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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 1,350.89 -0.43 -0.16 0.40 6.92 9.70 14.26 8.12 7.02 1.75 3.22 3.22
NAV 1,278.28 -0.32 -0.38 -0.03 4.87 7.35 10.60 7.20 5.83 0.94 1.10 1.10
Difference 0.11 -0.22 -0.43 -2.05 -2.35 -3.66 -0.92 -1.20 -0.81 -2.12 -2.12
* 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 - - - - - - - - - - - - - - - - - 1.47
NAV 0.16 - - - - - - - - - - - - - - - - - 0.16
Difference -1.29 - - - - - - - - - - - - - - - - - -1.31
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
2.09%
1Yr Disc
-0.48%
3Yr Disc
-1.25%
5Yr Disc
-2.66%
Rel Disc Range (3yr)
68.70%
Mkt Yield
9.54%
Lev Adj NAV Yield
7.76%
After Tax Yield*
8.05%
Est Tax Friction*
1.49%
3Yr NAV Volatiliy
8.97
1 Yr RoC
30.47%
3 Yr Dest RoC
13.35%
Leverage
27.52%
Non Lev Exp Ratio
2.26%
Beta (2yr)
0.49
Equity Exposure
40.99%
Bond Exposure
56.70%
# Holdings
84
Cash Weighted Duration
1.05
Comp NAV TR
0.42%
Comp Discount
1.56%
Net Assets (M)
854
Liquidity - 90d (K)
3,759
* 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 1.22 -6.70 6.27 0.00 0.00 720 1,575
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.19 1.78 7.77 53.07 30.66 2,174 3,779
DDF DI Div & Incm Fd Delaware 1.16 41.56 7.12 17.03 28.34 85 235
ZTR Virtus Glbl Div & Inc Fd Virtus 1.19 7.78 11.39 79.13 26.09 523 1,750
FOF C&S CE Opp Fd Cohen & Steers 1.16 -0.22 7.55 55.74 0.00 377 822
NHF NexPoint Stgc Opp Fd Highland Capital 1.11 -15.78 13.84 52.63 26.00 944 3,997
GLV Clough Glbl Div & Incm Fd Clough 1.21 -3.85 10.31 55.47 40.50 103 431
CGO Calamos Glbl Tot Rtn Fd Calamos 1.14 9.00 8.93 61.05 32.36 107 343
TEAF Tortoise Ess Ast Incm Trm Fd Tortoise 2.19 -8.21 7.61 0.00 12.30 251 1,999
CHW Calamos Glbl Dyn Incm Fd Calamos 1.17 6.94 9.40 58.58 35.51 496 1,610
RIV RiverNorth Opp Fd RiverNorth 2.19 -0.65 12.75 62.28 9.78 159 981
SCD LMP Cap & Incm Fd Legg Mason 1.10 -5.54 8.08 70.56 22.59 292 1,045
GLO Clough Glbl Opp Fd Clough 2.26 -8.89 10.60 47.29 42.42 359 1,428
PKO PIMCO Incm Opp Fd PIMCO 0.90 15.71 7.94 0.00 32.93 453 1,684
BIT BR Mlt-Sctr Incm Tr BlackRock 0.89 -3.90 8.86 26.88 34.96 654 4,233
BTZ BR Cr Alloc Incm Tr BlackRock 0.90 -4.99 6.87 13.91 27.10 1,442 6,603
DBL DbLin Opportunistic Cr Fd Doubleline 0.87 0.38 6.30 7.66 19.50 311 1,150
PDI PIMCO Dyn Incm Fd PIMCO 0.88 19.69 8.00 0.00 40.24 1,613 5,698
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.97 3.26 10.86 62.17 27.30 152 1,112
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.89 6.00 10.62 14.86 19.21 166 863
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.89 9.34 11.74 53.15 0.00 697 4,319
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.89 -6.92 6.28 0.00 38.07 1,159 3,372
PFN PIMCO Incm Stgy Fd II PIMCO 0.89 9.99 8.81 0.00 22.71 682 2,363
PFL PIMCO Incm Stgy Fd PIMCO 0.91 11.75 8.74 5.87 22.63 331 1,177
DSL DbLin Incm Solutions Fd Doubleline 0.88 0.85 8.90 3.31 30.83 2,037 7,239
RA Brkf Real Ast Incm Fd Brookfield 0.91 -4.18 10.74 43.78 21.84 846 5,102
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.88 9.09 8.21 0.00 44.67 3,288 11,513
PHK PIMCO Hi Incm Fd PIMCO 0.88 20.63 9.68 2.70 29.94 830 3,909
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.86 1.37 6.43 33.29 12.88 236 754
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.91 24.06 9.03 4.56 32.99 110 710
HGLB Highland Glbl Alloc Fd Highland Capital 0.94 -21.40 11.25 18.36 39.16 258 969
CRF Cornerstone Tot Rtn Fd Cornerstone 1.00 6.69 19.29 77.86 0.00 416 3,518
CLM Cornerstone Stgc Val Fd Cornerstone 1.01 6.56 19.27 73.95 0.00 813 5,966
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.95 2.67 14.18 91.83 11.00 575 4,504
DNP DNP Sel Incm Fd Duff & Phelps 1.00 15.91 5.98 28.08 24.63 3,386 4,189
GUT Gabelli Util Tr Gabelli 1.01 54.23 7.48 98.00 27.00 281 1,127
