Portfolio Read & Learning Tool

A high-income portfolio built almost entirely from closed-end funds (CEFs), business-development companies (BDCs), CLOs and credit vehicles — engineered for high current distributions (~9.78%), spread thin and even across 53 names.

The PLEX method doesn't ask "is this a good fund?" It asks "what job does each holding do," and sorts every position into one of three buckets with a target weight:

Source: Fynanc Academy — PLEX strategy. Tier targets & criteria per the PLEX tier configuration (George Antone / Fynanc PLEX criteria). The principle George repeats: stability first — Bedrock is the base, the yield engine sits on top of it, and the hedge is a tiny asymmetric insurance sleeve.

Buckets assigned by fund type/sector against the PLEX criteria above: utilities, infrastructure/MLP, senior loans, AAA CLO and preferred → Bedrock; BDCs, high-yield credit, equity-income/covered-call, CLO-equity and REITs → Cash Flow; asymmetric options-income → Hedge.

The pie as built (53 holdings):

Bedrock 29% (15 funds)  ·  Cash Flow 71% (38 funds)  ·  Hedge 0% (0 funds)

The PLEX target:

Bedrock 65%  ·  Cash Flow 34%  ·  Hedge 1%

Bedrock isn't "low risk by vibe." In the Academy's candidate sheet, each fund is scored on hard columns before it qualifies:

• Correlation to the S&P 500 — Bedrock wants low (moves on its own clock, not with the stock market).
• Standard deviation — Bedrock wants low volatility (e.g., a senior-loan CEF at ~4 SD qualifies; a CLO-equity fund at ~18 SD does not).
• Maintenance requirement — can the broker hold it without heavy margin cost (XFLT's 100% requirement disqualifies it).
• Distribution frequency & reliability — monthly & consistent preferred.
• Morningstar rating — a sanity tiebreaker, not the driver.

Example from the candidate sheet: "ECC — pass as a bedrock holding due to high SD / distribution frequency, or place in Cash-Flow assets due to low SD/correlation/maintenance." Yield is explicitly the last Bedrock criterion — "yield is a bonus, not the goal." Source: Fynanc Academy — PLEX Community Call, "Bedrock Debt-Based Candidates v2.0" (Apr 16, 2025).

Using the live picture from this pie plus the Academy's own model picks, here is the shape the method points to — same income objective, but stability-first and hedged. (Weights below are within each bucket.)

Bedrock — 65% of the portfolio (stability: utilities, infrastructure, senior loans, AAA CLO, treasuries)

Cash Flow — 34% of the portfolio (the yield engine: BDCs, high-yield credit, equity income)

Hedge — 1% of the portfolio (tiny asymmetric insurance sleeve)

"Action" reflects the Academy's own call on each model pick (KEEP / GROW / ADD). Several of this pie's holdings already fit — e.g. UTF and NIE are Bedrock picks; BBDC and FSCO are Cash-Flow picks. The gap isn't the funds — it's the weights. Source: Fynanc Academy PLEX tier model.

This entire read came from a public share link. It's honest about its blind spots — without the account we cannot see:

• Dollar amounts & position sizes — only target % weights, not how much is actually invested.
• Cost basis & unrealized gain/loss — we see a hypothetical +6.63% since Dec 18, 2025, not the real entry prices.
• Realized income actually collected — the 9.78% is a weighted trailing yield, not dollars banked.
• Whether distributions are real income or return-of-capital (ROC) — critical for CEFs/CLOs; needs fund-level data, not the pie.
• Drawdown history & the investor's actual risk experience — the share page shows a short, rosy window only.
• Cash position, contributions, rebalancing behavior, taxes — none of it is in a public pie.

So treat the bucketing as a structural read (what jobs the holdings do), not a statement about this investor's returns or income. We did not request a login, and none is needed for the lesson.

This is the live, code-computed answer to the questions Amir's group asks: what is the real blended yield, how deep does it draw down versus the S&P 500, and how much of the "income" is actually return-of-capital? Every number below comes from code (yfinance total-return + distribution data), not estimates. Computed 2026-06-11T10:50:00.119806+00:00.

1 · Weighted yield. Headline 10.44% (sanity-capped)  ·  raw uncapped 13.36%  ·  coverage 100.0% (53/53 holdings priced). The raw figure includes data-feed outliers (GPIQ (65.0%), GPIX (102.0%)) that breach the 50.0% sanity cap; the headline figure caps those, so it is the honest one to quote.

2 · Drawdown vs the S&P 500 (total-return, window 2023-06-12 → 2026-06-10; benchmark SPY).

Honest caveat: 5 holding(s) have less than the full window of price history (MLPI, OTF, MSDL, GPIQ, GPIX); the engine renormalizes weights daily so each ticker only counts from its own start date — no fabricated history. Coverage 53/53, all priced.

3 · Income quality — how much is really earned vs return-of-capital? (total-return-coverage proxy; LIKELY-ROC = distribution rate exceeds 1y total return by >3pp. Coverage 100.0%.)

Earned 55.0%  ·  Mixed 12.0%  ·  Likely-ROC 33.0%  (by portfolio weight)

Riskiest high-yield holdings (payout outran earnings — NAV-erosion signal):

Sources: yield from the weighted-yield engine (yfinance distributions, sanity-capped); drawdown/vol/Sharpe/beta from total-return price history vs SPY over the shared 3-year window; income-quality from the distribution-sustainability (ROC) engine. This is a total-return-coverage proxy for ROC, not a read of each fund's official 19(a) notice. Honest by construction: short-history and data-feed outliers are disclosed above, not hidden.

Sources (Fynanc Academy):
• PLEX Community Call — "Bedrock Debt-Based Candidates v2.0" (Apr 16, 2025) — selection criteria & the Bedrock guardrails.
• PLEX tier model (Bedrock / Cash-Flow / Hedge targets & model picks) — George Antone / Fynanc PLEX criteria.
• "The Ultimate Hedge Against Inflation" (Sep 2024) — the Hedge-bucket rationale.
Live holdings & weights read from the public M1 "Income Factory" share link.