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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 1,205.84 -0.39 -0.75 -1.41 3.20 10.17 6.40 13.17 6.18 -1.41 3.03 5.43
NAV 1,164.92 0.08 0.11 -0.71 3.72 9.52 7.85 9.59 5.66 -0.32 3.42 4.61
Difference 0.48 0.85 0.70 0.52 -0.64 1.46 -3.58 -0.53 1.10 0.40 -0.82
* 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 - - - - - - - 6.85
NAV 2.81 -4.45 -1.76 -3.49 2.81 1.96 -0.13 4.68 1.19 3.05 0.68 - - - - - - - 4.93
Difference 0.38 -0.15 0.06 0.26 -1.40 -0.27 0.22 -1.47 -1.21 0.00 -0.73 - - - - - - - -1.91
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
-3.06%
1Yr Disc
-2.74%
3Yr Disc
-3.94%
5Yr Disc
-3.75%
Rel Disc Range (3yr)
57.37%
Mkt Yield
10.77%
Lev Adj NAV Yield
8.42%
After Tax Yield*
9.20%
Est Tax Friction*
1.57%
3Yr NAV Volatiliy
15.28
1 Yr RoC
38.18%
3 Yr Dest RoC
23.68%
Leverage
26.66%
Non Lev Exp Ratio
2.00%
Beta (2yr)
0.61
Equity Exposure
49.12%
Bond Exposure
48.24%
# Holdings
96
Cash Weighted Duration
1.74
Comp NAV TR
-0.51%
Comp Discount
1.67%
Net Assets (M)
540
Liquidity - 90d (K)
1,804
* 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


96 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EDF SH Emrg Mkt Incm Fd Stone Harbor 1.00 17.61 16.41 48.77 29.01 180 1,272
OXLC Oxford Lane Cap Corp Oxford Lane 1.02 7.11 15.15 0.00 39.13 287 3,000
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.95 4.04 14.67 46.50 28.97 115 707
ECC Eagle Point Cr Co Eagle Point 0.98 9.22 13.33 31.25 33.61 362 1,731
PHK PIMCO Hi Incm Fd PIMCO 0.96 25.00 12.10 20.10 23.78 830 4,821
NCZ AG Convt & Incm Fd II Allianz 1.02 9.77 11.17 26.02 39.13 423 1,273
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.98 -7.72 11.51 44.44 28.20 161 771
NCV AG Convt & Incm Fd Allianz 0.99 10.51 11.24 16.56 38.81 560 1,486
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.94 -8.18 11.27 53.39 35.20 254 1,082
RA Brkf Real Ast Incm Fd Brookfield 1.01 -4.10 10.32 27.14 23.48 880 2,234
ACP Abd Incm Cr Stgs Fd Aberdeen 1.02 -3.66 10.13 0.00 29.85 193 966
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.98 -8.41 10.35 3.59 29.70 440 1,451
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.97 -5.61 10.39 27.77 26.20 202 665
GGM Gghm Cr Alloc Fd Guggenheim 0.99 4.24 9.93 0.00 31.97 155 496
GOF Gghm Stgc Opp Fd Guggenheim 0.96 12.24 10.27 3.35 0.29 563 3,343
DMO WA Mortg Dfin Opp Fd Legg Mason 0.98 7.21 10.09 0.00 31.50 220 1,363
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.92 30.46 10.52 21.96 25.52 115 906
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.93 -13.71 10.27 46.37 32.38 1,194 2,917
CHI Calamos Convt Opp & Incm Calamos 1.02 7.46 9.42 16.79 32.55 798 2,658
DBL DbLin Opportunistic Cr Fd Doubleline 0.98 5.18 9.67 29.34 23.96 294 974
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.03 -5.52 9.11 2.93 28.26 414 1,613
CHY Calamos Convt & Hi Incm Fd Calamos 1.03 10.93 9.10 27.09 32.70 869 2,353
CCD Calamos Dyn Convt & Incm Fd Calamos 1.01 2.53 9.15 45.95 32.33 521 1,397
MIN MFS Imd Incm Tr MFS 0.96 -8.11 9.37 74.38 0.00 479 856
AVK AC Convt Sec & Incm Fd Guggenheim 2.02 -11.28 8.99 42.82 39.51 609 1,153
PFN PIMCO Incm Stgy Fd II PIMCO 1.00 6.14 9.10 0.00 22.29 594 2,036
PFL PIMCO Incm Stgy Fd PIMCO 1.00 9.20 9.01 8.69 23.31 281 786
KIO KKR Incm Opp Fd KKR Credit 0.98 -5.82 9.08 1.77 28.80 357 1,374
DHY CS Hi Yld Bnd Fd Credit Suisse 0.97 -1.50 9.16 4.33 34.75 275 609
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.01 -11.53 8.88 9.77 29.30 928 2,583
DSL DbLin Incm Solutions Fd Doubleline 0.99 -0.93 8.93 2.34 29.18 2,062 5,614
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 0.99 -10.48 9.01 25.00 31.32 494 1,234
DHF Dreyfus Hi Yld Stgs Fd Dreyfus 1.00 -5.88 8.81 0.00 24.27 247 485
RCS PIMCO Stgc Incm Fd PIMCO 0.96 30.87 9.22 8.63 39.06 308 1,192
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.01 20.56 8.78 5.27 42.73 1,229 4,652
MMT MFS MltMkt Incm Tr MFS 0.98 -9.35 8.88 49.71 19.08 425 728
MCR MFS Charter Incm Tr MFS 0.97 -10.69 9.02 51.34 19.23 419 717
ACV AG Divr Incm & Convt Fd Allianz 1.06 0.70 8.18 0.00 30.32 250 947
FSD FT Hi Incm Lng/Srt Fd First Trust 1.00 -13.31 8.53 28.26 17.92 607 1,747
TCRD THL Credit THL Credit 0.64 -19.75 13.15 0.00 42.27 334 1,065
GARS Garrison Capital Garrison Capital 0.64 -27.71 13.54 0.00 53.33 184 303
BKCC BR Cap Inv Corp BlackRock 0.65 -20.24 11.94 0.00 30.19 537 1,666
KCAP KCAP Financial KCAP Financial 0.64 -30.08 12.12 0.00 36.30 176 275
CPTA Capitala Finance Corp Capitala 0.66 -35.59 11.32 0.00 56.08 219 544
HRZN Horizon Tech Fin Corp Horizon Tech Fin 0.70 -2.76 10.64 0.00 43.31 134 1,031
OFS OFS Capital Corp OFS Capital 0.64 -12.41 11.33 0.00 51.88 183 476
OXSQ Oxford Square Cap Corp Oxford Lane 0.62 -6.08 11.27 15.65 26.99 372 1,232
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.66 -2.60 10.99 0.00 31.77 335 2,907
MCC Medley Capital Corp MCC Advisors 0.71 -38.10 10.05 0.00 53.79 350 1,065
ABDC Alcentra Capital Corp Alcentra 0.61 -43.23 11.52 0.00 41.75 149 309
CMFN CM Finance CM Investment 0.62 -29.59 11.30 0.00 37.47 172 225
FDUS Fidus Investment Corp Fidus 0.65 -8.95 10.58 0.00 39.05 396 1,106
HCAP Harvest Cap Cr Corp Harvest Capital 0.64 -11.98 10.34 0.00 38.05 80 202
GECC Great Elm Cap Corp Great Elm Capital 0.65 -18.15 10.32 0.00 26.49 126 226
AINV Apollo Inv Corp Apollo Investment 0.62 -14.99 10.91 0.00 43.28 1,390 4,124
CLM Cornerstone Stgc Val Fd Cornerstone 1.22 8.61 20.27 77.71 0.00 926 7,991
CRF Cornerstone Tot Rtn Fd Cornerstone 1.21 10.98 19.94 74.68 0.00 473 4,723
CEN Center Coast MLP & Infr Fd Center Coast 1.31 -0.31 13.01 100.00 31.50 280 2,194
NDP Tortoise Nrg Ind Fd Tortoise 1.22 5.30 13.98 43.75 28.30 174 779
