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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 1,167.76 -0.44 -0.18 2.36 3.07 5.88 4.49 6.41 4.59 1.64 5.91 2.16
NAV 1,121.69 -0.31 0.01 1.50 1.42 3.99 5.96 4.79 4.96 1.40 4.25 0.76
Difference 0.14 0.19 -0.86 -1.65 -1.89 1.47 -1.62 0.37 -0.24 -1.67 -1.41
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - - - - - - - - - - 0.53
NAV 2.81 -4.45 -1.76 -3.49 2.81 - - - - - - - - - - - - - -0.64
Difference 0.38 -0.15 0.06 0.26 -1.40 - - - - - - - - - - - - - -1.17
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
-1.89%
1Yr Disc
-2.09%
3Yr Disc
-4.45%
5Yr Disc
-3.69%
Rel Disc Range (3yr)
64.66%
Mkt Yield
10.63%
Lev Adj NAV Yield
8.25%
After Tax Yield*
9.02%
Est Tax Friction*
1.61%
3Yr NAV Volatiliy
16.58
1 Yr RoC
37.27%
3 Yr Dest RoC
32.68%
Leverage
28.84%
Non Lev Exp Ratio
2.06%
Beta (2yr)
0.71
Equity Exposure
49.37%
Bond Exposure
48.43%
# Holdings
102
Cash Weighted Duration
1.73
Comp NAV TR
-0.09%
Comp Discount
1.97%
Net Assets (M)
527
Liquidity - 90d (K)
2,039
* 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)
OXLC Oxford Lane Cap Corp Oxford Lane 0.96 11.11 14.46 0.00 45.41 290 2,277
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.77 8.25 15.24 42.10 25.52 210 1,564
ECC Eagle Point Cr Co Eagle Point 0.87 8.23 13.23 28.07 33.25 358 1,636
PHK PIMCO Hi Incm Fd PIMCO 0.94 24.20 11.94 11.44 25.05 844 4,222
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.84 1.03 12.77 26.34 29.32 164 1,113
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.80 -0.80 13.30 29.65 27.29 133 737
NCV AG Convt & Incm Fd Allianz 0.90 10.08 11.34 1.92 38.58 556 1,670
NCZ AG Convt & Incm Fd II Allianz 0.88 7.13 11.48 9.78 38.90 421 1,317
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.90 26.72 10.57 11.26 25.80 118 973
RA Brkf Real Ast Incm Fd Brookfield 0.90 -6.50 10.52 27.90 22.69 886 2,417
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.86 -6.62 10.83 49.21 34.69 266 785
GOF Gghm Stgc Opp Fd Guggenheim 0.91 11.33 10.30 0.00 11.13 517 3,294
ACP Abd Incm Cr Stgs Fd Aberdeen 0.88 -7.10 10.29 0.00 29.50 197 764
CHY Calamos Convt & Hi Incm Fd Calamos 0.92 5.14 9.77 40.72 32.93 852 2,426
CHI Calamos Convt Opp & Incm Calamos 0.91 4.06 9.88 32.98 32.71 784 2,176
CCD Calamos Dyn Convt & Incm Fd Calamos 0.94 0.67 9.51 54.55 32.65 510 1,404
GGM Gghm Cr Alloc Fd Guggenheim 0.88 1.86 9.95 0.00 31.57 158 590
AGC AC Convt Sec & Incm Fd II Guggenheim 0.88 -11.15 9.96 38.56 41.72 174 813
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.84 -8.24 10.43 20.22 25.30 207 742
DMO WA Mortg Dfin Opp Fd Legg Mason 0.88 14.61 9.28 0.00 31.30 224 1,186
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.85 -7.42 10.17 17.88 27.30 480 1,546
DHY CS Hi Yld Bnd Fd Credit Suisse 0.84 -4.48 9.38 1.38 30.52 277 662
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.88 -8.24 9.45 0.00 27.40 411 989
AVK AC Convt Sec & Incm Fd Guggenheim 0.88 -10.85 9.20 33.84 40.30 344 1,018
KIO KKR Incm Opp Fd KKR Credit 0.88 -7.68 9.31 1.37 24.85 355 1,531
RCS PIMCO Stgc Incm Fd PIMCO 0.90 30.60 9.04 6.38 28.00 314 1,099
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.94 24.02 8.53 4.66 44.64 1,197 5,150
PFN PIMCO Incm Stgy Fd II PIMCO 0.89 5.86 9.01 0.00 24.93 600 1,833
DBL DbLin Opportunistic Cr Fd Doubleline 0.83 2.23 9.70 23.10 22.25 301 1,253
PFL PIMCO Incm Stgy Fd PIMCO 0.90 8.33 8.93 2.53 23.83 285 866
MIN MFS Imd Incm Tr MFS 0.85 -7.69 9.35 82.89 0.00 490 776
ACV AG Divr Incm & Convt Fd Allianz 0.90 -0.55 8.60 0.00 31.03 241 1,120
DSL DbLin Incm Solutions Fd Doubleline 0.86 -3.57 9.00 2.23 28.87 2,102 5,942
MMT MFS MltMkt Incm Tr MFS 0.84 -9.92 9.03 48.91 18.63 442 715
DHF Dreyfus Hi Yld Stgs Fd Dreyfus 0.87 -7.62 8.95 0.00 31.81 248 469
JGH Nuv Glbl Hi Incm Fd Nuveen 0.85 -11.59 9.12 0.00 29.52 415 969
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.81 -11.16 9.42 43.56 30.93 1,266 3,196
MCR MFS Charter Incm Tr MFS 0.84 -9.69 9.02 49.92 18.77 432 745
PKO PIMCO Incm Opp Fd PIMCO 0.91 7.57 8.35 0.00 37.43 384 2,018
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.89 -2.13 8.41 0.00 46.97 3,281 11,494
PDI PIMCO Dyn Incm Fd PIMCO 0.89 7.91 8.43 0.00 43.24 1,526 6,434
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.87 -10.54 8.42 0.00 31.69 264 792
PCM PCM Fund PIMCO 0.91 15.36 8.14 0.00 39.41 118 644
FSD FT Hi Incm Lng/Srt Fd First Trust 0.86 -12.54 8.45 33.38 20.17 511 1,495
MCC Medley Capital Corp MCC Advisors 0.53 -49.43 11.27 0.00 52.53 382 1,038
TCRD THL Credit THL Credit 0.59 -25.38 13.86 0.00 44.20 341 1,035
GARS Garrison Capital Garrison Capital 0.62 -25.56 13.04 0.00 55.46 185 266
OXSQ Oxford Square Cap Corp Oxford Lane 0.68 -7.89 11.43 0.00 13.34 383 1,594
KCAP KCAP Financial KCAP Financial 0.62 -34.43 12.58 0.00 34.39 181 255
CPTA Capitala Finance Corp Capitala 0.64 -39.24 12.04 0.00 56.78 218 656
OFS OFS Capital Corp OFS Capital 0.58 -19.24 12.32 0.00 50.24 182 577
FDUS Fidus Investment Corp Fidus 0.66 -11.79 3.37 0.00 38.29 398 1,576
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.67 -1.42 10.95 0.00 30.84 237 1,004
CMFN CM Finance CM Investment 0.69 -25.50 10.70 0.00 38.26 172 230
BKCC BR Cap Inv Corp BlackRock 0.62 -19.87 11.75 0.00 34.95 553 2,477
SCM Stellus Cap Inv Corp Stellus Capital 0.67 -7.54 10.56 0.00 52.45 222 1,270
HRZN Horizon Tech Fin Corp Horizon Tech Fin 0.58 -13.99 11.98 0.00 40.80 134 801
MRCC Monroe Capital Corp Monroe Capital 0.67 2.89 10.09 0.00 46.50 273 1,464
AINV Apollo Inv Corp Apollo Investment 0.67 -12.65 10.47 0.00 34.66 1,419 4,670
WHF WhiteHorse Finance H.I.G. Capital 0.70 -0.42 9.97 0.00 37.55 294 717
CLM Cornerstone Stgc Val Fd Cornerstone 1.12 18.05 18.87 70.08 0.00 566 6,635
CRF Cornerstone Tot Rtn Fd Cornerstone 1.13 21.07 18.41 72.13 0.00 279 3,845
DSE D&P Sel Nrg MLP Fd Virtus 1.31 -1.52 10.27 100.00 40.14 155 818
NDP Tortoise Nrg Ind Fd Tortoise 1.28 2.81 13.65 18.75 26.20 182 944
CEN Center Coast MLP & Infr Fd Center Coast 1.27 3.05 13.22 100.00 35.30 226 2,674
