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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 1,194.83 -0.20 -0.64 1.10 7.59 3.06 4.54 12.69 4.20 0.63 0.63 19.48
NAV 1,171.53 -0.10 -0.44 0.99 6.19 2.99 5.60 11.15 4.26 0.37 0.37 12.78
Difference 0.10 0.20 -0.11 -1.40 -0.07 1.06 -1.54 0.06 -0.26 -0.26 -6.70
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 14.98 1.62 1.73 18.85 - - - - - - - - - - - - - - 18.85
NAV 8.73 1.35 2.01 12.41 - - - - - - - - - - - - - - 12.41
Difference -6.25 -0.27 0.29 -6.44 - - - - - - - - - - - - - - -6.44
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 -10.41 -17.31 -14.09 -11.68
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 -6.62 -10.89 -7.44 -6.25
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 3.79 6.42 6.65 5.43
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
-4.02%
1Yr Disc
-4.46%
3Yr Disc
-4.05%
5Yr Disc
-5.25%
Rel Disc Range (3yr)
53.10%
Mkt Yield
11.22%
Lev Adj NAV Yield
8.74%
After Tax Yield*
9.64%
Est Tax Friction*
1.58%
3Yr NAV Volatiliy
12.00
1 Yr RoC
39.40%
3 Yr Dest RoC
16.39%
Leverage
26.88%
Non Lev Exp Ratio
2.08%
Beta (2yr)
0.57
Equity Exposure
45.21%
Bond Exposure
51.71%
# Holdings
99
Cash Weighted Duration
1.39
Comp NAV TR
-1.00%
Comp Discount
1.26%
Net Assets (M)
488
Liquidity - 90d (K)
1,867
* 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


99 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.92 24.57 16.71 48.41 5.67 168 1,670
OXLC Oxford Lane Cap Corp Oxford Lane 1.01 41.67 15.13 0.00 39.81 275 4,779
JQC Nuv Cr Stgs Incm Fd Nuveen 0.97 -8.39 15.58 33.05 35.74 1,180 4,986
ECC Eagle Point Cr Co Eagle Point 0.94 24.00 14.12 30.00 35.86 324 2,146
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.90 8.60 14.66 37.24 3.64 111 763
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.95 -5.57 13.10 44.95 27.40 196 1,142
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.94 -7.80 12.30 55.90 27.32 151 624
NCZ AG Convt & Incm Fd II Allianz 0.85 3.36 10.33 39.01 41.68 382 1,715
NCV AG Convt & Incm Fd Allianz 0.86 5.67 10.57 41.12 41.19 505 2,369
ACP Abd Incm Cr Stgs Fd Aberdeen 0.94 -5.86 11.63 0.00 30.23 172 1,109
GOF Gghm Stgc Opp Fd Guggenheim 0.92 9.96 11.12 25.69 0.00 622 3,246
RA Brkf Real Ast Incm Fd Brookfield 0.94 -6.94 10.92 38.38 24.20 857 2,626
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.94 -7.82 10.80 54.31 26.65 316 1,005
GGM Gghm Cr Alloc Fd Guggenheim 0.94 3.43 10.62 3.43 29.11 146 637
PHK PIMCO Hi Incm Fd PIMCO 0.80 26.26 9.51 25.31 28.02 800 6,330
DMO WA Mortg Dfin Opp Fd Legg Mason 0.93 7.67 10.11 5.68 32.90 202 868
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.94 -8.27 9.95 32.76 30.30 418 1,416
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.90 -14.76 8.05 52.65 31.87 1,198 3,960
CCD Calamos Dyn Convt & Incm Fd Calamos 0.92 -0.50 10.04 21.90 33.20 490 1,496
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.94 -5.68 9.74 0.00 28.81 388 1,338
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.77 26.28 9.16 21.65 35.69 106 834
