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 1,102.20 0.29 0.05 -2.01 0.48 1.89 15.33 8.65 8.16 -0.67 -2.46 10.06
NAV 1,073.49 0.06 -0.44 -0.43 1.42 2.46 10.94 4.20 6.32 -0.10 -0.32 7.21
Difference -0.23 -0.49 1.58 0.94 0.57 -4.39 -4.45 -1.84 0.56 2.14 -2.85
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - 10.73
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 - - - - 7.32
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 - - - - -3.41
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
-13.07%
1Yr Disc
-10.51%
3Yr Disc
-10.94%
5Yr Disc
-8.63%
Rel Disc Range (3yr)
37.00%
Mkt Yield
6.54%
Lev Adj NAV Yield
4.34%
After Tax Yield*
5.64%
Est Tax Friction*
0.90%
3Yr NAV Volatiliy
8.58
1 Yr RoC
10.04%
3 Yr Dest RoC
7.60%
Leverage
29.96%
Non Lev Exp Ratio
1.76%
Beta (2yr)
0.38
Equity Exposure
24.77%
Bond Exposure
73.64%
# Holdings
57
Cash Weighted Duration
5.17
Comp NAV TR
-0.75%
Comp Discount
-6.16%
Net Assets (M)
552
Liquidity - 90d (K)
1,573
* 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


