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 1,119.46 0.15 -0.16 0.63 0.65 -2.76 1.25 9.10 7.41 0.82 0.82 -0.06
NAV 1,089.08 -0.06 -0.30 0.14 0.09 -1.62 2.83 3.95 5.29 0.64 0.64 -0.04
Difference -0.21 -0.14 -0.50 -0.55 1.14 1.59 -5.15 -2.13 -0.18 -0.18 0.02
* 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 - - - - - - - - - -0.88
NAV 1.58 -2.73 0.23 -0.97 0.29 0.09 -0.09 0.29 -0.68 - - - - - - - - - -0.68
Difference -0.05 0.41 0.20 0.57 -0.40 -0.18 0.21 -0.37 0.20 - - - - - - - - - 0.20
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
-15.37%
1Yr Disc
-12.33%
3Yr Disc
-11.42%
5Yr Disc
-10.55%
Rel Disc Range (3yr)
28.49%
Mkt Yield
6.55%
Lev Adj NAV Yield
4.28%
After Tax Yield*
5.35%
Est Tax Friction*
1.20%
3Yr NAV Volatiliy
8.83
1 Yr RoC
7.95%
3 Yr Dest RoC
5.27%
Leverage
27.97%
Non Lev Exp Ratio
1.78%
Beta (2yr)
0.30
Equity Exposure
25.37%
Bond Exposure
72.44%
# Holdings
60
Cash Weighted Duration
3.69
Comp NAV TR
-1.65%
Comp Discount
-7.95%
Net Assets (M)
572
Liquidity - 90d (K)
1,311
* 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 1.75 -21.37 4.84 10.00 0.00 195 490
RIF RMR Rel-Est Incm Fd RMR 1.74 -19.21 7.21 0.00 34.00 231 567
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.75 -17.45 5.66 0.00 26.16 135 297
BIF Boulder Gwth & Incm Fd Boulder 1.77 -16.27 3.89 8.33 3.56 1,329 1,783
GAM General American Invstr General American Inv 1.78 -16.73 2.78 0.00 15.48 1,103 1,250
NUM Nuv MI Qlty Muni Incm Fd Nuveen 1.73 -16.17 4.24 0.00 38.36 311 337
PEO Adams Ntr Res Fd Petroleum & Resources 1.71 -15.86 5.95 0.00 0.00 684 1,760
GRX Gabelli Health & Well Tr Gabelli 1.80 -15.22 5.02 0.71 23.00 242 456
CAF MS China A Shr Fd Morgan Stanley 1.70 -16.02 5.24 0.00 0.00 589 4,631
FT Frk Univ Tr Franklin 1.75 -15.40 5.73 0.00 23.36 199 321
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 1.73 -15.36 7.27 5.30 26.82 658 2,274
ASA ASA Gd & Prcs Mtl ASA 1.71 -15.07 0.40 0.00 0.00 228 641
NMY Nuv MD Qlty Muni Incm Fd Nuveen 1.75 -14.92 4.35 0.00 38.60 333 370
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.77 -13.99 7.97 82.21 29.28 197 521
NHS NB Hi Yld Stgs Fd Neuberger Berman 1.74 -14.71 7.28 4.45 33.34 248 594
NKG Nuv GA Qlty Muni Incm Fd Nuveen 1.74 -14.97 4.04 0.00 38.42 140 258
NAN Nuv NY Qlty Muni Incm Fd Nuveen 1.73 -14.82 4.60 0.00 38.16 458 838
TDF Tmp Dragon Fd Templeton 1.72 -13.38 1.63 0.00 0.00 832 1,405
EVM EV CA Muni Bnd Fd Eaton Vance 1.75 -13.99 4.56 0.00 43.20 258 548
ISD Pru Srt Dur Hi Yld Fd Prudential 1.73 -14.15 7.31 0.00 23.27 541 2,138
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.80 -13.35 8.77 9.20 29.00 960 3,377
BCV Bancroft Fund Gabelli 1.76 -14.16 5.22 0.00 19.00 133 238
BTZ BR Cr Alloc Incm Tr BlackRock 1.74 -13.89 6.65 2.19 31.68 1,489 2,361
