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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 1,149.99 0.09 -0.07 3.94 2.25 3.49 12.08 10.54 7.38 2.64 2.64 2.64
NAV 1,107.44 0.07 0.12 2.85 2.64 4.17 9.54 5.22 5.89 1.64 1.64 1.64
Difference -0.02 0.19 -1.09 0.39 0.68 -2.54 -5.32 -1.49 -1.01 -1.01 -1.01
* 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 -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
-13.52%
1Yr Disc
-10.76%
3Yr Disc
-10.91%
5Yr Disc
-9.01%
Rel Disc Range (3yr)
41.82%
Mkt Yield
6.49%
Lev Adj NAV Yield
4.40%
After Tax Yield*
5.50%
Est Tax Friction*
0.99%
3Yr NAV Volatiliy
9.86
1 Yr RoC
18.95%
3 Yr Dest RoC
11.08%
Leverage
25.09%
Non Lev Exp Ratio
1.69%
Beta (2yr)
0.41
Equity Exposure
32.06%
Bond Exposure
66.02%
# Holdings
60
Cash Weighted Duration
3.22
Comp NAV TR
-1.27%
Comp Discount
-6.66%
Net Assets (M)
486
Liquidity - 90d (K)
1,729
* 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 1.77 -21.57 4.30 51.50 16.46 190 896
RIF RMR Rel-Est Incm Fd RMR 1.60 -17.77 7.35 0.00 24.00 223 825
CAF MS China A Shr Fd Morgan Stanley 1.92 -11.38 4.61 0.00 0.00 652 3,658
GDL GDL Fund Gabelli 1.74 -15.82 4.04 100.00 39.00 211 465
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.72 -15.37 5.25 0.00 24.48 142 447
PEO Adams Ntr Res Fd Petroleum & Resources 1.80 -14.31 5.63 0.00 0.00 709 1,812
ASA ASA Gd & Prcs Mtl ASA 1.74 -14.04 0.35 0.00 0.00 260 1,152
NMY Nuv MD Qlty Muni Incm Fd Nuveen 1.69 -13.69 4.57 0.00 37.27 338 534
NUM Nuv MI Qlty Muni Incm Fd Nuveen 1.70 -13.69 4.37 0.00 37.66 318 527
NQP Nuv PA Qlty Muni Incm Fd Nuveen 1.69 -13.63 4.92 0.00 39.65 570 716
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 1.77 -12.29 6.91 73.01 36.72 318 1,055
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.83 -12.03 7.39 0.00 30.41 617 1,634
NBO NB NY Imd Muni Fd Neuberger Berman 1.71 -12.66 4.32 1.32 40.26 71 241
MXF Mexico Fund Impulsora del 1.82 -11.97 3.10 75.00 0.00 286 899
PGZ Principal Rel-Est Incm Fd Principal 1.70 -12.60 7.70 36.35 30.64 135 594
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.76 -11.59 7.34 55.28 27.27 208 884
TEI Tmp Emrg Mkt Incm Fd Franklin 1.78 -10.76 5.31 0.00 0.00 629 2,588
TDF Tmp Dragon Fd Templeton 1.88 -10.84 1.45 0.00 0.00 908 1,316
JOF Japan Sml Caplz Fd Nomura 1.85 -8.18 4.31 0.00 0.00 395 1,024
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.67 -12.61 7.73 66.00 16.00 1,035 2,394
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.73 -11.47 8.89 54.50 28.11 675 2,273
NPV Nuv VA Qlty Muni Incm Fd Nuveen 1.70 -11.15 4.33 0.00 36.29 257 466
KF Korea Fund Allianz 1.97 -9.50 0.52 0.00 0.00 270 400
WIW WA/C Inf-Lnk Opp & Incm Fd Western Asset 1.73 -10.00 3.72 4.45 26.99 789 1,463
