CEF Advisors

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06. Taxable Bond & BDC Index

Data as of April 27, 2017

About the Index

Funds need to have 90-day average trading dollar ($) liquidity over $500K and then ranked the top 50% of the constituent funds by their respective 90-day average trade liquidity (with a minimum of 2 funds per group; if needed, a lower average trading’s liquidity may be used) for the 13 groupings of CEFs according to CEFData.com: (1) Build America Bond (taxable municipals or BABs), (2) Convertible Bonds, (3) Emerging Market Income, (4) Global Income, (5) High Yield, (6) Investment Grade, (7) Limited Duration, (8) Senior Loan, (9) Mortgage, (10) Multi-Sector, (11) Preferred, (12) US Government Bonds, (13) Debt-Focused Business Development Companies (BDCs). We will combine levered and non-levered groupings to create one larger grouping. Each sector is then equal weighted into the index. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,064.54 0.04 0.48 2.30 4.23 7.96 15.55 6.07 6.63 1.14 1.14 5.54
NAV 1,103.89 0.12 0.37 2.17 4.01 4.78 12.58 5.74 7.29 0.62 0.62 3.78
Difference 0.08 -0.11 -0.13 -0.21 -3.19 -2.97 -0.33 0.66 -0.53 -0.53 -1.76
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,051.18
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 2017
Price 2.52 1.78 -0.49 4.40 - - - - - - - - - - - - 5.54
NAV 1.27 1.33 0.09 3.16 - - - - - - - - - - - - 3.78

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-2.43%
1Yr Disc
-4.20%
3Yr Disc
-6.12%
5Yr Disc
-3.94%
Rel Disc Range (3yr)
75.06%
Mkt Yield
7.55%
Lev Adj NAV Yield
5.72%
After Tax Yield*
5.89%
Est Tax Friction*
1.66%
1 Yr RoC
11.64%
3 Yr Dest RoC
7.86%
Leverage
29.49%
Non Lev Exp Ratio
1.55%
3Yr NAV Volatiliy
6.08
Equity Exposure
1.77%
Bond Exposure
95.39%
# Holdings
85
Cash Weighted Duration
4.60
Beta (2yr)
0.32
Comp NAV TR
0.91%
Comp Discount
0.88%
Net Assets (M)
824
Liquidity - 90d (K)
2,894
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

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Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


