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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 1,348.30 0.10 1.25 3.86 7.12 6.10 18.82 9.48 7.52 3.02 3.02 3.02
NAV 1,284.34 0.24 0.76 3.04 5.70 5.16 14.81 8.15 6.36 1.58 1.58 1.58
Difference 0.14 -0.49 -0.82 -1.41 -0.94 -4.00 -1.32 -1.16 -1.44 -1.44 -1.44
* 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 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
1.23%
1Yr Disc
-0.83%
3Yr Disc
-1.46%
5Yr Disc
-2.82%
Rel Disc Range (3yr)
65.03%
Mkt Yield
9.49%
Lev Adj NAV Yield
7.66%
After Tax Yield*
8.02%
Est Tax Friction*
1.47%
3Yr NAV Volatiliy
9.16
1 Yr RoC
31.56%
3 Yr Dest RoC
13.30%
Leverage
27.56%
Non Lev Exp Ratio
2.21%
Beta (2yr)
0.49
Equity Exposure
41.88%
Bond Exposure
55.80%
# Holdings
84
Cash Weighted Duration
1.04
Comp NAV TR
0.25%
Comp Discount
1.31%
Net Assets (M)
852
Liquidity - 90d (K)
3,729
* 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 1.20 -7.10 6.39 0.00 0.00 710 1,539
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.15 -1.62 7.95 56.96 30.64 2,199 3,333
DDF DI Div & Incm Fd Delaware 1.17 40.07 6.88 6.16 29.41 87 213
ZTR Virtus Glbl Div & Inc Fd Virtus 1.14 6.00 11.81 79.65 27.42 512 1,534
FOF C&S CE Opp Fd Cohen & Steers 1.16 -0.72 7.56 55.28 0.00 378 852
NHF NexPoint Stgc Opp Fd Highland Capital 1.10 -17.33 13.86 53.08 22.10 964 4,560
GLV Clough Glbl Div & Incm Fd Clough 1.17 -7.96 10.68 65.30 40.36 103 372
CGO Calamos Glbl Tot Rtn Fd Calamos 1.13 8.74 8.85 69.38 32.79 108 334
TEAF Tortoise Ess Ast Incm Trm Fd Tortoise 2.17 -8.90 7.61 0.00 11.80 253 2,330
CHW Calamos Glbl Dyn Incm Fd Calamos 1.12 3.08 9.64 66.75 37.07 501 1,565
RIV RiverNorth Opp Fd RiverNorth 2.18 -1.11 12.74 61.03 9.78 160 1,130
SCD LMP Cap & Incm Fd Legg Mason 1.14 -5.38 7.92 70.56 23.00 297 1,078
GLO Clough Glbl Opp Fd Clough 2.22 -11.55 10.89 58.70 41.36 360 1,386
PKO PIMCO Incm Opp Fd PIMCO 0.87 14.94 8.12 0.00 34.29 439 1,734
BIT BR Mlt-Sctr Incm Tr BlackRock 0.87 -6.02 9.05 22.00 36.69 655 3,495
BTZ BR Cr Alloc Incm Tr BlackRock 0.88 -5.49 7.05 7.99 26.91 1,569 5,699
DBL DbLin Opportunistic Cr Fd Doubleline 0.87 1.56 6.32 8.65 19.50 307 986
PDI PIMCO Dyn Incm Fd PIMCO 0.87 20.04 8.08 0.00 38.64 1,579 5,754
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.91 -1.05 11.45 62.17 27.66 151 879
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.87 3.71 10.81 14.03 25.30 161 779
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.88 7.98 11.88 50.91 0.10 682 3,761
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.87 -8.27 6.39 0.00 38.27 1,157 2,870
PFN PIMCO Incm Stgy Fd II PIMCO 0.87 9.15 8.94 0.00 23.89 670 2,251
PFL PIMCO Incm Stgy Fd PIMCO 0.88 9.97 8.99 6.96 23.38 322 1,177
DSL DbLin Incm Solutions Fd Doubleline 0.87 0.85 8.96 3.20 30.83 2,025 6,481
RA Brkf Real Ast Incm Fd Brookfield 0.88 -6.18 10.93 44.09 21.88 849 4,795
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.86 9.08 8.31 0.00 43.94 3,222 10,977
PHK PIMCO Hi Incm Fd PIMCO 0.87 21.25 9.70 6.07 26.00 824 4,034
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 0.86 2.47 6.34 29.82 12.88 233 763
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.90 24.35 9.08 5.80 33.04 109 604
HGLB Highland Glbl Alloc Fd Highland Capital 0.98 -21.28 10.77 21.27 39.16 269 1,023
CRF Cornerstone Tot Rtn Fd Cornerstone 0.98 4.81 19.38 78.02 0.00 422 3,195
CLM Cornerstone Stgc Val Fd Cornerstone 0.99 4.38 19.42 74.84 0.00 823 4,985
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.97 3.07 13.73 91.17 12.00 592 4,035
DNP DNP Sel Incm Fd Duff & Phelps 0.98 17.37 6.07 30.13 24.63 3,292 4,594
GUT Gabelli Util Tr Gabelli 1.00 55.51 7.59 98.33 28.00 274 1,180
HQL Tekla Life Sci Invstr Tekla 0.99 -10.13 7.47 41.69 0.00 455 1,800
