BDC Stocks
Top 10 of 30 BIZD holdings, updated
As of 12 October 2026, BDC stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. BIZD trails the S&P 500 by 6.1 points over one month and ranks #73 of 115 groups Zensei tracks. 15 of the 30 BDC stocks Zensei prices in BIZD beat the fund this month.
Where BDC stocks stand now
As of 12 October 2026, Business Development (BIZD) ranks #73 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 2.6-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 6.1 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, BIZD's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. BIZD's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via VanEck BDC Income ETF, whose 30 tracked holdings are led by Ares Capital Corp, Main Street Capital Corp and Blue Owl Capital Corp. Weighted by portfolio, the fund's holdings trade at roughly 13.0× earnings. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
Top BDC stocks right now
The largest BDC stocks by weight in BIZD, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of BIZD
- 1Ares Capital CorpARCC13.6%
- 2Main Street Capital CorpMAIN5.2%
- 3Blue Owl Capital CorpOBDC5.2%
- 4Blackstone Secured Lending FundBXSL5.0%
- 5Golub Capital BDC IncGBDC2.8%
Strongest this month
1-month return, holdings Zensei prices
- 1Blackrock Tcp Capital CorpTCPC+2.1%
- 2Fidus Investment CorpFDUS+1.0%
- 3Blackstone Secured Lending FundBXSL+0.9%
- 4Kayne Anderson BDC IncKBDC−0.8%
- 5Gladstone Capital CorpGLAD−1.4%
BDC Stocks vs the S&P 500
Over the week to 12 October 2026, BIZD fell 1.2% while the S&P 500 rose 0.4%. BIZD and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means BIZD won that window.
Prices as of · computed from daily adjusted closes · how we measure
Business Development on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are BDC stocks expensive?
The price-to-earnings ratio of BIZD as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
BIZD holdings: the BDC stocks inside
As of 12 October 2026, 15 of the 30 BDC stocks Zensei prices in BIZD beat the fund over the past month. 1 of them beat the S&P 500. The strongest is Blackrock Tcp Capital Corp (TCPC); the weakest is Prospect Capital Corp (PSEC). Inside the fund, the holdings move close to the sector.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | ARCCAres Capital Corp | 13.6% | −3.3% | +2.4% | +0.7 pts | Strong | Strong |
| 2 | MAINMain Street Capital Corp | 5.2% | −3.6% | +4.2% | +0.4 pts | Pulling back | Holding |
| 3 | OBDCBlue Owl Capital Corp | 5.2% | −6.1% | −4.0% | −2.0 pts | Weak | Broken |
| 4 | BXSLBlackstone Secured Lending Fund | 5.0% | +0.9% | +5.4% | |||
| 5 | GBDCGolub Capital BDC Inc | 2.8% | −2.8% | −3.8% | |||
| 6 | HTGCHercules Capital Inc | 2.8% | −5.0% | +6.9% | |||
| 7 | FSKFs Kkr Capital Corp | 2.7% | −5.0% | +4.5% | |||
| 8 | OTFBlue Owl Technology Finance Corp | 2.5% | −10.5% | −5.5% | |||
| 9 | TSLXSixth Street Specialty Lending Inc | 2.0% | −1.7% | +3.1% | |||
| 10 | TRINTrinity Capital Inc | 2.0% | −4.8% | +0.0% |
All 30 BIZD holdings by weight: Ares Capital Corp (ARCC) 13.6%, Main Street Capital Corp (MAIN) 5.2%, Blue Owl Capital Corp (OBDC) 5.2%, Blackstone Secured Lending Fund (BXSL) 5.0%, Golub Capital BDC Inc (GBDC) 2.8%, Hercules Capital Inc (HTGC) 2.8%, Fs Kkr Capital Corp (FSK) 2.7%, Blue Owl Technology Finance Corp (OTF) 2.5%, Sixth Street Specialty Lending Inc (TSLX) 2.0%, Trinity Capital Inc (TRIN) 2.0%, Capital Southwest Corp (CSWC) 1.8%, Morgan Stanley Direct Lending (MSDL) 1.3%, Oaktree Specialty Lending Corp BDC (OCSL) 1.2%, Goldman Sachs BDC Inc (GSBD) 1.1%, Barings BDC Inc (BBDC) 0.9%, Prospect Capital Corp (PSEC) 0.9%, Fidus Investment Corp (FDUS) 0.9%, Carlyle Secured Lending Inc (CGBD) 0.9%, Midcap Financial Investment Corp (MFIC) 0.8%, Pennantpark Floating Rate Capital Ltd (PFLT) 0.8%, Gladstone Investment Corp (GAIN) 0.7%, Bain Capital Specialty Finance Inc (BCSF) 0.7%, New Mountain Finance Corp (NMFC) 0.7%, Msc Income Fund Inc (MSIF) 0.6%, Nuveen Churchill Direct Lending Corp (NCDL) 0.6%, Slr Investment Corp (SLRC) 0.6%, Gladstone Capital Corp (GLAD) 0.5%, Kayne Anderson BDC Inc (KBDC) 0.5%, Cion Invt Corp (CION) 0.4%, Blackrock Tcp Capital Corp (TCPC) 0.4%.
BDC Stocks: common questions
What are the top 3 BDC stocks?
As of 12 October 2026, the three largest BDC stocks in BIZD by fund weight are Ares Capital Corp (ARCC) (13.6%), Main Street Capital Corp (MAIN) (5.2%) and Blue Owl Capital Corp (OBDC) (5.2%). Fund weight shows size inside the fund, not a recommendation.
Which BDC stocks are beating the sector?
As of 12 October 2026, 15 of the 30 BDC stocks Zensei prices in BIZD beat the fund over the past month. The strongest over the past month is Blackrock Tcp Capital Corp (TCPC). The list above shows every holding with its weight and returns.
Are BDC stocks outperforming the S&P 500?
No. As of 12 October 2026, BIZD trails the S&P 500 by 6.1 points over the past month.
Is it a good time to invest in BDC stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, BDC stocks are ahead of the S&P 500 over the longer window but behind over the past month, a fading lead. The rotation map and the read on this page show whether that trend is building or fading.
What is BIZD?
BIZD is VanEck BDC Income ETF. Zensei uses it to measure BDC stocks against the S&P 500 (SPY).
What stocks does BIZD own?
As of 12 October 2026, the largest of the 30 positions Zensei tracks in BIZD are Ares Capital Corp, Main Street Capital Corp, Blue Owl Capital Corp, Blackstone Secured Lending Fund, Golub Capital BDC Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is business development in right now?
As of 12 October 2026, business development is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track business development against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.