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 1,203.29 0.26 0.73 3.88 10.16 6.47 8.35 16.69 7.72 1.51 12.86 12.86
NAV 1,128.35 0.21 0.52 2.15 5.46 3.42 4.37 9.98 4.74 1.00 5.85 5.85
Difference -0.05 -0.20 -1.73 -4.70 -3.05 -3.97 -6.71 -2.98 -0.51 -7.01 -7.01
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.18 - - - - - - - - - - - - - - - - - 11.35
NAV 4.80 - - - - - - - - - - - - - - - - - 4.85
Difference -6.38 - - - - - - - - - - - - - - - - - -6.50
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 1.33 0.78 -1.19 0.90 -3.67 1.69 -2.86 -4.84 -3.93 -4.82
NAV 1.58 -2.73 0.23 -0.97 0.29 0.09 -0.09 0.29 -0.68 1.14 -0.26 -0.01 0.87 -2.24 0.66 -0.75 -2.33 -1.47 -2.15
Difference -0.05 0.41 0.20 0.57 -0.40 -0.18 0.21 -0.37 0.20 -0.19 -1.04 1.18 -0.04 1.42 -1.03 2.11 2.50 2.47 2.67
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
-14.64%
1Yr Disc
-14.71%
3Yr Disc
-11.82%
5Yr Disc
-11.14%
Rel Disc Range (3yr)
40.27%
Mkt Yield
7.46%
Lev Adj NAV Yield
5.06%
After Tax Yield*
6.49%
Est Tax Friction*
0.97%
3Yr NAV Volatiliy
8.20
1 Yr RoC
17.44%
3 Yr Dest RoC
1.56%
Leverage
28.89%
Non Lev Exp Ratio
1.80%
Beta (2yr)
0.40
Equity Exposure
33.83%
Bond Exposure
63.24%
# Holdings
60
Cash Weighted Duration
3.15
Comp NAV TR
-1.52%
Comp Discount
-7.74%
Net Assets (M)
614
Liquidity - 90d (K)
2,233
* 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 1.90 -22.05 6.84 0.00 14.39 185 838
OCCI OFS Credit Company OFS Capital 1.75 -15.46 11.79 0.00 0.00 50 125
RIF RMR Rel-Est Incm Fd RMR 1.87 -21.95 7.25 0.00 31.13 238 849
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.87 -15.07 6.36 10.47 30.07 128 465
GGZ Gabelli Glbl Sml & Mid Cap Val Gabelli 1.84 -17.46 0.00 N/A 19.00 143 368
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.77 -13.13 8.89 50.00 31.85 515 3,139
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.84 -14.10 8.28 69.17 7.76 984 3,892
PEO Adams Ntr Res Fd Petroleum & Resources 1.78 -16.81 7.01 29.91 0.00 592 2,548
GAM General American Invstr General American Inv 1.77 -16.28 0.92 0.00 14.47 993 2,073
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.72 -11.88 9.93 50.02 32.24 1,195 4,418
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.79 -13.88 8.13 12.50 30.36 499 2,333
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 1.66 -15.14 6.68 50.81 36.30 273 754
NUO Nuv OH Qlty Muni Incm Fd Nuveen 1.66 -12.82 3.86 0.00 36.79 297 661
NQP Nuv PA Qlty Muni Incm Fd Nuveen 1.66 -12.87 4.34 0.00 40.40 558 890
NBW NB CA Muni Fd Neuberger Berman 1.63 -14.56 4.26 5.60 42.10 82 247
CEV EV CA Muni Incm Tr Eaton Vance 1.65 -12.34 4.57 0.00 38.40 95 331
DPG D&P Glbl Util Incm Fd Duff & Phelps 1.87 -14.35 9.78 55.50 30.86 634 2,198
NXJ Nuv NJ Qlty Muni Incm Fd Nuveen 1.63 -13.91 4.91 0.00 39.47 642 1,323
MUJ BR MuniHldg NJ Qlty Fd BlackRock 1.62 -14.11 4.81 0.00 39.45 460 1,200
BFZ BR CA Muni Incm Tr BlackRock 1.63 -12.71 4.25 0.32 42.15 459 1,518
DTF DTF Tx-Free Incm Duff & Phelps 1.66 -12.56 3.21 0.00 33.75 128 400
