CEF Advisors

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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 1,035.81 -0.02 3.43 -4.72 31.87 -21.81 -18.15 -2.63 2.41 1.35 1.35 -20.86
NAV 1,109.16 0.23 2.32 -3.07 17.30 -12.91 -9.55 1.16 3.12 1.05 1.05 -12.28
Difference 0.26 -1.11 1.65 -14.57 8.89 8.60 3.78 0.71 -0.30 -0.30 8.58
* 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 -14.27 - - - - - - - - - -
NAV 0.16 -4.81 -19.88 -23.61 10.34 2.71 0.29 13.65 -9.97 - - - - - - - - - -
Difference -1.29 5.48 9.44 12.07 -4.95 -2.40 0.09 -7.76 4.31 - - - - - - - - - -
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 18.94 1.61 -2.20 2.13 1.50 0.44 0.19 2.40 3.04 4.54 23.48
NAV 6.70 1.40 1.92 10.27 1.10 -1.37 2.82 2.53 12.80 0.56 -0.87 1.23 0.91 0.26 0.20 2.81 3.28 4.19 16.99
Difference -4.93 -0.49 0.51 -5.07 -1.11 1.05 -1.05 -1.07 -6.14 -1.06 1.33 -0.90 -0.58 -0.18 0.01 0.41 0.24 -0.35 -6.49
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 1.68 2.60 0.89 -1.21 2.25 -7.13 0.69 -6.11 -12.21 -9.95 -8.28
NAV 2.01 -3.24 -0.92 -2.21 1.49 1.17 -0.24 2.42 0.21 2.19 0.90 -0.15 2.95 -3.57 0.01 -3.76 -7.18 -4.23 -4.01
Difference 0.96 -0.40 -0.32 0.21 -1.03 -0.32 -0.29 -1.67 -1.46 -0.41 0.01 1.07 0.70 3.56 -0.68 2.36 5.03 5.73 4.27
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 11.80 1.97 -0.94 1.43 2.45 -0.87 -1.20 2.13 0.03 2.49 14.29
NAV 2.31 1.85 0.63 4.86 1.08 0.49 0.71 2.30 7.16 1.65 -0.02 0.61 2.24 0.15 0.35 1.71 2.22 4.46 11.62
Difference -2.25 -1.45 -0.15 -4.00 -1.65 0.72 0.28 -0.65 -4.64 -0.32 0.92 -0.82 -0.21 1.02 1.54 -0.42 2.18 1.97 -2.67
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 11.22 4.34 2.37 -0.17 6.63 -2.74 0.72 1.93 -0.15 6.48 17.70
NAV -3.91 -0.74 4.48 -0.34 3.57 1.33 3.17 8.27 7.93 2.75 0.80 2.01 5.65 -1.34 -0.14 2.28 0.76 6.41 14.34
Difference 1.56 -0.97 -3.35 -2.53 -1.08 0.59 -0.26 -0.77 -3.30 -1.59 -1.57 2.18 -0.98 1.40 -0.87 0.35 0.91 -0.07 -3.36
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 -1.37 -1.93 -3.19 -5.42 -10.20 7.13 -2.06 -3.19 1.57 -8.62 -9.99
NAV 0.06 2.09 -0.37 1.77 1.82 -0.27 -2.32 -0.81 0.96 -0.29 -3.12 -4.35 -7.60 4.18 -1.71 -3.84 -1.54 -9.13 -8.17
Difference -0.49 -1.01 0.92 -0.56 -0.25 0.57 2.53 2.89 2.33 1.64 0.07 1.07 2.60 -2.95 0.35 -0.65 -3.11 -0.51 1.82

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-5.52%
1Yr Disc
-2.12%
3Yr Disc
-1.38%
5Yr Disc
-2.36%
Rel Disc Range (3yr)
61.57%
Mkt Yield
11.63%
Lev Adj NAV Yield
8.48%
After Tax Yield*
9.61%
Est Tax Friction*
2.02%
3Yr NAV Volatiliy
19.69
1 Yr RoC
28.72%
3 Yr Dest RoC
21.32%
Leverage
27.36%
Non Lev Exp Ratio
2.36%
Beta (2yr)
0.88
Equity Exposure
38.34%
Bond Exposure
59.14%
# Holdings
78
Cash Weighted Duration
1.02
Comp NAV TR
1.26%
Comp Discount
2.05%
Net Assets (M)
718
Liquidity - 90d (K)
3,765
* 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)
NIE AG Eq & Convt Incm Fd Allianz 1.12 -11.79 6.64 0.00 0.00 719 1,902
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.13 -2.44 8.68 11.47 32.68 2,031 4,957