57 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
RIF RMR Rel-Est Incm Fd RMR 1.92 -18.23 6.81 0.00 24.00 242 1,266
PEO Adams Ntr Res Fd Petroleum & Resources 1.88 -14.35 5.89 0.00 0.00 645 1,178
NTC Nuv CT Qlty Muni Incm Fd Nuveen 1.89 -13.95 4.49 0.00 36.57 203 549
NXJ Nuv NJ Qlty Muni Incm Fd Nuveen 1.92 -13.82 5.10 0.00 38.04 675 852
VPV Invsc PA Val Muni Incm Tr Invesco 1.88 -14.10 5.18 0.00 41.00 335 570
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.86 -11.14 7.50 59.58 26.81 203 902
NMY Nuv MD Qlty Muni Incm Fd Nuveen 1.90 -12.83 4.72 0.00 37.48 341 415
WIA WA/C Inf-Lnk Sec & Incm Fd Western Asset 1.91 -11.98 3.59 7.65 27.73 382 587
NUM Nuv MI Qlty Muni Incm Fd Nuveen 1.87 -13.46 4.82 0.00 37.65 320 394
CAF MS China A Shr Fd Morgan Stanley 1.93 -15.60 0.14 0.00 0.00 624 2,763
CEV EV CA Muni Incm Tr Eaton Vance 1.86 -12.91 3.67 0.00 36.10 101 294
NNC Nuv NC Qlty Muni Incm Fd Nuveen 1.87 -12.57 4.06 0.00 38.63 244 341
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.86 -12.09 7.78 0.00 28.85 589 1,388
MXF Mexico Fund Impulsora del 1.76 -13.00 3.31 75.54 0.00 272 824
IRL New Ireland Fd Kleinwort Benson 1.76 -18.81 9.80 0.00 0.00 58 518
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 1.93 -11.61 5.81 30.69 30.60 184 561
SRV Cushing MLP Tot Rtn Fd Cushing 1.65 -12.24 10.50 100.00 31.50 79 407
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 1.86 -11.27 7.46 1.63 26.87 668 2,320
NRK Nuv NY AMT-Fr Qlty Muni Incm Nuveen 1.91 -9.42 4.68 0.00 37.24 1,265 1,267
FAM FT/Abd Glbl Opp Incm Fd First Trust 1.83 -12.04 8.05 22.67 27.37 165 459
BGR BR Nrg & Res Tr BlackRock 1.88 -10.05 6.94 69.79 0.00 445 1,311
ISD Pru Srt Dur Hi Yld Fd Prudential 1.86 -10.67 7.53 0.00 24.45 549 1,829
UTF C&S Infra Fd Cohen & Steers 1.90 -10.31 7.05 0.00 28.20 2,169 3,074
VTA Invsc Dyn Cr Opp Fd Invesco 1.86 -11.03 6.86 15.18 31.92 961 2,699
PGZ Principal Rel-Est Incm Fd Principal 1.81 -13.20 7.78 31.51 30.71 135 743
VVR Invsc Sr Incm Tr Invesco 1.86 -9.92 5.64 9.96 30.34 871 2,070
UTG Reaves Util Incm Fd W.H. Reaves 1.85 -7.36 6.28 0.00 21.22 1,606 6,864
IIM Invsc Val Muni Incm Tr Invesco 1.89 -9.59 5.06 0.00 39.00 766 2,377
DTF DTF Tx-Free Incm Duff & Phelps 1.91 -9.05 4.20 0.00 32.60 134 303
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.91 -9.25 5.07 0.00 36.90 3,976 5,932
INB C&S Glbl Incm Bldr Cohen & Steers 1.91 -8.44 8.57 81.78 22.00 244 703
EVF EV Sr Incm Tr Eaton Vance 1.86 -9.82 5.79 0.00 34.80 270 474
PPR Voya Prime Rt Tr Voya 1.86 -10.09 5.20 0.00 27.91 835 2,163
EIV EV Muni Bnd Fd II Eaton Vance 1.89 -8.30 4.65 0.00 38.60 135 296
EFF EV Flt-Rt Inc+ Fd Eaton Vance 1.89 -8.80 5.50 2.82 34.90 137 390
EIM EV Muni Bnd Fd Eaton Vance 1.92 -7.15 4.91 1.10 39.10 935 1,491
HIX WA Hi Incm Fd II Legg Mason 1.87 -9.47 7.91 4.66 26.30 665 1,530
ERC WF Mlt-Sctr Incm Fd Wells Fargo 1.87 -8.55 9.98 0.00 27.00 495 1,573
NBW NB CA Imd Muni Fd Neuberger Berman 1.91 -8.28 4.40 2.94 41.00 84 293
AFT Apollo Sr Flt Rt Fd Apollo Credit 1.86 -9.91 6.67 0.00 33.40 280 1,031
MUJ BR MuniHldg NJ Qlty Fd BlackRock 1.90 -8.05 5.63 0.00 39.34 472 615
NAN Nuv NY Qlty Muni Incm Fd Nuveen 1.92 -6.44 4.94 0.00 37.92 469 648
TPZ Tortoise Pwr & Nrg Infra Fd Tortoise 1.83 -4.29 7.39 5.13 26.40 148 612
MNP WA Muni Patnr Fd Legg Mason 1.91 -7.30 4.88 0.00 34.60 161 367
MHI Pioneer Muni Hi Incm Tr Pioneer 1.90 -6.35 5.28 0.00 25.70 290 849
VTN Invsc Tr fr Inv Grd NY Muni Invesco 1.93 -5.15 5.06 0.00 41.00 284 557
THW Tekla Wld Health Fd Tekla 1.77 -6.82 10.45 21.58 20.00 444 1,753
CPTA Capitala Finance Corp Capitala 1.03 -46.45 13.14 0.00 54.89 226 1,238
GARS Garrison Capital Garrison Capital 1.27 -28.88 13.41 0.00 51.23 188 360
SVVC Firsthand Tech Val Fd Firsthand Capital 1.31 -56.35 0.00 N/A 0.00 139 179
GECC Great Elm Cap Corp Great Elm Capital 1.23 -20.11 10.07 0.00 29.99 132 373
MCC Medley Capital Corp MCC Advisors 1.24 -34.73 11.09 0.00 51.03 482 1,327
TCRD THL Credit THL Credit 1.30 -16.75 11.44 0.00 43.31 371 1,048
PSEC Prospect Capital Corp Prospect Capital 1.33 -24.45 10.45 0.00 43.15 3,287 26,925
ABDC Alcentra Capital Corp Alcentra 0.97 -36.27 12.79 0.00 37.93 175 840
CMFN CM Finance CM Investment 1.20 -31.40 11.76 0.00 43.16 170 278
TICC TICC Capital Corp TICC Management 1.13 -18.44 13.20 2.72 28.48 382 1,654

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.

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