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11. Alternative Income Index

Data as of

About the Index

All funds in index must be monthly or quarterly paying funds that have a 6%+ with 65%+ of the yield paid February to October (seeking to avoid large year-end dividends to cause inclusion in the index, and not counting special dividends in this calculation for yield). (1) 15% allocation to all the funds in the Hybrid / Balanced Index, equal weight (2) 15% allocation to all the funds in the Multisector Bond Index, equal weight. (3) 14% allocation to funds in the Equity Income Index (non MLP/Non REIT) 1/3 of funds from the index (after MLP/REIT removal) ranked by lowest daily NAV correlation over the past 6 months to the Equity Income Index NAV, equal weight. (4) 14% allocation to funds in the Taxable Bond and BDC Index (non BDC or Multisector funds) 1/4 of the funds from the index (after BDC / Multisector fund removal) ranked by lowest daily NAV correlation in the past 6 months to the Taxable Bond and BDC Index's NAV, equal weight. (5) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the BDCs in our BDC index while allowing only 1 BDC per Fund Sponsor, equal weight. (6) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the MLP funds in our MLP index while only allowing 1 MLP fund per Fund Sponsor, equal weight. (7) 8% allocation to 1/2 of the REIT / Real Asset Funds in our index with the lowest 6 month NAV correlation to the Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. (8) 8% allocation to any non-BDC CEFs that report a quarterly NAV, equal weight. (9) 6% allocation to the 5 Preferred Equity funds in our Preferred Equity Index with the lowest 6 month NAV correlation to the Preferred Equity Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. 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 1,273.71 0.10 0.98 5.20 19.03 23.24 -5.23 2.62 10.59 3.52 3.52 3.52
NAV 1,308.02 -0.05 0.18 3.36 12.26 16.91 2.33 4.38 9.69 2.21 2.21 2.21
Difference -0.15 -0.80 -1.84 -6.77 -6.33 7.57 1.76 -0.90 -1.32 -1.32 -1.32
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 1.44 -10.30 -29.32 -35.68 15.28 5.11 0.19 21.41 -21.91 2.71 4.11 -3.64 3.03 -1.22 13.70 4.03 16.84 16.84 -5.99
NAV 0.16 -4.81 -19.88 -23.61 10.34 2.71 0.29 13.65 -13.19 3.29 2.42 -1.40 4.32 -0.14 7.57 4.06 11.77 11.77 1.22
Difference -1.29 5.48 9.44 12.07 -4.95 -2.40 0.09 -7.76 8.72 0.59 -1.68 2.24 1.28 1.08 -6.13 0.02 -5.07 -5.07 7.21
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.63 1.90 1.41 15.34 2.21 -2.42 3.87 3.60 19.50 1.61 -2.20 2.13 1.50 0.44 0.19 2.40 3.04 4.58 24.97
NAV 6.70 1.40 1.92 10.27 1.10 -1.37 2.82 2.53 13.06 0.56 -0.87 1.23 0.91 0.26 0.20 2.81 3.28 4.22 17.84
Difference -4.93 -0.49 0.51 -5.07 -1.11 1.05 -1.05 -1.07 -6.44 -1.06 1.33 -0.90 -0.58 -0.18 0.01 0.41 0.24 -0.36 -7.14
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.05 -2.84 -0.61 -2.42 2.52 1.49 0.05 4.10 1.58 2.60 0.89 -1.21 2.25 -7.13 0.69 -6.11 -12.21 -10.23 -8.81
NAV 2.01 -3.24 -0.92 -2.21 1.49 1.17 -0.24 2.42 0.16 2.19 0.90 -0.15 2.95 -3.57 0.01 -3.76 -7.18 -4.44 -4.29
Difference 0.96 -0.40 -0.32 0.21 -1.03 -0.32 -0.29 -1.67 -1.42 -0.41 0.01 1.07 0.70 3.56 -0.68 2.36 5.03 5.79 4.53
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.56 3.30 0.79 8.85 2.73 -0.23 0.44 2.95 12.06 1.97 -0.94 1.43 2.45 -0.87 -1.20 2.13 0.03 2.49 14.85
NAV 2.31 1.85 0.63 4.86 1.08 0.49 0.71 2.30 7.27 1.65 -0.02 0.61 2.24 0.15 0.35 1.71 2.22 4.51 12.11
Difference -2.25 -1.45 -0.15 -4.00 -1.65 0.72 0.28 -0.65 -4.79 -0.32 0.92 -0.82 -0.21 1.02 1.54 -0.42 2.18 2.02 -2.74
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -5.47 0.24 7.84 2.19 4.64 0.74 3.43 9.03 11.42 4.34 2.37 -0.17 6.63 -2.74 0.72 1.93 -0.15 6.47 18.63
NAV -3.91 -0.74 4.48 -0.34 3.57 1.33 3.17 8.27 7.90 2.75 0.80 2.01 5.65 -1.34 -0.14 2.28 0.76 6.46 14.86
Difference 1.56 -0.97 -3.35 -2.53 -1.08 0.59 -0.26 -0.77 -3.52 -1.59 -1.57 2.18 -0.98 1.40 -0.87 0.35 0.91 -0.01 -3.76
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.55 3.10 -1.29 2.33 2.07 -0.84 -4.86 -3.70 -1.45 -1.93 -3.19 -5.42 -10.20 7.13 -2.06 -3.19 1.57 -8.79 -10.11
NAV 0.06 2.09 -0.37 1.77 1.82 -0.27 -2.32 -0.81 0.95 -0.29 -3.12 -4.35 -7.60 4.18 -1.71 -3.84 -1.54 -9.02 -8.16
Difference -0.49 -1.01 0.92 -0.56 -0.25 0.57 2.53 2.89 2.40 1.64 0.07 1.07 2.60 -2.95 0.35 -0.65 -3.11 -0.23 1.96