KIO KKR Incm Opp Fd KKR Credit 0.94 -6.03 9.52 0.00 31.57 341 1,589
AVK AC Convt Sec & Incm Fd Guggenheim 0.93 -10.61 9.43 61.16 40.08 576 1,449
CHI Calamos Convt Opp & Incm Calamos 0.97 -2.05 9.13 13.86 33.00 761 2,516
PFL PIMCO Incm Stgy Fd PIMCO 0.94 7.04 9.35 10.96 23.55 286 1,084
CHY Calamos Convt & Hi Incm Fd Calamos 0.95 -2.57 9.26 14.06 33.00 827 2,058
PFN PIMCO Incm Stgy Fd II PIMCO 0.95 7.62 9.19 0.00 25.07 596 1,865
DHY CS Hi Yld Bnd Fd Credit Suisse 0.93 -3.85 9.12 10.77 35.54 269 859
BGB B/GSO Stgc Cr Fd Blackstone 0.94 -8.55 9.00 0.00 37.29 710 2,456
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 0.95 -13.01 9.06 33.33 28.94 503 1,549
PHT Pioneer Hi Incm Tr Pioneer 0.95 -8.76 8.84 0.00 30.20 293 1,132
BGX B/GSO Lng-Srt Cr Incm Fd Blackstone 0.94 -5.15 8.93 0.00 39.12 207 1,099
DSL DbLin Incm Solutions Fd Doubleline 0.93 0.55 8.96 2.11 29.82 2,025 6,264
MIN MFS Imd Incm Tr MFS 0.90 -8.21 9.30 70.20 0.00 473 1,249
EAD WF Incm Opp Fd Wells Fargo 0.94 -11.62 8.98 0.00 29.30 596 2,317
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.93 20.01 8.97 1.41 41.09 1,262 4,672
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.93 -11.97 8.82 0.00 30.79 256 794
ACV AG Divr Incm & Convt Fd Allianz 0.96 0.95 8.61 0.00 30.93 238 881
EMD WA Emrg Mkt Dbt Fd Legg Mason 0.94 -12.08 8.73 14.52 29.90 950 2,341
MCR MFS Charter Incm Tr MFS 0.92 -11.04 8.93 47.84 20.00 415 874
AIF Apollo Tactical Incm Fd Apollo Credit 0.94 -11.12 8.35 0.00 34.46 243 904
CIK CS Ast Mgmt Incm Fd Credit Suisse 0.92 -10.43 8.74 0.00 32.48 180 471
ARDC Ares Dyn Cr Alloc Fd Ares 0.93 -12.10 8.62 0.00 28.37 391 1,358
OXSQ Oxford Square Cap Corp Oxford Lane 0.65 -3.79 12.66 28.28 31.72 314 1,196
CMFN CM Finance CM Investment 0.68 -36.47 13.70 0.00 45.20 156 333
GARS Garrison Capital Garrison Capital 0.67 -31.56 12.78 0.00 61.01 169 283
TCRD THL Credit THL Credit 0.67 -27.10 12.59 0.00 41.61 296 1,018
FSK FS KKR Capital Corp FS/KKR Advisor 0.70 -20.66 12.22 0.00 44.01 4,119 11,314
CPTA Capitala Finance Corp Capitala 0.72 -26.85 11.50 0.00 60.20 191 721
GECC Great Elm Cap Corp Great Elm Capital 0.68 -19.15 11.91 0.00 27.10 110 502
BKCC BR Cap Inv Corp BlackRock 0.69 -14.00 11.84 0.00 26.87 487 1,954
AINV Apollo Inv Corp Apollo Investment 0.69 -19.65 11.77 0.00 42.16 1,317 5,625
OFS OFS Capital Corp OFS Capital 0.68 -7.48 11.22 0.00 57.73 175 720
MRCC Monroe Capital Corp Monroe Capital 0.67 -3.79 11.49 0.00 55.19 259 1,572
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.55 -28.84 13.29 0.00 35.17 158 650
PSEC Prospect Capital Corp Prospect Capital 0.68 -26.27 10.83 0.00 42.74 3,308 11,512
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.67 3.33 10.32 0.00 20.54 335 2,792
PNNT PennantPark Inv Corp PennantPark 0.69 -22.10 10.21 0.00 46.02 616 1,933
NDP Tortoise Nrg Ind Fd Tortoise 1.30 9.73 19.64 45.00 25.00 119 1,133
CLM Cornerstone Stgc Val Fd Cornerstone 1.22 8.22 20.13 87.46 0.00 828 4,921
CRF Cornerstone Tot Rtn Fd Cornerstone 1.22 9.66 19.80 87.52 0.00 425 2,762
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.23 3.69 14.85 94.17 37.44 246 2,695
