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 1,112.55 0.14 -0.13 0.79 0.81 0.92 2.52 7.55 6.20 0.17 0.86 -0.69
NAV 1,082.49 0.06 -0.12 0.14 0.37 0.82 3.03 2.95 4.62 0.04 0.33 -0.65
Difference -0.08 0.01 -0.66 -0.43 -0.10 0.51 -4.60 -1.58 -0.13 -0.53 0.04
* 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 - - - - - - - - - - - - - -0.86
NAV 1.58 -2.73 0.23 -0.97 0.29 - - - - - - - - - - - - - -0.69
Difference -0.05 0.41 0.20 0.57 -0.40 - - - - - - - - - - - - - 0.17
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
-14.91%
1Yr Disc
-11.93%
3Yr Disc
-11.68%
5Yr Disc
-10.55%
Rel Disc Range (3yr)
32.29%
Mkt Yield
6.58%
Lev Adj NAV Yield
4.43%
After Tax Yield*
5.56%
Est Tax Friction*
1.02%
3Yr NAV Volatiliy
9.18
1 Yr RoC
13.23%
3 Yr Dest RoC
9.90%
Leverage
26.71%
Non Lev Exp Ratio
1.91%
Beta (2yr)
0.42
Equity Exposure
32.84%
Bond Exposure
65.74%
# Holdings
60
Cash Weighted Duration
3.63
Comp NAV TR
-1.18%
Comp Discount
-6.71%
Net Assets (M)
474
Liquidity - 90d (K)
1,203
* 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 1.72 -20.27 4.81 41.25 0.00 193 566
CET Cntrl Sec Corp Central Securities 1.83 -16.80 3.57 0.00 0.00 847 532
GDL GDL Fund Gabelli 1.74 -17.08 4.27 100.00 42.00 199 315
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.77 -17.73 5.74 0.00 26.16 133 270
CAF MS China A Shr Fd Morgan Stanley 1.89 -8.03 4.48 0.00 0.00 646 3,127
GRX Gabelli Health & Well Tr Gabelli 1.78 -15.35 5.33 1.06 23.00 228 347
PEO Adams Ntr Res Fd Petroleum & Resources 1.96 -15.71 5.74 0.00 0.00 707 1,958
CEV EV CA Muni Incm Tr Eaton Vance 1.75 -15.33 3.91 0.00 36.50 98 229
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.83 -13.29 7.99 76.57 29.28 195 633
NUO Nuv OH Qlty Muni Incm Fd Nuveen 1.74 -15.25 4.27 0.00 38.64 297 477
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.63 -12.92 8.32 50.82 29.80 553 1,856
ADX Adams Divr Eq Fd Adams Express 1.80 -14.90 9.01 0.00 0.00 1,828 3,079
NNC Nuv NC Qlty Muni Incm Fd Nuveen 1.72 -15.37 3.86 0.00 39.38 235 292
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 1.73 -14.71 7.21 4.23 26.82 659 2,524
MXF Mexico Fund Impulsora del 1.62 -12.62 4.01 82.74 0.00 257 756
BCV Bancroft Fund Gabelli 1.79 -14.50 5.35 0.00 19.00 130 322
PGZ Principal Rel-Est Incm Fd Principal 1.77 -12.55 7.80 21.23 30.65 134 350
JOF Japan Sml Caplz Fd Nomura 1.73 -12.54 4.49 0.00 0.00 398 581
TDF Tmp Dragon Fd Templeton 1.77 -13.29 1.52 0.00 0.00 893 1,411
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 1.61 -14.13 7.75 79.97 32.30 290 653
ISD Pru Srt Dur Hi Yld Fd Prudential 1.73 -13.77 7.27 0.00 23.27 541 2,202
FT Frk Univ Tr Franklin 1.72 -14.56 5.79 0.00 23.36 195 329
NBW NB CA Imd Muni Fd Neuberger Berman 1.71 -14.79 4.26 0.00 41.80 82 238
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.66 -14.12 8.77 8.02 29.00 968 3,154
IFN India Fund Aberdeen 1.75 -12.55 12.64 0.00 0.00 761 2,060
NAN Nuv NY Qlty Muni Incm Fd Nuveen 1.72 -14.35 4.62 0.00 37.63 453 981
NKG Nuv GA Qlty Muni Incm Fd Nuveen 1.72 -14.33 4.04 0.00 38.45 139 332
NHS NB Hi Yld Stgs Fd Neuberger Berman 1.71 -14.06 7.22 5.13 33.50 249 538
SZC Cushing Renaissace Fd Cushing 2.02 -9.88 9.04 69.06 16.50 157 1,193
MUI BR Muni Imd Dur Fd BlackRock 1.73 -13.28 4.11 0.00 40.49 574 1,218
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.76 -12.08 8.16 66.33 16.00 975 2,189
EHI WA Glbl Hi Incm Fd Legg Mason 1.75 -12.10 7.81 2.52 25.60 481 1,078
SBI WA Imd Muni Fd Legg Mason 1.76 -11.75 4.06 0.00 26.40 139 347
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.77 -11.40 7.79 1.42 30.52 509 1,206
FSD FT Hi Incm Lng/Srt Fd First Trust 1.74 -12.54 8.45 33.38 20.17 511 1,495
MYN BR MuniYld NY Qlty Fd BlackRock 1.73 -12.93 4.78 0.00 39.94 542 900
HNW Pioneer Divr Hi Incm Tr Pioneer 1.70 -13.13 7.76 0.00 31.00 141 409
KF Korea Fund Allianz 1.75 -10.48 0.55 0.00 0.00 249 504
NTX Nuv TX Qlty Muni Incm Fd Nuveen 1.71 -13.13 4.51 0.00 36.96 149 206
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.72 -12.66 7.19 0.00 47.73 1,151 2,297
FAM FT/Abd Glbl Opp Incm Fd First Trust 1.61 -12.92 8.61 18.60 27.82 155 293
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.77 -12.10 6.55 36.66 31.90 321 921
JQC Nuv Cr Stgs Incm Fd Nuveen 1.80 -10.36 6.05 0.00 36.60 1,231 3,868
HYB New Amrc Hi Incm Fd T. Rowe Price 1.74 -11.08 7.61 0.00 28.00 228 566
AGC AC Convt Sec & Incm Fd II Guggenheim 1.77 -11.15 9.96 38.56 41.72 174 813
MYC BR MuniYld CA Fd BlackRock 1.74 -12.08 4.71 0.00 41.25 323 794
EVV EV Ltd Dur Incm Fd Eaton Vance 1.72 -12.94 6.32 12.89 38.40 1,697 3,388
NKX Nuv CA AMT-Fr Qlty Muni Incm Nuveen 1.74 -11.87 5.00 0.00 40.30 728 1,377
BYM BR Muni Incm Qlty Tr BlackRock 1.75 -10.16 4.74 1.17 40.27 387 727
EMF Tmp Emrg Mkt Fd Templeton 1.65 -12.73 7.21 0.00 0.00 307 685
MCC Medley Capital Corp MCC Advisors 1.11 -49.43 11.27 0.00 52.53 382 1,038
FDUS Fidus Investment Corp Fidus 1.38 -11.79 3.37 0.00 38.29 398 1,576
FSIC FS Investment Corp FB Income 1.37 -14.85 9.74 0.00 42.23 2,221 8,649
RAND Rand Capital Corp Rand Capital 1.16 -49.30 0.00 N/A 19.94 31 9
ABDC Alcentra Capital Corp Alcentra 1.22 -40.73 10.83 0.00 37.43 154 579
GECC Great Elm Cap Corp Great Elm Capital 1.28 -20.78 10.66 0.00 29.47 126 131
TCRD THL Credit THL Credit 1.24 -25.38 13.86 0.00 44.20 341 1,035
HCAP Harvest Cap Cr Corp Harvest Capital 1.24 -19.69 11.18 0.00 30.42 81 183
OFS OFS Capital Corp OFS Capital 1.22 -19.24 12.32 0.00 50.24 182 577
OCSL Oaktree Splty Lending Oaktree Capital 1.47 -15.16 7.63 0.00 40.11 827 1,854

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 %