CEF Advisors AICA Event NAVigator Podcast

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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(%) 10 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,385.71 1.47 2.10 -1.87 -3.15 -9.24 -4.29 4.27 4.44 7.02 -1.85 -7.55 -9.05
NAV 1,399.02 0.68 2.11 -1.76 -2.41 -5.40 -0.40 5.62 5.62 7.31 -1.12 -5.14 -6.09
Difference -0.79 0.01 0.11 0.74 3.85 3.89 1.36 1.18 0.29 0.73 2.41 2.96
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -0.51 -3.03 1.97 -1.63 -5.81 - - - - - - - - - - - - - -
NAV -1.59 -0.57 1.17 -1.00 -4.07 - - - - - - - - - - - - - -
Difference -1.08 2.46 -0.80 0.63 1.73 - - - - - - - - - - - - - -
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 -2.59 -1.38 4.64 -2.56 1.41 3.40 1.98 23.84
NAV 1.30 2.19 2.26 5.86 2.98 1.80 1.21 6.10 12.32 0.65 1.50 -1.38 0.75 2.26 -1.64 2.28 2.87 3.64 16.41
Difference -1.30 -2.49 -1.24 -5.31 -1.55 -0.58 -0.86 -3.13 -9.11 0.74 0.16 1.22 2.13 -2.39 0.92 0.86 -0.53 1.66 -7.43
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
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.10 3.33 0.14 4.62 2.37 2.70 2.78 8.06 13.05 -2.51 2.99 -3.85 -3.45 1.13 0.81 -3.03 -1.14 -4.55 7.90
NAV 0.67 2.68 1.40 4.81 1.55 2.07 2.72 6.47 11.59 -1.09 2.32 -2.29 -1.11 0.19 0.21 -2.15 -1.75 -2.84 8.43
Difference -0.43 -0.66 1.25 0.19 -0.82 -0.62 -0.07 -1.58 -1.46 1.42 -0.67 1.56 2.34 -0.94 -0.60 0.89 -0.60 1.72 0.52
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 5.48 1.31 1.95 8.95 1.81 -2.32 -2.02 -2.56 6.16 0.01 -2.84 1.68 -1.20 2.98 0.23 1.53 4.79 3.53 9.92
NAV 3.58 0.52 2.00 6.20 1.83 -0.73 -2.50 -1.44 4.67 1.73 -1.82 2.46 2.34 2.50 0.42 1.50 4.47 6.91 11.90
Difference -1.90 -0.80 0.05 -2.75 0.01 1.59 -0.48 1.12 -1.49 1.73 1.02 0.78 3.54 -0.48 0.19 -0.03 -0.32 3.38 1.99
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 8.05 3.70 -0.68 11.28 0.28 -3.41 4.01 0.75 12.12 3.03 2.85 2.39 8.50 -0.05 -0.93 0.24 -0.75 7.69 20.74
NAV 3.61 2.64 0.65 7.04 0.44 -3.63 3.89 0.56 7.64 2.46 1.53 1.30 5.38 0.53 0.01 2.79 3.34 8.89 17.22
Difference -4.43 -1.06 1.33 -4.24 0.16 -0.22 -0.12 -0.19 -4.48 -0.57 -1.32 -1.09 -3.12 0.58 0.94 2.55 4.08 1.20 -3.53

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-1.86%
1Yr Disc
1.68%
3Yr Disc
-1.10%
5Yr Disc
-0.84%
Rel Disc Range (3yr)
62.35%
Mkt Yield
9.46%
Lev Adj NAV Yield
7.56%
After Tax Yield*
7.86%
Est Tax Friction*
1.60%
3Yr NAV Volatiliy
18.66
1 Yr RoC
35.24%
3 Yr Dest RoC
26.91%
Leverage
26.87%
Non Lev Exp Ratio
1.71%
Beta (2yr)
0.67
Equity Exposure
43.65%
Bond Exposure
54.77%
# Holdings
75
Cash Weighted Duration
1.79
Comp NAV TR
1.28%
Comp Discount
3.92%
Net Assets (M)
1,048
Liquidity - 90d (K)
4,752
* 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 1.18 -11.55 9.58 0.00 22.27 389 984
NIE Virtus AG Eq & Convt Incm Fd Virtus 1.13 -12.33 8.79 0.00 0.00 719 1,984