85 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BBN BR Taxable Muni BndTr BlackRock 3.79 -1.41 7.04 0.00 35.96 1,300 3,408
NBB Nuv Bld Amrc Bnd Fd Nuveen 3.76 -3.96 5.99 0.00 28.74 569 1,592
CHI Calamos Convt Opp & Incm Calamos 1.97 1.61 10.04 55.87 28.13 783 3,630
NCV AG Convt & Incm Fd Allianz 1.96 2.51 11.26 0.00 37.75 596 2,681
CHY Calamos Convt & Hi Incm Fd Calamos 1.96 -0.85 10.27 51.19 28.29 855 3,097
AVK AC Convt Sec & Incm Fd Guggenheim 1.92 -8.41 7.09 17.94 39.30 409 1,619
EMD WA Emrg Mkt Dbt Fd Legg Mason 2.56 -11.91 7.69 36.23 22.12 1,076 2,990
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 2.67 -10.40 8.67 50.70 34.35 587 2,102
TEI Tmp Emrg Mkt Incm Fd Franklin 2.57 -12.59 3.77 28.30 0.00 622 1,897
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.51 -8.81 8.45 45.74 29.36 1,380 2,804
PPT Putnam Prmr Incm Tr Putnam 1.50 -6.46 5.99 0.00 29.58 597 3,384
GIM Tmp Glbl Incm Fd Franklin 1.51 -11.69 3.03 19.97 0.00 1,010 1,924
RCS PIMCO Stgc Incm Fd PIMCO 1.58 27.78 8.74 18.15 27.80 328 1,558
BWG LM BW Glbl Incm Opp Fd Legg Mason 1.55 -11.89 8.33 90.44 33.23 309 1,286
HYT BR Corp Hi Yld Fd BlackRock 0.65 -7.64 7.47 0.00 27.09 1,540 4,964
EAD WF Incm Opp Fd Wells Fargo 0.64 -8.39 8.43 0.00 26.12 657 2,301
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 0.64 -9.00 7.97 0.00 29.27 677 2,204
HIO WA Hi Incm Opp Fd Legg Mason 0.66 -7.96 7.04 3.13 0.00 730 2,123
FSD FT Hi Incm Lng/Srt Fd First Trust 0.66 -4.97 8.65 0.00 21.04 638 1,977
DSU BR Dbt Stgs Fd BlackRock 0.64 -7.82 7.04 0.00 29.93 774 2,160
ISD Pru Srt Dur Hi Yld Fd Prudential 0.63 -7.86 7.95 0.00 26.89 558 2,163
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.64 -6.99 9.23 8.85 25.31 430 1,657
EHI WA Glbl Hi Incm Fd Legg Mason 0.64 -9.15 8.80 10.50 25.16 509 1,601
HIX WA Hi Incm Fd II Legg Mason 0.65 -5.40 8.56 3.03 26.56 671 1,620
PHT Pioneer Hi Incm Tr Pioneer 0.64 -7.16 7.82 0.00 28.40 312 1,115
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.64 -7.89 10.19 4.51 29.35 201 1,371
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.94 10.69 9.78 0.00 45.52 1,038 4,114
PCN PIMCO Corp & Incm Stgy Fd PIMCO 1.95 9.89 8.26 1.28 21.16 580 1,857
PIM Putnam Mstr Imd Incm Tr Putnam 1.94 -4.96 6.51 0.00 9.26 273 842
IGI WA Inv Grd Dfin Opp Tr Legg Mason 1.90 -1.55 5.30 0.00 0.00 224 764
EVV EV Ltd Dur Incm Fd Eaton Vance 2.57 -7.84 6.91 11.70 35.65 1,763 4,570
FTF FrkTmp Ltd Dur Incm Tr Franklin 2.55 -7.07 10.82 0.00 33.42 291 1,786
BLW BR Ltd Dur Incm Tr BlackRock 2.54 -7.21 6.65 0.65 30.58 626 1,600
JFR Nuv Flt Rt Incm Fd Nuveen 0.64 -1.10 6.94 0.00 36.74 653 4,448
JQC Nuv Cr Stgs Incm Fd Nuveen 0.65 -5.96 7.13 0.00 35.65 1,276 4,363
BGB B/GSO Stgc Cr Fd Blackstone 0.65 -5.21 7.78 0.00 36.01 763 3,600
VTA Invsc Dyn Cr Opp Fd Invesco 0.63 -6.62 6.94 0.65 30.14 974 3,569
VVR Invsc Sr Incm Tr Invesco 0.64 -4.07 5.99 5.53 28.40 884 2,668
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.63 -3.80 5.07 0.00 29.13 558 2,340
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.64 1.02 7.13 0.00 36.41 459 2,288
PPR Voya Prime Rt Tr Voya 0.64 -5.74 5.98 0.00 28.39 850 2,464
EFT EV Flt-Rt Incm Tr Eaton Vance 0.63 -2.12 5.21 0.00 34.70 619 1,815
EFR EV Sr Flt-Rt Tr Eaton Vance 0.62 -1.91 5.64 0.00 34.49 560 1,994