DDF DI Div & Incm Fd Delaware 1.11 -2.75 7.20 26.44 30.67 67 296
ZTR Virtus Tot Rtn Fd Virtus 1.12 -4.89 11.48 74.53 26.74 417 1,425
FOF C&S CE Opp Fd Cohen & Steers 1.11 -4.19 9.71 54.43 0.00 305 1,137
NHF NexPoint Stgc Opp Fd Highland Capital 1.04 -43.09 12.05 59.26 19.80 801 2,725
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.05 -6.82 7.94 0.61 29.20 98 463
GLV Clough Glbl Div & Incm Fd Clough 1.14 -13.47 13.55 67.56 43.42 87 380
CGO Calamos Glbl Tot Rtn Fd Calamos 1.19 5.08 9.83 20.49 31.00 102 388
TEAF Tortoise Ess Ast Incm Trm Fd Tortoise 1.10 -24.41 8.05 36.39 15.50 197 610
CHW Calamos Glbl Dyn Incm Fd Calamos 1.14 -4.07 11.14 29.94 32.64 466 1,693
RIV RiverNorth Opp Fd RiverNorth 2.20 3.23 14.09 69.76 6.64 139 1,062
SCD LMP Cap & Incm Fd Legg Mason 1.14 -12.20 12.30 56.64 25.10 206 905
GLO Clough Glbl Opp Fd Clough 2.21 -15.07 11.93 55.72 45.04 342 1,174
PKO PIMCO Incm Opp Fd PIMCO 0.93 7.84 9.92 0.00 38.93 400 2,722
BIT BR Mlt-Sctr Incm Tr BlackRock 0.92 -10.82 10.12 21.22 37.20 617 2,775
BTZ BR Cr Alloc Incm Tr BlackRock 0.93 -8.40 7.45 12.72 27.55 1,380 4,323
DBL DbLin Opportunistic Cr Fd Doubleline 0.93 0.99 6.83 7.38 20.48 286 1,463
PDI PIMCO Dyn Incm Fd PIMCO 0.92 9.87 10.61 0.00 42.41 1,363 8,574
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.91 -8.09 10.78 60.23 27.85 137 766
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.93 5.05 12.02 18.46 22.81 152 749
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.93 10.29 12.67 62.83 9.86 670 3,615
MGF MFS Govt Mkt Incm Tr MFS 0.93 -3.09 7.46 66.83 0.00 158 578
PFN PIMCO Incm Stgy Fd II PIMCO 0.94 5.95 10.79 0.39 24.71 589 2,563
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.94 -12.43 7.54 0.00 47.36 1,027 2,317
DSL DbLin Incm Solutions Fd Doubleline 0.94 0.76 11.31 9.60 27.07 1,609 9,895
RA Brkf Real Ast Incm Fd Brookfield 0.92 -11.49 14.09 34.06 25.26 860 3,935
PFL PIMCO Incm Stgy Fd PIMCO 0.94 7.19 10.81 2.40 26.40 285 1,436
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.95 4.44 10.97 0.00 44.98 2,612 15,091
PHK PIMCO Hi Incm Fd PIMCO 0.92 9.07 10.65 0.00 26.66 656 3,726
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.90 -8.64 7.21 24.22 30.30 280 561
CRF Cornerstone Tot Rtn Fd Cornerstone 1.05 12.92 20.90 85.21 0.00 366 3,701
CLM Cornerstone Stgc Val Fd Cornerstone 1.07 10.99 20.98 82.81 0.00 725 5,941
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.03 -14.25 10.50 83.22 12.00 623 4,641
HGLB Highland Glbl Alloc Fd Highland Capital 1.04 -33.09 15.44 17.27 16.03 220 1,095
HQH Tekla Health Invstr Tekla 1.04 -13.66 7.63 0.00 0.00 1,072 4,147
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.04 -0.52 9.45 69.54 0.00 619 3,168
THQ Tekla Health Opp Fd Tekla 1.04 -10.81 7.47 50.00 23.70 838 3,032
THW Tekla Wld Health Fd Tekla 1.05 1.32 9.61 93.40 24.06 433 2,978
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.09 -0.79 6.50 92.81 0.00 973 5,122
DNP DNP Sel Incm Fd Duff & Phelps 1.04 26.26 7.08 20.77 27.22 2,649 4,691