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.07%
1Yr Disc
-6.11%
3Yr Disc
-2.08%
5Yr Disc
-1.77%
Rel Disc Range (3yr)
66.61%
Mkt Yield
9.10%
Lev Adj NAV Yield
7.11%
After Tax Yield*
7.60%
Est Tax Friction*
1.50%
3Yr NAV Volatiliy
20.33
1 Yr RoC
43.84%
3 Yr Dest RoC
26.71%
Leverage
26.42%
Non Lev Exp Ratio
2.35%
Beta (2yr)
0.99
Equity Exposure
40.21%
Bond Exposure
57.27%
# Holdings
78
Cash Weighted Duration
1.25
Comp NAV TR
-0.91%
Comp Discount
2.92%
Net Assets (M)
754
Liquidity - 90d (K)
3,431
* 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


78 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.40 -1.54 7.68 10.75 28.00 2,522 4,486
DDF DI Div & Incm Fd Delaware 1.42 -4.60 7.35 47.59 27.76 77 298
ZTR Virtus Tot Rtn Fd Virtus 1.38 -6.03 11.00 78.94 27.73 441 1,508
FOF C&S CE Opp Fd Cohen & Steers 1.43 -0.23 8.04 65.67 0.00 354 1,577
GLV Clough Glbl Div & Incm Fd Clough 1.43 -10.99 10.77 82.06 39.34 102 594
CGO Calamos Glbl Tot Rtn Fd Calamos 1.47 0.97 7.69 9.44 28.00 138 627
TEAF Tortoise Ess Ast Incm Trm Fd Tortoise 1.41 -20.84 6.69 23.55 11.90 229 1,107
CHW Calamos Glbl Dyn Incm Fd Calamos 1.43 -2.57 8.51 8.18 29.93 602 2,027
RIV RiverNorth Opp Fd RiverNorth 1.42 -0.12 12.22 82.28 13.52 167 1,182
SCD LMP Cap & Incm Fd Legg Mason 1.40 -14.94 8.78 61.61 20.60 250 715
GLO Clough Glbl Opp Fd Clough 2.69 -13.76 10.73 61.17 35.24 454 2,079
PKO PIMCO Incm Opp Fd PIMCO 0.83 5.04 9.19 0.00 40.36 480 1,857
BIT BR Mlt-Sctr Incm Tr BlackRock 0.84 -5.22 8.52 32.02 34.70 690 1,919
BTZ BR Cr Alloc Incm Tr BlackRock 0.86 -4.60 6.74 16.34 29.46 1,463 3,404
DBL DbLin Opportunistic Cr Fd Doubleline 0.85 1.07 6.65 0.00 18.74 293 963
PDI PIMCO Dyn Incm Fd PIMCO 0.84 5.56 10.09 0.00 38.67 1,677 9,090
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.82 -6.12 10.16 58.21 27.63 142 567
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.86 7.12 10.79 30.23 29.46 182 996
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.87 17.46 10.90 61.65 27.62 808 4,723
MGF MFS Govt Mkt Incm Tr MFS 0.83 -3.21 7.58 70.25 0.00 152 577
PFN PIMCO Incm Stgy Fd II PIMCO 0.85 5.40 9.65 2.02 32.57 696 2,562
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.83 -10.11 6.75 0.00 43.27 1,118 2,605
DSL DbLin Incm Solutions Fd Doubleline 0.84 -7.05 7.95 6.64 27.42 1,819 9,465
RA Brkf Real Ast Incm Fd Brookfield 0.87 -6.98 12.89 55.17 25.74 874 3,785
PFL PIMCO Incm Stgy Fd PIMCO 0.84 7.24 9.47 2.62 32.77 349 1,305
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.85 4.79 9.84 1.38 42.61 3,000 11,992
PHK PIMCO Hi Incm Fd PIMCO 0.85 4.44 9.43 0.00 29.08 779 3,304
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.86 -7.15 7.54 34.43 29.22 283 1,152
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.86 4.29 8.12 0.00 28.66 108 534
CRF Cornerstone Tot Rtn Fd Cornerstone 1.15 26.17 15.24 75.37 0.00 393 4,840
CLM Cornerstone Stgc Val Fd Cornerstone 1.15 24.60 15.43 73.46 0.00 770 8,895
HQH Tekla Health Invstr Tekla 1.11 -10.34 7.85 6.49 0.00 1,175 3,523
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.10 -12.62 10.20 49.35 12.00 666 3,190
IAE Voya AP Hi Div Eq Incm Fd Voya 1.20 -8.43 9.21 78.50 0.00 121 411
BTO JH Fin Opp Fd John Hancock 1.18 5.74 6.67 28.26 18.96 583 2,606
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.09 2.45 8.73 64.71 0.00 651 2,493
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.07 3.56 8.79 94.85 0.00 1,326 3,764