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 1.16 -14.27 13.53 0.00 9.04 481 1,208
ZF Virtus Total Return Fd Zweig 1.18 -6.65 13.71 38.09 26.42 243 807
RIV RiverNorth Opp Fd RiverNorth 1.07 -2.14 13.80 23.69 3.40 99 993
FPL FT New Opp MLP & Nrg Fd First Trust 1.13 -7.83 9.33 82.88 25.31 269 1,319
ZTR Virtus Glbl Div & Inc Fd Virtus 1.21 0.09 12.15 53.22 27.49 273 1,108
EOD WF Glbl Div Opp Fd Wells Fargo 1.18 -8.01 11.82 0.00 15.00 267 693
EMO CB Nrg MLP Opp Fd Legg Mason 1.28 -5.59 11.14 100.00 32.36 380 824
IFN India Fund Aberdeen 1.11 -12.84 12.48 0.00 0.00 712 1,625
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.13 3.04 12.66 71.35 12.00 624 2,321
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.28 5.11 10.92 65.38 20.06 168 962
GPM Gghm Enh Eq Incm Fd Guggenheim 1.24 1.48 10.80 53.23 31.54 421 1,251
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.22 -9.30 9.23 96.21 25.91 487 1,685
FMO F/C MLP Opp Fd Guggenheim 1.25 -6.66 10.73 100.00 31.52 458 1,264
NHF NexPoint Stgc Opp Fd Highland Capital 1.22 -7.32 10.78 10.71 12.90 776 2,269
GLO Clough Glbl Opp Fd Clough 1.21 -7.00 11.01 8.19 38.81 382 1,503
FEI FT MLP & Nrg Incm Fd First Trust 1.16 -5.81 9.62 74.37 25.46 622 2,216
THW Tekla Wld Health Fd Tekla 1.30 -8.70 10.11 71.20 21.82 461 1,524
DSE D&P Sel Nrg MLP Fd Virtus 1.31 -6.69 10.00 100.00 35.07 169 700
USA Liberty All-Star Eq Fd ALPS 1.29 -3.13 9.97 0.00 0.00 1,387 5,370
CBA CB Amrc Nrg MLP Fd Legg Mason 1.28 -7.77 10.06 75.00 31.75 505 1,181
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.18 -6.15 10.71 47.61 30.10 255 887
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.28 -8.19 9.85 11.33 28.32 563 1,475
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 1.24 -7.08 10.16 100.00 30.77 472 863
GLQ Clough Glbl Eq Fd Clough 1.27 -1.50 10.29 16.21 37.05 169 754
GUT Gabelli Util Tr Gabelli 1.20 15.90 10.29 74.68 27.00 268 907
FEN FT Nrg Incm & Gwth Fd First Trust 1.18 -4.32 10.37 75.00 25.15 467 1,439
CEM CB Nrg MLP Fd Legg Mason 1.26 -5.67 9.70 78.93 31.25 1,093 2,142
DDF DI Div & Incm Fd Delaware 1.33 6.17 9.12 3.13 31.45 92 843
IGD Voya Glbl Eq Div & Prm Opp Voya 1.22 -4.26 9.88 64.38 0.00 751 2,109
NTG Tortoise MLP Fd Tortoise 1.16 -4.12 10.36 81.98 27.60 1,075 6,494
TYG Tortoise Nrg Infra Corp Tortoise 1.25 -1.15 9.51 75.00 28.10 1,469 3,520
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.24 2.79 9.53 90.21 0.00 2,809 5,609
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.19 -11.53 9.71 33.93 29.20 618 1,321
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.27 -1.19 9.18 65.65 0.00 641 2,057
SCD LMP Cap & Incm Fd Legg Mason 1.31 -8.81 8.94 56.57 26.20 274 510
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.17 -5.48 9.93 93.56 31.95 2,417 5,594
KMF KA Midstream/Nrg Fd Kayne Anderson 1.23 -10.65 9.17 100.00 28.82 716 1,463

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 %