HQL Tekla Life Sci Invstr Tekla 0.99 -9.62 8.73 41.69 0.00 458 1,817
UTF C&S Infra Fd Cohen & Steers 1.02 -5.26 6.80 0.00 24.70 2,700 8,932
EOD WF Glbl Div Opp Fd Wells Fargo 1.01 -5.56 10.20 0.00 15.37 269 1,100
BGY BR Enh Intl DivTr BlackRock 0.95 -9.00 7.04 65.65 0.00 669 1,636
HQH Tekla Health Invstr Tekla 1.00 -9.85 8.70 62.72 0.00 1,026 3,777
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.18 -10.10 7.57 52.00 32.68 1,201 2,854
ARDC Ares Dyn Cr Alloc Fd Ares 1.18 -7.20 8.13 0.00 30.10 392 1,467
JPS Nuv Pref & Incm Sec Fd Nuveen 2.39 0.00 6.47 0.17 34.86 2,115 5,902
PPT Putnam Prmr Incm Tr Putnam 1.18 2.39 7.54 15.98 6.57 562 1,557
PIM Putnam Mstr Imd Incm Tr Putnam 1.16 -1.23 7.47 38.10 12.95 253 721
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.19 6.99 5.89 0.00 32.40 947 2,296
JQC Nuv Cr Stgs Incm Fd Nuveen 1.13 -5.86 14.62 54.47 37.40 1,088 7,203
VVR Invsc Sr Incm Tr Invesco 1.14 -9.07 6.68 6.85 34.00 725 5,887
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.19 -1.20 9.32 0.00 28.35 368 1,729
ACP Abd Incm Cr Stgs Fd Aberdeen 1.22 -2.41 11.87 12.25 25.88 217 2,003
JFR Nuv Flt Rt Incm Fd Nuveen 1.14 -6.31 7.21 0.00 37.78 622 3,336
JPC Nuv Pref & Incm Opp Fd Nuveen 1.15 -0.47 6.93 0.30 36.13 1,096 2,624
ARCC Ares Capital Corp Ares 0.99 9.70 8.42 0.00 46.77 7,466 36,142
FSK FS KKR Capital Corp FS/KKR 1.02 -20.61 12.18 0.00 45.30 4,001 13,588
GBDC Golub Capital BDC Golub Capital 0.97 10.44 7.17 0.00 50.69 2,229 11,057
NMFC New Mountain Fin Corp New Mountain Capital 1.00 6.37 9.58 0.00 58.35 1,292 7,577
PSEC Prospect Capital Corp Prospect Capital 1.00 -24.60 11.03 0.00 39.41 3,184 10,159
AINV Apollo Inv Corp Apollo 0.98 -5.97 10.48 0.00 58.52 1,216 9,036
HTGC Hercules Capital Hercules 1.11 51.56 8.01 0.00 52.28 1,166 8,850
CGBD TCG BDC Carlyle 1.03 -17.49 10.82 0.00 54.03 978 5,669
BCSF Bain Cap Splty Fin BCSF Advisors 1.00 0.96 8.24 0.00 60.77 1,018 5,556
TSLX TPG Specialty Lending TSL Advisers 1.06 36.84 7.12 0.00 47.98 1,123 4,711
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.92 -5.21 11.00 66.67 36.76 1,745 14,335
TYG Tortoise Nrg Infra Corp Tortoise 0.85 -8.85 10.10 100.00 37.20 923 9,273
CEM CB MLP & Midstream Fd Legg Mason 0.90 -5.92 11.25 92.00 32.57 785 4,830
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 0.91 -1.03 21.78 100.00 32.43 248 4,212
FEI FT MLP & Nrg Incm Fd First Trust 0.96 -0.60 10.33 89.58 26.53 550 2,935
FMO F/C Nrg Infra Fd Guggenheim Funds 0.86 -5.63 18.36 100.00 39.14 264 2,473
NML NB MLP Incm Fd Neuberger Berman 0.94 -9.05 10.11 100.00 26.07 407 2,428
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 0.87 7.85 10.08 99.15 33.40 177 2,221
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.83 -4.40 17.34 100.00 35.20 307 2,557
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.93 -0.41 13.36 100.00 27.51 295 2,278
PGZ Principal Rel-Est Incm Fd ALPS 1.99 -8.23 6.13 6.86 27.86 162 657
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.02 -7.48 7.37 13.38 34.29 566 1,614
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.04 -9.60 7.16 68.17 12.84 1,081 2,647
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.06 -9.91 7.04 66.34 5.65 647 2,607
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.23 3.44 5.88 0.00 32.50 227 616
PDT JH Prm Div Fd John Hancock 1.22 13.95 6.26 25.42 33.07 797 1,334
FPF FT Imd Dur Pref & Incm Fd First Trust 1.23 -2.57 6.45 2.66 30.03 1,539 5,245
PSF C&S Sel Pref & Incm Fd Cohen & Steers 1.21 16.51 6.32 11.73 28.20 337 808
BANX StoneCastle Fin Corp StoneCastle 2.56 -0.14 7.00 0.00 14.89 143 488
OCCI OFS Credit Company OFS Capital 2.82 9.55 12.68 0.00 30.21 46 433
OXLC Oxford Lane Cap Corp Oxford Lane 2.93 33.77 17.78 0.00 30.12 403 7,476

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 %