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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 1,100.12 0.52 -1.52 -3.69 -0.51 -0.80 13.97 4.27 6.30 -2.53 -4.75 10.10
NAV 1,077.91 0.05 -0.83 -0.93 2.06 2.12 11.32 3.92 6.42 -0.91 -1.38 7.66
Difference -0.46 0.70 2.76 2.56 2.92 -2.65 -0.35 0.12 1.62 3.38 -2.44
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - 12.63
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 - - - - 8.56
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 - - - - -4.06
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
-3.87%
1Yr Disc
-2.02%
3Yr Disc
-4.32%
5Yr Disc
-2.73%
Rel Disc Range (3yr)
58.05%
Mkt Yield
10.88%
Lev Adj NAV Yield
8.43%
After Tax Yield*
9.23%
Est Tax Friction*
1.65%
3Yr NAV Volatiliy
15.04
1 Yr RoC
36.60%
3 Yr Dest RoC
30.14%
Leverage
26.33%
Non Lev Exp Ratio
1.93%
Beta (2yr)
0.87
Equity Exposure
45.90%
Bond Exposure
51.15%
# Holdings
100
Cash Weighted Duration
1.56
Comp NAV TR
0.67%
Comp Discount
1.08%
Net Assets (M)
553
Liquidity - 90d (K)
2,098
* 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


100 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 0.99 4.43 15.78 0.00 37.00 245 1,553
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.94 7.28 13.83 38.71 22.74 232 1,254
PHK PIMCO Hi Incm Fd PIMCO 0.93 10.67 12.79 12.83 23.54 879 4,623
ECC Eagle Point Cr Co Eagle Point 0.92 10.53 12.77 17.70 35.98 315 1,094
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.97 2.91 11.67 26.21 25.53 146 788
NCZ AG Convt & Incm Fd II Allianz 1.00 3.72 11.26 9.99 38.10 442 1,347
NCV AG Convt & Incm Fd Allianz 0.99 5.01 11.27 0.00 37.77 584 1,787
FTF FrkTmp Ltd Dur Incm Tr Franklin 1.00 -5.85 10.74 42.90 34.19 282 1,117
DMO WA Mortg Dfin Opp Fd Legg Mason 0.98 12.04 10.99 0.00 30.80 229 1,584
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.98 44.50 10.89 15.21 30.39 120 767
GOF Gghm Stgc Opp Fd Guggenheim 1.01 8.85 10.22 0.00 15.85 459 2,179
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.99 3.43 10.53 22.60 26.00 194 1,183
RA Brkf Real Ast Incm Fd Brookfield 0.99 -6.32 10.20 22.90 21.81 912 3,310
CHY Calamos Convt & Hi Incm Fd Calamos 1.00 -0.51 10.22 47.99 32.00 857 2,615
CHI Calamos Convt Opp & Incm Calamos 1.00 1.34 10.04 48.80 32.00 785 2,149
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.95 -5.76 10.36 0.00 29.50 193 1,238
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.98 -8.55 9.98 0.00 27.00 495 1,573
CCD Calamos Dyn Convt & Incm Fd Calamos 1.01 -1.63 9.77 54.73 30.73 509 1,169
GGM Gghm Cr Alloc Fd Guggenheim 0.96 -0.90 9.84 0.00 29.08 164 567
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.96 -7.89 9.89 0.00 24.40 218 918
DHY CS Hi Yld Bnd Fd Credit Suisse 0.98 1.08 9.43 0.00 31.82 285 667
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.01 11.46 9.38 1.60 42.14 1,185 4,422
ACV AG Divr Incm & Convt Fd Allianz 1.03 -3.42 9.22 0.00 31.06 231 932
AGC AC Convt Sec & Incm Fd II Guggenheim 0.97 -9.08 9.38 21.58 40.36 181 821
