CEF Advisors

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08. Discount CEF/BDC Index

Data as of

About the Index

(1) Traditional closed-end funds (CEFs) according to CEFdata.com with $250K+ 90-day average trading dollar $ liquidity. The funds also meet the following criteria: Discount wider than -6.5%, 1-year Discount Range under 65%, 6-month Relative Z-stat under -0.25 and Comp Discount under 0. Rank the remaining funds by the 50 largest (smallest/lowest) discounts. (2) Business Development Companies (BDCs): Equity or Debt-Focused BDCs with -6.5% or lower Discounts, Comp Discount under 0 and below average 6-month Relative Z-Stats. Rank the remaining lowest 10 3-year relative discounts. Traditional CEFs are an 87.5% allocation and BDCs are an 12.5% allocation for this index with the underlying funds equal weighted into their overall allocation. 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 1,098.67 -0.24 -0.72 -0.54 -2.33 -1.91 -1.26 11.81 6.96 0.10 -1.94 -1.92
NAV 1,073.12 -0.03 -0.46 -0.23 -1.06 -1.49 -0.84 6.62 4.50 -0.09 -1.68 -1.50
Difference 0.20 0.25 0.31 1.28 0.42 0.42 -5.18 -2.47 -0.19 0.26 0.42
* 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 1.63 -3.14 0.02 -1.54 0.68 0.27 -0.30 0.66 -0.88 1.33 0.78 -1.19 0.90 -3.67 1.69 - - - -2.02
NAV 1.58 -2.73 0.23 -0.97 0.29 0.09 -0.09 0.29 -0.68 1.14 -0.26 -0.01 0.87 -2.24 0.66 - - - -1.41
Difference -0.05 0.41 0.20 0.57 -0.40 -0.18 0.21 -0.37 0.20 -0.19 -1.04 1.18 -0.04 1.42 -1.03 - - - 0.61
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.12 1.93 0.42 6.58 1.74 0.14 0.46 2.36 8.94 2.50 -0.26 1.31 3.57 -1.80 -0.25 1.23 -0.85 2.73 11.67
NAV 2.01 1.68 0.45 4.19 0.48 0.10 0.26 0.84 5.03 1.63 0.29 0.57 2.50 -0.21 0.13 1.26 1.18 3.68 8.71
Difference -2.12 -0.25 0.02 -2.40 -1.26 -0.04 -0.21 -1.52 -3.91 -0.87 0.55 -0.74 -1.07 1.59 0.39 0.03 2.03 0.95 -2.96
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -4.86 0.96 8.62 4.33 4.78 0.74 2.87 8.59 12.92 4.60 1.81 1.40 7.99 -2.75 0.52 2.74 0.43 8.42 21.34
NAV -2.80 0.17 4.60 1.85 3.43 0.82 2.04 6.41 8.26 2.39 0.43 1.25 4.12 -1.64 -0.11 2.14 0.35 4.47 12.74
Difference 2.06 -0.78 -4.02 -2.48 -1.35 0.08 -0.83 -2.18 -4.66 -2.21 -1.38 -0.15 -3.87 1.11 -0.63 -0.60 -0.08 -3.94 -8.60
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 2.77 2.92 -0.12 5.65 2.09 -1.11 -3.29 -2.36 3.29 -2.06 -3.57 -3.71 -9.07 6.91 -1.58 -1.18 3.97 -5.10 -1.81
NAV 1.16 1.65 0.29 3.13 1.64 -0.26 -1.79 -0.45 2.69 -1.21 -3.32 -3.72 -8.03 3.35 -1.31 -3.14 -1.20 -9.24 -6.55
Difference -1.61 -1.27 0.41 -2.51 -0.46 0.84 1.50 1.91 -0.60 0.86 0.26 -0.01 1.03 -3.56 0.27 -1.95 -5.18 -4.14 -4.74

