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02. High Income Index

Data as of

About the Index

50% Equity focused income funds and 50% Bond/BDC focused income funds: (1) Funds need to have 90-day average trading dollar ($) liquidity over $500K. (2) Taxable Bond + Preferred Equity groupings according to CEFdata.com, ranked by top 35% current market price yield (40% of the index weighting), (3) Debt-Focused Business Development Companies (BDCs), top 35% ranked by current market price yield (10% of the index weighting). (4) US Equity, Non-US Equity, Specialty Equity and Hybrid/Balanced Funds groupings in CEFData.com with funds only included if they pay monthly or quarterly distributions without a large year-end distribution in both of the past two calendar years. This selection is then ranked by top 35% of funds by current market price yield (50% of index weighting) 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 1,170.73 0.71 1.61 4.63 6.06 -4.08 2.93 18.71 4.21 1.93 17.19 17.19
NAV 1,149.19 0.65 1.72 3.23 3.73 -1.70 3.65 15.31 4.31 1.79 10.68 10.68
Difference -0.06 0.11 -1.41 -2.33 2.38 0.72 -3.40 0.10 -0.13 -6.51 -6.51
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 14.98 - - - - - - - - - - - - - - - - - 15.26
NAV 8.73 - - - - - - - - - - - - - - - - - 8.89
Difference -6.25 - - - - - - - - - - - - - - - - - -6.38
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 2.43 -4.30 -1.81 -3.75 4.21 2.23 -0.35 6.15 2.40 3.05 1.41 -1.22 3.23 -8.13 0.45 -10.41 -17.31 -14.09 -11.68
NAV 2.81 -4.45 -1.76 -3.49 2.81 1.96 -0.13 4.68 1.19 3.05 0.68 -0.29 3.45 -4.66 0.10 -6.62 -10.89 -7.44 -6.25
Difference 0.38 -0.15 0.06 0.26 -1.40 -0.27 0.22 -1.47 -1.21 0.00 -0.73 0.93 0.22 3.46 -0.36 3.79 6.42 6.65 5.43
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.65 3.04 0.58 8.46 2.68 0.61 0.13 3.45 11.91 2.40 -1.83 2.40 2.94 -2.28 -1.67 3.21 -0.82 2.12 14.03
NAV 2.10 1.90 0.21 4.26 1.12 0.50 0.50 2.14 6.40 1.77 -0.59 1.45 2.64 -0.47 0.18 2.31 2.01 4.64 11.04
Difference -2.55 -1.14 -0.37 -4.20 -1.56 -0.11 0.37 -1.31 -5.51 -0.63 1.24 -0.95 -0.31 1.81 1.84 -0.90 2.83 2.53 -2.99
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -7.98 0.29 10.04 1.55 8.55 1.42 3.32 13.75 15.30 4.99 2.08 0.57 7.78 -2.49 1.07 1.81 0.34 8.12 23.43
NAV -7.03 -0.67 7.13 -1.07 7.12 1.92 2.50 11.91 10.83 2.84 1.52 1.73 6.21 -1.07 0.64 2.00 1.55 7.76 18.59
Difference 0.95 -0.97 -2.91 -2.63 -1.42 0.50 -0.82 -1.84 -4.47 -2.15 -0.56 1.17 -1.58 1.41 -0.42 0.19 1.21 -0.36 -4.83
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.75 4.19 -1.61 3.28 2.55 -0.88 -4.38 -2.80 0.48 -3.34 -4.33 -5.75 -12.84 8.36 -3.53 -4.80 -0.49 -13.33 -12.85
NAV -0.18 3.07 -1.02 1.84 2.60 0.15 -2.12 0.58 2.42 -1.11 -3.79 -4.14 -8.80 5.62 -3.04 -5.73 -3.46 -12.25 -9.84
Difference -0.93 -1.12 0.59 -1.44 0.05 1.02 2.26 3.37 1.94 2.23 0.54 1.61 4.04 -2.73 0.49 -0.92 -2.96 1.08 3.02

