CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

View All Indexes

08. Premium CEF/BDC Index

Data as of April 27, 2017

About the Index

(1) Traditional CEFs with $250K+ 90-day average trading dollar $, a Discount narrower than -6.5% (above), 1-year Discount Range over 50%, 6 month Relative Z-Stat over 0 and Comp Discount over 0. The remaining funds ranked by 25 largest (highest) CEF premiums. Business Development Companies (BDC): Equity or Debt-Focused BDCs with -6.5% or higher Discounts, Comp Discount over 0 and above average 6-month Relative Z-Stats. The remaining funds are ranked by the highest 8 1-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 1,049.70 0.27 0.64 2.81 3.42 9.95 15.52 10.70 10.37 1.27 1.27 4.04
NAV 943.93 0.03 0.35 -2.43 -0.79 1.21 7.10 6.81 8.56 0.37 0.37 3.67
Difference -0.24 -0.29 -5.24 -4.21 -8.74 -8.42 -3.89 -1.80 -0.90 -0.90 -0.38
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $941.06
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 2017
Price 1.92 0.59 -0.30 2.77 - - - - - - - - - - - - 4.04
NAV 1.28 1.26 0.20 3.29 - - - - - - - - - - - - 3.67

Performance Chart

Loading...

Discount

Loading...

Characteristics

PORTFOLIO
Weighted Average Data
Discount
12.22%
1Yr Disc
6.74%
3Yr Disc
2.92%
5Yr Disc
5.69%
Rel Disc Range (3yr)
82.34%
Mkt Yield
8.95%
Lev Adj NAV Yield
7.97%
After Tax Yield*
7.48%
Est Tax Friction*
1.47%
1 Yr RoC
16.18%
3 Yr Dest RoC
12.37%
Leverage
31.89%
Non Lev Exp Ratio
1.98%
3Yr NAV Volatiliy
8.92
Equity Exposure
24.53%
Bond Exposure
73.66%
# Holdings
33
Cash Weighted Duration
4.59
Beta (2yr)
0.39
Comp NAV TR
2.37%
Comp Discount
14.09%
Net Assets (M)
403
Liquidity - 90d (K)
1,877
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Loading...
Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


33 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
GUT Gabelli Util Tr Gabelli 3.45 21.70 8.92 47.33 30.00 240 489
CRF Cornerstone Tot Rtn Fd Cornerstone 3.50 28.14 16.71 53.45 0.00 168 2,799
ECC Eagle Point Cr Co Eagle Point 3.23 14.59 12.23 3.33 33.96 282 1,712
CLM Cornerstone Stgc Val Fd Cornerstone 3.51 25.32 16.89 75.84 0.00 379 4,815
PZC PIMCO CA Muni Incm Fd III PIMCO 3.54 23.54 5.97 0.00 42.70 217 486
PCQ PIMCO CA Muni Incm Fd PIMCO 3.51 17.77 5.58 0.00 41.84 263 600
PCK PIMCO CA Muni Incm Fd II PIMCO 3.53 17.04 5.66 32.72 43.71 274 503
DMO WA Mortg Dfin Opp Fd Legg Mason 3.65 18.29 11.29 0.00 32.01 220 1,643
PTY PIMCO Corp & Incm Opp Fd PIMCO 3.52 10.69 9.78 0.00 45.52 1,038 4,114
PFD F&C Pref Incm Fd Flaherty & Crumrine 3.43 7.71 7.00 0.00 33.20 156 338
TYG Tortoise Nrg Infra Corp Tortoise 3.41 12.10 7.56 39.30 25.40 1,514 5,476
PCN PIMCO Corp & Incm Stgy Fd PIMCO 3.54 9.89 8.26 1.28 21.16 580 1,857
EDF SH Emrg Mkt Incm Fd Stone Harbor 3.60 10.30 13.18 67.37 26.02 236 1,509
KTF Deutsche Muni Incm Tr Deutsche 3.45 6.05 6.30 0.00 39.89 496 1,277
STK ClmbSlgmn Prm Tech Gwth Fd Columbia Mngmt 3.65 6.72 8.44 0.00 0.00 316 1,611
PML PIMCO Muni Incm Fd II PIMCO 3.50 5.72 6.12 0.00 37.84 744 1,980
NDP Tortoise Nrg Ind Fd Tortoise 3.30 4.55 11.03 75.00 21.20 220 1,044
GOF Gghm Stgc Opp Fd Guggenheim 3.53 6.19 10.44 0.33 28.41 388 1,784
PKO PIMCO Incm Opp Fd PIMCO 3.56 4.92 8.92 0.00 40.20 366 1,922
PFO F&C Pref Incm Opp Fd Flaherty & Crumrine 3.50 4.03 7.23 0.00 33.20 145 228
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 3.54 3.68 11.51 69.35 25.74 146 837
MYF BR MuniYld Inv Fd BlackRock 3.58 6.59 5.91 0.00 40.86 203 402
PCM PCM Fund PIMCO 3.54 4.84 9.24 0.00 45.93 115 537
FLC F&C Tot Rtn Fd Flaherty & Crumrine 3.48 1.66 7.44 0.00 33.60 210 769
BBF BR Muni Incm Inv Tr BlackRock 3.47 2.50 5.88 0.00 41.06 147 309
ACSF American Capital Sr Flt American Capital 1.51 -1.68 8.65 0.00 40.76 137 938
GBDC Golub Capital BDC Golub Capital 1.56 28.40 6.33 0.00 50.14 897 4,809
MAIN Main Street Cap Corp Main Street Capital 1.63 82.76 5.50 0.00 40.78 1,222 10,148
NMFC New Mountain Fin Corp New Mountain Capital 1.53 10.33 9.16 0.00 42.92 938 7,335
SLRC Solar Capital Solar Capital 1.58 5.38 6.98 0.00 23.47 918 2,469
TSLX TPG Specialty Lending TSL Advisers 1.57 30.72 7.48 0.00 40.63 954 4,760
WHF WhiteHorse Finance H.I.G. Capital 1.60 3.08 10.11 0.00 40.86 249 575
SCM Stellus Cap Inv Corp Stellus Capital 1.52 4.75 9.48 0.00 53.46 208 1,567

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.