EMO CB Nrg MLP Opp Fd Legg Mason 1.31 -2.15 11.23 93.00 34.72 363 1,193
ZF Virtus Total Return Fd Zweig 1.13 -2.94 13.26 27.56 30.66 242 634
FPL FT New Opp MLP & Nrg Fd First Trust 1.25 6.06 11.80 83.29 26.49 258 1,267
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.19 0.25 11.68 61.75 20.30 163 725
ZTR Virtus Glbl Div & Inc Fd Virtus 1.16 -0.45 12.25 38.05 28.50 272 1,388
FMO F/C MLP Opp Fd Guggenheim 1.28 -2.20 10.74 100.00 37.33 436 2,482
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.19 -1.74 11.81 82.32 11.00 701 2,349
RIV RiverNorth Opp Fd RiverNorth 1.18 10.37 11.90 0.00 12.31 102 802
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.28 -2.12 10.84 100.00 28.89 461 2,353
USA Liberty All-Star Eq Fd ALPS 1.18 -6.15 10.61 0.00 0.00 1,322 4,526
FEI FT MLP & Nrg Incm Fd First Trust 1.22 0.46 10.91 57.03 26.37 608 2,935
CBA CB Amrc Nrg MLP Fd Legg Mason 1.28 -5.15 10.35 50.00 34.72 478 1,640
GPM Gghm Enh Eq Incm Fd Guggenheim 1.17 -1.03 11.07 56.86 31.31 421 1,392
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 1.29 -4.39 10.24 100.00 32.68 455 1,348
KYE KA Nrg Tot Rtn Fd Kayne Anderson 1.30 -6.37 10.31 100.00 32.68 382 1,599
EOD WF Glbl Div Opp Fd Wells Fargo 1.16 -6.08 11.54 23.33 14.00 277 885
GLO Clough Glbl Opp Fd Clough 1.15 -9.43 11.04 39.74 37.10 386 1,939
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.15 -5.18 10.84 33.46 29.32 195 570
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.14 -5.14 11.25 29.63 31.50 240 906
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.29 -0.45 9.73 22.66 33.94 524 2,185
GLV Clough Glbl Div & Incm Fd Clough 1.13 -8.27 11.02 50.08 37.24 95 432
GLQ Clough Glbl Eq Fd Clough 1.19 -7.15 10.64 41.90 37.55 163 766
CEM CB Nrg MLP Fd Legg Mason 1.33 0.88 9.57 67.00 33.30 1,036 3,579
THW Tekla Wld Health Fd Tekla 1.14 -9.01 10.83 51.59 21.20 432 1,219
KYN KA MLP Inv Kayne Anderson 1.33 1.82 9.45 86.05 35.59 2,159 8,764
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.31 -4.12 9.25 0.00 33.26 421 1,733
SMM Salient Midstream & MLP Fd Salient 1.25 -9.67 6.78 78.52 28.56 198 1,068
FEN FT Nrg Incm & Gwth Fd First Trust 1.22 2.46 10.11 50.00 25.88 447 1,645
NTG Tortoise MLP Fd Tortoise 1.31 9.22 9.09 81.25 35.90 806 4,247
NHF NexPoint Stgc Opp Fd Highland Capital 1.11 -14.38 10.67 3.23 23.10 599 3,481
SZC Cushing Renaissace Fd Cushing 1.31 -9.88 9.04 69.06 16.50 157 1,193
TYG Tortoise Nrg Infra Corp Tortoise 1.30 8.52 9.07 75.00 32.40 1,369 5,332
KMF KA Midstream/Nrg Fd Kayne Anderson 1.31 -5.52 9.00 97.50 31.07 311 1,218
IGD Voya Glbl Eq Div & Prm Opp Voya 1.15 -6.15 10.00 59.98 0.00 757 2,387
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.16 0.32 9.80 91.05 0.00 2,799 6,205
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.17 -4.90 9.80 39.87 0.00 623 1,868
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.17 -11.46 9.64 32.56 27.85 622 1,536

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 %