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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(%) 10 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,944.32 0.10 -0.13 2.12 6.12 9.34 19.04 5.48 9.75 8.90 1.44 5.40 5.40
NAV 1,350.53 0.11 -0.30 1.78 3.83 7.33 12.63 0.99 3.47 4.15 0.87 2.52 2.52
Difference 0.01 -0.16 -0.34 -2.29 -2.02 -6.41 -4.49 -6.29 -4.74 -0.57 -2.88 -2.88
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2024 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2024
Price 1.83 2.04 - - - - - - - - - - - - - - - - -
NAV 0.05 1.58 - - - - - - - - - - - - - - - - -
Difference -1.78 -0.45 - - - - - - - - - - - - - - - - -
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 10.13 -2.22 -0.74 6.88 0.82 -2.08 5.20 3.86 11.01 3.22 -2.07 -9.11 -8.13 -3.60 12.59 3.99 12.86 3.69 15.10
NAV 5.19 -3.06 0.98 2.97 1.09 -2.37 3.68 2.34 5.37 1.88 -2.39 -5.44 -5.96 -2.75 9.22 3.90 10.36 3.78 9.35
Difference -4.94 -0.84 1.72 -3.92 0.27 -0.29 -1.52 -1.53 -5.64 -1.33 -0.32 3.68 2.17 0.86 -3.37 -0.09 -2.51 0.09 -5.75
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -1.06 -1.52 1.29 -1.31 -6.05 0.88 -8.24 -13.03 -14.18 6.82 -1.07 -11.76 -6.74 4.92 7.69 -7.87 4.10 -2.92 -16.68
NAV -1.56 0.21 0.65 -0.71 -4.81 0.98 -7.09 -10.69 -11.33 4.70 -2.99 -7.34 -5.89 1.90 4.81 -0.37 6.40 0.14 -11.21
Difference -0.50 1.73 -0.63 0.60 1.24 0.10 1.15 2.34 2.84 -2.12 -1.92 4.42 0.86 -3.02 -2.88 7.49 2.30 3.05 5.47
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 3.28 5.05 4.22 13.07 6.24 3.97 1.66 12.29 26.97 -0.29 0.96 -0.58 0.09 3.57 -2.35 0.96 2.11 2.20 29.77
NAV 1.56 2.46 1.98 6.11 2.71 2.63 0.98 6.44 12.94 -2.47 0.57 -1.70 -3.58 1.99 -2.47 0.84 0.30 -3.29 9.22
Difference -1.72 -2.59 -2.24 -6.96 -3.53 -1.34 -0.68 -5.85 -14.03 -2.18 -0.39 -1.12 -3.67 -1.59 -0.12 -0.13 -1.81 -5.50 -20.54
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 0.53 -8.09 -26.99 -32.54 22.93 7.09 -1.31 29.93 -12.35 3.89 2.90 -2.97 3.74 -1.17 17.51 5.40 22.41 26.99 11.30
NAV -1.05 -4.85 -18.75 -23.50 14.76 2.78 -0.97 16.81 -10.64 3.75 1.49 -2.23 2.95 -0.23 8.34 3.06 11.40 14.69 2.48
Difference -1.58 3.24 8.24 9.04 -8.17 -4.31 0.34 -13.12 1.71 -0.14 -1.41 0.74 -0.79 0.93 -9.16 -2.34 -11.01 -12.30 -8.82
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.18 2.19 1.40 15.20 2.11 -2.58 3.67 3.13 18.81 1.03 -2.01 1.71 0.69 -0.90 0.39 4.95 4.41 5.13 24.90
NAV 4.80 1.14 1.71 7.81 0.92 -1.70 2.97 2.15 10.13 -0.21 -1.11 0.83 -0.50 -0.03 -0.01 3.81 3.76 3.24 13.70
Difference -6.38 -1.05 0.31 -7.40 -1.19 0.88 -0.70 -0.98 -8.68 -1.24 0.90 -0.88 -1.19 0.88 -0.41 -1.14 -0.64 -1.89 -11.20
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 -0.89 1.33 0.78 -1.19 0.90 -3.67 1.69 -2.86 -4.84 -3.98 -4.84
NAV 1.58 -2.73 0.23 -0.97 0.29 0.09 -0.09 0.29 -0.69 1.14 -0.26 -0.01 0.87 -2.24 0.66 -0.75 -2.33 -1.49 -2.16
Difference -0.05 0.41 0.20 0.57 -0.40 -0.18 0.21 -0.37 0.21 -0.19 -1.04 1.18 -0.04 1.42 -1.03 2.11 2.50 2.49 2.67
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 9.10 2.50 -0.26 1.31 3.57 -1.80 -0.25 1.23 -0.85 2.70 12.04
NAV 2.01 1.68 0.45 4.19 0.48 0.10 0.26 0.84 5.06 1.63 0.29 0.57 2.50 -0.21 0.13 1.26 1.18 3.71 8.96
Difference -2.12 -0.25 0.02 -2.40 -1.26 -0.04 -0.21 -1.52 -4.03 -0.87 0.55 -0.74 -1.07 1.59 0.39 0.03 2.03 1.01 -3.08
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 13.29 4.60 1.81 1.40 7.99 -2.75 0.52 2.74 0.43 8.45 22.87
NAV -2.80 0.17 4.60 1.85 3.43 0.82 2.04 6.41 8.38 2.39 0.43 1.25 4.12 -1.64 -0.11 2.14 0.35 4.49 13.25
Difference 2.06 -0.78 -4.02 -2.48 -1.35 0.08 -0.83 -2.18 -4.91 -2.21 -1.38 -0.15 -3.87 1.11 -0.63 -0.60 -0.08 -3.96 -9.62
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 3.15 -2.06 -3.57 -3.71 -9.07 6.91 -1.58 -1.18 3.97 -5.46 -2.48
NAV 1.16 1.65 0.29 3.13 1.64 -0.26 -1.79 -0.45 2.67 -1.21 -3.32 -3.72 -8.03 3.35 -1.31 -3.14 -1.20 -9.14 -6.71
Difference -1.61 -1.27 0.41 -2.51 -0.46 0.84 1.50 1.91 -0.48 0.86 0.26 -0.01 1.03 -3.56 0.27 -1.95 -5.18 -3.68 -4.23
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 0.79 2.75 -0.28 3.28 1.60 2.33 2.15 6.19 9.67 -1.50 1.98 -3.60 -3.17 0.69 0.05 -3.64 -2.92 -5.99 3.10
NAV 0.57 2.64 0.55 3.79 1.25 2.03 1.54 4.89 8.87 -0.45 1.63 -1.96 -0.82 0.66 -0.07 -0.64 -0.05 -0.88 7.91
Difference -0.22 -0.11 0.82 0.52 -0.35 -0.30 -0.61 -1.30 -0.81 1.04 -0.35 1.64 2.34 -0.03 -0.12 3.00 2.87 5.12 4.81
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 4.09 0.22 0.94 5.29 0.99 -2.61 -3.30 -4.88 0.15 -0.11 -2.17 3.69 1.33 2.35 -1.07 1.62 2.90 4.26 4.42
NAV 2.41 0.29 0.98 3.72 2.02 -1.08 -3.40 -2.51 1.12 1.52 -1.86 3.38 3.00 2.22 0.06 0.99 3.30 6.40 7.59
Difference -1.68 0.07 0.05 -1.57 1.03 1.53 -0.11 2.38 0.97 1.62 0.31 -0.31 1.67 -0.13 1.13 -0.62 0.40 2.13 3.16
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 6.93 2.71 -0.21 9.59 0.50 -4.31 2.17 -1.75 7.68 2.31 0.94 2.29 5.64 -0.27 -0.56 1.19 0.35 6.01 14.15
NAV 3.28 2.19 -0.09 5.44 0.83 -3.42 1.73 -0.92 4.47 1.79 0.82 1.77 4.45 0.03 0.60 1.38 2.02 6.56 11.32
Difference -3.66 -0.52 0.12 -4.15 0.33 0.90 -0.43 0.82 -3.22 -0.52 -0.11 -0.52 -1.19 0.29 1.16 0.20 1.67 0.55 -2.83

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-15.98%
1Yr Disc
-16.33%
3Yr Disc
-12.26%
5Yr Disc
-12.82%
Rel Disc Range (3yr)
26.22%
Mkt Yield
7.76%
Lev Adj NAV Yield
5.36%
After Tax Yield*
7.00%
Est Tax Friction*
0.76%
3Yr NAV Volatiliy
14.26
1 Yr RoC
46.30%
3 Yr Dest RoC
23.76%
Leverage
20.75%
Non Lev Exp Ratio
2.10%
Beta (2yr)
0.83
Equity Exposure
54.63%
Bond Exposure
42.69%
# Holdings
60
Cash Weighted Duration
2.91
Comp NAV TR
-0.58%
Comp Discount
-6.90%
Net Assets (M)
565
Liquidity - 90d (K)
1,613
* 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)
BXSY Bexil Investment Tr Bexil 1.73 -36.90 7.88 0.00 10.00 258 248
HGLB Highland Glbl Alloc Fd NexPoint 1.66 -32.25 12.61 0.00 3.11 258 721
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.68 -20.99 9.29 66.88 10.90 199 665
BSTZ BR Sci & Tech Trm Tr BlackRock 1.86 -15.78 6.73 77.78 0.00 1,668 5,985
STEW SRH Tot Rtn Fd Paralel Advisors 1.77 -22.34 3.75 49.51 11.77 1,834 1,232
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.78 -17.10 10.44 100.00 0.00 1,092 2,909
GRX Gabelli Health & Well Tr Gabelli 1.74 -19.17 6.13 2.75 23.00 193 427
IIF MS India Inv Fd Morgan Stanley 2.01 -18.45 7.23 0.00 0.00 275 1,081
TYG Tortoise Nrg Infra Corp Tortoise 1.73 -20.14 9.69 42.07 21.20 395 1,377
BIGZ BR Innovation & Gwth Trm Tr BlackRock 1.79 -13.81 6.84 100.00 0.00 2,031 7,089
CET Cntrl Sec Corp Central Securities 1.76 -19.32 4.61 0.00 0.00 1,411 1,562
TTP Tortoise Pip & Nrg Fd Tortoise 1.84 -17.94 7.75 77.51 17.10 75 271
GLV Clough Glbl Div & Incm Fd Clough 1.79 -16.95 11.60 97.43 25.12 82 298
GLO Clough Glbl Opp Fd Clough 1.78 -17.83 11.68 99.36 25.05 257 908
GLQ Clough Glbl Eq Fd Clough 1.80 -17.35 11.50 99.48 25.09 143 459
BMEZ BR Health Sci Trm Tr BlackRock 1.85 -12.03 6.69 100.00 0.00 1,957 7,096
NTG Tortoise Midstream Nrg Fd Tortoise 1.82 -17.73 8.28 46.63 18.70 230 564
NDP Tortoise Nrg Ind Fd Tortoise 1.93 -13.64 7.73 70.36 12.70 63 218
KF Korea Fund Allianz 1.74 -13.79 0.00 N/A 0.00 138 451
PEO Adams Ntr Res Fd Adams Funds 1.83 -16.49 5.98 0.00 0.00 690 810
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.77 -14.20 11.12 14.46 25.67 346 996
MEGI MainStay CBRE Glbl Infra MTrnd Trm New York Life 1.60 -13.35 12.22 0.00 25.00 737 2,307
NPFD Nuv Var Rt Pref & Incm Fd Nuveen 1.81 -11.95 8.18 1.63 35.74 481 1,180
LEO BNY Mellon Stgc Muni BNY Mellon 1.73 -13.14 3.75 0.00 31.05 436 1,312
NAZ Nuv AZ Qlty Muni Incm Fd Nuveen 1.71 -13.35 4.65 2.24 37.51 147 245
MIO Pioneer Muni Hi Incm Opp Fd Amundi Asset Mgmt 1.77 -12.11 5.21 7.42 10.90 215 580
BOE BR Enh Glbl DivTr BlackRock 1.74 -14.94 7.38 67.91 0.00 741 1,739
BCX BR Res & Com Stgy Tr BlackRock 1.69 -12.95 6.95 59.46 0.00 866 3,362
KYN KA Nrg Infra Fd Kayne Anderson 1.87 -14.03 9.15 9.88 23.81 1,893 5,588
AOD abrdn Tot Dyn Div Fd abrdn 1.73 -14.67 8.41 34.59 1.44 1,013 2,511
NPCT Nuv Core Plus Impact Fd Nuveen 1.71 -13.32 10.74 59.51 35.66 339 1,077
AGD abrdn Glbl Dyn Div Fd abrdn 1.74 -13.59 8.13 30.75 0.00 276 620
ECF Ellsworth Gwth & Incm Fd Gabelli 1.62 -15.15 6.58 6.17 24.00 128 454
OCCI OFS Credit Company OFS Capital 1.87 -5.98 16.95 0.00 34.31 120 870
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.73 -12.98 7.56 0.00 6.15 357 1,270
IQI Invsc Qlty Muni Incm Tr Invesco 1.71 -12.70 4.99 1.50 33.00 587 1,648
BGY BR Enh Intl DivTr BlackRock 1.73 -13.12 7.47 56.78 0.00 627 1,182
HYB New Amrc Hi Incm Fd T. Rowe Price 1.72 -12.27 6.65 0.00 31.00 192 347
VKI Invsc Adv Muni Incm Tr II Invesco 1.70 -13.08 4.89 3.30 37.00 438 997
NPV Nuv VA Qlty Muni Incm Fd Nuveen 1.71 -12.54 4.90 0.28 39.41 226 461
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 1.73 -12.27 8.90 0.00 28.78 196 1,051
RFMZ RivNth Flex Muni Incm Fd II RiverNorth 1.82 -9.61 7.31 72.04 38.80 383 1,192
IGD Voya Glbl Eq Div & Prm Opp Voya 1.79 -12.27 9.20 66.08 0.00 469 1,140
PCK PIMCO CA Muni Incm Fd II PIMCO 1.68 -13.71 4.46 51.96 41.60 216 543
DMB BNY Mellon Muni Bnd Infra Fd BNY Mellon 1.68 -14.25 3.48 0.00 31.03 222 851
ASA ASA Gd & Prcs Mtl Merk Investments 1.65 -16.94 0.13 0.00 0.00 347 1,368
IIM Invsc Val Muni Incm Tr Invesco 1.69 -12.83 5.04 1.53 32.00 638 1,526
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.76 -12.91 6.74 0.00 39.80 183 593
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.73 -12.15 7.82 15.68 0.00 584 1,639
EVN EV Muni Incm Tr Eaton Vance 1.76 -9.76 5.39 9.11 27.40 451 1,125
EQS Equus Total Return Equus 1.22 -57.31 0.00 N/A 27.45 47 22
MRCC Monroe Capital Corp Monroe Capital 1.18 -25.43 14.27 0.00 59.26 204 560
PIAC Princeton Cap Corp House Hanover 1.60 14.81 0.00 N/A 0.00 33 0
ICMB Investcorp Cr Mgmt BDC Investcorp 1.04 -45.07 15.95 0.00 60.18 79 108
PSEC Prospect Capital Corp Prospect Capital 1.10 -38.90 13.21 0.00 51.03 3,693 12,118
BBDC Barings BDC Barings 1.30 -18.71 11.34 0.00 53.80 1,196 4,755
WHF WhiteHorse Finance H.I.G. Capital 1.27 -6.53 12.09 0.00 52.88 317 599
TCPC BR TCP Capital Corp BlackRock 1.04 -15.29 13.49 0.00 58.19 687 4,142
SLRC SLR Inv Corp SLR Capital 1.19 -16.92 10.91 0.00 46.67 987 3,027
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 1.25 -15.77 14.40 0.00 58.70 213 709

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, 2019. 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 2019. 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 %