CEF Advisors

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02. High Income Index

Data as of March 28, 2017

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 1,066.40 0.52 0.98 -0.78 6.91 6.54 27.54 3.07 6.15 -1.11 6.64 6.64
NAV 1,119.08 0.28 0.60 -0.52 3.37 4.65 20.70 2.99 6.75 -0.83 3.09 3.09
Difference -0.24 -0.39 0.26 -3.54 -1.90 -6.84 -0.08 0.60 0.28 -3.55 -3.55
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,085.56
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 2017
Price 4.65 3.04 - - - - - - - - - - - - - - -
NAV 2.09 1.82 - - - - - - - - - - - - - - -

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.12%
1Yr Disc
-4.81%
3Yr Disc
-5.34%
5Yr Disc
-2.99%
Rel Disc Range (3yr)
65.10%
Mkt Yield
10.26%
Lev Adj NAV Yield
8.09%
After Tax Yield*
8.69%
Est Tax Friction*
1.57%
1 Yr RoC
36.09%
3 Yr Dest RoC
26.21%
Leverage
26.15%
Non Lev Exp Ratio
2.05%
3Yr NAV Volatiliy
13.28
Equity Exposure
44.54%
Bond Exposure
53.07%
# Holdings
97
Cash Weighted Duration
1.64
Beta (2yr)
0.79
Comp NAV TR
0.50%
Comp Discount
2.00%
Net Assets (M)
554
Liquidity - 90d (K)
2,511
* 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


