CEF Advisors

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02. High Income Index

Data as of May 26, 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 1,119.17 -0.09 0.92 1.11 4.46 13.77 23.44 3.27 8.10 0.11 2.89 10.56
NAV 1,177.70 -0.03 0.34 0.57 4.67 11.27 19.25 3.59 8.75 0.09 1.24 4.98
Difference 0.06 -0.58 -0.54 0.21 -2.50 -4.19 0.32 0.66 -0.02 -1.65 -5.58
* 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 3.88 2.39 0.05 7.67 2.39 - - - - - - - - - - - 10.56
NAV 1.60 1.38 -0.33 3.74 0.91 - - - - - - - - - - - 4.98

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-1.55%
1Yr Disc
-4.44%
3Yr Disc
-5.69%
5Yr Disc
-3.36%
Rel Disc Range (3yr)
74.13%
Mkt Yield
10.15%
Lev Adj NAV Yield
8.13%
After Tax Yield*
8.56%
Est Tax Friction*
1.59%
3Yr NAV Volatiliy
12.25
1 Yr RoC
34.29%
3 Yr Dest RoC
24.93%
Leverage
25.35%
Non Lev Exp Ratio
1.93%
Beta (2yr)
0.76
Equity Exposure
43.68%
Bond Exposure
54.16%
# Holdings
100
Cash Weighted Duration
1.59
Comp NAV TR
1.10%
Comp Discount
2.08%
Net Assets (M)
536
Liquidity - 90d (K)
2,097
* 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