ZF Virtus Total Return Fd Zweig 1.22 -8.61 14.80 82.41 24.61 230 966
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.21 -1.14 13.86 89.53 12.00 597 2,853
ZTR Virtus Glbl Div & Inc Fd Virtus 1.25 5.32 12.45 79.57 27.49 254 1,118
RIV RiverNorth Opp Fd RiverNorth 1.25 -3.24 11.99 47.39 15.65 126 623
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.26 5.28 11.83 71.66 30.53 171 861
FMO F/C Nrg Infra Fd Guggenheim 1.20 -4.29 12.33 100.00 36.14 388 1,335
GPM Gghm Enh Eq Incm Fd Guggenheim 1.24 0.12 11.97 45.51 30.54 386 1,129
NTG Tortoise Midstream Nrg Fd Tortoise 1.22 -5.51 12.02 80.00 33.20 941 3,477
IRR Voya NtrRes Eq Incm Fd Voya 1.21 5.85 12.34 91.69 0.00 113 541
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.22 -6.47 11.86 100.00 33.77 142 612
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.20 -9.74 11.70 30.13 37.98 482 1,652
EOD WF Glbl Div Opp Fd Wells Fargo 1.24 -10.15 11.40 34.15 16.30 260 723
IGD Voya Glbl Eq Div & Prm Opp Voya 1.24 -7.45 11.12 63.07 0.00 690 2,066
TYG Tortoise Nrg Infra Corp Tortoise 1.20 -3.58 11.30 75.00 30.30 1,290 4,761
IFN India Fund Aberdeen 1.24 -9.17 10.83 0.00 0.00 645 1,693
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.20 -11.80 11.11 41.48 23.17 792 2,352
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.23 -11.44 11.04 30.98 32.10 141 585
GLO Clough Glbl Opp Fd Clough 1.21 -9.93 11.14 58.54 37.74 344 1,062
THW Tekla Wld Health Fd Tekla 1.18 -3.62 11.20 92.99 23.30 392 1,274
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 1.16 -6.48 11.30 100.00 26.47 96 453
TTP Tortoise Pip & Nrg Fd Tortoise 1.20 -11.44 10.80 99.95 26.20 171 554
FEN FT Nrg Incm & Gwth Fd First Trust 1.28 2.91 10.11 100.00 25.78 446 2,174
MCN Madison Cov Call & Eq Stgc Madison 1.21 -8.59 10.57 10.25 0.00 156 566
CHW Calamos Glbl Dyn Incm Fd Calamos 1.26 0.36 10.16 24.33 37.41 487 1,505
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.18 -8.44 10.76 49.04 34.04 379 1,217
FEI FT MLP & Nrg Incm Fd First Trust 1.24 -7.69 10.30 69.90 26.36 593 2,070
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.18 -6.94 10.65 100.00 26.54 412 1,632
HEQ JH Hgd Eq & Incm Fd John Hancock 1.22 -3.58 10.16 53.07 0.00 187 555
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.25 -8.48 9.90 7.30 23.93 276 778
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.19 -10.37 10.20 63.98 2.86 560 1,400
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.25 -1.66 9.62 71.01 0.00 614 2,374
HGLB Highland Glbl Alloc Fd Highland Capital 1.19 -15.78 10.06 38.50 36.87 350 1,012
USA Liberty All-Star Eq Fd ALPS 1.26 -5.07 10.68 0.00 0.00 1,347 3,981
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.22 -5.69 9.78 100.00 34.49 268 1,201
CGO Calamos Glbl Tot Rtn Fd Calamos 1.29 7.02 9.27 25.00 33.00 105 480
FPL FT New Opp MLP & Nrg Fd First Trust 1.21 -9.78 9.86 85.29 25.59 260 1,090
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.18 -10.74 9.96 63.61 31.10 256 856

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 %