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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 1,088.40 0.02 -2.59 -4.81 -10.78 -8.48 -3.09 12.18 3.96 -2.39 -9.91 -4.28
NAV 1,092.80 0.03 -1.63 -3.02 -6.02 -4.10 -0.37 9.57 4.01 -1.72 -6.21 -1.57
Difference 0.01 0.96 1.79 4.76 4.38 2.71 -2.60 0.05 0.67 3.70 2.71
* 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 2.23 -0.35 6.15 2.40 3.05 1.41 -1.22 3.23 -8.13 0.45 - - - -1.89
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 - - - 0.15
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 - - - 2.04
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
-6.77%
1Yr Disc
-3.42%
3Yr Disc
-3.60%
5Yr Disc
-3.72%
Rel Disc Range (3yr)
39.05%
Mkt Yield
12.10%
Lev Adj NAV Yield
9.14%
After Tax Yield*
10.37%
Est Tax Friction*
1.73%
3Yr NAV Volatiliy
13.59
1 Yr RoC
37.82%
3 Yr Dest RoC
17.54%
Leverage
26.01%
Non Lev Exp Ratio
1.99%
Beta (2yr)
0.58
Equity Exposure
46.46%
Bond Exposure
51.01%
# Holdings
94
Cash Weighted Duration
1.79
Comp NAV TR
-0.09%
Comp Discount
1.48%
Net Assets (M)
544
Liquidity - 90d (K)
2,150
* 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


94 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EDF SH Emrg Mkt Incm Fd Stone Harbor 1.03 11.88 18.49 48.83 32.80 169 1,322
OXLC Oxford Lane Cap Corp Oxford Lane 1.04 -2.72 16.77 0.00 33.73 361 3,085
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 1.02 -0.36 16.32 38.90 33.19 108 640
ECC Eagle Point Cr Co Eagle Point 1.02 -1.77 14.90 30.83 32.82 379 1,537
PHK PIMCO Hi Incm Fd PIMCO 1.14 37.09 11.54 20.31 22.80 795 5,526
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.99 -13.25 13.13 50.98 28.18 150 746
FTF FrkTmp Ltd Dur Incm Tr Franklin 1.04 -9.57 11.67 53.88 30.85 312 1,980
NCZ AG Convt & Incm Fd II Allianz 0.98 6.26 13.12 34.74 40.92 373 1,532
NCV AG Convt & Incm Fd Allianz 0.98 8.33 13.04 24.42 40.45 493 2,041
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.06 -11.03 11.33 33.63 26.30 197 814
ERC WF Mlt-Sctr Incm Fd Wells Fargo 1.08 -10.83 10.84 0.00 30.30 413 1,614
GOF Gghm Stgc Opp Fd Guggenheim 1.06 6.74 11.13 11.66 0.00 589 3,662
RA Brkf Real Ast Incm Fd Brookfield 0.97 -13.37 12.05 30.54 24.33 835 3,496
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 1.02 39.44 11.38 23.28 26.35 100 611
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.10 -14.93 10.53 47.06 32.70 1,182 2,776
ACP Abd Incm Cr Stgs Fd Aberdeen 0.90 -10.99 12.79 0.00 31.09 165 994
DMO WA Mortg Dfin Opp Fd Legg Mason 1.06 2.19 9.80 0.00 31.40 219 810
DBL DbLin Opportunistic Cr Fd Doubleline 1.04 -3.81 6.96 21.21 19.74 294 1,708
CHI Calamos Convt Opp & Incm Calamos 0.92 -3.24 9.75 20.53 34.36 721 3,644
MIN MFS Imd Incm Tr MFS 1.10 -8.46 9.28 71.63 0.00 473 985
CCD Calamos Dyn Convt & Incm Fd Calamos 0.95 -3.78 10.93 29.70 34.51 465 1,589