HGLB Highland Glbl Alloc Fd Highland Capital 1.13 -34.77 12.47 11.53 25.82 228 1,211
BGY BR Enh Intl DivTr BlackRock 1.11 -8.09 6.74 70.49 0.00 683 1,542
THW Tekla Wld Health Fd Tekla 1.16 11.11 8.24 100.00 21.96 461 2,254
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.10 -3.94 8.13 92.06 0.00 1,965 4,876
HFRO Highland Incm Fd Highland Capital 1.28 -22.35 9.01 13.26 32.90 943 4,490
IHIT Invsc Hi Incm 2023 Tgt Trm Fd Invesco 1.35 -0.78 6.73 0.00 29.00 216 893
BKT BR Incm Tr BlackRock 1.29 -1.61 6.77 15.50 28.52 396 1,710
MIN MFS Imd Incm Tr MFS 1.26 -3.84 8.92 57.38 0.00 453 1,290
TEI Tmp Emrg Mkt Incm Fd Franklin 1.27 -11.71 7.27 0.00 0.00 418 1,177
PDT JH Prm Div Fd John Hancock 2.45 1.97 8.38 13.69 36.20 665 1,892
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.28 -14.19 6.81 0.00 21.32 475 1,515
DHY CS Hi Yld Bnd Fd Credit Suisse 1.29 -9.84 8.65 0.77 28.03 263 4,987
VTA Invsc Dyn Cr Opp Fd Invesco 1.31 -8.35 8.20 11.11 30.00 754 2,923
KIO KKR Incm Opp Fd KKR Credit 1.30 -10.01 8.59 1.30 36.72 331 1,529
HPF JH Pref Incm Fd II John Hancock 1.25 -5.01 7.97 7.53 32.56 418 1,795
ARCC Ares Capital Corp Ares 1.04 6.19 9.14 0.00 50.50 6,965 35,064
MAIN Main Street Cap Corp Main Street Capital 1.04 53.49 7.45 0.00 44.68 1,426 14,344
HTGC Hercules Capital Hercules 1.07 48.93 8.38 0.00 51.61 1,176 10,864
FSK FS KKR Capital Corp FS/KKR 1.09 -29.11 13.84 0.00 55.85 3,027 10,342
PSEC Prospect Capital Corp Prospect Capital 1.17 -26.07 11.59 0.00 39.74 3,197 12,934
GBDC Golub Capital BDC Golub Capital 1.05 3.07 7.85 0.00 45.53 2,397 9,070
TSLX Sixth St Splty Lending Sixth St Splty Lending 1.04 24.13 7.83 0.00 43.50 1,141 5,793
NMFC New Mountain Fin Corp New Mountain Capital 1.04 -4.41 10.26 0.00 59.57 1,185 5,371
AINV Apollo Inv Corp Apollo 1.21 -20.27 10.07 0.00 60.48 1,008 6,445
GSBD Goldman Sachs BDC Goldman Sachs 0.98 17.11 9.92 0.00 58.09 1,573 5,257
KYN KA Nrg Infra Fd Kayne Anderson 1.14 -16.56 9.23 100.00 31.95 985 7,812
CEM CB MLP & Midstream Fd Legg Mason 1.14 -18.67 10.03 100.00 31.75 325 2,705
FEI FT MLP & Nrg Incm Fd First Trust 1.09 -13.81 9.62 83.84 18.23 330 2,219
NTG Tortoise Midstream Nrg Fd Tortoise 1.16 -25.30 5.24 89.56 28.50 186 1,465
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.12 -22.13 7.31 100.00 0.00 188 1,370
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.04 -20.33 7.53 100.00 24.30 81 608
PGZ Principal Rel-Est Incm Fd ALPS 2.69 -19.53 7.84 4.28 28.70 105 503
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.69 -15.28 8.60 42.88 27.64 437 1,416
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 2.57 -5.16 8.85 59.00 19.57 211 1,153
JPS Nuv Pref & Incm Sec Fd Nuveen 1.16 -3.91 6.48 0.00 36.06 1,983 4,102
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.17 -0.58 6.65 17.06 30.80 751 1,348
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.16 7.95 6.86 0.00 32.50 933 2,293
FPF FT Imd Dur Pref & Incm Fd First Trust 1.19 -3.44 6.48 1.54 30.44 1,485 3,037
BANX StoneCastle Fin Corp StoneCastle 2.84 -7.65 7.63 0.00 6.67 142 279
OCCI OFS Credit Company OFS Capital 2.90 -0.15 15.44 0.00 32.63 44 605
OXLC Oxford Lane Cap Corp Oxford Lane 3.24 33.20 12.39 23.53 36.53 431 7,181

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, 2019. 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 2019. 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 %