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-4.69%
1Yr Disc
-4.73%
3Yr Disc
-4.30%
5Yr Disc
-5.21%
Rel Disc Range (3yr)
50.46%
Mkt Yield
11.12%
Lev Adj NAV Yield
8.53%
After Tax Yield*
9.57%
Est Tax Friction*
1.55%
3Yr NAV Volatiliy
13.22
1 Yr RoC
39.53%
3 Yr Dest RoC
5.89%
Leverage
28.09%
Non Lev Exp Ratio
2.05%
Beta (2yr)
0.72
Equity Exposure
48.11%
Bond Exposure
49.66%
# Holdings
102
Cash Weighted Duration
1.40
Comp NAV TR
-0.96%
Comp Discount
1.14%
Net Assets (M)
531
Liquidity - 90d (K)
3,046
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

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

Constituents


102 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.92 23.93 16.23 47.27 32.13 174 1,742
ECC Eagle Point Cr Co Eagle Point 0.89 20.13 14.57 35.00 36.84 318 2,800
OXLC Oxford Lane Cap Corp Oxford Lane 0.81 35.32 15.84 0.00 39.81 275 4,582
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.91 10.74 14.07 35.13 31.81 113 878
NCZ AG Convt & Incm Fd II Allianz 0.95 9.94 12.48 32.31 43.49 380 2,138
NCV AG Convt & Incm Fd Allianz 0.96 13.90 12.21 34.37 42.98 502 2,937
ACP Abd Incm Cr Stgs Fd Aberdeen 0.89 -6.54 12.00 0.00 30.45 168 1,367
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.84 -9.13 12.56 57.12 27.65 150 802
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.95 51.74 10.17 24.27 32.26 103 828
RA Brkf Real Ast Incm Fd Brookfield 0.86 -8.72 11.18 35.67 25.52 854 4,328
CCD Calamos Dyn Convt & Incm Fd Calamos 0.91 -2.79 10.28 41.91 33.85 490 1,821
PHK PIMCO Hi Incm Fd PIMCO 0.85 43.93 11.03 23.65 25.22 795 5,430
GOF Gghm Stgc Opp Fd Guggenheim 0.83 11.07 11.00 18.67 0.00 595 3,826
GGM Gghm Cr Alloc Fd Guggenheim 0.82 0.36 11.06 2.22 29.68 145 751
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.82 -8.60 10.82 54.81 26.65 316 1,457
AVK AC Convt Sec & Incm Fd Guggenheim 0.89 -11.46 9.69 60.02 40.18 566 2,469
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.83 -9.10 10.28 43.34 30.73 421 1,858
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.85 -7.16 10.09 0.00 28.80 381 1,902
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.79 -6.23 13.16 42.81 27.40 196 1,258
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.84 -11.88 9.93 50.02 32.24 1,195 4,418
CHY Calamos Convt & Hi Incm Fd Calamos 0.89 -2.40 9.30 24.74 34.00 822 3,784
CHI Calamos Convt Opp & Incm Calamos 0.89 -3.84 9.35 26.07 34.00 757 3,889
ACV AG Divr Incm & Convt Fd Allianz 0.90 -3.67 9.19 0.00 33.61 233 983
KIO KKR Incm Opp Fd KKR Credit 0.82 -7.33 9.80 0.00 31.57 336 2,191
DHY CS Hi Yld Bnd Fd Credit Suisse 0.83 -7.48 9.70 13.38 34.95 263 962
DHF Dreyfus Hi Yld Stgs Fd Dreyfus 0.84 -8.87 9.46 0.00 33.19 238 633
DSL DbLin Incm Solutions Fd Doubleline 0.87 -0.51 9.15 2.58 30.48 2,006 10,499
DMO WA Mortg Dfin Opp Fd Legg Mason 0.83 7.31 10.21 1.17 32.90 201 1,096
BGX B/GSO Lng-Srt Cr Incm Fd Blackstone 0.88 -4.89 9.13 0.00 39.12 205 1,350
