pGAIN
Asset Class: Fixed Income & Credit
A portfolio of eight liquid, exchange-listed holdings (6 ETFs, 2 BDCs): 45% business development companies, 25% CLO tranches and senior loans, 25% equity covered call on the S&P 500 and Nasdaq-100, and 5% short-duration high yield.
Income comes from BDC dividends, CLO/loan interest, option premium and bond coupons.
- Asset Class
- Fixed Income & Credit
- Minimum Investment
- 100 USD
- Fees
- Management 0.25% p.a. + Administration 0.25% p.a. (combined cap 0.50%);
- Performance 10% over a 6% hurdle, 100% catch-up then 90/10, perpetual high-water mark.
- All fees are charged at fund level (accrued in NAV) — there is no separate vault-level fee.
- Asset Manager
- Pelican Investment Advisors Limited
- Asset Issuer
- Pelican Investments SPC
- Fund Registration
- Cayman SPC (CIMA) / BVI Investment Manager (FSC)
- Liquidity
- Weekly
- Benchmark Performance
- No formal benchmark. For context, over the 3.60-year analysis window (25 Jan 2023–4 Sep 2026): net CAGR 10.10% vs. 21.45% for the S&P 500 TR; beta to S&P 500 0.50, correlation 0.77; maximum drawdown -13.73% vs. -18.76% for the S&P 500 (simulated).
- KYB Requirements
- Permissionless
- Geographic Restrictions
- No token-level restrictions. Fund-level eligibility sits with the curator (PIA) as investor of record; OFAC-listed countries excluded.
- Risk Profile
- Balanced
- Investor Profile
- Institutional allocators, family offices, crypto-native funds and digital-asset treasuries seeking real-world income onchain, with no crypto, DeFi or unregulated digital-asset exposure in the underlying portfolio.
- Investment Strategy
- Actively managed multi-sleeve income portfolio of eight listed holdings (6 ETFs, 2 BDCs): 45% business development companies, 25% CLO tranches and senior loans, 25% equity covered call, 5% short-duration high yield.Income reinvested into NAV.
- Source(s) of Return
- Carry
- Directional Alpha
- Dividends
- Risk Management Measures
- The Investment Manager maintains continuous monitoring of the Segregated Portfolio's underlying holdings, including credit and non-accrual tracking for the CLO/loan and BDC positions, liquidity conditions, bid-offer spreads, premium/discount to NAV, and distribution consistency.Performance analytics, yield attribution, and stress-testing are conducted regularly to evaluate risk-return efficiency across the portfolio.Position weightings are monitored against target allocations and rebalanced as required.Where tokenization and on-chain distribution infrastructure is employed, the Investment Manager additionally monitors the operational health of relevant service providers and maintains reconciliation between fund NAV and on-chain records.
- Rebalancing Policy
- Manager discretion within mandate; no fixed cadence
- Top Holdings
- Business development companies (ARCC, BXSL) 45.0% 45.0%
- CLOs and senior loans (JBBB, CLOZ, SRLN) 25.0%
- Equity covered call (SPYI, QYLD) 25.0%
- Short-duration high yield (SDHY) 5.0%