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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 1,240.82 0.11 0.45 1.06 3.16 26.71 6.60 10.51 5.20 2.99 2.72 18.06
NAV 1,206.29 0.04 1.09 1.33 2.37 14.28 7.72 9.55 4.64 2.24 1.95 12.22
Difference -0.07 0.64 0.27 -0.79 -12.44 1.12 -0.95 -0.56 -0.75 -0.77 -5.84
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - - - - - - - - - 15.07
NAV 6.70 1.40 1.92 10.27 1.10 -1.37 - - - - - - - - - - - - 9.98
Difference -4.93 -0.49 0.51 -5.07 -1.11 1.05 - - - - - - - - - - - - -5.09
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
-1.08%
1Yr Disc
-2.13%
3Yr Disc
-1.66%
5Yr Disc
-2.66%
Rel Disc Range (3yr)
57.20%
Mkt Yield
9.40%
Lev Adj NAV Yield
7.50%
After Tax Yield*
7.87%
Est Tax Friction*
1.53%
3Yr NAV Volatiliy
10.14
1 Yr RoC
29.44%
3 Yr Dest RoC
12.83%
Leverage
26.26%
Non Lev Exp Ratio
2.09%
Beta (2yr)
0.52
Equity Exposure
44.51%
Bond Exposure
53.36%
# Holdings
84
Cash Weighted Duration
1.49
Comp NAV TR
0.64%
Comp Discount
1.90%
Net Assets (M)
815
Liquidity - 90d (K)
2,670
* 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


84 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NIE AG Eq & Convt Incm Fd Allianz 1.12 -8.63 7.08 0.00 0.00 651 1,573
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.18 -1.92 7.77 24.37 32.64 2,009 3,239
DDF DI Div & Incm Fd Delaware 1.22 26.99 7.94 6.31 29.07 84 332
ZTR Virtus Glbl Div & Inc Fd Virtus 1.25 9.79 11.74 60.62 27.73 259 877
FOF C&S CE Opp Fd Cohen & Steers 1.19 -2.79 8.11 35.85 0.00 361 814
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.00 -13.32 12.63 53.29 24.16 1,006 6,832
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.13 -15.89 6.25 8.34 29.94 131 265
CGO Calamos Glbl Tot Rtn Fd Calamos 1.21 6.80 9.32 37.31 33.68 104 295
GLV Clough Glbl Div & Incm Fd Clough 1.15 -9.83 10.97 90.45 37.17 87 295
CHW Calamos Glbl Dyn Incm Fd Calamos 1.18 -0.37 10.28 35.18 38.01 486 1,221
RIV RiverNorth Opp Fd RiverNorth 1.19 -1.90 11.95 78.10 15.65 125 570
SCD LMP Cap & Incm Fd Legg Mason 1.19 -10.02 9.27 60.86 24.00 267 744
GLO Clough Glbl Opp Fd Clough 1.11 -13.01 11.33 71.04 36.30 347 1,125
BTZ BR Cr Alloc Incm Tr BlackRock 1.18 -10.82 6.21 0.00 30.18 1,507 2,994
DBL DbLin Opportunistic Cr Fd Doubleline 1.16 0.24 6.37 17.42 20.24 308 1,161
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.20 -6.16 11.96 58.13 27.44 152 603
GGM Gghm Cr Alloc Fd Guggenheim 1.18 4.59 10.48 3.73 24.32 147 626
GOF Gghm Stgc Opp Fd Guggenheim 1.19 15.08 10.69 19.89 0.00 640 3,189
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.16 -10.41 6.67 0.00 41.27 1,135 2,201
PFN PIMCO Incm Stgy Fd II PIMCO 1.19 7.83 9.05 0.00 24.48 615 2,048
PFL PIMCO Incm Stgy Fd PIMCO 1.19 8.42 9.11 14.38 25.61 296 986
DSL DbLin Incm Solutions Fd Doubleline 1.16 0.05 8.86 2.53 29.10 2,058 5,771
RA Brkf Real Ast Incm Fd Brookfield 1.18 -7.16 10.84 40.31 24.05 866 2,326
PHK PIMCO Hi Incm Fd PIMCO 1.01 26.00 9.32 23.59 27.54 820 6,011
BIT BR Mlt-Sctr Incm Tr BlackRock 1.19 -7.06 8.06 2.72 35.66 702 2,035
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.97 28.88 8.93 20.55 35.56 107 745
CLM Cornerstone Stgc Val Fd Cornerstone 0.90 5.03 21.06 87.67 0.00 820 5,132
CRF Cornerstone Tot Rtn Fd Cornerstone 0.89 5.47 20.95 86.10 0.00 420 3,543
DNP DNP Sel Incm Fd Duff & Phelps 0.94 12.32 6.63 31.28 24.97 3,070 3,635
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.98 2.71 13.22 91.40 13.00 602 2,913
BTO JH Fin Opp Fd John Hancock 0.89 -3.18 7.03 0.00 17.57 604 1,685
EOD WF Glbl Div Opp Fd Wells Fargo 0.97 -8.85 10.74 17.33 15.40 266 817
FDEU FT Dyn Euro Eq Incm Fd First Trust 0.92 -8.56 10.30 1.26 27.06 266 806
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 0.89 -10.02 9.70 71.75 0.00 161 492
UTG Reaves Util Incm Fd W.H. Reaves 0.98 0.84 6.02 0.00 21.09 1,731 4,192