EVM EV CA Muni Bnd Fd Eaton Vance 1.65 -12.38 4.53 0.00 43.50 303 698
AOD Abd Tot Dyn Div Fd Aberdeen 1.83 -11.59 8.22 24.54 1.46 1,012 5,001
MUC BR MuniHldg CA Qlty Fd BlackRock 1.63 -12.78 4.42 0.00 41.04 606 2,112
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.78 -15.20 7.80 48.14 31.65 317 1,050
NRK Nuv NY AMT-Fr Qlty Muni Incm Nuveen 1.64 -12.74 4.40 0.00 38.98 1,226 2,421
EHI WA Glbl Hi Incm Fd Legg Mason 1.75 -11.03 7.89 5.14 30.80 463 2,307
NAN Nuv NY Qlty Muni Incm Fd Nuveen 1.63 -12.35 4.49 0.00 39.10 452 916
NKX Nuv CA AMT-Fr Qlty Muni Incm Nuveen 1.64 -11.63 4.62 0.00 39.78 719 1,832
SMM Salient Midstream & MLP Fd Salient 1.94 -15.38 7.40 100.00 26.87 194 1,459
MYJ BR MuniYld NJ Fd BlackRock 1.65 -10.95 5.28 0.00 39.32 373 1,079
ARDC Ares Dyn Cr Alloc Fd Ares 1.69 -11.81 8.63 0.00 31.01 389 1,948
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.72 -9.05 10.96 33.43 17.00 779 2,724
NFJ AG NFJ Div Int & Prm Stgy Allianz 1.81 -12.21 7.36 94.50 0.00 1,320 4,292
MUI BR Muni Imd Dur Fd BlackRock 1.66 -10.92 3.97 0.00 39.93 579 2,522
BOE BR Enh Glbl DivTr BlackRock 1.74 -11.00 7.24 41.93 0.00 795 4,262
MSD MS Emrg Mkt Dbt Fd Morgan Stanley 1.71 -12.77 5.81 0.00 1.55 209 872
AVK AC Convt Sec & Incm Fd Guggenheim 1.81 -11.46 9.69 60.02 40.18 566 2,469
ADX Adams Divr Eq Fd Adams Express 1.73 -14.60 14.18 0.00 0.00 1,753 4,339
GLV Clough Glbl Div & Incm Fd Clough 1.74 -10.03 10.77 78.32 43.38 87 346
IFN India Fund Aberdeen 1.71 -9.64 12.36 0.00 0.00 598 2,404
AGD Abd Glbl Dyn Div Fd Aberdeen 1.81 -10.82 7.95 15.88 0.00 138 581
FMN Fed Prmr Muni Incm Fd Federated 1.72 -7.61 4.81 0.00 40.77 168 498
PHD Pioneer Flt Rt Tr Pioneer 1.64 -13.01 6.95 0.00 32.70 295 1,322
EOD WF Glbl Div Opp Fd Wells Fargo 1.82 -10.85 11.72 50.28 15.73 268 1,092
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.84 -10.63 10.34 63.23 3.00 554 2,057
SBI WA Imd Muni Fd Legg Mason 1.62 -12.23 3.80 0.53 25.80 139 525
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.72 -10.47 7.27 0.00 38.46 1,112 3,790
NAD Nuv Qlty Muni Incm Fd Nuveen 1.65 -10.64 4.84 0.00 39.28 2,998 9,478
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.64 -10.72 4.94 0.00 39.24 3,823 10,432
CGBD TCG BDC Carlyle 1.38 -15.80 9.95 0.00 46.57 1,105 5,388
MCC Medley Capital Corp MCC Advisors 1.26 -45.99 6.60 0.00 55.65 306 868
FSK FS KKR Capital Corp FS/KKR Advisor 1.44 -25.00 11.73 0.00 41.92 2,066 14,734
FDUS Fidus Investment Corp Fidus 1.41 -9.57 10.51 0.00 41.35 401 1,659
TCRD THL Credit THL Credit 1.24 -32.67 15.88 0.00 39.49 330 1,041
GARS Garrison Capital Garrison Capital 1.28 -33.78 12.35 0.00 54.99 181 302
BKCC BR Cap Inv Corp BlackRock 1.35 -18.54 11.54 0.00 29.14 534 2,281
CMFN CM Finance CM Investment 1.45 -31.68 12.74 0.00 45.20 156 270
MRCC Monroe Capital Corp Monroe Capital 1.42 -5.25 11.41 0.00 47.19 265 2,459
CPTA Capitala Finance Corp Capitala 1.31 -33.75 11.87 0.00 57.97 204 568

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 %