Key Takeaways
- • BDCI (ASX:BDCI) holds 24 US-listed business development companies lending to middle-market businesses, charges a 0.95% fee, and traded at $19.30 on 30 October 2026, up 2.22%, according to Kalkine.
- • Ares Capital (13.47%), Golub Capital (9.88%) and Main Street Capital (8.71%) are the largest BDCI holdings, with 100% US exposure and no stated fund size.
- • SBHI (ASX:SBHI) provides AUD-hedged exposure to high-yield bonds and senior loans through the State Street Blackstone High Income ETF at a 0.70% fee, with bonds making up 96.18% of the fund.
- • SBSL (ASX:SBSL) offers AUD-hedged exposure to US senior loans through the State Street Blackstone Senior Loan ETF at a 0.70% fee, with bonds and loans comprising 92.04% of the fund.
- • The three funds differ structurally: BDCI's price reflects listed lender valuations as well as loan books, while SBHI and SBSL track the underlying debt directly, with SBSL the purest loan exposure.
Summary
Kalkine compares three ASX-listed funds that give Australian investors access to US corporate lending through different structures: BDCI, SBHI and SBSL. On 30 October 2026, BDCI traded at $19.30, up 2.22%, while SBHI traded at $49.14 and SBSL at $49.42, both unchanged.
BDCI holds 24 US-listed business development companies that lend to middle-market businesses. Its largest positions are Ares Capital at 13.47%, Golub Capital at 9.88% and Main Street Capital at 8.71%. The article does not state the fund's size. Fees are 0.95%, and the fund was admitted on 1 April 2026. Because it owns listed lenders, its price reflects both the loan books and each company's own valuation.
SBHI holds 99.05% of its assets in the State Street Blackstone High Income ETF, which blends high-yield bonds and senior loans. Bonds account for 96.18% of the fund, with 80.04% exposure to the United States. Fees are 0.70% and the currency is hedged to the Australian dollar.
SBSL holds 99.06% of its assets in the State Street Blackstone Senior Loan ETF, which holds floating-rate loans to US companies below investment grade. Bonds and loans make up 92.04% of the fund, with 73.45% US exposure. Fees are 0.70% and the currency is hedged to the Australian dollar. Kalkine describes SBSL as the purest loan exposure of the three, while SBHI mixes bonds and loans.
According to Kalkine, the three funds offer distinct routes into US corporate credit: listed private credit lenders, a hedged high-yield mix and a hedged senior loan fund. Their differing holdings shape how each behaves in Australian dollar returns.
BDCI holds 24 US-listed business development companies that lend to middle-market businesses. Its largest positions are Ares Capital at 13.47%, Golub Capital at 9.88% and Main Street Capital at 8.71%. The article does not state the fund's size. Fees are 0.95%, and the fund was admitted on 1 April 2026. Because it owns listed lenders, its price reflects both the loan books and each company's own valuation.
SBHI holds 99.05% of its assets in the State Street Blackstone High Income ETF, which blends high-yield bonds and senior loans. Bonds account for 96.18% of the fund, with 80.04% exposure to the United States. Fees are 0.70% and the currency is hedged to the Australian dollar.
SBSL holds 99.06% of its assets in the State Street Blackstone Senior Loan ETF, which holds floating-rate loans to US companies below investment grade. Bonds and loans make up 92.04% of the fund, with 73.45% US exposure. Fees are 0.70% and the currency is hedged to the Australian dollar. Kalkine describes SBSL as the purest loan exposure of the three, while SBHI mixes bonds and loans.
According to Kalkine, the three funds offer distinct routes into US corporate credit: listed private credit lenders, a hedged high-yield mix and a hedged senior loan fund. Their differing holdings shape how each behaves in Australian dollar returns.
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