Morgan Stanley Direct Lending Fund
MSDL
Market cap $1.79B

20.02 USD

-0.18

0.89%

At close Oct 18, 4:00 PM EDT

1 day

-0.89%

5 days

-0.30%

1 month

-0.74%

3 months

-13.33%

6 months

-5.83%

Year to date

-3.00%

1 year

-3.00%

5 years

-3.00%

About: Morgan Stanley Direct Lending Fund is a fund whose investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing predominantly in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. It invests predominantly in directly originated senior secured term loans including first lien senior secured term loans including unitranche loans and second lien senior secured term loans, with the balance of the investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases.

0

Funds holding %

of 6,740 funds

0

Analysts bullish %

of 4 analysts

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

75% more repeat investments, than reductions

Existing positions increased: 7 | Existing positions reduced: 4

3% more capital invested

Capital invested by funds: $92.9M [Q1] → $95.6M (+$2.74M) [Q2]

0.05% more ownership

Funds ownership: 4.85% [Q1] → 4.9% (+0.05%) [Q2]

0% more funds holding in top 10

Funds holding in top 10: 1 [Q1] → 1 (+0) [Q2]

11% less funds holding

Funds holding: 19 [Q1] → 17 (-2) [Q2]

29% less first-time investments, than exits

New positions opened: 5 | Existing positions closed: 7

See Fund Rankings

Research analyst outlook

4 Wall Street Analysts provided 1 year price targets over the past 3 months

Low target

$20

0%

upside

Avg. target

$21

5%

upside

High target

$22

10%

upside

4 analyst ratings

2 positive

50%

2 neutral

50%

0 negative

0%

RBC Capital Kenneth Lee 82% 1-year accuracy 51 / 62 met price target	10%upside $22	Outperform Reiterated	13 Sept 2024
RBC Capital Kenneth Lee 82% 1-year accuracy 51 / 62 met price target	10%upside $22	Outperform Maintained	13 Aug 2024
JP Morgan Melissa Wedel 45% 1-year accuracy 5 / 11 met price target	0%downside $20	Neutral Maintained	29 Jul 2024
Wells Fargo Finian O'Shea 67% 1-year accuracy 16 / 24 met price target	0%downside $20	Equal-Weight Maintained	26 Jul 2024

See Analyst Rankings

Financial journalist opinion

Based on 8 articles about MSDL published over the past 30 days

Invest In All Weather BDC Dividend Portfolio

The All Weather Portfolio concept introduced by Ray Dalio aims for stable returns through largely uncorrelated investment exposures. In this article, I have tried to apply the essence of such a construct for BDC dividend-seeking investments. The sample portfolio, which is presented in the article, consists of three structural layers that are not that correlated and offer different risk and reward profiles.

Invest In All Weather BDC Dividend Portfolio

Morgan Stanley Direct Lending Fund Announces Third Quarter 2024 Earnings Release and Conference Call

NEW YORK--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL”), a business development company externally managed by MS Capital Partners Adviser Inc., today announced it will release its financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, after the market closes. MSDL will host a conference call at 10:00 am ET on Friday, November 8, 2024, to review its financial results and conduct a question-and-answer session. Conference Call I.

Morgan Stanley Direct Lending Fund Announces Third Quarter 2024 Earnings Release and Conference Call

Top 3 Business Development Companies for Double-Digit Dividends

Publicly traded business development companies (BDCs) are growing in popularity for their astounding dividend income. Like real estate investment trusts (REITs), BDCs must distribute 90% of their taxable income to shareholders as dividends.

Top 3 Business Development Companies for Double-Digit Dividends

Morgan Stanley Direct Lending: Likely To Become A Major Player Amongst Its Peers

Morgan Stanley Direct Lending Fund shows strong fundamentals and growth, with solid dividend coverage and a healthy portfolio, despite its short track record. MSDL's investment-grade credit ratings and manageable debt positions them well for future growth, but high exposure to floating rate loans poses risks. Trading at a slight discount to NAV, MSDL offers a compelling buy opportunity for income-oriented investors, though upside is limited due to potential rate declines.

Morgan Stanley Direct Lending: Likely To Become A Major Player Amongst Its Peers

Buy The Dip: 10% Yields Getting Way Too Cheap

The high-yield space has undergone a sharp bifurcation recently. We discuss what this bifurcation is and what is driving it. We discuss two quality and growing 10%-yields that are way too cheap right now.

Buy The Dip: 10% Yields Getting Way Too Cheap

Morgan Stanley Direct Lending Fund: Solid Yield Enhancer At Limited Risk

April this year, I wrote a bullish piece on MSDL. Since then the total return performance has landed at negative 5%. This is mostly explained by the end of the post-IPO lock-up period, not underlying fundamentals. Looking at Q2, 2024 earnings, we will see a continued stability with many data points being clearly better than for most of other BDCs.

Morgan Stanley Direct Lending Fund: Solid Yield Enhancer At Limited Risk

The Best BDC To Buy For Fed Rate Cuts

The Federal Reserve's 50 basis point rate cut impacts BDCs, which are sensitive to short-term rate changes, affecting their net investment income. BDCs thrive during rate hikes but face challenges with rate cuts, potentially leading to declining net investment income and increased non-accruals. I take a look at 10 leading BDCs and share my pick for the best one to own in the current environment.

The Best BDC To Buy For Fed Rate Cuts

8%-Yielding Portfolio For Retirement Passive Income

Investing in high-yield dividend stocks can provide a stable passive income in retirement, reducing sequence-of-return risk compared to index funds. We share a model portfolio for how you can do this. The model portfolio yields a weighted average 8% while also growing its payouts at a rate that should meet or even beat inflation over the long term.

8%-Yielding Portfolio For Retirement Passive Income

Dividend Cut Alert: Bad News For BDCs

BDCs have outperformed REITs since early 2022 due to rising short-term interest rates and a strong economy, but dynamics shifted in July. With long-term rates declining and recession fears rising, BDCs face dividend cut risk. One BDC recently slashed its dividend aggressively and more are likely to follow.

Dividend Cut Alert: Bad News For BDCs

MSDL: Attractive Entry Point On Lock-Up Expiry In This 11.6% Yielding BDC

MSDL delivered a strong Q2 with a 3.2% total NAV return and a rise in both NAV and NII. The stock trades at an 11.6% yield and a slight discount to book. The valuation rose post-IPO but dipped after the first lock-up expiry; another potential entry point may arise in October.

MSDL: Attractive Entry Point On Lock-Up Expiry In This 11.6% Yielding BDC

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