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-16.99%
1Yr Disc
-14.81%
3Yr Disc
-11.26%
5Yr Disc
-10.36%
Rel Disc Range (3yr)
19.63%
Mkt Yield
6.60%
Lev Adj NAV Yield
4.25%
After Tax Yield*
5.84%
Est Tax Friction*
0.76%
3Yr NAV Volatiliy
6.67
1 Yr RoC
11.65%
3 Yr Dest RoC
4.69%
Leverage
30.97%
Non Lev Exp Ratio
1.82%
Beta (2yr)
0.19
Equity Exposure
18.14%
Bond Exposure
80.01%
# Holdings
60
Cash Weighted Duration
5.36
Comp NAV TR
-1.10%
Comp Discount
-6.39%
Net Assets (M)
558
Liquidity - 90d (K)
1,402
* 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


60 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
DNI Div & Incm Fd Bexil 1.58 -23.92 7.60 4.62 2.18 171 621
RIF RMR Rel-Est Incm Fd RMR 1.73 -21.52 7.59 9.09 31.13 226 475
GDL GDL Fund Gabelli 1.77 -18.15 4.43 63.75 40.00 192 319
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.63 -19.64 6.98 10.72 30.07 123 297
MUJ BR MuniHldg NJ Qlty Fd BlackRock 1.85 -14.48 4.89 0.00 40.03 454 1,078
FT Frk Univ Tr Franklin 1.79 -16.35 5.82 0.00 24.85 198 345
NUM Nuv MI Qlty Muni Incm Fd Nuveen 1.82 -16.44 4.29 0.00 39.50 303 626
PEO Adams Ntr Res Fd Petroleum & Resources 1.42 -16.48 7.35 29.91 0.00 552 1,830
MIY BR MuniYld MI Qlty Fd BlackRock 1.87 -13.73 4.87 0.00 40.36 440 1,013
NMY Nuv MD Qlty Muni Incm Fd Nuveen 1.83 -14.78 4.42 0.00 40.04 324 638
EVM EV CA Muni Bnd Fd Eaton Vance 1.84 -13.55 4.64 0.00 44.10 253 831
MYJ BR MuniYld NJ Fd BlackRock 1.85 -13.18 5.45 0.00 40.00 370 1,032
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.66 -16.62 8.92 88.43 27.11 179 618
EXD EV Tx-Adv Bnd & Opt Stgs Fd Eaton Vance 1.82 -13.53 7.15 89.44 0.00 101 469
MHN BR MuniHldg NY Qlty Fd BlackRock 1.84 -13.70 4.39 0.00 41.39 439 1,357
MPA BR MuniYld PA Qlty Fd BlackRock 1.83 -14.29 4.93 0.00 41.83 201 484
BFZ BR CA Muni Incm Tr BlackRock 1.82 -14.06 4.28 0.31 42.37 463 1,580
NUO Nuv OH Qlty Muni Incm Fd Nuveen 1.80 -15.97 4.07 0.00 39.53 294 700
NAN Nuv NY Qlty Muni Incm Fd Nuveen 1.83 -14.09 4.63 0.00 39.02 447 971
BNY BR NY Muni Incm Tr BlackRock 1.83 -13.67 4.33 0.00 41.03 185 479
MUC BR MuniHldg CA Qlty Fd BlackRock 1.82 -14.04 4.50 0.00 41.45 604 1,482
NHS NB Hi Yld Stgs Fd Neuberger Berman 1.70 -14.88 7.67 2.57 33.20 236 806
MYN BR MuniYld NY Qlty Fd BlackRock 1.82 -14.21 4.40 0.00 40.52 535 1,564
NPV Nuv VA Qlty Muni Incm Fd Nuveen 1.83 -13.15 4.34 0.00 39.84 248 499
PGZ Principal Rel-Est Incm Fd ALPS 1.78 -14.54 7.80 20.69 30.20 137 391
MCA BR MuniYld CA Qlty Fd BlackRock 1.81 -13.98 4.85 0.00 42.57 514 1,531