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.99 -11.96 10.59 0.98 29.74 383 1,613
KIO KKR Incm Opp Fd KKR Credit 1.02 -10.67 10.07 1.77 30.50 339 1,416
PFL PIMCO Incm Stgy Fd PIMCO 1.04 2.47 10.00 4.54 23.90 270 823
DHY CS Hi Yld Bnd Fd Credit Suisse 0.99 -8.00 10.43 4.16 35.42 259 817
PFN PIMCO Incm Stgy Fd II PIMCO 1.05 2.51 9.81 0.00 23.05 574 2,445
CHY Calamos Convt & Hi Incm Fd Calamos 0.88 -3.64 9.87 26.03 34.54 784 3,041
MCR MFS Charter Incm Tr MFS 1.07 -12.85 9.17 49.80 19.89 409 922
MMT MFS MltMkt Incm Tr MFS 1.10 -10.00 8.92 49.44 19.72 411 949
AVK AC Convt Sec & Incm Fd Guggenheim 0.96 -14.29 10.52 51.80 31.56 539 1,828
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.05 -15.86 9.71 10.76 27.80 892 2,911
TEI Tmp Emrg Mkt Incm Fd Franklin 1.07 -13.92 8.26 0.00 0.00 528 2,215
DSL DbLin Incm Solutions Fd Doubleline 1.01 -7.53 9.98 1.52 30.24 1,978 7,130
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.07 -14.57 9.48 0.00 32.30 491 1,421
RCS PIMCO Stgc Incm Fd PIMCO 1.11 37.03 9.09 14.42 41.77 299 1,440
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.98 9.28 10.12 1.35 40.57 1,191 5,848
HIX WA Hi Incm Fd II Legg Mason 1.07 -13.75 9.16 4.98 28.10 596 1,709
FSD FT Hi Incm Lng/Srt Fd First Trust 1.05 -15.00 9.19 32.44 20.14 574 1,639
PHT Pioneer Hi Incm Tr Pioneer 1.02 -13.52 9.31 0.00 29.90 283 940
IVH Ivy Hi Incm Opp Fd Ivy Investment 1.02 -13.78 9.31 0.00 32.39 248 961
GARS Garrison Capital Garrison Capital 0.63 -37.24 13.03 0.00 54.99 181 296
TCRD THL Credit THL Credit 0.66 -28.42 14.94 0.00 39.49 330 1,040
BKCC BR Cap Inv Corp BlackRock 0.74 -25.33 12.59 0.00 29.14 534 1,726
KCAP KCAP Financial KCAP Financial 0.68 -36.91 13.61 0.00 37.08 174 246
ABDC Alcentra Capital Corp Alcentra 0.84 -40.34 10.89 0.00 40.77 150 463
CMFN CM Finance CM Investment 0.70 -36.26 12.64 0.00 43.45 169 162
CPTA Capitala Finance Corp Capitala 0.69 -37.92 12.67 0.00 57.97 204 493
OFS OFS Capital Corp OFS Capital 0.71 -17.45 11.98 0.00 52.09 184 466
OXSQ Oxford Square Cap Corp Oxford Lane 0.69 -11.35 12.05 15.65 28.72 363 1,263
AINV Apollo Inv Corp Apollo Investment 0.68 -24.37 12.26 25.00 40.10 4,107 4,569
FSIC FS Investment Corp FB Income 0.63 -32.99 13.13 0.00 41.92 2,066 7,102
FDUS Fidus Investment Corp Fidus 0.70 -15.60 11.26 0.00 41.35 401 1,083
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.67 -9.49 11.71 0.00 16.59 336 2,457
CCT Corporate Capital Tr KKR Credit 0.69 -29.32 11.70 0.00 41.65 2,413 6,248
HRZN Horizon Tech Fin Corp Horizon Tech Fin 0.77 -0.43 10.34 0.00 44.96 134 988
CLM Cornerstone Stgc Val Fd Cornerstone 1.27 9.35 20.06 84.05 0.00 812 8,007
CRF Cornerstone Tot Rtn Fd Cornerstone 1.24 9.96 19.98 82.01 0.00 414 4,726
NDP Tortoise Nrg Ind Fd Tortoise 0.99 -1.76 20.93 43.75 29.90 125 676
ZF Virtus Total Return Fd Zweig 1.25 -12.90 15.73 58.73 27.38 227 923
