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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 1,491.79 -0.56 -1.24 -0.14 0.57 10.15 39.14 7.71 8.87 -1.38 -0.15 21.25
NAV 1,455.46 -0.45 -0.53 0.59 1.56 8.21 26.35 8.11 8.64 -0.88 1.26 13.73
Difference 0.11 0.70 0.73 0.99 -1.94 -12.79 0.40 -0.22 0.50 1.41 -7.52
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 2.60 4.69 3.50 11.17 4.53 2.38 2.07 9.23 21.43 -0.08 1.33 - - - - - - - -
NAV 1.30 2.19 2.26 5.86 2.98 1.80 1.21 6.10 12.32 0.65 1.50 - - - - - - - -
Difference -1.30 -2.49 -1.24 -5.31 -1.55 -0.58 -0.86 -3.13 -9.11 0.74 0.16 - - - - - - - -
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 20.38 -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 16.59 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 -3.79 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
3.10%
1Yr Disc
0.42%
3Yr Disc
0.19%
5Yr Disc
-0.12%
Rel Disc Range (3yr)
76.36%
Mkt Yield
8.63%
Lev Adj NAV Yield
7.16%
After Tax Yield*
7.10%
Est Tax Friction*
1.53%
3Yr NAV Volatiliy
20.40
1 Yr RoC
37.78%
3 Yr Dest RoC
17.50%
Leverage
27.35%
Non Lev Exp Ratio
2.47%
Beta (2yr)
1.05
Equity Exposure
47.24%
Bond Exposure
50.28%
# Holdings
75
Cash Weighted Duration
1.18
Comp NAV TR
1.82%
Comp Discount
4.16%
Net Assets (M)
1,018
Liquidity - 90d (K)
4,133
* 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


75 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.34 -3.33 8.16 0.00 21.99 418 1,306
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.36 2.28 6.70 1.97 29.16 2,811 3,447
DDF DI Div & Incm Fd Delaware 1.31 2.43 7.47 15.73 25.96 81 221
ZTR Virtus Tot Rtn Fd Virtus 1.33 3.58 10.06 69.38 26.00 439 1,145
FOF C&S CE Opp Fd Cohen&Steers 1.30 -0.35 7.44 69.58 0.00 385 921
GLV Clough Glbl Div & Incm Fd Clough 1.45 4.87 9.98 52.31 35.47 125 1,052
CGO Calamos Glbl Tot Rtn Fd Calamos 1.37 6.07 7.30 0.00 31.67 144 330
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.32 -14.89 6.17 20.05 11.30 231 447
CHW Calamos Glbl Dyn Incm Fd Calamos 1.26 2.10 8.22 0.00 31.76 597 1,327
RIV RiverNorth Opp Fd RiverNorth 1.32 5.74 11.42 15.22 8.32 203 1,707
SCD LMP Cap & Incm Fd Franklin Templeton 1.34 -9.67 7.28 73.63 17.30 283 726
GLO Clough Glbl Opp Fd Clough 1.45 3.28 10.10 3.66 37.02 497 3,570
BIT BR Mlt-Sctr Incm Tr BlackRock 0.95 2.35 7.94 33.84 36.85 687 1,996
PKO PIMCO Incm Opp Fd PIMCO 0.90 4.15 9.18 1.39 41.45 506 1,683
BTZ BR Cr Alloc Incm Tr BlackRock 0.95 -0.89 6.49 15.67 28.68 1,464 3,196
RA Brkf Real Ast Incm Fd Brookfield 0.96 8.47 10.90 48.22 30.07 942 4,883
PDI PIMCO Dyn Incm Fd PIMCO 0.89 5.40 9.96 0.00 43.07 1,797 8,376
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.95 -2.71 8.10 46.70 27.00 138 417
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.96 14.96 9.86 32.42 29.44 216 1,498
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.93 24.12 10.33 54.75 24.05 922 5,324
MGF MFS Govt Mkt Incm Tr MFS 0.94 -0.90 7.38 70.40 0.00 145 372
PFL PIMCO Incm Stgy Fd PIMCO 0.88 10.03 8.32 8.07 38.69 366 1,529
PFN PIMCO Incm Stgy Fd II PIMCO 0.88 6.79 8.56 4.32 39.31 725 3,656
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.94 -5.58 6.36 6.33 27.32 1,128 2,056
HFRO Highland Incm Fd Highland Capital 0.94 -22.80 8.58 17.50 12.99 996 4,423
DSL DbLin Incm Solutions Fd Doubleline 0.94 -3.73 7.42 1.77 28.16 1,885 4,957
PHK PIMCO Hi Incm Fd PIMCO 0.90 7.90 8.97 0.00 41.02 797 2,893
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.91 3.45 9.82 1.71 45.01 3,152 10,388
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.92 -8.61 7.52 36.12 29.30 288 920
