Fidus Investment (US:FDUS)2019-08-03 14:23Investment Portfolio & Strategy - As of June 30, 2019, Fidus Investment Corporation held a diversified investment portfolio of $6973 million across 68 companies[3,7] - The portfolio composition, on a cost basis, included 59% second lien debt, 19% subordinated debt, 12% first lien debt, and 10% equity-related securities[3] - Fidus targets investments between $5 million and $30 million per portfolio company, focusing on second lien and subordinated debt, first lien debt, and equity[19] Financial Performance & Dividends - Fidus has realized cumulative net capital gains of $128 million since its IPO in June 2011[7] - The fair value to cost ratio of the investment portfolio was 106% as of June 30, 2019[7] - The company's annualized dividend yield is an attractive 96%, based on a regular dividend of $156 per share[5] Capital & Debt Offerings - Fidus completed six secondary equity offerings, raising net proceeds of approximately $380 million, $289 million, $324 million, $437 million, $511 million and $323 million respectively[8] - The company issued 5875% notes due 2023 for net proceeds of approximately $481 million and 6000% notes due 2024 for net proceeds of approximately $665 million[9] Target Market - Fidus targets lower middle market companies with annual revenues between $10 million and $150 million[17] - The company focuses on companies with annual EBITDA of $5 million to $30 million[21]