CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

View All Indexes

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 1,119.31 0.01 -0.20 -0.97 1.15 1.96 0.01 11.89 7.47 -1.29 0.81 -0.08
NAV 1,088.57 0.27 0.32 -0.28 0.94 1.90 1.37 6.26 5.15 -0.28 0.60 -0.09
Difference 0.26 0.53 0.69 -0.21 -0.06 1.37 -5.63 -2.32 1.01 -0.21 -0.01
* 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 - - - - - - - 1.21
NAV 1.58 -2.73 0.23 -0.97 0.29 0.09 -0.09 0.29 -0.68 1.14 -0.26 - - - - - - - 0.19
Difference -0.05 0.41 0.20 0.57 -0.40 -0.18 0.21 -0.37 0.20 -0.19 -1.04 - - - - - - - -1.01
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
-15.41%
1Yr Disc
-13.37%
3Yr Disc
-11.62%
5Yr Disc
-10.86%
Rel Disc Range (3yr)
28.93%
Mkt Yield
6.68%
Lev Adj NAV Yield
4.38%
After Tax Yield*
5.46%
Est Tax Friction*
1.22%
3Yr NAV Volatiliy
8.47
1 Yr RoC
8.40%
3 Yr Dest RoC
4.09%
Leverage
27.60%
Non Lev Exp Ratio
1.67%
Beta (2yr)
0.33
Equity Exposure
25.62%
Bond Exposure
72.10%
# Holdings
60
Cash Weighted Duration
3.74
Comp NAV TR
-2.17%
Comp Discount
-8.08%
Net Assets (M)
564
Liquidity - 90d (K)
1,319
* 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 1.70 -23.42 6.61 4.62 0.80 195 585
RIF RMR Rel-Est Incm Fd RMR 1.73 -20.47 7.26 9.09 31.06 233 473
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.76 -19.09 6.22 8.46 30.26 137 295
BIF Boulder Gwth & Incm Fd Boulder 1.93 -16.04 3.59 7.69 0.38 1,433 1,785
GAM General American Invstr General American Inv 1.89 -15.61 2.63 0.00 15.01 1,137 1,651
NUM Nuv MI Qlty Muni Incm Fd Nuveen 1.71 -16.09 4.32 0.00 36.00 303 366
PEO Adams Ntr Res Fd Petroleum & Resources 1.72 -16.42 5.94 0.00 0.00 689 1,329
GRX Gabelli Health & Well Tr Gabelli 1.94 -14.45 4.70 3.43 21.00 254 611
CAF MS China A Shr Fd Morgan Stanley 1.61 -15.12 5.52 0.00 0.00 553 4,265
FT Frk Univ Tr Franklin 1.77 -15.88 5.71 0.00 23.08 201 318
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 1.77 -14.61 7.18 4.67 28.51 661 2,021
ASA ASA Gd & Prcs Mtl ASA 1.50 -13.12 0.45 0.00 0.00 196 741
NMY Nuv MD Qlty Muni Incm Fd Nuveen 1.71 -15.38 4.46 0.00 37.27 326 415
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.77 -15.81 8.04 83.69 28.07 200 525
NHS NB Hi Yld Stgs Fd Neuberger Berman 1.77 -15.13 7.26 3.88 33.50 251 610
NKG Nuv GA Qlty Muni Incm Fd Nuveen 1.69 -15.85 3.78 0.00 37.13 137 237
NAN Nuv NY Qlty Muni Incm Fd Nuveen 1.71 -15.09 4.69 0.00 34.16 448 692
TDF Tmp Dragon Fd Templeton 1.63 -10.28 1.12 0.00 0.00 755 2,255
EVM EV CA Muni Bnd Fd Eaton Vance 1.68 -15.63 4.77 0.00 42.90 252 533
ISD Pru Srt Dur Hi Yld Fd Prudential 1.78 -13.46 7.21 0.00 25.88 543 1,435
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.81 -11.53 8.88 9.77 29.30 928 2,583
BCV Bancroft Fund Gabelli 1.83 -12.94 5.10 0.00 18.00 134 309
BTZ BR Cr Alloc Incm Tr BlackRock 1.80 -11.88 6.49 1.16 31.57 1,482 2,938
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.68 -13.09 7.69 28.37 31.18 313 681
EVV EV Ltd Dur Incm Fd Eaton Vance 1.79 -12.91 6.31 10.53 36.10 1,700 3,453
MHN BR MuniHldg NY Qlty Fd BlackRock 1.69 -15.08 4.47 0.00 40.92 438 728
VLT Invsc Hi Incm Tr II Invesco 1.78 -13.06 8.48 5.82 27.23 127 279
EXD EV Tx-Adv Bnd & Opt Stgs Fd Eaton Vance 1.66 -15.13 7.31 89.92 0.00 100 321
HNW Pioneer Divr Hi Incm Tr Pioneer 1.75 -13.20 7.85 0.00 31.30 139 463
FAM FT/Abd Glbl Opp Incm Fd First Trust 1.70 -13.07 8.77 28.94 30.60 143 480
MIY BR MuniYld MI Qlty Fd BlackRock 1.67 -15.85 5.02 0.00 39.75 437 642
EHI WA Glbl Hi Incm Fd Legg Mason 1.77 -13.59 8.05 4.54 26.30 473 835
FSD FT Hi Incm Lng/Srt Fd First Trust 1.78 -13.31 8.53 28.26 17.92 607 1,747
MCA BR MuniYld CA Qlty Fd BlackRock 1.69 -14.36 4.87 0.00 41.48 515 1,199
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.78 -12.02 7.21 0.00 35.25 1,141 2,132
JGH Nuv Glbl Hi Incm Fd Nuveen 1.80 -12.00 8.18 1.79 29.65 414 1,043
GIM Tmp Glbl Incm Fd Franklin 1.72 -13.24 7.06 0.00 0.00 932 1,811
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.78 -12.28 7.84 5.51 30.41 511 1,315
MUC BR MuniHldg CA Qlty Fd BlackRock 1.68 -14.58 4.52 0.00 40.66 605 1,004
NAC Nuv CA Qlty Muni Inc Fd Nuveen 1.71 -12.31 5.11 0.00 36.71 2,156 3,060
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.67 -13.71 10.27 46.37 32.38 1,194 2,917
SBI WA Imd Muni Fd Legg Mason 1.69 -14.24 4.23 0.22 26.40 137 372
MSD MS Emrg Mkt Dbt Fd Morgan Stanley 1.77 -13.10 5.94 0.00 2.05 210 718
SMM Salient Midstream & MLP Fd Salient 1.79 -14.32 6.77 79.40 25.03 209 743
VVR Invsc Sr Incm Tr Invesco 1.77 -12.35 5.40 6.46 29.41 889 2,169
JOF Japan Sml Caplz Fd Nomura 1.61 -15.51 5.09 0.00 0.00 364 629
BFZ BR CA Muni Incm Tr BlackRock 1.66 -15.28 4.58 5.58 41.11 464 983
EVG EV Srt Dur Divr Incm Fd Eaton Vance 1.74 -12.88 6.04 5.70 40.30 265 522
JQC Nuv Cr Stgs Incm Fd Nuveen 1.76 -13.22 5.82 0.00 36.25 1,242 3,598
MYC BR MuniYld CA Fd BlackRock 1.68 -13.90 4.89 0.00 40.67 317 689
MCC Medley Capital Corp MCC Advisors 1.46 -38.10 10.05 0.00 53.79 350 1,065
ABDC Alcentra Capital Corp Alcentra 1.25 -43.23 11.52 0.00 41.75 149 309
FSIC FS Investment Corp FB Income 1.24 -19.39 10.63 0.00 41.94 2,124 8,187
GARS Garrison Capital Garrison Capital 1.30 -27.71 13.54 0.00 53.33 184 303
TCRD THL Credit THL Credit 1.30 -19.75 13.15 0.00 42.27 334 1,065
BKCC BR Cap Inv Corp BlackRock 1.32 -20.24 11.94 0.00 30.19 537 1,666
CCT Corporate Capital Tr KKR Credit 1.29 -18.79 10.11 0.00 41.09 2,430 5,309
HCAP Harvest Cap Cr Corp Harvest Capital 1.32 -11.98 10.34 0.00 38.05 80 202
GECC Great Elm Cap Corp Great Elm Capital 1.33 -18.15 10.32 0.00 26.49 126 226
HRZN Horizon Tech Fin Corp Horizon Tech Fin 1.43 -2.76 10.64 0.00 43.31 134 1,031

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 %