CEF Advisors

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01. International Equity Index

Data as of

About the Index

(1) Hybrid / Balanced, Non-US Equity, US Equity and Specialty Equity groupings according to CEFdata.com. (2) $50K+ 90-day average trade dollar $ liquidity. (3) US and Non US Bonds exposure under 40%. (4) US bond exposure under 25%, (5) US equity exposure under 20%, (6) Non-US Equity exposure over 45%. The funds will be equal weight in the index. 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 1,149.29 0.34 -2.31 -2.33 -6.13 -12.83 -11.78 7.91 2.49 -2.33 -7.65 -12.77
NAV 1,099.19 0.04 -2.94 -2.94 -6.43 -13.12 -11.85 6.01 1.97 -2.98 -7.48 -13.00
Difference -0.30 -0.62 -0.62 -0.31 -0.29 -0.07 -1.90 -0.52 -0.64 0.17 -0.23
* 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 9.21 -4.61 -1.28 2.84 0.65 -4.07 -2.52 -5.87 -3.03 1.90 -1.90 -2.06 -2.09 -7.14 1.82 - - - -10.44
NAV 8.30 -4.74 -1.01 2.13 -0.56 -2.29 -2.62 -5.38 -3.25 2.67 -2.56 -2.30 -2.27 -6.48 1.96 - - - -10.03
Difference -0.91 -0.13 0.27 -0.71 -1.21 1.77 -0.10 0.49 -0.23 0.77 -0.67 -0.24 -0.17 0.65 0.14 - - - 0.41
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 5.35 2.63 5.74 14.32 3.20 2.40 1.10 6.84 21.15 4.34 1.13 0.86 6.42 1.64 -0.76 0.15 1.02 7.45 28.60
NAV 4.99 2.17 3.46 10.98 2.02 2.61 0.94 5.66 16.64 3.85 1.33 0.16 5.41 1.38 0.02 0.38 1.78 7.19 23.83
Difference -0.36 -0.46 -2.27 -3.34 -1.19 0.21 -0.16 -1.18 -4.52 -0.49 0.21 -0.69 -1.02 -0.26 0.77 0.23 0.76 -0.26 -4.77
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -3.35 0.02 10.41 6.73 2.25 -2.45 2.65 2.39 9.12 4.53 0.96 0.48 6.04 -1.27 -4.08 -1.05 -6.29 -0.25 8.87
NAV -3.13 0.58 9.96 7.14 1.88 -2.46 2.06 1.42 8.56 4.32 0.71 0.82 5.92 -0.63 -4.27 -0.95 -5.77 0.15 8.71
Difference 0.22 0.57 -0.45 0.41 -0.37 -0.01 -0.59 -0.97 -0.55 -0.21 -0.26 0.35 -0.12 0.64 -0.19 0.10 0.52 0.40 -0.16
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 4.34 3.54 -1.42 6.49 4.21 -1.01 -2.19 0.89 7.38 -5.49 -8.17 -2.68 -15.54 7.11 -2.37 -3.03 1.41 -14.13 -6.75
NAV 4.00 3.23 -1.05 6.24 4.89 -1.07 -2.26 1.44 7.67 -4.20 -6.58 -3.26 -13.43 6.33 -2.36 -3.51 0.17 -13.25 -5.58
Difference -0.33 -0.31 0.38 -0.26 0.69 -0.05 -0.07 0.54 0.29 1.28 1.59 -0.58 2.11 -0.78 0.01 -0.49 -1.23 0.88 1.17

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-11.08%
1Yr Disc
-10.57%
3Yr Disc
-11.08%
5Yr Disc
-10.59%
Rel Disc Range (3yr)
43.68%
Mkt Yield
5.38%
Lev Adj NAV Yield
4.65%
After Tax Yield*
4.53%
Est Tax Friction*
0.85%
3Yr NAV Volatiliy
17.70
1 Yr RoC
12.89%
3 Yr Dest RoC
7.05%
Leverage
1.38%
Non Lev Exp Ratio
1.40%
Beta (2yr)
0.78
Equity Exposure
96.22%
Bond Exposure
0.99%
# Holdings
28
Cash Weighted Duration
Comp NAV TR
0.15%
Comp Discount
0.11%
Net Assets (M)
254
Liquidity - 90d (K)
761
* 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


28 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 3.66 -13.33 14.26 0.00 9.04 449 905
APB Asia Pacific Fd Value Partners 3.59 -1.50 4.16 0.00 0.00 131 414
APF MS Asia-Pacific Fd Morgan Stanley 3.91 -3.64 1.99 0.00 0.00 224 379
ASA ASA Gd & Prcs Mtl ASA 3.92 -16.23 0.33 0.00 0.00 207 836
BGY BR Enh Intl DivTr BlackRock 3.50 -12.78 7.92 14.27 0.00 635 1,954
CAF MS China A Shr Fd Morgan Stanley 3.63 -14.69 8.95 0.00 0.00 496 2,245
CEE Cntrl & East Euro Fd Deutsche 3.83 -12.21 0.00 0.00 0.00 186 187
CHN China Fund Allianz 3.53 -8.06 3.02 0.00 0.00 306 523
EEA European Eq Fd Deutsche 3.28 -14.02 0.38 0.00 0.00 73 76
EMF Tmp Emrg Mkt Fd Templeton 3.59 -13.04 0.00 0.00 0.00 264 849
FDEU FT Dyn Euro Eq Incm Fd First Trust 3.29 -11.01 11.02 25.31 25.32 255 1,028
GF New Germany Fd Deutsche 3.19 -11.07 4.76 0.00 2.00 267 356
IAE Voya AP Hi Div Eq Incm Fd Voya 3.56 -13.33 9.56 74.81 0.00 118 414
IAF Abd Australia Eq Fd Aberdeen 3.31 -7.09 12.85 29.25 0.00 122 279
IFN India Fund Aberdeen 3.85 -13.42 13.30 0.00 0.00 667 2,370
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 3.72 -10.11 9.79 78.65 0.00 160 706
IID Voya Intl Hi Div Eq Incm Fd Voya 3.26 -9.61 11.84 74.54 0.00 49 225
IIF MS India Inv Fd Morgan Stanley 3.64 -13.48 0.25 0.00 0.00 348 1,103
IRL New Ireland Fd Kleinwort Benson 3.00 -16.87 14.13 0.00 0.00 49 102
JEQ Abd Japan Eq Fd Aberdeen 3.36 -12.69 0.00 0.00 0.00 112 200
JOF Japan Sml Caplz Fd Nomura 3.61 -11.42 2.96 0.00 0.00 330 737
KF Korea Fund Allianz 3.44 -12.40 0.00 0.00 4.55 196 180
MSF MS Emrg Mkt Fd Morgan Stanley 4.06 -2.27 0.91 0.00 0.00 225 634
MXE Mexico Eq & Incm Fd Pichardo 3.16 -6.79 0.01 0.00 0.00 74 138
MXF Mexico Fund Impulsora del 3.07 -13.59 7.86 83.90 0.00 221 483
SWZ Swiss Helvetia Fd Schroder 5.29 -12.39 2.84 0.00 0.00 108 844
TDF Tmp Dragon Fd Templeton 3.38 -12.45 1.28 0.00 0.00 675 2,506
TWN Taiwan Fund JF International 3.38 -12.12 10.20 0.00 0.00 154 184

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 %