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.12 -4.44 8.53 0.00 30.10 2,382 3,928
DDF DI Div & Incm Fd Delaware 1.20 -2.45 8.22 0.00 27.62 75 161
ZTR Virtus Tot Rtn Fd Virtus 1.29 4.92 10.47 64.06 27.00 420 957
FOF C&S CE Opp Fd Cohen&Steers 1.19 -4.31 9.21 9.34 0.00 324 1,073
BCAT BR Cap Alloc Tr BlackRock 1.29 -14.18 7.94 46.78 17.99 2,043 5,858
GLV Clough Glbl Div & Incm Fd Clough 1.31 1.03 12.26 78.90 39.62 102 686
CGO Calamos Glbl Tot Rtn Fd Calamos 1.14 5.64 10.01 8.33 34.64 108 283
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.31 -15.51 7.40 15.91 8.10 233 445
CHW Calamos Glbl Dyn Incm Fd Calamos 1.14 0.82 11.40 7.39 34.39 446 1,198
RIV RiverNorth Opp Fd RiverNorth 2.31 1.67 14.58 30.40 16.61 243 1,684
SCD LMP Cap & Incm Fd Franklin Templeton 1.28 -12.06 7.63 53.31 17.60 274 596
GLO Clough Glbl Opp Fd Clough 1.13 -0.89 14.51 0.00 43.36 323 1,490
BIT BR Mlt-Sctr Incm Tr BlackRock 1.14 -6.15 10.02 28.59 36.31 594 1,751
MGF MFS Govt Mkt Incm Tr MFS 1.21 -5.99 7.83 77.39 0.00 125 327
DBL DbLin Opportunistic Cr Fd Doubleline 1.20 -3.98 8.28 1.38 9.39 256 1,347
PDI PIMCO Dyn Incm Fd PIMCO 1.15 2.30 12.13 0.41 46.14 4,789 20,604
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.13 19.49 12.87 59.56 31.34 1,463 8,653
BTZ BR Cr Alloc Incm Tr BlackRock 1.15 -9.32 8.84 14.75 29.48 1,174 3,621
PFN PIMCO Incm Stgy Fd II PIMCO 1.17 -0.25 10.85 5.30 34.00 626 1,952
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.17 -9.31 7.68 0.00 27.58 973 2,430
HFRO Highland Incm Fd Highland Capital 1.23 -25.31 7.94 44.48 14.09 1,058 2,724
RA Brkf Real Ast Incm Fd Brookfield 1.22 9.10 12.07 51.49 28.27 945 4,951
PFL PIMCO Incm Stgy Fd PIMCO 1.16 1.99 10.57 9.97 34.75 321 1,003
BHK BR Core Bnd Tr BlackRock 1.14 -7.82 7.67 0.00 38.20 684 2,352
PHK PIMCO Hi Incm Fd PIMCO 1.25 10.57 10.19 4.02 34.78 690 2,483
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 1.18 -11.63 8.83 39.57 29.50 339 549
FT Frk Univ Tr Franklin Templeton 1.19 -9.25 6.67 0.00 22.72 212 367
CRF Cornerstone Tot Rtn Fd Cornerstone 0.96 42.98 20.05 62.46 0.00 465 11,442
CLM Cornerstone Stgc Val Fd Cornerstone 1.00 46.15 19.69 60.59 0.00 916 22,967
HGLB Highland Glbl Alloc Fd Highland Capital 1.34 -20.46 9.33 21.55 11.96 289 1,068
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.26 -1.73 9.07 88.06 12.00 623 3,111
UTG Reaves Util Incm Fd W.H. Reaves 1.23 0.60 6.78 0.00 16.17 2,224 6,974
DNP DNP Sel Incm Fd Virtus 1.23 9.52 6.85 17.22 24.73 3,572 7,350
GUT Gabelli Util Tr Gabelli 1.27 66.12 8.44 86.57 21.00 312 1,614
HQH Tekla Health Invstr Tekla 1.19 -2.73 8.99 14.12 0.00 914 2,520
DPG D&P Util & Infra Fd Virtus 1.27 5.28 9.12 78.39 28.59 554 1,486
BTO JH Fin Opp Fd John Hancock 1.22 10.84 6.66 7.58 14.64 670 1,998
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 1.07 -14.53 23.38 100.00 0.00 32 107