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 1.73 -16.28 7.14 62.72 39.60 259 739
NRK Nuv NY AMT-Fr Qlty Muni Incm Nuveen 1.80 -14.71 4.56 0.00 39.42 1,212 2,438
NKX Nuv CA AMT-Fr Qlty Muni Incm Nuveen 1.83 -13.08 4.74 0.00 40.26 713 2,014
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 1.69 -13.33 14.26 0.00 9.04 449 905
MYC BR MuniYld CA Fd BlackRock 1.87 -10.99 4.73 0.00 42.12 318 1,126
JOF Japan Sml Caplz Fd Nomura 1.66 -11.42 2.96 0.00 0.00 330 737
MXF Mexico Fund Impulsora del 1.42 -13.59 7.86 83.90 0.00 221 483
EHI WA Glbl Hi Incm Fd Legg Mason 1.74 -13.32 8.39 5.04 27.60 451 958
VTA Invsc Dyn Cr Opp Fd Invesco 1.69 -14.40 6.97 15.98 30.46 931 2,400
FSD FT Hi Incm Lng/Srt Fd First Trust 1.68 -15.00 9.19 32.44 20.14 574 1,639
MSD MS Emrg Mkt Dbt Fd Morgan Stanley 1.77 -13.76 6.15 0.00 2.05 200 825
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.67 -16.37 8.45 28.37 31.20 296 753
DTF DTF Tx-Free Incm Duff & Phelps 1.80 -13.54 3.26 0.00 33.55 127 343
FAM FT/Abd Glbl Opp Incm Fd First Trust 1.73 -15.70 9.15 19.45 30.22 141 468
BTZ BR Cr Alloc Incm Tr BlackRock 1.72 -13.05 6.90 0.00 32.92 1,404 2,703
VVR Invsc Sr Incm Tr Invesco 1.71 -13.35 5.72 3.79 29.49 850 2,476
NAD Nuv Qlty Muni Incm Fd Nuveen 1.79 -13.96 5.08 0.00 39.92 2,963 7,239
NAC Nuv CA Qlty Muni Inc Fd Nuveen 1.79 -13.77 5.21 0.00 39.18 2,146 5,728
HIX WA Hi Incm Fd II Legg Mason 1.72 -13.75 9.16 4.98 28.10 596 1,709
JGH Nuv Glbl Hi Incm Fd Nuveen 1.66 -14.85 9.07 0.61 30.45 386 834
FEO FT/Abd Emrg Opp Fd First Trust 1.70 -15.24 11.29 34.44 7.23 76 314
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.77 -14.93 10.53 47.06 32.70 1,182 2,776
MNP WA Muni Patnr Fd Legg Mason 1.83 -11.56 4.96 0.00 36.00 153 367
HIO WA Hi Incm Opp Fd Legg Mason 1.72 -13.93 7.05 1.14 0.00 677 1,536
ABDC Alcentra Capital Corp Alcentra 1.45 -40.34 10.89 0.00 40.77 150 463
BBDC Barings BDC Barings 1.26 -17.13 4.05 0.00 15.25 611 3,683
FSIC FS Investment Corp FB Income 1.09 -32.99 13.13 0.00 41.92 2,066 7,102
RAND Rand Capital Corp Rand Capital 1.25 -51.24 0.00 N/A 20.37 31 5
CCT Corporate Capital Tr KKR Credit 1.18 -29.32 11.70 0.00 41.65 2,413 6,248
GARS Garrison Capital Garrison Capital 1.09 -37.24 13.03 0.00 54.99 181 296
EQS Equus Total Return Equus 1.38 -37.39 0.00 N/A 26.64 47 9
BKCC BR Cap Inv Corp BlackRock 1.27 -25.33 12.59 0.00 29.14 534 1,726
CMFN CM Finance CM Investment 1.21 -36.26 12.64 0.00 43.45 169 162
AINV Apollo Inv Corp Apollo Investment 1.18 -24.37 12.26 25.00 40.10 4,107 4,569

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 %