ARDC Ares Dyn Cr Alloc Fd Ares 0.64 -8.95 7.60 2.72 30.64 409 1,884
AIF Apollo Tactical Incm Fd Apollo Credit 0.64 -5.21 7.97 0.00 35.35 253 1,338
RA Brkf Real Ast Incm Fd Brookfield 2.60 -8.91 10.24 17.43 23.83 934 2,580
DMO WA Mortg Dfin Opp Fd Legg Mason 2.68 18.29 11.29 0.00 32.01 220 1,643
JLS Nuv Mortg Opp Trm Fd Nuveen 2.55 -3.63 5.46 1.53 27.56 411 793
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.97 -1.67 9.06 0.00 45.60 3,034 13,083
DSL DbLin Incm Solutions Fd Doubleline 0.96 -5.30 8.84 0.22 27.46 2,180 8,725
PHK PIMCO Hi Incm Fd PIMCO 0.95 27.50 11.17 18.33 24.97 869 6,140
PDI PIMCO Dyn Incm Fd PIMCO 0.97 8.38 9.06 0.00 46.85 1,259 5,333
BTZ BR Cr Alloc Incm Tr BlackRock 0.96 -8.96 6.36 4.51 23.80 1,570 2,695
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.97 -8.66 6.57 0.00 49.21 1,205 2,659
BIT BR Mlt-Sctr Incm Tr BlackRock 0.97 -7.22 7.90 0.00 39.96 729 2,056
PFN PIMCO Incm Stgy Fd II PIMCO 0.98 1.78 9.34 0.00 23.97 598 2,109
JPS Nuv Pref Sec Incm Fd Nuveen 1.12 -2.39 7.58 0.00 32.01 2,050 4,346
FPF FT Imd Dur Pref & Incm Fd First Trust 1.10 -3.98 7.82 0.00 30.67 1,481 3,983
JPC Nuv Pref Incm Opp Fd Nuveen 1.12 -5.08 7.61 0.00 28.37 1,030 3,271
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.09 5.00 7.39 0.00 33.60 871 2,030
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.10 -2.67 7.23 0.00 29.30 767 1,860
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 1.11 -2.47 7.61 0.00 33.30 496 1,733
PDT JH Prm Div Fd John Hancock 1.11 1.55 7.15 7.74 33.15 778 1,511
WIW WA/C Inf-Lnk Opp & Incm Fd Western Asset 3.76 -11.56 3.62 22.21 27.85 767 1,288
WIA WA/C Inf-Lnk Sec & Incm Fd Western Asset 3.74 -11.24 3.38 27.99 28.45 373 603
ARCC Ares Capital Corp Ares 0.38 6.14 8.71 0.00 41.90 7,007 39,008
PSEC Prospect Capital Corp Prospect Capital 0.39 -3.12 10.73 0.00 41.99 3,456 22,347
MAIN Main Street Cap Corp Main Street Capital 0.40 82.76 5.50 0.00 40.78 1,222 10,148
FSIC FS Investment Corp FB Income 0.38 3.08 9.19 0.00 41.13 2,302 10,890
HTGC Hercules Capital Hercules 0.39 56.77 7.99 0.00 44.72 820 7,623
AINV Apollo Inv Corp Apollo Investment 0.40 -1.46 8.88 0.00 39.95 1,507 6,986
FSC Fifth St Fin Corp Fifth Street 0.37 -37.62 1.75 3.36 49.36 1,030 6,251
TCAP Triangle Capital Corp Triangle Capital 0.38 25.78 9.46 0.00 46.15 721 6,417
NMFC New Mountain Fin Corp New Mountain Capital 0.38 10.33 9.16 0.00 42.92 938 7,335
TSLX TPG Specialty Lending TSL Advisers 0.39 30.72 7.48 0.00 40.63 954 4,760
GBDC Golub Capital BDC Golub Capital 0.39 28.40 6.33 0.00 50.14 897 4,809
GSBD Goldman Sachs BDC Goldman Sachs 0.39 36.37 7.21 0.00 41.84 665 3,997
PFLT PennantPark Flt Rt Cap PennantPark 0.38 -1.91 8.24 0.00 43.05 377 4,084
NEWT Newtek Biz Serv Corp Newtek 0.37 16.43 8.65 0.00 42.66 246 3,044
PNNT PennantPark Inv Corp PennantPark 0.38 -12.40 9.02 0.00 47.03 647 3,349
TICC TICC Capital Corp TICC Management 0.38 -2.13 10.90 0.00 35.92 386 3,166
TCPC TCP Capital Corp Tennenbaum Capital 0.37 15.16 8.39 0.00 41.79 791 3,743
MCC Medley Capital Corp MCC Advisors 0.38 -17.47 11.35 0.00 49.05 512 2,408
FSFR Fifth St Sr Flt Rt Corp Fifth Street 0.36 -23.94 27.60 0.00 42.32 320 2,394
SLRC Solar Capital Solar Capital 0.39 5.38 6.98 0.00 23.47 918 2,469

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.