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 1.32 -13.33 14.26 0.00 9.04 449 905
RIV RiverNorth Opp Fd RiverNorth 1.25 -3.41 15.33 24.32 4.40 122 1,289
CEN Center Coast MLP & Infr Fd Center Coast 1.16 -0.90 16.28 100.00 30.70 234 1,637
IFN India Fund Aberdeen 1.38 -13.42 13.30 0.00 0.00 667 2,370
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.19 -6.43 15.27 59.83 12.00 570 2,630
ZTR Virtus Glbl Div & Inc Fd Virtus 1.25 -3.42 13.71 67.77 28.32 252 1,003
EOD WF Glbl Div Opp Fd Wells Fargo 1.37 -12.28 12.16 0.00 15.30 263 877
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.27 2.12 12.56 67.21 17.35 161 818
EMO CB Nrg Midstream Opp Fd Legg Mason 2.24 -10.46 14.38 100.00 34.72 713 1,661
GLO Clough Glbl Opp Fd Clough 1.18 -11.80 11.65 0.20 40.15 330 1,447
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.32 -9.80 10.43 39.23 30.40 242 1,146
GPM Gghm Enh Eq Incm Fd Guggenheim 1.24 1.81 12.20 53.79 32.11 372 1,549
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.15 -13.40 12.45 21.38 30.37 133 636
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.35 -10.32 11.18 25.69 16.87 774 2,090
FMO F/C Nrg Infra Fd Guggenheim 1.15 -4.66 13.16 100.00 37.98 365 1,982
NTG Tortoise MLP Fd Tortoise 1.15 -7.71 13.07 80.00 34.30 886 5,444
GLQ Clough Glbl Eq Fd Clough 1.15 -7.03 11.11 8.19 40.23 143 706
FEN FT Nrg Incm & Gwth Fd First Trust 1.28 -4.11 11.69 100.00 26.42 414 2,050
GUT Gabelli Util Tr Gabelli 1.49 25.51 9.76 98.17 28.00 261 993
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.11 -12.30 13.12 100.00 32.68 387 1,276
IRR Voya NtrRes Eq Incm Fd Voya 1.06 -3.82 13.56 88.94 0.00 113 507
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.19 -5.24 11.98 83.33 35.34 2,000 8,765
IGD Voya Glbl Eq Div & Prm Opp Voya 1.21 -9.30 11.73 64.67 0.00 668 1,953
USA Liberty All-Star Eq Fd ALPS 1.16 -7.62 11.23 0.00 0.00 1,216 5,764
THW Tekla Wld Health Fd Tekla 1.29 -8.75 10.92 75.10 20.57 427 1,588
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.13 -9.29 12.60 0.00 31.82 445 1,806
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.27 -12.18 11.09 56.43 0.00 526 1,841
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.09 -7.20 12.93 100.00 39.09 131 644
CEM CB MLP & Midstream Fd Legg Mason 1.11 -10.58 12.54 100.00 34.01 891 3,374
TYG Tortoise Nrg Infra Corp Tortoise 1.15 -4.62 12.08 75.00 30.50 1,198 6,019
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.28 -14.51 10.42 35.29 28.80 596 1,421
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.22 0.86 11.12 91.15 0.00 2,453 7,059
FEI FT MLP & Nrg Incm Fd First Trust 1.19 -11.06 11.40 92.68 26.82 556 2,518
HEQ JH Hgd Eq & Incm Fd John Hancock 1.22 -9.38 10.88 33.41 0.00 186 558
TTP Tortoise Pip & Nrg Fd Tortoise 1.15 -10.24 11.69 96.05 29.70 156 728

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 %