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06. Investment Grade Bond Index

Data as of

About the Index

(1) Taxable Bond Funds groupings according to CEFdata.com. (2) Removing funds with US / Non US Equity over 5% each. (3) Removing funds with non investment grade bond exposure over 35%. (4) 90-day average trade dollar $ liquidity over $200K. (5) Adding funds classified as Taxable Municipal Bond Funds on CEFdata.com. Equal weight each fund for the index. 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 1,116.51 0.04 -0.41 1.66 0.37 1.15 10.11 6.33 3.70 0.25 0.25 0.25
NAV 1,110.65 -0.10 -0.22 1.11 1.35 2.97 10.06 5.32 4.39 0.27 0.27 0.27
Difference -0.13 0.19 -0.54 0.98 1.82 -0.04 -1.01 0.69 0.02 0.02 0.02
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.63 1.79 -0.30 4.16 1.99 1.51 0.93 4.49 8.65 2.12 0.27 0.26 2.66 -0.10 -1.61 1.42 -0.32 2.34 10.99
NAV 1.68 1.56 0.15 3.42 1.37 1.31 0.53 3.24 6.67 1.33 1.06 -0.04 2.36 0.45 0.23 0.66 1.34 3.70 10.37
Difference -0.95 -0.23 0.44 -0.74 -0.62 -0.19 -0.41 -1.24 -1.98 -0.79 0.79 -0.30 -0.30 0.55 1.84 -0.76 1.66 1.36 -0.62
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price 0.37 0.70 6.06 7.20 2.29 0.28 3.02 5.68 12.88 3.06 1.48 -0.65 3.90 -2.72 -3.16 1.98 -3.93 -0.02 12.85
NAV -0.06 -0.03 3.16 3.08 2.17 -0.06 2.21 4.36 7.44 2.26 0.70 0.45 3.43 -0.30 -2.90 0.95 -2.27 1.17 8.60
Difference -0.43 -0.73 -2.90 -4.13 -0.12 -0.35 -0.81 -1.32 -5.44 -0.80 -0.78 1.10 -0.47 2.42 0.26 -1.03 1.66 1.19 -4.25
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 2.92 -0.19 -1.07 1.63 1.35 -1.61 -3.87 -4.14 -2.51 -1.08 -1.83 -0.61 -3.48 5.21 -0.80 -1.16 3.16 -0.32 -2.83
NAV 1.38 0.10 -0.20 1.28 0.74 -0.58 -1.41 -1.25 0.03 -0.27 -1.31 -0.95 -2.51 1.80 -0.09 -1.56 0.13 -2.38 -2.36
Difference -1.54 0.29 0.87 -0.35 -0.61 1.02 2.46 2.88 2.53 0.81 0.51 -0.34 0.97 -3.40 0.71 -0.40 -3.03 -2.06 0.47

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-2.45%
1Yr Disc
-1.48%
3Yr Disc
-3.19%
5Yr Disc
-2.91%
Rel Disc Range (3yr)
57.23%
Mkt Yield
7.14%
Lev Adj NAV Yield
5.85%
After Tax Yield*
5.56%
Est Tax Friction*
1.58%
3Yr NAV Volatiliy
6.49
1 Yr RoC
9.53%
3 Yr Dest RoC
7.73%
Leverage
21.27%
Non Lev Exp Ratio
1.31%
Beta (2yr)
0.11
Equity Exposure
2.64%
Bond Exposure
87.18%
# Holdings
43
Cash Weighted Duration
5.96
Comp NAV TR
-0.06%
Comp Discount
1.02%
Net Assets (M)
495
Liquidity - 90d (K)
1,570
* 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