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.75 -12.50 6.50 17.30 31.90 324 683
EVV EV Ltd Dur Incm Fd Eaton Vance 1.73 -13.61 6.40 11.58 38.40 1,690 3,924
MHN BR MuniHldg NY Qlty Fd BlackRock 1.74 -13.42 4.29 0.00 41.32 448 737
VLT Invsc Hi Incm Tr II Invesco 1.72 -13.94 7.52 5.40 27.13 126 268
EXD EV Tx-Adv Bnd & Opt Stgs Fd Eaton Vance 1.72 -14.14 7.07 90.58 0.00 103 470
HNW Pioneer Divr Hi Incm Tr Pioneer 1.71 -14.65 7.96 0.00 31.00 140 380
FAM FT/Abd Glbl Opp Incm Fd First Trust 1.76 -13.02 8.92 18.52 27.82 150 438
MIY BR MuniYld MI Qlty Fd BlackRock 1.72 -14.26 4.83 0.00 39.68 446 537
EHI WA Glbl Hi Incm Fd Legg Mason 1.77 -12.72 7.90 2.55 25.60 479 1,003
FSD FT Hi Incm Lng/Srt Fd First Trust 1.73 -13.85 8.66 31.23 20.17 601 1,415
MCA BR MuniYld CA Qlty Fd BlackRock 1.75 -12.85 4.67 0.00 41.68 527 1,197
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.73 -13.61 7.30 0.00 47.73 1,147 2,297
JGH Nuv Glbl Hi Incm Fd Nuveen 1.73 -13.71 8.40 0.00 29.80 412 1,012
GIM Tmp Glbl Incm Fd Franklin 1.75 -13.79 5.99 0.00 0.00 963 1,629
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.75 -12.76 7.85 4.41 30.71 513 1,213
MUC BR MuniHldg CA Qlty Fd BlackRock 1.74 -12.79 4.33 0.00 41.67 619 1,044
NAC Nuv CA Qlty Muni Inc Fd Nuveen 1.75 -12.12 4.97 0.00 38.60 2,214 3,480
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.74 -12.15 9.68 43.89 30.93 1,245 3,395
SBI WA Imd Muni Fd Legg Mason 1.74 -13.08 4.10 0.00 26.40 140 395
MSD MS Emrg Mkt Dbt Fd Morgan Stanley 1.79 -12.67 6.30 0.00 4.79 212 465
SMM Salient Midstream & MLP Fd Salient 1.74 -11.77 6.86 81.06 28.56 200 713
VVR Invsc Sr Incm Tr Invesco 1.74 -12.27 5.45 6.53 29.00 880 1,487
JOF Japan Sml Caplz Fd Nomura 1.70 -11.22 4.84 0.00 0.00 364 410
BFZ BR CA Muni Incm Tr BlackRock 1.73 -13.17 4.37 2.54 41.78 475 935
EVG EV Srt Dur Divr Incm Fd Eaton Vance 1.74 -12.55 5.99 7.24 38.70 266 577
JQC Nuv Cr Stgs Incm Fd Nuveen 1.74 -12.67 5.60 0.00 36.44 1,233 2,571
MYC BR MuniYld CA Fd BlackRock 1.75 -11.86 4.66 0.00 41.25 325 679
MCC Medley Capital Corp MCC Advisors 1.21 -51.85 11.83 0.00 52.53 382 850
ABDC Alcentra Capital Corp Alcentra 1.24 -44.47 11.56 0.00 37.43 154 358
FSIC FS Investment Corp FB Income 1.37 -13.76 9.62 0.00 42.23 2,221 7,626
GARS Garrison Capital Garrison Capital 1.25 -28.77 13.63 0.00 55.46 185 304
TCRD THL Credit THL Credit 1.31 -20.98 13.09 0.00 44.20 341 981
BKCC BR Cap Inv Corp BlackRock 1.30 -22.22 12.10 0.00 34.95 553 1,837
CCT Corporate Capital Tr KKR Credit 1.35 -16.08 9.72 0.00 37.53 2,489 5,767
HCAP Harvest Cap Cr Corp Harvest Capital 1.34 -10.39 10.02 0.00 30.42 81 217
GECC Great Elm Cap Corp Great Elm Capital 1.24 -22.14 10.85 0.00 29.47 126 123
HRZN Horizon Tech Fin Corp Horizon Tech Fin 1.31 -9.53 11.39 0.00 40.80 134 846

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 %