CEF Advisors

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07. Discount CEF/BDC Index

Data as of March 24, 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 1,047.24 0.30 -0.04 -0.89 5.08 1.47 13.42 0.25 3.31 -1.33 4.72 4.72
NAV 1,280.85 0.27 0.07 -0.63 2.90 3.42 16.12 3.31 6.31 -0.76 2.55 2.55
Difference -0.03 0.11 0.25 -2.18 1.95 2.70 3.07 3.00 0.57 -2.17 -2.17
* 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 4.12 1.93 - - - - - - - - - - - - - - -
NAV 1.86 1.45 - - - - - - - - - - - - - - -

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-14.08%
1Yr Disc
-13.61%
3Yr Disc
-11.88%
5Yr Disc
-10.11%
Rel Disc Range (3yr)
40.10%
Mkt Yield
7.02%
Lev Adj NAV Yield
5.23%
After Tax Yield*
6.29%
Est Tax Friction*
0.73%
1 Yr RoC
35.48%
3 Yr Dest RoC
24.39%
Leverage
19.91%
Non Lev Exp Ratio
1.70%
3Yr NAV Volatiliy
14.62
Equity Exposure
61.92%
Bond Exposure
35.66%
# Holdings
59
Cash Weighted Duration
1.30
Beta (2yr)
0.87
Comp NAV TR
-0.26%
Comp Discount
-5.82%
Net Assets (M)
561
Liquidity - 90d (K)
1,740
* 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


59 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
CAF MS China A Shr Fd Morgan Stanley 1.91 -16.88 4.17 0.00 0.00 503 1,856
GDL GDL Fund Gabelli 1.72 -16.71 6.55 42.34 39.55 214 373
ADX Adams Divr Eq Fd Adams Express 1.83 -16.00 7.28 0.00 0.00 1,610 2,407
PEO Adams Ntr Res Fd Petroleum & Resources 1.61 -15.83 6.01 0.00 0.00 644 1,807
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.76 -13.89 8.72 52.71 26.46 707 1,919
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.79 -14.10 5.90 1.08 24.80 141 296
PGZ Principal Rel-Est Incm Fd Principal 1.83 -10.46 10.32 7.75 31.48 130 667
FEO FT/Abd Emrg Opp Fd First Trust 1.87 -12.16 9.19 26.68 6.11 90 374
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.81 -11.98 7.78 40.85 22.12 1,065 4,034
CHW Calamos Glbl Dyn Incm Fd Calamos 1.92 -9.39 10.88 70.52 29.28 503 2,766
FT Frk Univ Tr Franklin 1.78 -13.36 5.53 0.00 22.81 201 322
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.92 -8.12 8.50 33.79 N/A 321 1,499
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.77 -11.29 9.37 100.00 0.00 1,369 3,230
BOE BR Glbl Opp Eq Tr BlackRock 1.84 -11.32 7.56 72.38 0.00 970 2,715
IAE Voya AP Hi Div Eq Incm Fd Voya 1.95 -12.51 8.20 70.05 0.00 140 604
MFD M/FT Glbl Infra/Util Div & Incm First Trust 1.88 -8.41 9.75 17.90 27.11 115 491
IGD Voya Glbl Eq Div & Prm Opp Voya 1.85 -9.94 10.10 41.76 0.00 781 3,552
GRX Gabelli Health & Well Tr Gabelli 1.82 -12.53 5.21 6.15 23.00 226 497
CBA CB Amrc Nrg MLP Fd Legg Mason 1.80 -9.32 8.39 100.00 26.18 616 2,063
INB C&S Glbl Incm Bldr Cohen & Steers 1.83 -10.52 9.18 83.24 23.20 233 896
NXJ Nuv NJ Qlty Muni Incm Fd Nuveen 1.73 -12.64 5.24 0.00 38.98 647 1,217
GF New Germany Fd Deutsche 1.89 -11.75 4.12 0.00 6.05 259 303
SOR Source Capital First Pacific 1.78 -11.64 3.75 0.00 0.00 365 1,074
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 1.88 -12.09 6.59 37.89 25.40 163 300
SPE Spl Opp Fd Bulldog 1.80 -10.06 3.87 0.00 29.58 137 257
BGY BR Intl Gwth & Incm Tr BlackRock 1.81 -11.37 7.90 82.59 0.00 716 2,666
NML NB MLP Incm Fd Neuberger Berman 1.79 -9.95 6.76 100.00 19.50 615 2,769
KYE KA Nrg Tot Rtn Fd Kayne Anderson 1.75 -5.51 8.22 59.00 29.59 471 1,990
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.90 -8.08 7.95 11.50 25.90 1,285 3,699
IDE Voya Infra Ind & Matrls Fd Voya 1.85 -9.66 8.22 65.78 0.00 301 1,078
VPV Invsc PA Val Muni Incm Tr Invesco 1.71 -12.32 5.17 0.95 39.00 329 667
GIM Tmp Glbl Incm Fd Franklin 1.75 -12.43 3.24 24.27 0.00 1,014 2,187
BDJ BR Enh Eq Div Tr BlackRock 1.78 -9.15 6.64 60.84 0.00 1,756 3,789
CTR CB Nrg MLP Tot Rtn Fd Legg Mason 1.80 -8.71 8.78 100.00 25.71 556 1,953
NQP Nuv PA Qlty Muni Incm Fd Nuveen 1.71 -11.74 5.40 0.00 40.53 557 880
NNC Nuv NC Qlty Muni Incm Fd Nuveen 1.71 -11.56 4.08 0.00 39.04 240 582
NTC Nuv CT Qlty Muni Incm Fd Nuveen 1.70 -11.81 4.78 0.00 39.22 201 403
JTA Nuv Tx-Adv Tot Rtn Stgy Fd Nuveen 1.80 -8.61 8.27 28.66 29.54 182 539
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.84 -8.13 9.03 55.36 26.49 1,843 4,520
GGT Gabelli Multimedia Tr Gabelli 1.91 -9.38 10.48 30.84 14.00 212 588
CGO Calamos Glbl Tot Rtn Fd Calamos 1.97 -3.38 10.00 30.45 28.36 105 526
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.84 -8.01 8.12 92.50 31.70 498 1,641
IRR Voya NtrRes Eq Incm Fd Voya 1.66 -6.59 10.38 89.74 0.00 151 590
CEV EV CA Muni Incm Tr Eaton Vance 1.71 -11.04 4.29 0.00 38.30 100 330
CEF Central Fd of Canada Central Grp Alberta 1.94 -5.15 0.08 0.00 0.00 3,431 11,716
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.76 -8.82 10.02 92.02 0.00 635 3,011
JTD Nuv Tx-Adv Div Gwth Fd Nuveen 1.79 -9.41 8.48 55.08 30.61 234 710
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.86 -7.55 8.30 93.75 32.50 659 2,615
HIO WA Hi Incm Opp Fd Legg Mason 1.73 -10.04 7.29 2.96 0.00 721 2,295
MFIN Medallion Fin Corp Medallion 0.89 -81.36 9.01 0.00 50.64 287 652
OHAI OHA Inv Corp Oak Hill Advisors 1.04 -62.91 5.41 0.00 48.07 80 201
RAND Rand Capital Corp Rand Capital 1.17 -41.28 0.00 N/A 18.45 33 51
TINY Harris & Harris Group Harris & Harris 1.15 -44.02 0.00 N/A 0.00 72 200
GARS Garrison Capital Garrison Capital 1.24 -23.27 11.75 0.00 50.45 199 540
SVVC Firsthand Tech Val Fd Firsthand Capital 1.28 -59.83 0.00 N/A 0.00 149 222
GSVC GSV Capital Corp GSV Capital 1.08 -48.50 0.00 0.00 22.43 192 611
FSC Fifth St Fin Corp Fifth Street 1.08 -36.25 5.15 3.68 49.36 1,030 6,410
BKCC BR Cap Inv Corp BlackRock 1.28 -10.96 9.85 0.00 35.07 598 2,677
TCRD THL Credit THL Credit 1.18 -17.85 11.12 0.00 41.65 389 1,307

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.