97 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 0.91 1.02 14.75 0.00 38.44 212 2,870
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.99 7.27 13.56 22.34 32.13 236 1,536
ECC Eagle Point Cr Co Eagle Point 1.04 11.67 12.36 2.86 26.16 286 820
PHK PIMCO Hi Incm Fd PIMCO 0.85 30.19 11.12 18.53 24.54 854 6,262
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 1.02 1.98 11.72 30.80 32.43 146 916
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 1.10 62.89 10.13 22.95 40.02 114 1,181
DMO WA Mortg Dfin Opp Fd Legg Mason 0.94 14.21 11.81 0.00 32.01 218 1,672
NCV AG Convt & Incm Fd Allianz 0.94 0.15 11.76 0.00 37.09 584 3,013
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.96 -5.78 11.61 50.16 26.51 193 1,071
NCZ AG Convt & Incm Fd II Allianz 0.93 0.34 11.62 1.92 37.47 441 1,602
CCD Calamos Dyn Convt & Incm Fd Calamos 0.99 -4.10 10.34 60.23 28.26 493 1,671
CHY Calamos Convt & Hi Incm Fd Calamos 0.96 -2.49 10.58 51.01 28.13 844 2,955
CHI Calamos Convt Opp & Incm Calamos 0.97 -0.73 10.41 55.68 27.97 772 4,018
GOF Gghm Stgc Opp Fd Guggenheim 0.93 3.41 10.76 0.33 28.41 386 1,867
RCS PIMCO Stgc Incm Fd PIMCO 0.96 23.37 9.14 17.90 29.23 325 1,490
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.97 10.64 10.00 0.00 43.96 1,012 4,976
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.89 -7.87 10.93 0.00 31.76 293 1,683
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.91 -9.73 10.49 5.27 29.94 199 1,424
RA Brkf Real Ast Incm Fd Brookfield 0.93 -10.64 10.49 10.85 23.83 929 2,944
ACV AG Divr Incm & Convt Fd Allianz 0.94 -8.64 10.03 57.92 31.62 225 920
DHY CS Hi Yld Bnd Fd Credit Suisse 0.92 -1.82 10.22 8.38 28.96 275 1,054
PFL PIMCO Incm Stgy Fd PIMCO 0.95 0.90 9.64 0.00 26.57 281 1,352
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.91 -6.80 9.55 0.00 31.03 268 1,265
PFN PIMCO Incm Stgy Fd II PIMCO 0.95 0.90 9.54 0.00 24.12 590 2,309
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 0.96 -12.73 8.94 61.54 32.98 585 2,103
PHT Pioneer Hi Incm Tr Pioneer 0.86 -7.79 7.94 0.00 28.40 309 1,447
PKO PIMCO Incm Opp Fd PIMCO 0.96 3.62 9.15 0.00 40.70 361 1,907
EHI WA Glbl Hi Incm Fd Legg Mason 0.91 -9.96 8.97 9.81 25.04 504 1,676
GGM Gghm Cr Alloc Fd Guggenheim 0.92 1.24 9.53 0.00 30.56 154 616
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.94 -2.38 9.24 0.00 45.74 2,994 13,705
EAD WF Incm Opp Fd Wells Fargo 0.89 -8.89 8.55 0.00 26.30 651 2,718
AGC AC Convt Sec & Incm Fd II Guggenheim 0.93 -9.12 9.28 39.60 40.93 215 1,031
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.92 -7.39 9.36 0.00 24.66 426 1,760
PDI PIMCO Dyn Incm Fd PIMCO 0.93 7.38 9.23 0.00 48.03 1,243 6,006
DSL DbLin Incm Solutions Fd Doubleline 0.94 -5.51 8.97 0.22 27.53 2,153 9,353
DHF Dreyfus Hi Yld Stgs Fd Dreyfus 0.89 -5.08 9.46 0.00 31.44 257 758
KIO KKR Incm Opp Fd KKR 0.94 -7.45 8.94 0.00 30.55 277 1,128
HIX WA Hi Incm Fd II Legg Mason 0.91 -6.11 8.73 2.88 26.56 663 1,709
PCN PIMCO Corp & Incm Stgy Fd PIMCO 0.96 8.47 8.50 0.00 21.62 571 1,845
BWG LM BW Glbl Incm Opp Fd Legg Mason 0.98 -13.41 8.40 80.79 33.23 311 1,456
MIN MFS Imd Incm Tr MFS 0.87 -6.51 9.16 75.21 0.00 543 1,490
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.97 -9.64 8.45 44.57 29.36 1,393 4,526
JGH Nuv Glbl Hi Incm Fd Nuveen 0.92 -10.12 8.76 1.63 27.73 425 1,405
TICC TICC Capital Corp TICC Management 0.69 -1.60 10.84 0.00 35.92 386 3,315
PNNT PennantPark Inv Corp PennantPark 0.66 -11.42 8.92 0.00 47.03 647 3,634
OHAI OHA Inv Corp Oak Hill Advisors 0.54 -62.41 5.33 0.00 48.07 80 200
FSC Fifth St Fin Corp Fifth Street 0.58 -35.70 5.11 3.68 49.36 1,030 6,463
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.75 2.29 10.42 0.00 38.76 216 1,538
BKCC BR Cap Inv Corp BlackRock 0.67 -9.50 9.69 0.00 35.07 598 2,608
