Muzinich & Co., Inc.
Long book
$285.9M
Q1 2026
Positions
38
Top-10 weight
75%
concentration
Last quarter
+3.9%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsMuzinich & Co., Inc. is a concentrated fundamental stock-picker, specialised in real_estate (100% of the long book), running a $285.9M US long book across 38 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ARES CAPITAL CORP, BLACKSTONE SECURED LENDING F, BLUE OWL CAPITAL CORP, MAIN STREET CAPITAL CORP, GOLUB CAPITAL BDC INC.
Over the last 9 quarters its long book ran on average 4.3pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.0%
Q2 2024
-0.5%
Q3 2024
+6.6%
Q4 2024
+0.9%
Q1 2025
+0.3%
Q2 2025
-5.0%
Q3 2025
+1.0%
Q4 2025
-9.6%
Q1 2026
+3.9%
Sector allocation
Other 100%
Long book by quarter
What does Muzinich & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ARCC ARES CAPITAL CORP | — | 2.2M | $40.0M | 14.0% | +3.6% |
| BXSL BLACKSTONE SECURED LENDING F | — | 1.2M | $28.2M | 9.8% | +1.6% |
| OBDC BLUE OWL CAPITAL CORP | — | 2.5M | $27.3M | 9.5% | +0.5% |
| MAIN MAIN STREET CAPITAL CORP | — | 484.8K | $25.7M | 9.0% | +10.2% |
| GBDC GOLUB CAPITAL BDC INC | — | 2.0M | $25.1M | 8.8% | +1.3% |
| HTGC HERCULES CAPITAL INC | — | 1.4M | $19.9M | 7.0% | +1.1% |
| TSLX SIXTH STREET SPECIALTY LENDI | — | 1.0M | $19.2M | 6.7% | +5.4% |
| MSDL MORGAN STANLEY DIRECT LENDIN | — | 767.8K | $10.7M | 3.7% | +0.2% |
| BCSF BAIN CAPITAL SPECIALTY FINAN | — | 801.3K | $9.9M | 3.5% | +2.2% |
| CSWC CAPITAL SOUTHWEST CORP | — | 426.2K | $9.4M | 3.3% | +0.2% |
| FSK FS KKR CAPITAL CORP | — | 855.8K | $8.7M | 3.0% | +0.1% |
| CGBD CARLYLE SECURED LENDING INC | — | 737.7K | $8.1M | 2.8% | +0.2% |
| MFIC MIDCAP FINANCIAL INVESTMENT | — | 716.5K | $8.1M | 2.8% | +0.2% |
| SLRC SLR INVESTMENT CORP | — | 538.8K | $7.7M | 2.7% | +0.8% |
| GSBD GOLDMAN SACHS BDC INC | — | 801.5K | $7.1M | 2.5% | +0.3% |
| NMFC NEW MOUNTAIN FINANCE CORP | — | 848.9K | $6.6M | 2.3% | -0.1% |
| FDUS FIDUS INVESTMENT CORP | — | 348.3K | $6.1M | 2.1% | +0.3% |
| BBDC BARINGS BDC INC | — | 700.5K | $5.8M | 2.0% | +0.2% |
| OCSL OAKTREE SPECIALTY LENDING CO | — | 333.6K | $3.8M | 1.3% | +0.3% |
| SCM STELLUS CAPITAL INVESTMENT C | — | 254.8K | $2.3M | 0.8% | +0.5% |
| CCAP CRESCENT CAPITAL BDC INC | — | 153.3K | $1.9M | 0.7% | +0.3% |
| PFLT PENNANTPARK FLOATING RATE CA | — | 171.9K | $1.4M | 0.5% | +0.6% |
| TCPC BLACKROCK TCP CAPITAL CORP | — | 279.5K | $1.0M | 0.4% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 38 | $285.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 21, 2026 | 38 | $318.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 20, 2025 | 39 | $258.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 4, 2025 | 59 | $230.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 5, 2025 | 56 | $176.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 5, 2025 | 59 | $159.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 6, 2024 | 52 | $141.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 43 | $130.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 63 | $150.3M | canonical | SEC ↗ |
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