CEF Advisors

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07. Discount CEF/BDC Index

Data as of July 21, 2017

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 1,111.26 0.03 0.44 3.62 3.18 8.12 8.50 0.01 4.83 1.24 1.24 9.17
NAV 1,063.14 0.07 0.46 2.37 1.94 5.02 6.95 0.51 5.43 0.90 0.90 5.48
Difference 0.04 0.02 -1.25 -1.24 -3.10 -1.55 0.50 0.60 -0.34 -0.34 -3.70
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 2017
Price 3.19 1.41 -0.03 5.62 1.70 -0.06 -0.06 2.32 - - - - - - - - 7.94
NAV 1.60 1.37 -0.14 3.77 0.45 0.03 -0.18 0.81 - - - - - - - - 4.58

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-11.81%
1Yr Disc
-11.04%
3Yr Disc
-11.22%
5Yr Disc
-8.86%
Rel Disc Range (3yr)
51.06%
Mkt Yield
5.92%
Lev Adj NAV Yield
4.16%
After Tax Yield*
4.84%
Est Tax Friction*
1.08%
3Yr NAV Volatiliy
9.92
1 Yr RoC
9.02%
3 Yr Dest RoC
7.29%
Leverage
25.09%
Non Lev Exp Ratio
1.65%
Beta (2yr)
0.43
Equity Exposure
25.52%
Bond Exposure
72.38%
# Holdings
57
Cash Weighted Duration
4.16
Comp NAV TR
-0.29%
Comp Discount
-6.11%
Net Assets (M)
456
Liquidity - 90d (K)
1,078
* 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


57 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
DNI Div & Incm Fd Bexil 1.87 -17.30 4.75 71.03 0.00 163 633
NHF NexPoint Cr Stgs Fd NexPoint 1.85 -9.77 10.87 0.00 23.22 556 3,557
TDF Tmp Dragon Fd Templeton 1.93 -10.10 2.04 0.00 0.00 810 953
TEI Tmp Emrg Mkt Incm Fd Franklin 1.87 -11.73 3.76 39.11 0.00 618 2,026
NXJ Nuv NJ Qlty Muni Incm Fd Nuveen 1.86 -11.75 5.01 0.00 38.30 671 824
BCX BR Res & Com Stgy Tr BlackRock 1.91 -11.22 7.38 69.74 0.00 926 2,297
WIW WA/C Inf-Lnk Opp & Incm Fd Western Asset 1.85 -11.22 3.87 16.50 29.45 769 1,359
NTC Nuv CT Qlty Muni Incm Fd Nuveen 1.84 -11.74 4.69 0.00 36.53 204 409
JOF Japan Sml Caplz Fd Nomura 1.88 -11.86 2.93 0.00 0.00 380 398
IIF MS India Inv Fd Morgan Stanley 1.99 -9.61 4.13 0.00 0.00 545 962
ASA ASA Gd & Prcs Mtl ASA 1.84 -11.66 0.34 0.00 0.00 256 892
NUM Nuv MI Qlty Muni Incm Fd Nuveen 1.85 -10.97 4.65 0.00 37.66 323 298
EHI WA Glbl Hi Incm Fd Legg Mason 1.88 -9.03 7.88 12.16 25.30 511 1,266
KF Korea Fund Allianz 1.93 -10.56 0.65 0.00 0.00 274 532
EMF Tmp Emrg Mkt Fd Templeton 1.95 -10.18 1.23 0.00 0.00 311 892
SRV Cushing MLP Tot Rtn Fd Cushing 1.85 -9.08 8.72 100.00 34.00 92 311
CEV EV CA Muni Incm Tr Eaton Vance 1.84 -10.32 3.77 0.00 35.96 102 268
AKP Alliance CA Muni Incm Fd AllianceBernstein 1.84 -10.47 4.12 0.00 40.13 132 385
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.94 -8.86 7.78 26.09 31.79 606 1,603
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.87 -8.58 7.04 9.08 27.94 191 573
HIO WA Hi Incm Opp Fd Legg Mason 1.86 -9.03 7.00 5.18 0.00 730 1,401
NUO Nuv OH Qlty Muni Incm Fd Nuveen 1.85 -9.62 4.64 0.00 36.80 310 313
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.86 -7.56 9.82 31.22 30.85 282 1,446
IRL New Ireland Fd Kleinwort Benson 1.85 -8.34 8.88 0.00 0.00 57 263
SMM Salient Midstream & MLP Fd Salient 1.86 -8.10 8.19 45.25 27.50 230 921
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 1.85 -9.30 7.19 0.50 27.22 678 1,988
NRK Nuv NY AMT-Fr Qlty Muni Incm Nuveen 1.86 -9.25 4.85 0.00 37.75 1,279 1,525
HYT BR Corp Hi Yld Fd BlackRock 1.86 -9.13 7.53 0.00 28.91 1,552 3,659
FAM FT/Abd Glbl Opp Incm Fd First Trust 1.85 -9.48 7.67 33.40 27.27 168 629
ISD Pru Srt Dur Hi Yld Fd Prudential 1.83 -8.93 7.26 0.00 24.38 558 2,202
NPV Nuv VA Qlty Muni Incm Fd Nuveen 1.85 -8.61 4.16 0.00 37.86 260 292
TPZ Tortoise Pwr & Nrg Infra Fd Tortoise 1.84 -8.62 7.11 5.13 24.30 160 616
HYI WA Hi Yld Dfin Opp Fd Legg Mason 1.87 -7.82 7.71 0.70 0.00 385 979
MUI BR Muni Imd Dur Fd BlackRock 1.84 -9.06 4.22 0.00 37.44 592 1,417
PHT Pioneer Hi Incm Tr Pioneer 1.84 -8.03 7.83 0.00 28.30 317 1,134
NAD Nuv Qlty Muni Incm Fd Nuveen 1.86 -7.71 5.39 0.00 37.04 3,115 4,677
ENX EV NY Muni Bnd Fd Eaton Vance 1.85 -7.52 4.88 0.00 40.50 214 368
HYB New Amrc Hi Incm Fd T. Rowe Price 1.88 -5.61 7.38 0.00 28.00 241 527
DTF DTF Tx-Free Incm Duff & Phelps 1.82 -7.79 4.12 0.00 32.88 135 321
MYN BR MuniYld NY Qlty Fd BlackRock 1.86 -7.70 4.92 0.00 39.51 565 785
EIM EV Muni Bnd Fd Eaton Vance 1.85 -7.31 4.88 1.08 40.10 942 1,479
MHF WA Muni Hi Incm Fd Legg Mason 1.86 -6.40 4.10 0.32 0.00 172 288
EVF EV Sr Incm Tr Eaton Vance 1.85 -6.56 5.38 0.00 34.80 271 700
EVM EV CA Muni Bnd Fd Eaton Vance 1.86 -5.90 4.95 0.00 41.80 268 686
AFT Apollo Sr Flt Rt Fd Apollo Credit 1.83 -6.57 6.38 0.00 33.36 282 923
DMB Dreyfus Muni Bnd Infra Fd Dreyfus 1.89 -5.07 4.72 0.00 31.18 261 660
NXQ Nuv Sel Tx-Free Incm Port 2 Nuveen 1.86 -6.01 3.62 0.00 1.42 263 355
GARS Garrison Capital Garrison Capital 1.21 -31.85 13.81 0.00 51.16 191 558
RAND Rand Capital Corp Rand Capital 1.25 -44.51 0.00 N/A 19.20 32 17
OHAI OHA Inv Corp Oak Hill Advisors 1.25 -57.95 6.30 0.00 55.24 61 63
GSVC GSV Capital Corp GSV Capital 1.15 -54.02 0.00 0.00 20.35 196 259
KCAP KCAP Financial KCAP Financial 1.21 -32.49 13.83 9.47 47.52 191 424
MCC Medley Capital Corp MCC Advisors 1.24 -27.96 9.94 0.00 51.19 487 3,169
GECC Great Elm Cap Corp Great Elm Capital 1.25 -20.82 9.26 0.00 15.29 158 183
TICC TICC Capital Corp TICC Management 1.28 -12.08 12.08 4.93 32.99 388 1,945
PNNT PennantPark Inv Corp PennantPark 1.27 -17.93 9.65 0.00 47.41 646 2,372
CPTA Capitala Finance Corp Capitala 1.25 -15.53 11.76 0.00 55.45 250 1,129

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.

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