BMEZ BR Health Sci Tr II BlackRock 1.03 -15.03 10.65 0.00 N/A 2,164 6,394
THQ Tekla Health Opp Fd Tekla 1.17 -7.82 6.54 25.08 18.57 925 1,842
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 1.34 9.70 11.56 0.00 38.41 221 1,376
PPT Putnam Prmr Incm Tr Putnam 1.41 -9.11 8.23 39.97 0.00 426 937
PDT JH Prm Div Fd John Hancock 2.80 4.28 7.62 10.19 33.52 719 1,002
NBB Nuv Taxable Muni Incm Fd Nuveen 1.39 1.08 6.97 0.00 40.98 529 1,685
BBN BR Taxable Muni BndTr BlackRock 1.35 2.08 7.33 3.50 36.46 1,179 5,321
RCS PIMCO Stgc Incm Fd PIMCO 1.37 4.07 11.40 5.89 49.32 231 936
BKT BR Incm Tr BlackRock 1.34 -7.19 8.88 25.83 30.16 320 1,633
MIN MFS Imd Incm Tr MFS 1.42 -6.77 9.24 67.95 0.00 377 1,256
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.40 -14.63 7.71 0.00 24.04 361 1,453
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.33 -14.89 10.89 44.36 32.96 882 2,997
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 1.36 -10.42 9.80 33.74 32.90 665 3,887
GIM Tmp Glbl Incm Fd Franklin Templeton 1.36 -8.53 9.21 58.88 0.00 518 964
ARCC Ares Capital Corp Ares 1.17 2.00 8.66 0.00 51.81 9,378 76,072
FSK FS KKR Capital Corp FS/KKR 1.21 -21.62 12.70 0.00 52.15 7,762 30,966
HTGC Hercules Capital Hercules 1.02 31.15 9.30 0.00 49.19 1,340 20,137
PSEC Prospect Capital Corp Prospect Capital 1.17 -29.60 9.46 2.64 42.07 4,239 12,962
MAIN Main Street Cap Corp Main Street Capital 1.12 45.08 6.87 0.00 47.99 1,889 13,412
GBDC Golub Capital BDC Golub Capital 1.16 -8.53 8.55 0.00 53.00 2,623 13,821
GSBD Goldman Sachs BDC Goldman Sachs 1.18 13.86 10.01 0.00 52.64 1,611 9,236
OCSL Oaktree Splty Lending Oaktree Capital 1.18 -4.82 9.55 0.00 49.47 1,331 7,382
TSLX Sixth St Splty Lending Sixth St Splty Lending 1.13 22.22 7.95 0.00 45.01 1,288 6,090
AINV Apollo Inv Corp Apollo 1.21 -21.91 10.06 0.00 59.82 1,003 4,336
KYN KA Nrg Infra Fd Kayne Anderson 1.30 -14.51 8.59 94.48 25.13 1,482 7,832
TYG Tortoise Nrg Infra Corp Tortoise 1.19 -19.33 8.66 63.53 21.70 485 2,048
CEM CB MLP & Midstream Fd Franklin Templeton 1.31 -17.02 6.84 39.67 29.07 571 2,262
FEN FT Nrg Incm & Gwth Fd First Trust 1.29 0.18 7.36 47.65 20.42 317 1,027
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 3.17 -11.20 8.11 21.84 29.68 441 1,088
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 2.93 -4.74 9.20 10.00 21.00 958 2,755
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.82 -4.78 8.92 63.61 18.01 483 2,800
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 1.38 -5.79 7.77 5.58 31.30 642 1,513
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.50 5.28 7.42 0.00 35.80 195 648
JPS Nuv Pref & Incm Sec Fd Nuveen 1.40 -7.03 7.43 0.00 37.27 1,697 5,032
FPF FT Imd Dur Pref & Incm Fd First Trust 1.36 -6.25 7.85 2.24 31.93 1,266 2,885

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 %