Putnam BDC Income ETF is downgraded to hold due to portfolio weaknesses and declining dividend coverage. PBDC underperformed with an 8.8% total return loss over 12 months but still outpaced the passive BIZD ETF. PBDC's high yield (11.6%) is threatened by weaker holdings, declining NAVs, and potential for lower future distributions.
PBDC: The Portfolio Approach Needs Some Shifts (Rating Downgrade)
Source: Seeking Alpha