IAE Voya AP Hi Div Eq Incm Fd Voya 0.91 -7.72 8.91 73.21 0.00 119 370
HQL Tekla Life Sci Invstr Tekla 0.90 -8.50 8.76 37.59 0.00 420 1,509
BGY BR Enh Intl DivTr BlackRock 0.91 -11.31 7.39 26.18 0.00 665 1,232
UTF C&S Infra Fd Cohen & Steers 0.95 -6.40 7.35 0.22 27.90 2,307 4,709
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.95 -9.40 8.96 38.36 29.76 654 2,244
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.94 -0.21 9.72 67.93 0.00 598 1,945
BKT BR Incm Tr BlackRock 1.08 -5.16 6.81 20.58 31.33 408 825
NBB Nuv Taxable Muni Incm Fd Nuveen 1.11 -1.93 5.78 0.00 36.74 596 1,331
BBN BR Taxable Muni BndTr BlackRock 1.10 -3.32 6.12 3.44 37.03 1,376 3,305
MIN MFS Imd Incm Tr MFS 1.07 -6.40 9.03 69.73 0.00 477 879
EAD WF Incm Opp Fd Wells Fargo 1.11 -9.77 8.72 0.00 28.80 575 1,624
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.09 -1.32 6.93 0.00 34.50 870 2,173
GIM Tmp Glbl Incm Fd Franklin 1.06 -11.03 6.68 12.35 0.00 948 1,950
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.12 -4.98 12.82 47.04 27.10 199 985
RCS PIMCO Stgc Incm Fd PIMCO 0.98 35.54 7.64 25.18 40.97 308 1,347
HFRO Highland Incm Fd Highland Capital 1.03 -6.11 6.83 15.32 31.12 1,035 1,929
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.04 -15.40 8.01 56.15 31.74 1,213 3,767
ARDC Ares Dyn Cr Alloc Fd Ares 1.08 -12.36 8.58 0.00 28.20 394 1,148
PPR Voya Prime Rt Tr Voya 1.06 -12.98 6.93 0.00 28.09 808 1,292
ARCC Ares Capital Corp Ares 1.02 4.24 8.92 0.00 44.38 7,337 29,613
PSEC Prospect Capital Corp Prospect Capital 1.01 -27.31 10.91 0.00 40.71 3,332 9,849
FSK FS KKR Capital Corp FS/KKR Advisor 0.99 -23.79 12.69 0.00 43.94 4,108 9,653
HTGC Hercules Capital Hercules 1.01 24.46 10.02 0.00 52.42 997 7,153
MAIN Main Street Cap Corp Main Street Capital 1.09 68.29 5.99 0.00 39.00 1,531 8,726
AINV Apollo Inv Corp Apollo Investment 1.06 -16.42 11.30 0.00 45.60 1,312 4,653
NMFC New Mountain Fin Corp New Mountain Capital 1.01 4.46 9.68 8.09 57.51 1,083 3,546
TSLX TPG Specialty Lending TSL Advisers 0.99 22.64 7.78 0.00 39.17 1,079 3,957
CGBD TCG BDC Carlyle 1.06 -11.50 9.67 0.00 50.00 1,049 5,319
GBDC Golub Capital BDC Golub Capital 0.96 10.91 7.24 0.00 51.54 966 3,170
TYG Tortoise Nrg Infra Corp Tortoise 0.95 -3.62 11.71 61.36 32.40 1,245 3,631
CEM CB MLP & Midstream Fd Legg Mason 0.94 -10.94 9.92 89.12 33.22 940 2,037
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 0.96 0.13 15.85 85.39 30.12 266 2,774
FEI FT MLP & Nrg Incm Fd First Trust 1.04 -5.70 10.07 74.19 26.14 594 1,668
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.94 -10.23 12.36 66.08 32.40 459 1,355
NML NB MLP Incm Fd Neuberger Berman 0.93 -11.94 8.78 55.04 23.90 484 1,172
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.94 -6.70 11.05 76.38 28.33 396 1,518
FMO F/C Nrg Infra Fd Guggenheim 0.91 -7.55 13.53 86.85 38.57 366 989
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 0.99 -4.36 9.79 67.43 29.80 264 1,121
SMM Salient Midstream & MLP Fd Salient 0.93 -15.91 7.99 96.21 28.73 180 706
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.75 -12.52 7.65 24.19 29.97 522 1,133
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.74 -8.52 9.63 70.32 2.86 582 1,936
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.65 -14.06 7.98 71.00 7.76 1,020 2,094
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.24 -3.36 6.85 0.00 34.60 208 571
JPS Nuv Pref & Incm Sec Fd Nuveen 1.25 -2.78 7.11 0.00 36.54 1,981 4,230
FPF FT Imd Dur Pref & Incm Fd First Trust 1.24 -3.49 7.54 2.48 31.09 1,428 3,192
PDT JH Prm Div Fd John Hancock 1.19 7.90 6.96 17.29 34.63 755 1,168
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.23 -2.46 7.62 10.97 30.60 727 1,468
BANX StoneCastle Fin Corp StoneCastle 3.97 0.88 6.97 0.00 20.96 142 208
OXLC Oxford Lane Cap Corp Oxford Lane 4.14 22.48 15.90 0.00 34.08 354 5,644

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 %