43 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BHK BR Core Bnd Tr BlackRock 2.28 -6.86 5.69 0.00 31.35 794 1,686
BKT BR Incm Tr BlackRock 2.27 -7.67 5.28 0.00 30.12 417 721
BTZ BR Cr Alloc Incm Tr BlackRock 2.30 -10.94 6.13 4.38 25.74 1,577 3,035
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 2.41 -12.29 6.91 73.01 36.72 318 1,055
DBL DbLin Opportunistic Cr Fd Doubleline 2.23 1.62 9.38 16.12 23.31 313 1,967
DCF DA Glbl Cr Incm 2024 Tgt Trm Dreyfus 2.42 -0.81 6.64 0.00 N/A 147 599
DSL DbLin Incm Solutions Fd Doubleline 2.35 -5.14 8.78 1.47 29.62 2,189 7,974
DUC D&P Util & Corp Bnd Tr Duff & Phelps 2.30 -7.87 4.78 40.26 32.00 262 632
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 2.49 -12.03 7.39 0.00 30.41 617 1,634
EDF SH Emrg Mkt Incm Fd Stone Harbor 2.38 8.81 13.25 38.65 21.65 239 2,030
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 2.34 0.51 11.55 26.49 23.83 151 1,166
EFL EV Flt-Rt 2022 Tgt Trm Tr Eaton Vance 2.36 -4.79 5.13 0.00 31.50 206 877
FAX Abd Asia-Pacific Incm Fd Aberdeen 2.37 -9.82 8.47 51.47 30.56 1,387 3,875
GDO WA Glbl Corp Dfin Opp Fd Legg Mason 2.28 -6.99 7.70 0.00 22.44 284 615
GIM Tmp Glbl Incm Fd Franklin 2.32 -12.57 3.30 0.00 0.00 993 2,225
ICB MS Incm Sec Morgan Stanley 2.29 -6.85 2.82 0.00 0.00 174 141
IGI WA Inv Grd Dfin Opp Tr Legg Mason 2.19 2.92 4.74 0.00 0.00 226 489
IHIT Invsc Hi Incm 2023 Tgt Trm Fd Invesco 2.35 -1.88 6.05 0.00 24.66 242 985
INSI Insight Sel Incm Fd Cutwater 2.35 -5.23 4.05 0.00 0.00 223 327
JEMD Nuv Emrg Mkt Dbt 2022 Tgt Trm Nuveen 2.35 -3.84 5.48 0.00 25.12 141 311
JHS JH Incm Sec Tr John Hancock 2.31 -2.76 5.89 0.00 33.48 177 289
MCI Barings Corp Invstr Barings 2.39 1.18 7.79 0.00 8.83 303 361
MGF MFS Govt Mkt Incm Tr MFS 2.28 -5.61 7.82 63.64 0.00 163 335
MIN MFS Imd Incm Tr MFS 2.24 -7.39 9.34 67.69 0.00 510 1,242
MPV Barings Partcp Invstr Barings 2.45 5.18 7.38 0.00 9.17 145 244
OXLC Oxford Lane Cap Corp Oxford Lane 2.34 4.53 15.96 0.00 37.00 245 2,622
PAI WA Incm Fd Legg Mason 2.23 -0.33 4.53 0.00 0.00 145 192
PCN PIMCO Corp & Incm Stgy Fd PIMCO 2.28 11.11 8.04 4.28 21.36 593 1,581
PFL PIMCO Incm Stgy Fd PIMCO 2.32 1.76 9.32 0.00 24.32 290 1,025
PFN PIMCO Incm Stgy Fd II PIMCO 2.30 0.00 9.36 0.00 23.27 610 2,220
PHK PIMCO Hi Incm Fd PIMCO 2.43 14.71 12.54 5.84 24.74 866 6,126
PTY PIMCO Corp & Incm Opp Fd PIMCO 2.35 10.43 9.44 2.00 42.33 1,211 5,573
RCS PIMCO Stgc Incm Fd PIMCO 2.33 19.45 9.44 5.66 23.60 327 1,936
TEI Tmp Emrg Mkt Incm Fd Franklin 2.43 -10.76 5.31 0.00 0.00 629 2,588
VBF Invsc Bnd Fd Invesco 2.31 -1.35 4.18 1.19 0.00 228 484
WEA WA Prmr Bnd Fd Legg Mason 2.27 -6.24 5.99 0.00 25.10 172 453
WIA WA/C Inf-Lnk Sec & Incm Fd Western Asset 2.36 -9.32 3.46 2.66 27.50 385 673
WIW WA/C Inf-Lnk Opp & Incm Fd Western Asset 2.36 -10.00 3.72 4.45 26.99 789 1,463
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 2.39 -1.33 8.55 0.00 32.30 82 240
BBN BR Taxable Muni BndTr BlackRock 2.27 -4.09 7.03 0.00 36.14 1,341 2,817
GBAB Gghm Taxable Muni Mgd Dur Guggenheim 2.25 -3.96 6.84 0.00 19.94 400 908
NBB Nuv Bld Amrc Bnd Fd Nuveen 2.23 -4.30 5.84 0.00 27.69 585 1,142
NBD Nuv Bld Amrc Bnd Opp Fd Nuveen 2.25 -4.80 5.12 0.00 27.74 169 226

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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