CPTA Capitala Finance Corp Capitala 0.70 -8.80 10.83 0.00 55.00 251 1,236
KCAP KCAP Financial KCAP Financial 0.65 -22.90 11.88 0.00 46.04 195 589
GARS Garrison Capital Garrison Capital 0.65 -22.06 11.57 0.00 50.45 199 524
PSEC Prospect Capital Corp Prospect Capital 0.70 -6.13 11.07 0.00 41.99 3,456 23,271
MCC Medley Capital Corp MCC Advisors 0.66 -18.64 11.52 0.00 49.05 512 2,601
WHF WhiteHorse Finance H.I.G. Capital 0.70 -0.37 10.46 0.00 40.86 249 581
HRZN Horizon Tech Fin Corp Horizon 0.66 -9.59 10.98 0.00 39.96 139 787
ABDC Alcentra Capital Corp Alcentra 0.74 0.58 9.86 0.00 32.14 185 753
SCM Stellus Cap Inv Corp Stellus Capital 0.76 4.02 9.55 0.00 53.46 171 1,283
CLM Cornerstone Stgc Val Fd Cornerstone 1.29 20.86 17.39 77.07 0.00 381 4,752
CRF Cornerstone Tot Rtn Fd Cornerstone 1.30 23.09 17.18 56.38 0.00 170 2,779
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.23 -9.00 10.02 92.02 0.00 637 3,001
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.28 -7.42 10.75 84.58 0.00 2,761 10,847
CHW Calamos Glbl Dyn Incm Fd Calamos 1.35 -9.58 10.85 70.52 29.28 505 2,754
ZF Zweig Fund Zweig 1.23 -12.53 13.01 15.28 26.20 206 1,312
AWP Alp Glbl Prmr Prop Fd Alpine 1.32 -13.96 10.58 56.80 6.43 563 3,999
DSE D&P Sel Nrg MLP Fd Virtus 1.21 -1.67 11.49 100.00 28.16 203 898
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.31 -1.54 10.02 87.20 0.00 1,178 3,996
FMO F/C MLP Opp Fd Guggenheim 1.24 2.85 11.10 100.00 26.62 512 2,042
GLO Clough Glbl Opp Fd Clough 1.36 -10.02 10.17 99.73 42.80 582 2,709
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.28 -2.10 10.73 97.95 10.00 768 4,540
ZTR Virtus Glbl Div & Inc Fd Virtus 1.24 -7.80 11.59 15.04 27.14 326 1,588
KYN KA MLP Inv Kayne Anderson 1.25 -0.15 10.82 100.00 33.33 2,321 8,141
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.28 -0.61 10.67 38.61 17.52 176 951
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.23 -13.01 7.48 59.88 28.77 208 1,463
THW Tekla Wld Health Fd Tekla 1.33 -8.11 9.89 3.97 21.38 475 1,777
PGZ Principal Rel-Est Incm Fd Principal 1.27 -10.62 10.34 7.75 31.48 130 648
IGD Voya Glbl Eq Div & Prm Opp Voya 1.30 -9.73 9.99 41.76 0.00 788 3,556
GLQ Clough Glbl Eq Fd Clough 1.33 -8.51 9.68 64.87 42.58 237 1,015
NDP Tortoise Nrg Ind Fd Tortoise 1.17 2.60 10.81 50.00 22.10 229 1,112
NHF NexPoint Cr Stgs Fd NexPoint 1.23 -8.79 10.51 0.00 24.21 401 1,404
CEN Center Coast MLP & Infr Fd Center Coast 1.23 0.49 10.11 16.67 34.40 256 1,429
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 1.34 -0.22 9.38 5.97 27.10 335 1,144
GLV Clough Glbl Div & Incm Fd Clough 1.32 -6.71 9.38 83.85 42.28 147 520
IRR Voya NtrRes Eq Incm Fd Voya 1.18 -6.15 10.11 89.74 0.00 154 605
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.18 -2.88 10.01 100.00 25.23 548 2,276
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.37 -9.73 8.57 78.69 0.00 182 613
EOD WF Glbl Div Opp Fd Wells Fargo 1.24 -10.54 9.36 0.00 0.00 293 1,101
KED KA Nrg Dev Kayne Anderson 1.21 -3.75 9.96 0.00 30.58 214 1,053
STK ClmbSlgmn Prm Tech Gwth Fd Columbia Mngmt 1.34 4.71 8.94 0.00 0.00 304 1,404
FPL FT New Opp MLP & Nrg Fd First Trust 1.24 -0.30 9.42 100.00 25.06 324 1,413
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 1.22 2.57 9.49 100.00 25.50 129 655
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.29 -4.88 9.10 86.32 0.00 1,747 5,168
EMO CB Nrg MLP Opp Fd Legg Mason 1.21 -8.32 9.60 100.00 28.25 454 1,675
INB C&S Glbl Incm Bldr Cohen & Steers 1.29 -9.83 9.03 83.24 23.20 235 903
JDD Nuv Divr Div & Incm Fd Nuveen 1.25 -7.04 9.19 0.00 30.49 250 964
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.29 -8.14 8.95 55.36 26.49 1,860 4,499
HEQ JH Hgd Eq & Incm Fd John Hancock 1.26 -3.14 9.03 63.57 0.00 210 612

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.