American Capital, Ltd. (NASDAQ:ACAS)
CAPS Rating:
The Company is a business development company that also serves as publicly traded alternative asset manager.
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The Company is a business development company that also serves as publicly traded alternative asset manager.
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Like ALD, ACAS is difficult to evaluate from traditional metrics. As I mentioned in ALD's pitch, if you borrow a little money and loan it out to someone else for more than it costs you, does that make it an asset or a liability?
ACAS is a younger, more aggressive company than ALD. Consequently, I am anticipating higher returns, but with more volatility. Once again, the dividend helps smooth the curve and when reinvested makes this a standout. It is just under a decade old, so you don't have the same history of dividends that you do with ALD, but the annualized return over that period is over 20%.
ACAS is about 7% of my portfolio.