 Term Fund of Beneficial Interest
Find Ratings Reports- Last Ratings Update:02/29/2024
- Price as of 02/29/2024 :$14.21
- Net Assets:$186.71 Million
- NAV:$14.78
- Premium-3.86%
- Peer Rank:1 of 28
- Investment Rating:A-
- Performance:B+
- RiskC+
We rate Blackstone Senior Fltg Rt 2027 Tm at A-. This overall rating indicates it is among the top 10% of all closed end funds in its peer group. Positive factors that influence this rating include a well above average total return and low price volatility. The fund may be considered for investors seeking a Loan Participation strategy.
Total return ranks very high in comparison with peers over the last three years. The Blackstone Senior Fltg Rt 2027 Tm has returned an annual rate of 5.49% since inception. More recently, the fund has generated a total return of 6.46% in the last five years, 10.38% in the last three years, and 30.30% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 55% of them. It has also outpaced 84% of its competitors on a three year basis and 90% of them over the last year for the period ending 2/29/2024. On a year to date basis, BSL has returned 7.67%.
Downside risk has been below average. BSL has a draw down risk of -28.01%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 12.1%. This fund has had moderate volatility in its monthly performance over the last 36 months.
High expense ratio hinders performance. On total assets of $186.71 million, BSL maintains a high expense ratio compared to its Loan Participation peers of 4.35% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As BSL is a closed end fund, it has no front end or back end load.
Manager tenure is a net positive but performance record lags managerial peers. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Blackstone Senior Fltg Rt 2027 Tm has been managed by Gordon McKemie for the last 9 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 35% of other fund managers.