It will get hit very badly. Initially because of the flattening of the curve and later because of the loss in book value. Just the fear of that crushed the m REITS last year. Eventually, some will do well as they are positioned for higher rates, e.g. BXMT. JMO.
If they short the security and/or some of its components opportunistically they can aim for a wash and use the money from the sales as they see fit. BDC's or BDCL is the only ETN I would hold in a rising rate environment because of their prevalence of libor linked loans. JMO.
In addition to what has already been said here, there is the perception that the best days for PE are over. Most companies bought during the great recession have been sold and it is hard to find undervalued companies, maybe oil related. All PE is down considerably.
We probably are. CG,however, is better positioned with several billion dollars in their energy fund waiting to be deployed.
That is a 3 month trend.Look at a 1 year trend and the picture will change. I do believe it needs to consolidate in the mid to high 30' first.