MIN MFS Imd Incm Tr MFS 0.98 -5.66 9.12 67.24 0.00 520 1,088
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.93 -6.94 9.77 0.00 32.11 262 779
FSD FT Hi Incm Lng/Srt Fd First Trust 0.97 -9.24 9.36 8.25 19.68 538 1,970
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.98 -5.66 9.28 2.21 25.94 422 1,299
RCS PIMCO Stgc Incm Fd PIMCO 0.93 15.23 9.68 7.73 22.93 331 1,539
PFN PIMCO Incm Stgy Fd II PIMCO 0.99 1.26 9.20 0.00 23.35 612 2,118
PFL PIMCO Incm Stgy Fd PIMCO 0.98 2.09 9.23 0.00 24.18 291 1,061
MCR MFS Charter Incm Tr MFS 0.98 -8.67 8.86 42.91 17.73 433 958
MMT MFS MltMkt Incm Tr MFS 0.98 -8.48 8.85 43.82 17.45 471 988
PKO PIMCO Incm Opp Fd PIMCO 1.00 1.44 8.76 0.00 40.43 387 1,612
PDI PIMCO Dyn Incm Fd PIMCO 0.99 3.87 8.81 2.53 44.79 1,443 6,293
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.99 -4.99 8.77 0.01 46.61 3,243 13,127
AVK AC Convt Sec & Incm Fd Guggenheim 0.98 -9.61 8.82 5.98 39.00 348 1,245
DSL DbLin Incm Solutions Fd Doubleline 0.96 -6.36 8.92 1.71 26.39 2,184 5,835
DBL DbLin Opportunistic Cr Fd Doubleline 0.95 3.67 8.88 11.98 20.74 324 1,274
JGH Nuv Glbl Hi Incm Fd Nuveen 0.95 -11.10 8.81 0.14 28.85 427 1,485
KIO KKR Incm Opp Fd KKR 0.89 -12.40 9.44 0.00 27.79 277 1,740
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.96 -8.69 8.50 50.39 30.25 1,364 2,240
GARS Garrison Capital Garrison Capital 0.65 -28.88 13.41 0.00 51.23 188 360
TCAP Triangle Capital Corp Triangle Capital 0.44 -27.20 12.49 0.00 46.28 630 4,966
ABDC Alcentra Capital Corp Alcentra 0.50 -36.27 12.79 0.00 37.93 175 840
KCAP KCAP Financial KCAP Financial 0.63 -32.12 14.29 0.00 31.39 185 412
TICC TICC Capital Corp TICC Management 0.58 -18.44 13.20 2.72 28.48 382 1,654
TCRD THL Credit THL Credit 0.66 -16.75 11.44 0.00 43.31 371 1,048
CPTA Capitala Finance Corp Capitala 0.53 -46.45 13.14 0.00 54.89 226 1,238
PSEC Prospect Capital Corp Prospect Capital 0.68 -24.45 10.45 0.00 43.15 3,287 26,925
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.65 -0.30 10.79 16.60 23.42 237 1,125
HRZN Horizon Tech Fin Corp Horizon Tech Fin 0.67 -5.17 10.71 0.00 31.30 136 560
MCC Medley Capital Corp MCC Advisors 0.63 -34.73 11.09 0.00 51.03 482 1,327
CMFN CM Finance CM Investment 0.61 -31.40 11.76 0.00 43.16 170 278
OFS OFS Capital Corp OFS Capital 0.60 -14.98 11.31 0.00 46.07 189 488
FSIC FS Investment Corp FB Income 0.65 -13.04 9.27 0.00 41.43 2,317 8,983
ACSF American Capital Sr Flt American Capital 0.62 -18.83 10.93 0.00 40.81 131 496
HCAP Harvest Cap Cr Corp Harvest Capital 0.59 -8.01 11.41 0.00 27.81 83 302
CLM Cornerstone Stgc Val Fd Cornerstone 1.27 11.76 19.15 57.77 0.00 581 4,126
CRF Cornerstone Tot Rtn Fd Cornerstone 1.26 12.71 18.99 55.90 0.00 286 3,148
DSE D&P Sel Nrg MLP Fd Virtus 1.01 -3.33 16.83 100.00 42.21 142 666
FMO F/C MLP Opp Fd Guggenheim 1.06 -4.38 15.79 100.00 34.48 403 1,969
NDP Tortoise Nrg Ind Fd Tortoise 1.21 -1.75 13.59 37.50 25.00 191 911