CLM Cornerstone Stgc Val Fd Cornerstone 1.42 27.25 14.91 37.36 0.00 1,201 12,053
CRF Cornerstone Tot Rtn Fd Cornerstone 1.42 30.08 14.56 31.02 0.00 609 6,143
UTG Reaves Util Incm Fd W.H. Reaves 1.27 2.82 6.58 0.00 16.17 2,031 7,115
DNP DNP Sel Incm Fd Virtus 1.31 14.86 7.21 22.60 24.81 3,199 5,710
HGLB Highland Glbl Alloc Fd Highland Capital 1.38 -15.83 8.61 4.01 27.45 258 1,092
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 1.14 -13.03 18.45 100.00 0.00 38 208
GUT Gabelli Util Tr Gabelli 1.22 82.51 7.77 99.50 26.00 268 885
HQH Tekla Health Invstr Tekla 1.29 -0.34 7.80 0.00 0.00 1,194 3,166
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.27 1.38 6.09 70.81 0.00 1,267 2,568
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.19 1.34 9.52 85.00 13.00 575 2,171
BMEZ BR Health Sci Tr II BlackRock 1.22 -7.07 6.22 5.34 N/A 3,392 3,076
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.12 -7.15 9.56 85.50 0.00 154 656
PPT Putnam Prmr Incm Tr Putnam 1.24 -0.66 6.86 38.67 0.00 468 821
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 1.14 5.17 10.25 0.00 38.01 212 2,196
FCT FT Sr Flt Rt Incm Fd II First Trust 1.26 1.20 8.52 45.92 27.40 324 1,304
CIK CS Ast Mgmt Incm Fd Credit Suisse 1.25 0.29 7.74 0.00 21.55 182 4,903
DHY CS Hi Yld Bnd Fd Credit Suisse 1.26 -1.95 7.38 0.31 22.20 266 2,967
NSL Nuv Sr Incm Fd Nuveen 1.26 -5.17 6.95 2.59 36.35 239 2,461
ACP Abd Incm Cr Stgs Fd Aberdeen 1.29 3.76 10.61 21.07 38.24 253 1,770
JQC Nuv Cr Stgs Incm Fd Nuveen 1.22 -6.76 7.83 63.52 36.71 942 5,613
JRO Nuv Flt Rt Incm Opp Fd Nuveen 1.29 -4.89 6.96 4.05 36.52 423 2,103
PDT JH Prm Div Fd John Hancock 2.52 14.40 6.98 6.43 33.91 714 1,183
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.18 -8.57 7.93 44.45 30.07 1,127 2,288
EFT EV Flt-Rt Incm Tr Eaton Vance 1.32 3.48 6.13 2.67 35.80 437 2,066
ARCC Ares Capital Corp Ares 1.08 9.58 8.24 0.00 51.22 8,097 41,709
PSEC Prospect Capital Corp Prospect Capital 1.01 -19.78 9.15 0.00 37.60 3,817 14,603
FSK FS KKR Capital Corp FS/KKR 1.14 -16.24 11.57 0.00 49.23 7,653 24,110
HTGC Hercules Capital Hercules 1.07 43.30 7.63 0.00 45.60 1,356 10,617
GSBD Goldman Sachs BDC Goldman Sachs 1.05 16.76 9.61 0.00 47.85 1,633 8,972
GBDC Golub Capital BDC Golub Capital 1.06 1.99 7.55 0.00 45.40 2,547 6,087
TSLX Sixth St Splty Lending Sixth St Splty Lending 1.06 28.13 7.60 0.00 50.03 1,227 7,061
OCSL Oaktree Splty Lending Oaktree Capital 1.13 -1.66 8.17 0.00 44.83 1,302 5,444
NEWT Newtek Biz Serv Corp Newtek 0.82 64.65 13.35 0.00 47.26 369 8,341
NMFC New Mountain Fin Corp New Mountain Capital 1.05 -2.40 9.22 4.08 57.85 1,292 4,520
KYN KA Nrg Infra Fd Kayne Anderson 0.96 -11.49 8.91 100.00 26.95 1,123 3,646
CEM CB MLP & Midstream Fd Franklin Templeton 0.98 -14.00 7.24 100.00 30.67 419 1,272
FEI FT MLP & Nrg Incm Fd First Trust 0.98 -10.23 8.44 61.05 20.24 358 1,213
FMO F/C Nrg Infra Fd Guggenheim Funds 0.89 -10.94 9.48 100.00 15.43 82 337
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.87 -6.24 7.26 39.52 27.95 467 1,093
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.94 -6.35 6.67 66.36 20.36 1,120 2,840
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.95 -2.68 7.35 65.85 16.48 573 1,940
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 1.28 2.61 6.34 4.97 29.30 764 879
JPS Nuv Pref & Incm Sec Fd Nuveen 1.31 0.80 6.04 0.00 36.15 2,039 3,077
FPF FT Imd Dur Pref & Incm Fd First Trust 1.33 2.14 5.93 3.10 30.45 1,535 2,539
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.31 6.05 6.61 0.00 32.90 1,005 1,973
OXLC Oxford Lane Cap Corp Oxford Lane 8.38 6.08 11.33 0.00 32.64 677 7,738

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 %