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.84 17.40 9.32 1.19 41.00 1,225 7,717
PFN PIMCO Incm Stgy Fd II PIMCO 0.83 7.20 9.35 0.00 25.21 579 2,534
EAD WF Incm Opp Fd Wells Fargo 0.83 -11.82 9.25 1.38 27.60 593 2,270
PFL PIMCO Incm Stgy Fd PIMCO 0.80 6.50 9.55 8.32 24.93 276 1,263
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 0.87 -13.13 8.89 50.00 31.85 515 3,139
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.85 -10.57 8.92 0.00 31.07 249 1,105
BGB B/GSO Stgc Cr Fd Blackstone 0.85 -7.09 9.00 0.00 37.29 705 3,983
PHT Pioneer Hi Incm Tr Pioneer 0.84 -10.50 9.23 0.00 31.50 287 1,294
EMD WA Emrg Mkt Dbt Fd Legg Mason 0.85 -11.96 8.81 14.02 29.90 940 4,206
CIK CS Ast Mgmt Incm Fd Credit Suisse 0.82 -11.87 9.09 0.03 29.77 176 585
FSD FT Hi Incm Lng/Srt Fd First Trust 0.84 -12.99 8.71 30.47 23.31 576 2,359
HIX WA Hi Incm Fd II Legg Mason 0.84 -10.96 8.61 6.24 30.70 611 2,348
MMT MFS MltMkt Incm Tr MFS 0.83 -9.59 8.68 42.99 20.00 415 1,074
JGH Nuv Glbl Hi Incm Fd Nuveen 0.84 -12.81 8.58 0.00 30.76 398 1,225
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.84 0.04 8.59 0.00 47.31 3,146 16,884
ARDC Ares Dyn Cr Alloc Fd Ares 0.83 -11.81 8.63 0.00 31.01 389 1,948
TCRD THL Credit THL Credit 0.64 -32.67 15.88 0.00 39.49 330 1,041
CMFN CM Finance CM Investment 0.74 -31.68 12.74 0.00 45.20 156 270
MCC Medley Capital Corp MCC Advisors 0.65 -45.99 6.60 0.00 55.65 306 868
FSK FS KKR Capital Corp FS/KKR Advisor 0.74 -25.00 11.73 0.00 41.92 2,066 14,734
MRCC Monroe Capital Corp Monroe Capital 0.73 -5.25 11.41 0.00 47.19 265 2,459
AINV Apollo Inv Corp Apollo Investment 0.73 -19.44 11.74 0.00 42.16 1,317 7,392
GARS Garrison Capital Garrison Capital 0.66 -33.78 12.35 0.00 54.99 181 302
CPTA Capitala Finance Corp Capitala 0.68 -33.75 11.87 0.00 57.97 204 568
BKCC BR Cap Inv Corp BlackRock 0.69 -18.54 11.54 0.00 29.14 534 2,281
FDUS Fidus Investment Corp Fidus 0.72 -9.57 10.51 0.00 41.35 401 1,659
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.68 -4.05 11.04 0.00 16.59 336 2,343
OFS OFS Capital Corp OFS Capital 0.63 -15.20 11.66 0.00 52.09 184 664
GECC Great Elm Cap Corp Great Elm Capital 0.63 -30.75 11.99 0.00 26.36 128 335
OXSQ Oxford Square Cap Corp Oxford Lane 0.59 -10.01 11.87 0.00 28.72 363 1,347
CGBD TCG BDC Carlyle 0.71 -15.80 9.95 0.00 46.57 1,105 5,388
NDP Tortoise Nrg Ind Fd Tortoise 1.53 20.85 17.16 43.75 25.00 124 1,658
CLM Cornerstone Stgc Val Fd Cornerstone 1.14 10.00 20.00 88.72 0.00 813 6,646
CRF Cornerstone Tot Rtn Fd Cornerstone 1.12 10.90 19.83 87.13 0.00 415 4,087
CEN Center Coast MLP & Infr Fd Center Coast 1.27 -0.24 14.85 94.17 37.44 255 2,884
ZF Virtus Total Return Fd Zweig 1.17 -9.56 15.12 80.89 25.72 227 1,185
EMO CB Nrg Midstream Opp Fd Legg Mason 1.27 -11.45 9.45 94.62 31.25 789 5,355
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.22 -3.10 13.70 51.83 12.00 613 3,652
RIV RiverNorth Opp Fd RiverNorth 1.07 -3.38 12.09 32.63 4.54 125 1,023
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.37 -9.33 11.65 100.00 35.73 149 882
ZTR Virtus Glbl Div & Inc Fd Virtus 1.22 3.04 12.91 71.31 26.15 250 1,327
IRR Voya NtrRes Eq Incm Fd Voya 1.29 4.58 12.34 90.81 0.00 114 713
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.28 -11.39 8.98 94.68 29.15 425 3,054
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.28 2.60 11.76 69.19 28.82 177 1,217
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.36 -8.42 10.90 5.13 37.98 509 3,460
FMO F/C Nrg Infra Fd Guggenheim 1.23 -4.95 12.01 100.00 37.66 401 2,935
GPM Gghm Enh Eq Incm Fd Guggenheim 1.19 -0.25 12.08 41.16 30.79 384 1,847
NTG Tortoise Midstream Nrg Fd Tortoise 1.23 -4.69 11.40 80.00 34.60 984 10,467
CEM CB MLP & Midstream Fd Legg Mason 1.22 -10.15 9.46 87.47 30.96 978 8,912
EOD WF Glbl Div Opp Fd Wells Fargo 1.19 -10.85 11.72 50.28 15.73 268 1,092
TYG Tortoise Nrg Infra Corp Tortoise 1.29 0.63 10.33 75.00 32.10 1,352 13,900
TTP Tortoise Pip & Nrg Fd Tortoise 1.30 -10.31 10.30 96.10 26.80 177 1,172
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.13 -12.91 11.11 34.25 32.10 139 766
CHW Calamos Glbl Dyn Incm Fd Calamos 1.22 -2.02 10.81 30.19 37.49 469 2,412
GLO Clough Glbl Opp Fd Clough 1.17 -11.15 10.66 21.75 43.16 341 1,559
RVT Royce Val Tr Legg Mason 1.22 -11.55 10.44 0.00 4.42 1,490 7,036
IGD Voya Glbl Eq Div & Prm Opp Voya 1.15 -7.15 11.28 61.23 0.00 679 2,969
FEN FT Nrg Incm & Gwth Fd First Trust 1.17 -4.43 11.09 100.00 25.77 437 3,413
GLQ Clough Glbl Eq Fd Clough 1.18 -7.20 10.12 0.00 42.25 149 631
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.29 -9.66 9.78 100.00 34.49 280 1,619
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.26 -8.93 10.21 100.00 27.63 438 2,235
IFN India Fund Aberdeen 1.12 -9.64 12.36 0.00 0.00 598 2,404
FEI FT MLP & Nrg Incm Fd First Trust 1.23 -7.17 10.29 93.86 26.07 590 4,440
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.10 -4.29 9.19 90.75 0.00 2,543 8,177
SZC Cushing Renaissace Fd Cushing 1.27 -7.41 9.86 70.08 23.51 140 697
THW Tekla Wld Health Fd Tekla 1.16 -7.16 10.70 85.30 23.30 426 2,084
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.20 -10.63 10.34 63.23 3.00 554 2,057
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.13 -9.05 10.96 33.43 17.00 779 2,724
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.28 -2.21 9.50 24.04 37.74 402 3,285
FPL FT New Opp MLP & Nrg Fd First Trust 1.24 -9.69 9.96 100.00 25.17 257 2,016
USA Liberty All-Star Eq Fd ALPS 1.18 -6.17 9.87 0.00 0.00 1,277 5,803
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.23 -14.35 9.78 55.50 30.86 634 2,198
MCN Madison Cov Call & Eq Stgc Madison 1.13 -8.52 10.48 10.25 0.00 157 632

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.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %