CEF Advisors

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07. Discount CEF/BDC Index

Data as of April 27, 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 1,079.70 -0.11 0.25 2.59 3.50 7.31 10.03 0.53 3.86 1.26 1.26 6.88
NAV 1,337.53 -0.08 0.26 4.09 4.83 8.64 14.85 4.17 6.79 0.36 0.36 3.54
Difference 0.03 0.01 1.50 1.33 1.33 4.82 3.64 2.93 -0.89 -0.89 -3.34
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,248.97
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 - - - - - - - - - - - - 6.88
NAV 1.48 1.17 -0.31 3.18 - - - - - - - - - - - - 3.54

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-13.91%
1Yr Disc
-13.43%
3Yr Disc
-12.16%
5Yr Disc
-9.69%
Rel Disc Range (3yr)
45.83%
Mkt Yield
6.31%
Lev Adj NAV Yield
4.57%
After Tax Yield*
5.49%
Est Tax Friction*
0.82%
1 Yr RoC
22.09%
3 Yr Dest RoC
15.64%
Leverage
22.23%
Non Lev Exp Ratio
1.66%
3Yr NAV Volatiliy
12.67
Equity Exposure
40.40%
Bond Exposure
56.83%
# Holdings
60
Cash Weighted Duration
2.44
Beta (2yr)
0.78
Comp NAV TR
-2.34%
Comp Discount
-8.08%
Net Assets (M)
576
Liquidity - 90d (K)
1,581
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

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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 1.75 -17.97 4.91 71.28 3.74 159 636
GDL GDL Fund Gabelli 1.75 -16.25 6.43 62.97 39.81 217 381
ADX Adams Divr Eq Fd Adams Express 1.77 -15.62 7.05 0.00 0.00 1,656 2,240
PEO Adams Ntr Res Fd Petroleum & Resources 1.72 -13.83 5.88 0.00 0.00 642 1,935
USA Liberty All-Star Eq Fd ALPS 1.73 -14.69 9.52 8.06 0.80 1,212 3,453
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.75 -13.29 5.80 1.10 24.80 142 322
GRX Gabelli Health & Well Tr Gabelli 1.77 -11.88 5.08 3.08 23.00 231 505
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.77 -11.91 7.28 85.70 26.89 211 1,400
TEI Tmp Emrg Mkt Incm Fd Franklin 1.76 -12.59 3.77 28.30 0.00 622 1,897
RNP C&S REIT & Pref Incm Fd Cohen & Steers 1.78 -11.00 7.47 13.03 25.00 1,064 2,126
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.83 -10.40 8.67 50.70 34.35 587 2,102
ZF Virtus Total Return Fd Zweig 1.82 -9.78 12.32 4.14 26.61 294 1,402
MXF Mexico Fund Impulsora del 1.74 -10.62 3.15 100.00 0.00 277 1,377
MSF MS Emrg Mkt Fd Morgan Stanley 1.81 -11.56 0.61 0.00 1.56 248 722
SOR Source Capital First Pacific 1.76 -10.87 3.66 0.00 0.00 370 987
GIM Tmp Glbl Incm Fd Franklin 1.73 -11.69 3.03 19.97 0.00 1,010 1,924
BGY BR Intl Gwth & Incm Tr BlackRock 1.80 -9.19 7.56 86.58 0.00 730 2,353
NNC Nuv NC Qlty Muni Incm Fd Nuveen 1.76 -10.93 4.02 0.00 39.02 242 480
IAE Voya AP Hi Div Eq Incm Fd Voya 1.76 -9.41 8.11 69.85 0.00 136 594
NTC Nuv CT Qlty Muni Incm Fd Nuveen 1.76 -10.70 4.68 0.00 39.24 202 350
VLT Invsc Hi Incm Tr II Invesco 1.75 -10.36 6.89 5.95 26.55 132 311
ASA ASA Gd & Prcs Mtl ASA 1.67 -17.39 0.52 0.00 0.00 272 1,092
EXD EV Tx-Adv Bnd & Opt Stgs Fd Eaton Vance 1.75 -10.82 10.35 83.88 0.00 122 407
CEV EV CA Muni Incm Tr Eaton Vance 1.76 -10.17 4.22 0.00 38.30 101 299
AKP Alliance CA Muni Incm Fd AllianceBernstein 1.77 -10.27 4.19 0.00 40.74 129 395
RA Brkf Real Ast Incm Fd Brookfield 1.78 -8.91 10.24 17.43 23.83 934 2,580
TPZ Tortoise Pwr & Nrg Infra Fd Tortoise 1.75 -8.48 6.75 10.25 23.10 169 493
SMM Salient Midstream & MLP Fd Salient 1.74 -5.26 7.23 20.57 26.30 253 941
TTP Tortoise Pip & Nrg Fd Tortoise 1.74 -7.81 7.67 11.12 21.80 231 804
BGR BR Nrg & Res Tr BlackRock 1.70 -9.16 6.90 68.78 0.00 443 1,271
IGD Voya Glbl Eq Div & Prm Opp Voya 1.77 -8.47 9.81 41.74 0.00 791 2,710
HIO WA Hi Incm Opp Fd Legg Mason 1.79 -7.96 7.04 3.13 0.00 730 2,123
HYT BR Corp Hi Yld Fd BlackRock 1.78 -7.64 7.47 0.00 27.09 1,540 4,964
NML NB MLP Incm Fd Neuberger Berman 1.70 -8.89 6.64 91.67 19.50 618 2,336
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.76 -8.66 6.57 0.00 49.21 1,205 2,659
BCV Bancroft Fund Gabelli 1.75 -9.12 5.95 0.00 20.00 120 300
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.75 -7.81 9.90 79.16 0.00 636 2,925
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.70 -7.26 8.02 92.50 31.70 501 1,396
EAD WF Incm Opp Fd Wells Fargo 1.77 -8.39 8.43 0.00 26.12 657 2,301
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.76 -8.08 5.49 0.00 38.00 3,871 7,315
AFB AB Nat Muni Incm Fd AllianceBernstein 1.76 -7.75 4.60 0.00 41.21 423 1,118
MUI BR Muni Imd Dur Fd BlackRock 1.75 -8.04 4.77 0.00 38.08 581 1,427
TSI TCW Stgc Incm Fd TCW 1.78 -6.30 4.00 0.00 0.00 280 462
EIV EV Muni Bnd Fd II Eaton Vance 1.73 -8.40 4.84 0.00 39.60 135 360
NAD Nuv Qlty Muni Incm Fd Nuveen 1.75 -8.29 5.56 0.00 38.04 3,042 5,981
BKT BR Incm Tr BlackRock 1.74 -7.41 5.09 0.00 31.94 432 648
MHI Pioneer Muni Hi Incm Tr Pioneer 1.74 -7.93 4.86 0.00 25.90 290 904
EMO CB Nrg MLP Opp Fd Legg Mason 1.73 -6.84 9.49 100.00 28.25 452 1,429
IIM Invsc Val Muni Incm Tr Invesco 1.76 -7.54 5.02 0.00 37.00 755 2,127
ISD Pru Srt Dur Hi Yld Fd Prudential 1.74 -7.86 7.95 0.00 26.89 558 2,163
MFIN Medallion Fin Corp Medallion 1.25 -83.21 10.00 0.00 50.64 287 552
RAND Rand Capital Corp Rand Capital 1.18 -43.80 0.00 N/A 18.45 33 47
OHAI OHA Inv Corp Oak Hill Advisors 1.25 -61.40 5.19 0.00 48.07 80 186
FSC Fifth St Fin Corp Fifth Street 1.22 -37.62 1.75 3.36 49.36 1,030 6,251
SVVC Firsthand Tech Val Fd Firsthand Capital 1.32 -57.44 0.00 N/A 0.00 149 196
GARS Garrison Capital Garrison Capital 1.23 -21.58 11.50 0.00 50.45 199 403
GSVC GSV Capital Corp GSV Capital 1.24 -48.15 0.00 0.00 22.43 192 532
TCRD THL Credit THL Credit 1.24 -15.31 10.79 0.00 41.65 389 1,197
KCAP KCAP Financial KCAP Financial 1.15 -27.86 12.70 0.00 46.04 195 605
MCC Medley Capital Corp MCC Advisors 1.24 -17.47 11.35 0.00 49.05 512 2,408

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.