CEF Advisors

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07. Discount CEF/BDC Index

Data as of May 26, 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 1,086.89 0.11 0.48 0.56 2.59 8.89 11.47 0.13 5.28 0.03 1.93 7.55
NAV 1,332.45 -0.00 0.21 -0.46 3.29 8.94 14.27 3.43 7.74 -0.54 -0.02 3.16
Difference -0.11 -0.26 -1.02 0.70 0.05 2.80 3.30 2.46 -0.57 -1.95 -4.39
* 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 1.70 - - - - - - - - - - - 7.55
NAV 1.48 1.17 -0.31 3.18 0.46 - - - - - - - - - - - 3.16

Performance Chart

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Discount

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Characteristics

PORTFOLIO
Weighted Average Data
Discount
-13.79%
1Yr Disc
-13.59%
3Yr Disc
-12.31%
5Yr Disc
-9.75%
Rel Disc Range (3yr)
48.67%
Mkt Yield
6.27%
Lev Adj NAV Yield
4.56%
After Tax Yield*
5.45%
Est Tax Friction*
0.82%
3Yr NAV Volatiliy
12.66
1 Yr RoC
21.56%
3 Yr Dest RoC
15.68%
Leverage
22.18%
Non Lev Exp Ratio
1.69%
Beta (2yr)
0.67
Equity Exposure
40.56%
Bond Exposure
56.66%
# Holdings
60
Cash Weighted Duration
2.45
Comp NAV TR
-2.73%
Comp Discount
-7.96%
Net Assets (M)
578
Liquidity - 90d (K)
1,483
* 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 1.73 -17.71 4.93 71.28 3.74 158 617
GDL GDL Fund Gabelli 1.76 -15.22 6.35 31.33 39.81 217 736
ADX Adams Divr Eq Fd Adams Express 1.78 -15.65 6.96 0.00 0.00 1,673 2,210
PEO Adams Ntr Res Fd Petroleum & Resources 1.68 -12.88 6.00 0.00 0.00 623 1,819
USA Liberty All-Star Eq Fd ALPS 1.76 -13.43 9.27 7.50 0.80 1,228 3,713
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.74 -12.98 5.83 6.15 24.80 141 296
GRX Gabelli Health & Well Tr Gabelli 1.81 -10.77 4.94 0.00 23.00 234 477
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.85 -9.77 6.98 82.85 26.89 215 1,298
TEI Tmp Emrg Mkt Incm Fd Franklin 1.76 -11.61 3.74 28.30 0.00 620 1,982
RNP C&S REIT & Pref Incm Fd Cohen & Steers 1.80 -10.20 7.38 16.65 25.00 1,068 2,178
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.88 -8.88 8.38 50.70 34.35 597 2,058
ZF Virtus Total Return Fd Zweig 1.87 -9.55 11.91 4.14 26.61 304 1,441
MXF Mexico Fund Impulsora del 1.78 -11.26 3.08 100.00 0.00 286 1,023
MSF MS Emrg Mkt Fd Morgan Stanley 1.90 -10.47 0.57 0.00 1.56 258 498
SOR Source Capital First Pacific 1.75 -11.27 3.66 0.00 0.00 372 810
GIM Tmp Glbl Incm Fd Franklin 1.71 -11.66 3.95 15.16 0.00 1,001 1,933
BGY BR Intl Gwth & Incm Tr BlackRock 1.87 -8.20 7.27 86.07 0.00 748 2,611
NNC Nuv NC Qlty Muni Incm Fd Nuveen 1.76 -11.45 3.99 0.00 39.02 245 405
IAE Voya AP Hi Div Eq Incm Fd Voya 1.77 -9.48 8.02 69.85 0.00 136 651
NTC Nuv CT Qlty Muni Incm Fd Nuveen 1.75 -11.78 4.68 0.00 39.24 205 387
VLT Invsc Hi Incm Tr II Invesco 1.77 -9.95 6.83 6.15 26.55 133 324
ASA ASA Gd & Prcs Mtl ASA 1.71 -11.84 0.33 0.00 0.00 262 1,037