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.79 -11.84 6.68 93.33 0.00 1,450 4,079
EVY EV NY Muni Incm Tr Eaton Vance 1.70 -11.04 4.74 0.00 38.60 78 239
GHY Pru Glbl Srt Dur Hi Yld Fd Prudential 1.71 -12.03 7.50 1.98 27.41 670 3,263
FHY FT Stgc Hi Incm Fd II First Trust 1.70 -11.96 7.54 13.15 26.73 101 435
IIF MS India Inv Fd Morgan Stanley 2.01 -7.14 3.12 0.00 0.00 532 1,304
IAE Voya AP Hi Div Eq Incm Fd Voya 1.82 -10.51 7.47 65.25 0.00 146 397
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.75 -9.82 8.47 51.47 30.56 1,387 3,875
EXD EV Tx-Adv Bnd & Opt Stgs Fd Eaton Vance 1.66 -7.32 11.60 91.29 0.00 105 582
NBW NB CA Imd Muni Fd Neuberger Berman 1.74 -8.28 4.44 2.08 41.10 84 350
DTF DTF Tx-Free Incm Duff & Phelps 1.69 -10.24 4.31 0.00 33.00 132 314
BGR BR Nrg & Res Tr BlackRock 1.78 -8.86 6.28 65.76 0.00 485 2,147
MZF Mgd Dur Inv Grd Muni Fd Guggenheim 1.70 -10.04 4.04 1.37 37.31 101 243
AFB AB Nat Muni Incm Fd AllianceBernstein 1.69 -10.22 4.14 0.00 39.65 425 1,208
HYT BR Corp Hi Yld Fd BlackRock 1.71 -10.99 7.69 0.00 30.21 1,553 4,704
GLO Clough Glbl Opp Fd Clough 1.75 -10.87 10.83 97.46 37.03 403 2,534
AGC AC Convt Sec & Incm Fd II Guggenheim 1.75 -9.97 9.19 27.85 40.08 187 974
ISD Pru Srt Dur Hi Yld Fd Prudential 1.73 -9.68 7.43 0.00 20.86 550 3,202
MUI BR Muni Imd Dur Fd BlackRock 1.69 -10.21 4.30 0.00 37.98 589 1,556
PPR Voya Prime Rt Tr Voya 1.72 -10.21 5.18 0.00 27.91 839 2,892
LCM AC Enh Gwth & Incm Fd Guggenheim 1.76 -9.76 9.77 48.46 28.59 88 288
HYI WA Hi Yld Dfin Opp Fd Legg Mason 1.70 -10.36 7.18 1.89 0.00 383 1,168
BCV Bancroft Fund Gabelli 1.74 -10.64 5.21 0.00 19.00 127 180
AIF Apollo Tactical Incm Fd Apollo Credit 1.69 -10.75 7.69 0.00 35.36 253 1,027
MHN BR MuniHldg NY Qlty Fd BlackRock 1.69 -9.99 4.57 0.00 40.54 458 798
VLT Invsc Hi Incm Tr II Invesco 1.69 -10.75 6.90 4.31 26.26 133 300
BFZ BR CA Muni Incm Tr BlackRock 1.69 -9.36 4.83 0.05 41.42 481 1,483
CCT Corporate Capital Tr KKR Credit 1.30 -17.09 6.46 0.00 37.51 2,729 11,091
CPTA Capitala Finance Corp Capitala 1.29 -45.74 12.96 0.00 54.89 226 1,279
FSIC FS Investment Corp FB Income 1.30 -18.88 9.93 0.00 41.43 2,317 13,835
TCAP Triangle Capital Corp Triangle Capital 1.32 -22.27 11.70 0.00 46.28 630 6,975
BKCC BR Cap Inv Corp BlackRock 1.24 -22.49 11.67 0.00 28.79 582 3,025
GARS Garrison Capital Garrison Capital 1.23 -30.24 13.68 0.00 51.23 188 414
TICC TICC Capital Corp TICC Management 1.19 -24.50 14.26 0.00 28.48 382 1,901
CMFN CM Finance CM Investment 1.32 -30.99 11.70 0.00 43.16 170 316
ABDC Alcentra Capital Corp Alcentra 1.25 -31.87 11.96 0.00 37.93 175 1,217
MCC Medley Capital Corp MCC Advisors 1.23 -37.40 12.10 0.00 50.76 460 1,779

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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