RIV RiverNorth Opp Fd RiverNorth 1.20 -1.51 12.87 4.15 14.78 106 1,103
CEN Center Coast MLP & Infr Fd Center Coast 1.12 0.97 13.33 100.00 32.50 203 1,514
GPM Gghm Enh Eq Incm Fd Guggenheim 1.25 -3.71 11.20 74.00 31.00 428 1,714
ZF Virtus Total Return Fd Zweig 1.22 -6.99 11.66 4.13 26.77 287 1,118
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.10 -4.55 13.11 100.00 27.97 432 1,951
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.19 -1.49 11.36 64.95 11.00 71 2,409
GLO Clough Glbl Opp Fd Clough 1.22 -11.30 11.05 97.12 35.33 393 1,673
EMO CB Nrg MLP Opp Fd Legg Mason 1.10 -7.27 11.94 95.67 32.79 361 1,194
GLQ Clough Glbl Eq Fd Clough 1.26 -9.81 10.82 94.84 34.71 162 887
EOD WF Glbl Div Opp Fd Wells Fargo 1.25 -7.13 10.67 0.00 0.00 299 822
ZTR Virtus Glbl Div & Inc Fd Virtus 1.26 2.34 10.32 8.84 27.53 314 1,128
NHF NexPoint Cr Stgs Fd NexPoint 1.30 -6.89 10.09 0.00 12.28 581 2,274
IRR Voya NtrRes Eq Incm Fd Voya 1.17 -3.38 10.78 86.75 0.00 141 476
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.12 2.12 11.14 55.97 17.67 164 759
KYN KA MLP Inv Kayne Anderson 1.05 -5.04 12.10 89.34 35.84 1,800 7,078
FPL FT New Opp MLP & Nrg Fd First Trust 1.15 -0.61 11.03 97.85 25.96 289 1,299
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.25 -0.64 9.82 91.59 0.00 2,819 5,830
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.22 -8.22 9.97 35.07 0.00 635 2,169
LCM AC Enh Gwth & Incm Fd Guggenheim 1.20 -9.62 10.16 37.54 28.76 84 326
CEM CB Nrg MLP Fd Legg Mason 1.10 -6.79 10.88 83.33 32.26 983 3,106
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.20 -6.78 10.07 31.96 30.90 273 928
THW Tekla Wld Health Fd Tekla 1.16 -6.82 10.45 21.58 20.00 444 1,753
FEN FT Nrg Incm & Gwth Fd First Trust 1.15 -1.16 10.49 100.00 25.96 442 1,472
FEI FT MLP & Nrg Incm Fd First Trust 1.18 1.29 10.04 88.96 25.86 651 2,280
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.26 2.95 9.22 88.17 0.00 1,226 2,587
NTG Tortoise MLP Fd Tortoise 1.14 2.17 10.24 100.00 32.50 764 2,187
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 1.11 -6.64 10.32 100.00 29.15 462 1,355
CBA CB Amrc Nrg MLP Fd Legg Mason 1.10 -9.25 10.60 33.33 30.96 487 1,731
KED KA Nrg Dev Kayne Anderson 1.11 -6.13 10.67 57.14 32.68 172 742
KYE KA Nrg Tot Rtn Fd Kayne Anderson 1.09 -8.47 10.52 60.00 33.11 382 1,507
CHW Calamos Glbl Dyn Incm Fd Calamos 1.25 -2.52 9.44 56.79 30.08 539 1,762
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.06 -4.53 10.85 49.28 33.43 489 1,685
IGD Voya Glbl Eq Div & Prm Opp Voya 1.21 -4.79 9.45 46.46 0.00 790 2,505
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.23 -9.99 9.13 86.04 0.00 1,385 2,384
JRS Nuv Rel-Est Incm Fd Nuveen 1.27 -4.16 9.04 4.09 30.94 333 732
AWP Alp Glbl Prmr Prop Fd Alpine 1.20 -12.93 9.48 77.33 1.85 621 2,483
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.12 -6.90 10.04 42.50 32.60 399 1,305

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.

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