EXD EV Tx-Adv Bnd & Opt Stgs Fd Eaton Vance 1.76 -10.75 10.19 83.88 0.00 124 395
CEV EV CA Muni Incm Tr Eaton Vance 1.76 -10.98 3.97 0.00 38.20 102 308
AKP Alliance CA Muni Incm Fd AllianceBernstein 1.78 -10.89 4.15 0.00 40.74 131 396
RA Brkf Real Ast Incm Fd Brookfield 1.80 -8.33 10.14 19.34 23.83 937 2,342
TPZ Tortoise Pwr & Nrg Infra Fd Tortoise 1.74 -6.22 6.77 10.25 23.40 164 500
SMM Salient Midstream & MLP Fd Salient 1.60 -6.02 7.81 21.27 26.30 236 818
TTP Tortoise Pip & Nrg Fd Tortoise 1.66 -5.67 7.97 22.23 22.50 217 652
BGR BR Nrg & Res Tr BlackRock 1.68 -8.78 6.95 76.75 0.00 438 1,286
IGD Voya Glbl Eq Div & Prm Opp Voya 1.81 -6.39 9.61 34.61 0.00 790 2,866
HIO WA Hi Incm Opp Fd Legg Mason 1.79 -8.64 6.95 3.42 0.00 733 2,001
HYT BR Corp Hi Yld Fd BlackRock 1.77 -8.75 7.53 0.00 27.09 1,547 4,835
NML NB MLP Incm Fd Neuberger Berman 1.65 -8.65 6.80 83.33 20.20 602 1,890
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.77 -8.55 6.54 0.00 49.21 1,210 2,540
BCV Bancroft Fund Gabelli 1.75 -9.39 5.93 0.00 20.00 121 262
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.76 -7.69 9.87 72.30 0.00 637 2,616
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.66 -2.22 8.28 85.00 31.70 460 1,298
EAD WF Incm Opp Fd Wells Fargo 1.79 -7.08 8.29 0.00 26.12 658 1,813
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.77 -8.93 5.45 0.00 38.00 3,942 6,759
AFB AB Nat Muni Incm Fd AllianceBernstein 1.76 -8.65 4.58 0.00 41.21 429 1,220
MUI BR Muni Imd Dur Fd BlackRock 1.76 -8.45 4.73 0.00 38.08 589 1,219
TSI TCW Stgc Incm Fd TCW 1.77 -7.23 3.99 0.00 0.00 284 428
EIV EV Muni Bnd Fd II Eaton Vance 1.75 -8.45 4.62 0.00 39.50 136 366
NAD Nuv Qlty Muni Incm Fd Nuveen 1.77 -8.85 5.49 0.00 38.04 3,101 5,591
BKT BR Incm Tr BlackRock 1.74 -7.40 5.08 0.00 31.94 432 579
MHI Pioneer Muni Hi Incm Tr Pioneer 1.76 -7.78 5.06 0.00 25.90 293 906
EMO CB Nrg MLP Opp Fd Legg Mason 1.67 -4.81 9.79 100.00 28.25 428 1,239
IIM Invsc Val Muni Incm Tr Invesco 1.77 -8.34 4.98 0.00 37.00 767 1,823
ISD Pru Srt Dur Hi Yld Fd Prudential 1.75 -7.66 7.91 0.00 26.89 560 2,007
MFIN Medallion Fin Corp Medallion 1.68 -77.25 7.38 0.00 49.98 289 592
RAND Rand Capital Corp Rand Capital 1.16 -43.73 0.00 N/A 19.20 32 36
OHAI OHA Inv Corp Oak Hill Advisors 1.19 -51.32 5.44 0.00 48.07 61 174
FSC Fifth St Fin Corp Fifth Street 1.11 -42.32 1.92 2.98 46.00 1,019 4,167
SVVC Firsthand Tech Val Fd Firsthand Capital 1.31 -57.56 0.00 N/A 0.00 149 143
GARS Garrison Capital Garrison Capital 1.10 -26.13 12.74 0.00 51.16 191 509
GSVC GSV Capital Corp GSV Capital 1.24 -48.70 0.00 0.00 20.35 196 432
TCRD THL Credit THL Credit 1.22 -15.29 10.89 0.00 43.97 386 1,236
KCAP KCAP Financial KCAP Financial 1.08 -32.10 13.75 17.89 47.52 191 588
MCC Medley Capital Corp MCC Advisors 0.96 -32.89 10.67 0.00 51.19 487 2,332

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.