CEF Advisors

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09. Premium CEF/BDC Index

Data as of

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 1,062.83 -0.88 -1.95 -1.38 1.37 6.54 -0.25 4.03 3.01 -1.70 1.20 -0.73
NAV 1,154.82 0.09 0.11 0.52 2.29 7.10 6.56 8.58 6.79 0.20 2.16 4.01
Difference 0.97 2.06 1.90 0.92 0.56 6.81 4.55 3.78 1.89 0.96 4.74
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price -2.63 -2.95 -0.80 -6.26 3.26 2.25 -1.18 4.33 -1.93 1.65 1.27 - - - - - - - 0.96
NAV 1.18 -2.30 -0.61 -1.75 1.79 1.81 -0.03 3.60 1.85 1.29 0.66 - - - - - - - 3.81
Difference 3.81 0.65 0.20 4.51 -1.46 -0.44 1.15 -0.73 3.78 -0.36 -0.61 - - - - - - - 2.85
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.10 0.83 0.01 2.95 2.44 1.54 -0.01 4.00 6.95 0.49 -0.79 0.80 0.49 -0.46 -0.74 1.02 -0.19 0.30 7.25
NAV 1.46 1.56 0.52 3.58 1.37 1.27 0.17 2.83 6.41 1.25 0.54 0.47 2.27 0.62 0.66 0.66 1.95 4.22 10.63
Difference -0.64 0.73 0.51 0.63 -1.07 -0.27 0.18 -1.17 -0.54 0.76 1.32 -0.32 1.78 1.08 1.40 -0.36 2.14 3.92 3.38
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -2.61 1.39 3.81 2.51 4.47 -0.03 4.45 9.09 11.60 2.68 0.53 -1.61 1.56 -5.01 -1.71 0.69 -5.98 -4.43 7.17
NAV -1.37 0.13 2.10 0.82 4.51 1.22 3.13 9.09 9.91 1.19 0.47 1.69 3.38 -0.75 -2.50 2.04 -1.26 2.12 12.03
Difference 1.24 -1.26 -1.72 -1.68 0.04 1.24 -1.32 -0.00 -1.69 -1.49 -0.05 3.30 1.82 4.26 -0.79 1.35 4.73 6.55 4.86
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -2.05 1.51 -1.76 -2.31 0.74 -1.39 -5.22 -5.84 -8.15 -0.91 -4.17 -4.03 -8.87 6.68 -3.72 -0.92 1.76 -7.11 -15.26
NAV -0.62 2.22 -0.60 0.98 1.06 0.69 -1.96 -0.24 0.74 0.43 -3.16 -2.49 -5.15 4.96 -2.06 -3.15 -0.44 -5.59 -4.85
Difference 1.43 0.71 1.16 3.29 0.31 2.08 3.26 5.60 8.89 1.35 1.01 1.55 3.72 -1.72 1.66 -2.23 -2.20 1.52 10.41

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
12.10%
1Yr Disc
9.12%
3Yr Disc
5.35%
5Yr Disc
5.16%
Rel Disc Range (3yr)
74.14%
Mkt Yield
8.40%
Lev Adj NAV Yield
7.43%
After Tax Yield*
6.84%
Est Tax Friction*
1.56%
3Yr NAV Volatiliy
7.08
1 Yr RoC
11.57%
3 Yr Dest RoC
2.59%
Leverage
29.43%
Non Lev Exp Ratio
1.98%
Beta (2yr)
0.32
Equity Exposure
17.46%
Bond Exposure
80.48%
# Holdings
32
Cash Weighted Duration
4.46
Comp NAV TR
3.56%
Comp Discount
14.93%
Net Assets (M)
722
Liquidity - 90d (K)
2,296
* 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


32 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 3.35 30.46 10.52 21.96 25.52 115 906
RCS PIMCO Stgc Incm Fd PIMCO 3.48 30.87 9.22 8.63 39.06 308 1,192
PHK PIMCO Hi Incm Fd PIMCO 3.46 25.00 12.10 20.10 23.78 830 4,821
PCQ PIMCO CA Muni Incm Fd PIMCO 3.37 18.96 5.75 0.00 50.90 253 698
PTY PIMCO Corp & Incm Opp Fd PIMCO 3.65 20.56 8.78 5.27 42.73 1,229 4,652
PCN PIMCO Corp & Incm Stgy Fd PIMCO 3.75 24.49 7.34 7.01 21.77 582 1,408
DNP DNP Sel Incm Fd Duff & Phelps 3.66 16.72 7.07 30.13 27.51 2,736 3,163
GOF Gghm Stgc Opp Fd Guggenheim 3.46 12.24 10.27 3.35 0.29 563 3,343
ASG Liberty All-Star Gwth Fd ALPS 3.40 -0.16 7.62 0.00 0.00 173 734
PCM PCM Fund PIMCO 3.60 12.65 8.36 0.00 39.33 118 368
NCV AG Convt & Incm Fd Allianz 3.59 10.51 11.24 16.56 38.81 560 1,486
EDF SH Emrg Mkt Incm Fd Stone Harbor 3.60 17.61 16.41 48.77 29.01 180 1,272
PML PIMCO Muni Incm Fd II PIMCO 3.55 11.28 5.99 0.00 48.45 727 1,360
PDI PIMCO Dyn Incm Fd PIMCO 3.72 14.18 7.99 0.00 40.14 1,624 6,886
PDT JH Prm Div Fd John Hancock 3.52 9.05 7.20 8.47 34.63 722 1,188
PKO PIMCO Incm Opp Fd PIMCO 3.59 9.48 8.33 0.00 33.01 382 1,367
CHY Calamos Convt & Hi Incm Fd Calamos 3.72 10.93 9.10 27.09 32.70 869 2,353
BST BR Sci & Tech Tr BlackRock 3.71 9.19 5.12 25.71 0.00 722 3,232
PFL PIMCO Incm Stgy Fd PIMCO 3.64 9.20 9.01 8.69 23.31 281 786
PMX PIMCO Muni Incm Fd III PIMCO 3.55 8.08 5.81 3.85 48.19 350 590
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 3.63 6.58 9.11 68.46 0.00 1,207 2,547
PNF PIMCO NY Muni Incm Fd PIMCO 3.34 1.49 5.91 0.00 45.97 89 192
CHI Calamos Convt Opp & Incm Calamos 3.69 7.46 9.42 16.79 32.55 798 2,658
BANX StoneCastle Fin Corp StoneCastle 3.46 2.45 6.74 0.00 23.83 144 312
IGI WA Inv Grd Dfin Opp Tr Legg Mason 3.44 2.27 5.03 0.00 0.00 215 385
SAR Saratoga Inv Corp Saratoga 1.33 1.43 8.89 0.00 58.40 172 1,411
GAIN Gladstone Inv Corp Gladstone 1.56 0.17 6.94 0.00 38.15 380 1,544
NEWT Newtek Biz Serv Corp Newtek 1.70 43.03 8.91 0.00 44.67 283 2,539
WHF WhiteHorse Finance H.I.G. Capital 1.54 -6.59 10.22 0.00 40.45 306 511
CSWC Cap Southwest Corp Capital Southwest 1.74 1.59 7.09 0.00 26.98 307 448
PFLT PennantPark Flt Rt Cap PennantPark 1.57 -3.26 8.53 0.00 41.49 536 1,464
ARCC Ares Capital Corp Ares 1.65 1.64 9.00 0.00 36.94 7,268 26,965

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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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %