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 | 1,273.71 | 0.10 | 0.98 | 5.20 | 19.03 | 23.24 | -5.23 | 2.62 | 10.59 | 3.52 | 3.52 | 3.52 | |||||||
NAV | 1,308.02 | -0.05 | 0.18 | 3.36 | 12.26 | 16.91 | 2.33 | 4.38 | 9.69 | 2.21 | 2.21 | 2.21 | |||||||
Difference | -0.15 | -0.80 | -1.84 | -6.77 | -6.33 | 7.57 | 1.76 | -0.90 | -1.32 | -1.32 | -1.32 | ||||||||
* 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 | -21.91 | 2.71 | 4.11 | -3.64 | 3.03 | -1.22 | 13.70 | 4.03 | 16.84 | 16.84 | -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 | 11.77 | 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 | -5.07 | 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 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -3.07% |
1Yr Disc -6.11% |
3Yr Disc -2.08% |
5Yr Disc -1.77% |
Rel Disc Range (3yr) 66.61% |
Mkt Yield 9.10% |
Lev Adj NAV Yield 7.11% |
After Tax Yield* 7.60% |
Est Tax Friction* 1.50% |
3Yr NAV Volatiliy 20.33 |
1 Yr RoC 43.84% |
3 Yr Dest RoC 26.71% |
Leverage 26.42% |
Non Lev Exp Ratio 2.35% |
Beta (2yr) 0.99 |
Equity Exposure 40.21% |
Bond Exposure 57.27% |
# Holdings 78 |
Cash Weighted Duration 1.25 |
|
Comp NAV TR -0.91% |
Comp Discount 2.92% |
Net Assets (M) 754 |
Liquidity - 90d (K) 3,431 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
78 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
CSQ | Calamos Stgc Tot Rtn Fd | Calamos | 1.40 | -1.54 | 7.68 | 10.75 | 28.00 | 2,522 | 4,486 |
DDF | DI Div & Incm Fd | Delaware | 1.42 | -4.60 | 7.35 | 47.59 | 27.76 | 77 | 298 |
ZTR | Virtus Tot Rtn Fd | Virtus | 1.38 | -6.03 | 11.00 | 78.94 | 27.73 | 441 | 1,508 |
FOF | C&S CE Opp Fd | Cohen & Steers | 1.43 | -0.23 | 8.04 | 65.67 | 0.00 | 354 | 1,577 |
GLV | Clough Glbl Div & Incm Fd | Clough | 1.43 | -10.99 | 10.77 | 82.06 | 39.34 | 102 | 594 |
CGO | Calamos Glbl Tot Rtn Fd | Calamos | 1.47 | 0.97 | 7.69 | 9.44 | 28.00 | 138 | 627 |
TEAF | Tortoise Ess Ast Incm Trm Fd | Tortoise | 1.41 | -20.84 | 6.69 | 23.55 | 11.90 | 229 | 1,107 |
CHW | Calamos Glbl Dyn Incm Fd | Calamos | 1.43 | -2.57 | 8.51 | 8.18 | 29.93 | 602 | 2,027 |
RIV | RiverNorth Opp Fd | RiverNorth | 1.42 | -0.12 | 12.22 | 82.28 | 13.52 | 167 | 1,182 |
SCD | LMP Cap & Incm Fd | Legg Mason | 1.40 | -14.94 | 8.78 | 61.61 | 20.60 | 250 | 715 |
GLO | Clough Glbl Opp Fd | Clough | 2.69 | -13.76 | 10.73 | 61.17 | 35.24 | 454 | 2,079 |
PKO | PIMCO Incm Opp Fd | PIMCO | 0.83 | 5.04 | 9.19 | 0.00 | 40.36 | 480 | 1,857 |
BIT | BR Mlt-Sctr Incm Tr | BlackRock | 0.84 | -5.22 | 8.52 | 32.02 | 34.70 | 690 | 1,919 |
BTZ | BR Cr Alloc Incm Tr | BlackRock | 0.86 | -4.60 | 6.74 | 16.34 | 29.46 | 1,463 | 3,404 |
DBL | DbLin Opportunistic Cr Fd | Doubleline | 0.85 | 1.07 | 6.65 | 0.00 | 18.74 | 293 | 963 |
PDI | PIMCO Dyn Incm Fd | PIMCO | 0.84 | 5.56 | 10.09 | 0.00 | 38.67 | 1,677 | 9,090 |
VGI | Virtus Glbl Mlt-Sctr Incm Fd | Virtus | 0.82 | -6.12 | 10.16 | 58.21 | 27.63 | 142 | 567 |
GGM | Gghm Cr Alloc Fd | Guggenheim Funds | 0.86 | 7.12 | 10.79 | 30.23 | 29.46 | 182 | 996 |
GOF | Gghm Stgc Opp Fd | Guggenheim Funds | 0.87 | 17.46 | 10.90 | 61.65 | 27.62 | 808 | 4,723 |
MGF | MFS Govt Mkt Incm Tr | MFS | 0.83 | -3.21 | 7.58 | 70.25 | 0.00 | 152 | 577 |
PFN | PIMCO Incm Stgy Fd II | PIMCO | 0.85 | 5.40 | 9.65 | 2.02 | 32.57 | 696 | 2,562 |
AWF | AB Glbl Hi Incm Fd | AllianceBernstein | 0.83 | -10.11 | 6.75 | 0.00 | 43.27 | 1,118 | 2,605 |
DSL | DbLin Incm Solutions Fd | Doubleline | 0.84 | -7.05 | 7.95 | 6.64 | 27.42 | 1,819 | 9,465 |
RA | Brkf Real Ast Incm Fd | Brookfield | 0.87 | -6.98 | 12.89 | 55.17 | 25.74 | 874 | 3,785 |
PFL | PIMCO Incm Stgy Fd | PIMCO | 0.84 | 7.24 | 9.47 | 2.62 | 32.77 | 349 | 1,305 |
PCI | PIMCO Dyn Cr & Mortg Incm | PIMCO | 0.85 | 4.79 | 9.84 | 1.38 | 42.61 | 3,000 | 11,992 |
PHK | PIMCO Hi Incm Fd | PIMCO | 0.85 | 4.44 | 9.43 | 0.00 | 29.08 | 779 | 3,304 |
FINS | Angel Oak Fin Stgs Incm Trm Tr | Angel Oak | 0.86 | -7.15 | 7.54 | 34.43 | 29.22 | 283 | 1,152 |
PGP | PIMCO Glbl Stk+ & Incm Fd | PIMCO | 0.86 | 4.29 | 8.12 | 0.00 | 28.66 | 108 | 534 |
CRF | Cornerstone Tot Rtn Fd | Cornerstone | 1.15 | 26.17 | 15.24 | 75.37 | 0.00 | 393 | 4,840 |
CLM | Cornerstone Stgc Val Fd | Cornerstone | 1.15 | 24.60 | 15.43 | 73.46 | 0.00 | 770 | 8,895 |
HQH | Tekla Health Invstr | Tekla | 1.11 | -10.34 | 7.85 | 6.49 | 0.00 | 1,175 | 3,523 |
GGN | GAMCO Glbl Gd NtrRes Incm | Gabelli | 1.10 | -12.62 | 10.20 | 49.35 | 12.00 | 666 | 3,190 |
IAE | Voya AP Hi Div Eq Incm Fd | Voya | 1.20 | -8.43 | 9.21 | 78.50 | 0.00 | 121 | 411 |
BTO | JH Fin Opp Fd | John Hancock | 1.18 | 5.74 | 6.67 | 28.26 | 18.96 | 583 | 2,606 |
ETJ | EV Risk-Mgd Divr Eq Incm Fd | Eaton Vance | 1.09 | 2.45 | 8.73 | 64.71 | 0.00 | 651 | 2,493 |
ETV | EV Tx-Mgd By-Wrt Opp Fd | Eaton Vance | 1.07 | 3.56 | 8.79 | 94.85 | 0.00 | 1,326 | 3,764 |
HGLB | Highland Glbl Alloc Fd | Highland Capital | 1.13 | -34.77 | 12.47 | 11.53 | 25.82 | 228 | 1,211 |
BGY | BR Enh Intl DivTr | BlackRock | 1.11 | -8.09 | 6.74 | 70.49 | 0.00 | 683 | 1,542 |
THW | Tekla Wld Health Fd | Tekla | 1.16 | 11.11 | 8.24 | 100.00 | 21.96 | 461 | 2,254 |
ETY | EV Tx-Mgd Divr Eq Incm Fd | Eaton Vance | 1.10 | -3.94 | 8.13 | 92.06 | 0.00 | 1,965 | 4,876 |
HFRO | Highland Incm Fd | Highland Capital | 1.28 | -22.35 | 9.01 | 13.26 | 32.90 | 943 | 4,490 |
IHIT | Invsc Hi Incm 2023 Tgt Trm Fd | Invesco | 1.35 | -0.78 | 6.73 | 0.00 | 29.00 | 216 | 893 |
BKT | BR Incm Tr | BlackRock | 1.29 | -1.61 | 6.77 | 15.50 | 28.52 | 396 | 1,710 |
MIN | MFS Imd Incm Tr | MFS | 1.26 | -3.84 | 8.92 | 57.38 | 0.00 | 453 | 1,290 |
TEI | Tmp Emrg Mkt Incm Fd | Franklin | 1.27 | -11.71 | 7.27 | 0.00 | 0.00 | 418 | 1,177 |
PDT | JH Prm Div Fd | John Hancock | 2.45 | 1.97 | 8.38 | 13.69 | 36.20 | 665 | 1,892 |
EDD | MS Emrg Mkt Dom Dbt | Morgan Stanley | 1.28 | -14.19 | 6.81 | 0.00 | 21.32 | 475 | 1,515 |
DHY | CS Hi Yld Bnd Fd | Credit Suisse | 1.29 | -9.84 | 8.65 | 0.77 | 28.03 | 263 | 4,987 |
VTA | Invsc Dyn Cr Opp Fd | Invesco | 1.31 | -8.35 | 8.20 | 11.11 | 30.00 | 754 | 2,923 |
KIO | KKR Incm Opp Fd | KKR Credit | 1.30 | -10.01 | 8.59 | 1.30 | 36.72 | 331 | 1,529 |
HPF | JH Pref Incm Fd II | John Hancock | 1.25 | -5.01 | 7.97 | 7.53 | 32.56 | 418 | 1,795 |
ARCC | Ares Capital Corp | Ares | 1.04 | 6.19 | 9.14 | 0.00 | 50.50 | 6,965 | 35,064 |
MAIN | Main Street Cap Corp | Main Street Capital | 1.04 | 53.49 | 7.45 | 0.00 | 44.68 | 1,426 | 14,344 |
HTGC | Hercules Capital | Hercules | 1.07 | 48.93 | 8.38 | 0.00 | 51.61 | 1,176 | 10,864 |
FSK | FS KKR Capital Corp | FS/KKR | 1.09 | -29.11 | 13.84 | 0.00 | 55.85 | 3,027 | 10,342 |
PSEC | Prospect Capital Corp | Prospect Capital | 1.17 | -26.07 | 11.59 | 0.00 | 39.74 | 3,197 | 12,934 |
GBDC | Golub Capital BDC | Golub Capital | 1.05 | 3.07 | 7.85 | 0.00 | 45.53 | 2,397 | 9,070 |
TSLX | Sixth St Splty Lending | Sixth St Splty Lending | 1.04 | 24.13 | 7.83 | 0.00 | 43.50 | 1,141 | 5,793 |
NMFC | New Mountain Fin Corp | New Mountain Capital | 1.04 | -4.41 | 10.26 | 0.00 | 59.57 | 1,185 | 5,371 |
AINV | Apollo Inv Corp | Apollo | 1.21 | -20.27 | 10.07 | 0.00 | 60.48 | 1,008 | 6,445 |
GSBD | Goldman Sachs BDC | Goldman Sachs | 0.98 | 17.11 | 9.92 | 0.00 | 58.09 | 1,573 | 5,257 |
KYN | KA Nrg Infra Fd | Kayne Anderson | 1.14 | -16.56 | 9.23 | 100.00 | 31.95 | 985 | 7,812 |
CEM | CB MLP & Midstream Fd | Legg Mason | 1.14 | -18.67 | 10.03 | 100.00 | 31.75 | 325 | 2,705 |
FEI | FT MLP & Nrg Incm Fd | First Trust | 1.09 | -13.81 | 9.62 | 83.84 | 18.23 | 330 | 2,219 |
NTG | Tortoise Midstream Nrg Fd | Tortoise | 1.16 | -25.30 | 5.24 | 89.56 | 28.50 | 186 | 1,465 |
GER | GS MLP & Nrg Renaissance Fd | Goldman Sachs | 1.12 | -22.13 | 7.31 | 100.00 | 0.00 | 188 | 1,370 |
MIE | C&S MLP Incm & Nrg Opp Fd | Cohen & Steers | 1.04 | -20.33 | 7.53 | 100.00 | 24.30 | 81 | 608 |
PGZ | Principal Rel-Est Incm Fd | ALPS | 2.69 | -19.53 | 7.84 | 4.28 | 28.70 | 105 | 503 |
JRI | Nuv Rel-Ast Incm & Gwth Fd | Nuveen | 2.69 | -15.28 | 8.60 | 42.88 | 27.64 | 437 | 1,416 |
NRO | NB Rel-Est Sec Incm Fd | Neuberger Berman | 2.57 | -5.16 | 8.85 | 59.00 | 19.57 | 211 | 1,153 |
JPS | Nuv Pref & Incm Sec Fd | Nuveen | 1.16 | -3.91 | 6.48 | 0.00 | 36.06 | 1,983 | 4,102 |
LDP | C&S Ltd Dur Pref & Incm Fd | Cohen & Steers | 1.17 | -0.58 | 6.65 | 17.06 | 30.80 | 751 | 1,348 |
FFC | F&C Pref Sec Incm Fd | Flaherty & Crumrine | 1.16 | 7.95 | 6.86 | 0.00 | 32.50 | 933 | 2,293 |
FPF | FT Imd Dur Pref & Incm Fd | First Trust | 1.19 | -3.44 | 6.48 | 1.54 | 30.44 | 1,485 | 3,037 |
BANX | StoneCastle Fin Corp | StoneCastle | 2.84 | -7.65 | 7.63 | 0.00 | 6.67 | 142 | 279 |
OCCI | OFS Credit Company | OFS Capital | 2.90 | -0.15 | 15.44 | 0.00 | 32.63 | 44 | 605 |
OXLC | Oxford Lane Cap Corp | Oxford Lane | 3.24 | 33.20 | 12.39 | 23.53 | 36.53 | 431 | 7,181 |