BGR BR Nrg & Res Tr BlackRock 1.01 -12.78 7.94 59.95 0.00 243 1,544
EOD WF Glbl Div Opp Fd Wells Fargo 1.07 -10.84 12.99 16.76 18.69 214 717
HFRO Highland Incm Fd Highland Capital 1.29 -36.33 11.67 16.00 36.01 892 3,530
JPS Nuv Pref & Incm Sec Fd Nuveen 2.58 -3.29 7.10 1.06 32.96 1,797 6,249
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.34 -4.69 15.19 50.84 26.10 200 968
BKT BR Incm Tr BlackRock 1.32 -1.74 6.64 22.42 31.98 404 1,462
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 2.56 8.45 6.99 0.00 35.00 831 3,707
MIN MFS Imd Incm Tr MFS 1.34 -6.19 9.04 66.72 0.00 472 1,608
TEI Tmp Emrg Mkt Incm Fd Franklin 1.30 -13.91 7.78 0.00 0.00 435 1,236
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.32 -15.75 8.57 52.35 29.22 1,132 3,288
HPI JH Pref Incm Fd John Hancock 1.33 11.61 7.45 4.60 33.48 466 1,920
PDT JH Prm Div Fd John Hancock 2.60 9.77 8.60 6.69 37.77 602 1,947
KIO KKR Incm Opp Fd KKR Credit 1.36 -7.46 11.74 0.00 32.79 281 1,748
ARCC Ares Capital Corp Ares 1.03 -7.38 11.09 0.00 51.75 6,584 44,635
MAIN Main Street Cap Corp Main Street Capital 1.03 49.98 7.91 0.00 43.79 1,345 19,988
PSEC Prospect Capital Corp Prospect Capital 0.96 -40.35 15.13 0.00 41.86 2,947 12,681
GBDC Golub Capital BDC Golub Capital 1.04 -19.49 9.86 0.00 54.34 2,445 12,150
FSK FS KKR Capital Corp FS/KKR 1.24 -40.72 66.48 0.00 57.24 3,015 12,549
HTGC Hercules Capital Hercules 1.01 4.13 12.39 0.00 52.82 1,097 11,036
NMFC New Mountain Fin Corp New Mountain Capital 1.03 -16.70 12.93 10.39 63.88 1,079 8,382
TSLX Sixth St Splty Lending Sixth St Splty Lending 1.01 4.43 10.09 0.00 47.08 1,044 7,715
AINV Apollo Inv Corp Apollo 1.04 -38.60 18.67 0.00 62.67 1,025 7,595
GSBD Goldman Sachs BDC Goldman Sachs 1.01 8.29 11.29 0.00 59.22 595 4,491
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.97 -19.48 12.00 100.00 31.55 785 6,254
FEI FT MLP & Nrg Incm Fd First Trust 0.98 -19.34 11.24 59.12 18.53 311 1,808
CEM CB MLP & Midstream Fd Legg Mason 0.95 -21.49 12.84 78.88 30.40 265 1,654
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.99 -18.53 8.49 98.27 0.00 79 696
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 0.94 -27.32 10.64 84.18 22.10 57 579
FMO F/C Nrg Infra Fd Guggenheim Funds 0.96 -22.42 7.51 64.57 10.07 79 571
PGZ Principal Rel-Est Incm Fd ALPS 2.73 -18.61 11.02 4.08 28.88 102 490
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 2.80 -7.94 12.94 67.81 14.23 191 1,225
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.80 -15.44 9.79 12.69 25.67 384 1,596
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.25 -2.27 7.52 17.46 35.00 674 1,648
FPF FT Imd Dur Pref & Incm Fd First Trust 1.23 -1.44 7.50 2.27 29.94 1,308 3,474
BANX StoneCastle Fin Corp StoneCastle 2.90 -11.32 9.02 0.00 7.00 125 253
OCCI OFS Credit Company OFS Capital 2.84 -8.57 22.15 30.11 39.81 33 391
OXLC Oxford Lane Cap Corp Oxford Lane 2.81 44.18 19.24 0.00 47.78 220 8,016

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 %