UTF C&S Infra Fd Cohen & Steers 1.00 -4.20 6.86 0.23 26.80 2,415 7,988
EOD WF Glbl Div Opp Fd Wells Fargo 0.99 -8.29 10.30 0.00 15.37 270 898
BGY BR Enh Intl DivTr BlackRock 0.97 -10.12 6.92 65.80 0.00 689 1,607
HQH Tekla Health Invstr Tekla 1.00 -10.43 7.67 62.72 0.00 1,023 3,828
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.18 -10.49 7.59 54.26 32.68 1,204 2,538
ARDC Ares Dyn Cr Alloc Fd Ares 1.17 -8.87 8.21 0.00 30.10 395 1,450
JPS Nuv Pref & Incm Sec Fd Nuveen 2.30 -1.95 6.67 0.17 34.86 2,093 5,424
PPT Putnam Prmr Incm Tr Putnam 1.18 0.36 7.62 13.76 6.63 567 1,373
PIM Putnam Mstr Imd Incm Tr Putnam 1.15 -2.86 7.56 34.92 12.95 254 634
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.16 5.56 6.05 0.00 33.20 935 2,426
JQC Nuv Cr Stgs Incm Fd Nuveen 1.13 -6.36 14.41 54.46 37.40 1,109 6,160
VVR Invsc Sr Incm Tr Invesco 1.14 -9.87 6.71 5.63 29.00 728 4,749
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.19 -2.25 9.28 0.00 29.12 374 1,605
ACP Abd Incm Cr Stgs Fd Aberdeen 1.17 -4.88 12.32 5.85 25.88 214 2,460
JFR Nuv Flt Rt Incm Fd Nuveen 1.13 -7.69 7.23 0.00 37.78 630 3,543
JPC Nuv Pref & Incm Opp Fd Nuveen 1.13 -1.23 7.02 0.30 36.13 1,090 2,481
ARCC Ares Capital Corp Ares 0.99 9.85 8.44 0.00 45.64 7,373 33,951
FSK FS KKR Capital Corp FS/KKR 1.03 -19.85 12.06 0.00 45.30 4,001 13,279
GBDC Golub Capital BDC Golub Capital 0.97 9.79 7.17 0.00 48.46 2,223 10,831
NMFC New Mountain Fin Corp New Mountain Capital 1.00 6.52 9.56 0.00 58.35 1,292 10,626
PSEC Prospect Capital Corp Prospect Capital 0.99 -25.59 10.91 0.00 39.90 3,259 10,367
AINV Apollo Inv Corp Apollo 1.00 -6.10 10.26 0.00 54.94 1,244 8,727
HTGC Hercules Capital Hercules 1.00 38.82 8.88 0.00 51.53 1,086 7,248
CGBD TCG BDC Carlyle 1.01 -15.38 10.55 0.00 54.03 978 5,446
BCSF Bain Cap Splty Fin BCSF Advisors 0.97 -0.15 8.33 0.00 60.77 1,018 5,154
TSLX TPG Specialty Lending TSL Advisers 1.01 30.98 7.12 0.00 43.52 1,112 4,737
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.03 -6.77 9.86 58.33 36.50 1,978 16,136
TYG Tortoise Nrg Infra Corp Tortoise 1.06 -4.02 13.53 100.00 35.20 1,084 10,348
CEM CB MLP & Midstream Fd Legg Mason 1.02 -9.38 10.09 96.00 33.56 908 6,089
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.04 1.51 18.63 100.00 30.07 283 4,428
FEI FT MLP & Nrg Incm Fd First Trust 0.99 -3.27 10.14 92.07 26.09 575 3,303
FMO F/C Nrg Infra Fd Guggenheim Funds 1.04 -7.46 15.33 100.00 44.39 323 2,870
NML NB MLP Incm Fd Neuberger Berman 1.03 -11.25 9.30 100.00 25.80 453 2,787
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.00 1.12 8.82 99.16 33.60 216 2,649
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.03 -7.54 14.10 100.00 37.83 390 2,755
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.01 -5.01 12.07 100.00 27.51 342 2,626
PGZ Principal Rel-Est Incm Fd ALPS 1.96 -6.87 6.24 8.13 27.63 157 623
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.97 -8.38 7.51 17.65 34.29 561 1,722
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.96 -9.59 7.40 68.62 12.84 1,046 2,532
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.04 -10.66 7.25 68.73 5.65 633 2,413
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.20 2.32 6.02 0.00 33.20 224 714
PDT JH Prm Div Fd John Hancock 1.18 11.86 6.43 20.29 33.73 791 1,524
FPF FT Imd Dur Pref & Incm Fd First Trust 1.20 -2.89 6.58 2.43 30.76 1,512 4,603
PSF C&S Sel Pref & Incm Fd Cohen & Steers 1.14 15.20 6.50 7.17 28.70 331 750
BANX StoneCastle Fin Corp StoneCastle 2.68 3.36 6.76 0.00 14.89 143 446
OCCI OFS Credit Company OFS Capital 2.87 14.82 11.86 0.00 30.21 46 347
OXLC Oxford Lane Cap Corp Oxford Lane 2.84 34.54 18.16 0.00 30.12 392 7,922

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 %