CION Ares Diversified Credit Fund
Actively managed U.S. bond closed-end fund
As of its 2026 Q2 report, CION Ares Diversified Credit Fund held 2,434 positions with $4.72B in net assets. Its ten largest holdings made up 12.8% of the fund. In 2026 Q2 it added 99 new positions and exited 168.
CION Ares Diversified Credit Fund is actively managed U.S. bond closed-end fund.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FEH Group, LLC. | 1.76% | $83.23M | 8.166 | $10,192,344.97 |
Oak Funding LLC 8.16% floating · due 2032-12-02 | 1.38% | $65.26M | — | — |
Global Music Rights, LLC 7.98% floating · due 2031-12-22 | 1.38% | $65.01M | — | — |
Denali Intermediate Holdings, Inc. 9.15% floating · due 2032-08-26 | 1.36% | $64.25M | — | — |
Pike Corporation 7.89% floating · due 2032-12-20 | 1.33% | $62.65M | — | — |
Retained Vantage Data Centers Intermediate Holdco, L.P_Retained Vantage Data Centers Assets, LP 9.50% floating · due 2031-12-05 | 1.31% | $61.76M | — | — |
Himalaya TopCo LLC 8.89% floating · due 2032-06-03 | 1.12% | $52.93M | — | — |
Neptune BidCo US Inc. 8.77% floating · due 2033-02-03 | 1.10% | $51.78M | — | — |
Adonis Bidco, Inc. 9.48% floating · due 2032-02-25 | 1.05% | $49.51M | — | — |
Aquarian Peninsula Holdings LLC | 1.01% | $47.77M | 35.5M | $1.35 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 2,434 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Loans | 130.81% |
| Stocks | 14.46% |
| Securitized | 14.15% |
| Bonds | 2.95% |
| 2 smaller | 0.02% |
| Derivatives | -18.89% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Fees & fund details
CION Ares Diversified Credit Fund is an actively managed U.S. bond closed-end fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Closed-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Features
- Interval fund
This fund files no prospectus profile. Unit investment trusts and closed-end funds register on forms that carry no objective or fee tagging, and some fund families file without it — a gap in what was filed, not a fund without an objective or without fees.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
99 new· the largest 8
168 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 91.0% |
| Zero-coupon or unclassified | 6.3% |
| Fixed rate | 2.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.8% |
| 1-3y | 22.2% |
| 3-5y | 31.5% |
| 5-10y | 35.2% |
| 10y+ | 3.0% |
| Unknown | 6.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 81% |
| Interest rates | 19% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +5.61 yr |
| Investment grade | +0.12 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.03 yr | 2% |
| 5 yr | 0.22 yr | 16% |
| 10 yr | 0.05 yr | 4% |
| 30 yr | 1.05 yr | 77% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.01 yr | 0% |
| 5 yr | 2.05 yr | 36% |
| 10 yr | 2.40 yr | 42% |
| 30 yr | 1.26 yr | 22% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $396 |
| 1 yr | +0.03 | +0.00 | +0.01 | $462 | $6.2k |
| 5 yr | +0.22 | +0.11 | +1.94 | $51.5k | $915.6k |
| 10 yr | +0.05 | +0.01 | +2.39 | $4.0k | $1.13m |
| 30 yr | +1.05 | +0.00 | +1.26 | $0 | $595.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 1.36 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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