100 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 0.89 7.35 14.61 0.00 38.44 232 2,038
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.97 11.45 12.97 67.24 26.02 237 1,534
DMO WA Mortg Dfin Opp Fd Legg Mason 0.96 15.95 11.34 0.00 31.70 224 1,584
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.98 7.42 11.08 67.54 25.74 147 797
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.97 -1.73 10.97 55.02 26.33 196 1,346
NCV AG Convt & Incm Fd Allianz 0.94 2.97 11.24 0.00 37.75 595 2,507
NCZ AG Convt & Incm Fd II Allianz 0.94 2.15 11.18 1.92 38.13 450 1,681
ECC Eagle Point Cr Co Eagle Point 0.87 12.87 12.01 5.77 33.96 316 1,919
PHK PIMCO Hi Incm Fd PIMCO 0.93 28.99 10.99 18.12 24.97 873 4,312
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.91 -7.76 10.90 0.00 33.42 291 1,944
GOF Gghm Stgc Opp Fd Guggenheim 0.94 5.92 10.44 0.33 28.41 392 1,856
CHY Calamos Convt & Hi Incm Fd Calamos 0.94 -0.68 10.27 50.30 28.29 854 2,990
RA Brkf Real Ast Incm Fd Brookfield 0.95 -8.33 10.14 19.34 23.83 937 2,342
CCD Calamos Dyn Convt & Incm Fd Calamos 0.95 -3.32 10.11 60.11 28.27 500 1,691
ACP Avenue Incm Cr Stgs Fd Avenue Capital 0.94 -7.52 10.01 3.76 29.35 203 1,316
DHY CS Hi Yld Bnd Fd Credit Suisse 0.96 0.00 9.43 6.00 28.96 280 949
CHI Calamos Convt Opp & Incm Calamos 0.93 -0.36 10.23 54.18 28.13 783 3,299
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 1.05 77.39 8.87 25.80 39.59 120 1,008
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.95 11.44 9.59 0.00 45.52 1,066 4,165
ACV AG Divr Incm & Convt Fd Allianz 0.92 -7.30 9.80 45.50 31.76 227 953
PFL PIMCO Incm Stgy Fd PIMCO 0.97 3.33 9.16 0.00 26.20 289 1,221
PFN PIMCO Incm Stgy Fd II PIMCO 0.95 2.45 9.17 0.00 23.97 605 2,136
PCM PCM Fund PIMCO 0.97 6.54 8.93 0.00 45.93 117 555
GGM Gghm Cr Alloc Fd Guggenheim 0.94 3.21 9.27 0.00 30.56 157 498
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.92 -7.84 9.52 5.95 27.10 508 1,620
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.94 -3.95 9.11 0.00 31.37 273 1,212
DHF Dreyfus Hi Yld Stgs Fd Dreyfus 0.97 -1.11 8.96 0.00 30.96 261 785
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.94 -6.44 9.11 7.74 25.31 433 1,638
AGC AC Convt Sec & Incm Fd II Guggenheim 0.94 -5.94 8.91 30.33 41.01 217 991
MIN MFS Imd Incm Tr MFS 0.91 -6.32 9.13 71.97 0.00 540 1,189
PDI PIMCO Dyn Incm Fd PIMCO 0.94 6.96 8.93 0.00 46.85 1,314 5,299
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.95 -0.89 8.82 0.01 45.60 3,089 13,681
PKO PIMCO Incm Opp Fd PIMCO 0.96 5.49 8.72 0.00 40.20 372 1,825
RCS PIMCO Stgc Incm Fd PIMCO 0.96 28.17 8.63 19.00 27.80 332 1,407
DSL DbLin Incm Solutions Fd Doubleline 0.93 -4.12 8.80 0.22 27.46 2,163 7,842
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 0.99 -8.88 8.38 50.70 34.35 597 2,058
FSD FT Hi Incm Lng/Srt Fd First Trust 0.95 -5.32 8.67 0.48 21.04 642 1,959
EHI WA Glbl Hi Incm Fd Legg Mason 0.93 -9.11 7.88 11.38 25.30 512 1,330
KIO KKR Incm Opp Fd KKR 0.93 -5.52 8.59 0.00 27.28 282 1,131
MMT MFS MltMkt Incm Tr MFS 0.93 -6.84 8.58 35.71 17.22 504 1,390
JGH Nuv Glbl Hi Incm Fd Nuveen 0.95 -7.82 8.42 1.01 29.09 431 1,450
MCR MFS Charter Incm Tr MFS 0.92 -7.21 8.60 35.08 17.53 486 1,179
HIX WA Hi Incm Fd II Legg Mason 0.93 -6.03 8.19 3.12 26.50 672 1,566
FSFR Fifth St Sr Flt Rt Corp Fifth Street 0.58 -27.05 28.86 0.00 44.93 319 1,354
KCAP KCAP Financial KCAP Financial 0.57 -32.10 13.75 17.89 47.52 191 588
GARS Garrison Capital Garrison Capital 0.58 -26.13 12.74 0.00 51.16 191 509
MCC Medley Capital Corp MCC Advisors 0.50 -32.89 10.67 0.00 51.19 487 2,332
CPTA Capitala Finance Corp Capitala 0.62 -13.81 11.52 0.00 55.45 250 1,532
PSEC Prospect Capital Corp Prospect Capital 0.60 -12.30 12.09 0.00 42.90 3,394 20,517
TCRD THL Credit THL Credit 0.64 -15.29 10.89 0.00 43.97 386 1,236
TICC TICC Capital Corp TICC Management 0.63 -3.98 11.07 6.78 32.99 388 2,527
HRZN Horizon Tech Fin Corp Horizon 0.66 -8.42 10.82 0.00 37.24 139 713
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.64 1.12 10.64 0.00 31.01 214 1,649
WHF WhiteHorse Finance H.I.G. Capital 0.68 2.97 9.99 0.00 41.91 253 629
HCAP Harvest Cap Cr Corp Harvest Capital 0.65 -6.12 10.35 0.00 36.08 89 449
CMFN CM Finance CM Investment 0.68 -15.18 9.57 0.00 40.96 169 291
MFIN Medallion Fin Corp Medallion 0.89 -77.25 7.38 0.00 49.98 289 592
ABDC Alcentra Capital Corp Alcentra 0.64 -0.82 10.21 0.00 34.21 180 959
CLM Cornerstone Stgc Val Fd Cornerstone 1.22 26.11 16.60 66.82 0.00 383 5,333
CRF Cornerstone Tot Rtn Fd Cornerstone 1.22 29.44 16.40 59.48 0.00 169 2,529
ZF Virtus Total Return Fd Zweig 1.26 -9.55 11.91 4.14 26.61 304 1,441
GPM Gghm Enh Eq Incm Fd Guggenheim 1.19 -4.36 11.51 63.18 30.35 419 1,524
ZTR Virtus Glbl Div & Inc Fd Virtus 1.26 -3.02 10.84 10.49 26.93 331 1,757
DSE D&P Sel Nrg MLP Fd Virtus 1.13 5.08 11.83 100.00 30.98 185 819
FMO F/C MLP Opp Fd Guggenheim 1.05 1.14 12.09 100.00 27.16 481 1,582
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.23 -3.94 10.11 87.12 0.00 2,831 9,149
CHW Calamos Glbl Dyn Incm Fd Calamos 1.26 -5.41 10.00 74.04 29.20 524 2,724
AWP Alp Glbl Prmr Prop Fd Alpine 1.25 -13.12 9.74 62.82 7.29 606 2,865
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.20 2.69 10.49 93.06 10.00 749 3,124
NDP Tortoise Nrg Ind Fd Tortoise 1.05 5.06 11.71 56.25 22.40 207 882
NHF NexPoint Cr Stgs Fd NexPoint 1.12 -12.24 10.87 0.00 23.22 404 2,438
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.17 2.52 10.36 59.54 17.48 176 811
IRR Voya NtrRes Eq Incm Fd Voya 1.15 -0.47 10.19 90.33 0.00 144 582
IGD Voya Glbl Eq Div & Prm Opp Voya 1.22 -6.39 9.61 34.61 0.00 790 2,866
PGZ Principal Rel-Est Incm Fd Principal 1.17 -8.66 9.88 9.88 31.22 133 542
GLO Clough Glbl Opp Fd Clough 1.19 -9.26 9.84 98.50 36.55 596 2,225
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.18 -7.69 9.87 72.30 0.00 637 2,616
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.23 1.41 9.50 88.24 0.00 1,206 3,194
CEN Center Coast MLP & Infr Fd Center Coast 1.11 2.61 10.61 58.33 34.40 239 1,112
CGO Calamos Glbl Tot Rtn Fd Calamos 1.25 0.08 9.36 30.15 28.44 108 644
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.13 2.03 10.32 100.00 25.15 506 1,798
THW Tekla Wld Health Fd Tekla 1.17 -4.81 9.68 18.87 21.38 469 1,433
USA Liberty All-Star Eq Fd ALPS 1.19 -13.43 9.27 7.50 0.80 1,228 3,713
EMO CB Nrg MLP Opp Fd Legg Mason 1.12 -4.81 9.79 100.00 28.25 428 1,239
GLQ Clough Glbl Eq Fd Clough 1.17 -7.49 9.32 80.47 35.71 243 551
FPL FT New Opp MLP & Nrg Fd First Trust 1.14 1.62 9.54 100.00 24.77 320 1,107
FGB FT Splty Fin and Fin Opp Fd First Trust 1.13 2.97 9.62 7.18 19.90 101 427
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 1.20 -0.38 9.05 2.99 26.10 348 1,189
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.19 -8.33 9.01 93.75 0.00 1,377 3,078
GLV Clough Glbl Div & Incm Fd Clough 1.18 -7.02 9.16 88.17 36.11 151 448
EOD WF Glbl Div Opp Fd Wells Fargo 1.31 -5.56 10.21 0.00 0.00 311 981
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 1.08 2.55 10.19 100.00 25.46 120 507
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.19 -4.07 8.94 66.47 0.00 1,763 5,200
JDD Nuv Divr Div & Incm Fd Nuveen 1.24 -3.64 8.68 6.13 30.98 255 812
INB C&S Glbl Incm Bldr Cohen & Steers 1.20 -8.66 8.72 78.87 22.50 240 705
JRS Nuv Rel-Est Incm Fd Nuveen 1.22 1.15 8.71 0.00 30.55 328 911
HEQ JH Hgd Eq & Incm Fd John Hancock 1.19 -2.47 8.66 58.37 0.00 217 661
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.15 -9.93 9.13 33.91 30.80 277 1,206
STK ClmbSlgmn Prm Tech Gwth Fd Columbia Mngmt 1.32 10.55 7.99 0.00 0.00 322 1,675
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.22 -5.59 8.50 44.75 26.68 1,907 4,193

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.