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07. Taxable Bond & BDC Index

Data as of

About the Index

Funds need to have 90-day average trading dollar ($) liquidity over $500K and then ranked the top 50% of the constituent funds by their respective 90-day average trade liquidity (with a minimum of 2 funds per group; if needed, a lower average trading’s liquidity may be used) for the 13 groupings of CEFs according to CEFData.com: (1) Build America Bond (taxable municipals or BABs), (2) Convertible Bonds, (3) Emerging Market Income, (4) Global Income, (5) High Yield, (6) Investment Grade, (7) Limited Duration, (8) Senior Loan, (9) Mortgage, (10) Multi-Sector, (11) Preferred, (12) US Government Bonds, (13) Debt-Focused Business Development Companies (BDCs). We will combine levered and non-levered groupings to create one larger grouping. Each sector is then equal weighted into the index. 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 1,276.61 0.10 0.35 1.30 2.72 6.14 19.86 8.88 7.72 0.83 2.59 21.32
NAV 1,226.45 0.07 0.42 1.22 1.60 4.00 11.76 7.25 5.90 0.70 1.59 12.66
Difference -0.03 0.06 -0.07 -1.12 -2.14 -8.11 -1.63 -1.82 -0.12 -1.00 -8.67
* 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 8.77 2.17 0.80 12.02 1.75 -0.72 3.21 4.25 16.28 1.93 -0.77 1.29 2.45 0.96 0.78 - - - 20.50
NAV 4.22 1.21 0.93 6.46 1.28 -0.10 2.30 3.51 9.97 1.00 -0.28 0.38 1.10 0.59 0.29 - - - 11.95
Difference -4.55 -0.96 0.13 -5.57 -0.46 0.63 -0.91 -0.74 -6.31 -0.93 0.49 -0.91 -1.36 -0.37 -0.49 - - - -8.54
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price -0.16 -1.29 0.62 -0.84 0.80 0.31 -0.15 0.96 0.11 1.98 0.88 -0.82 2.03 -5.03 -0.47 -2.97 -8.28 -6.25 -6.14
NAV 0.93 -0.88 0.15 0.19 0.04 -0.23 -0.10 -0.28 -0.09 1.34 -0.08 0.52 1.78 -1.64 -0.61 -1.48 -3.69 -1.91 -2.00
Difference 1.09 0.41 -0.46 1.04 -0.76 -0.54 0.05 -1.24 -0.20 -0.65 -0.96 1.34 -0.25 3.38 -0.13 1.48 4.59 4.34 4.14
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.86 2.17 -0.32 4.75 2.20 0.62 0.83 3.68 8.43 2.09 -0.63 0.97 2.44 -0.45 -1.08 1.33 -0.21 2.22 10.66
NAV 1.42 1.61 0.25 3.32 1.28 0.96 0.57 2.84 6.16 1.39 0.67 0.54 2.61 0.65 0.24 0.59 1.49 4.10 10.26
Difference -1.43 -0.55 0.57 -1.43 -0.92 0.34 -0.25 -0.85 -2.28 -0.70 1.29 -0.43 0.18 1.09 1.32 -0.74 1.70 1.88 -0.40
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -1.47 0.44 6.33 5.23 2.79 0.55 2.43 5.86 11.08 4.38 1.82 -0.67 5.58 -1.82 -1.42 2.74 -0.57 5.00 16.09
NAV -0.98 -0.69 3.41 1.69 2.45 0.54 1.27 4.31 6.00 2.61 1.17 0.85 4.70 0.16 -1.74 1.33 -0.27 4.44 10.44
Difference 0.50 -1.13 -2.92 -3.53 -0.34 -0.01 -1.16 -1.55 -5.08 -1.77 -0.65 1.52 -0.88 1.99 -0.31 -1.41 0.31 -0.57 -5.65
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 1.59 1.51 -0.71 2.39 1.77 -1.19 -3.77 -3.23 -0.84 -1.43 -2.33 -2.65 -6.29 4.69 -0.98 -0.73 2.90 -3.39 -4.23
NAV 1.08 1.14 -0.25 1.98 1.20 0.07 -1.28 -0.02 1.96 -0.15 -1.63 -1.73 -3.48 1.77 -0.48 -2.07 -0.82 -4.31 -2.35
Difference -0.51 -0.37 0.46 -0.41 -0.57 1.26 2.50 3.21 2.80 1.28 0.70 0.92 2.80 -2.92 0.50 -1.34 -3.72 -0.92 1.89

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-0.54%
1Yr Disc
-3.32%
3Yr Disc
-3.72%
5Yr Disc
-5.27%
Rel Disc Range (3yr)
70.92%
Mkt Yield
7.92%
Lev Adj NAV Yield
6.26%
After Tax Yield*
6.27%
Est Tax Friction*
1.65%
3Yr NAV Volatiliy
4.90
1 Yr RoC
13.39%
3 Yr Dest RoC
4.90%
Leverage
30.06%
Non Lev Exp Ratio
1.50%
Beta (2yr)
0.21
Equity Exposure
2.23%
Bond Exposure
95.17%
# Holdings
82
Cash Weighted Duration
3.88
Comp NAV TR
0.62%
Comp Discount
1.41%
Net Assets (M)
832
Liquidity - 90d (K)
2,455
* 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


82 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BBN BR Taxable Muni BndTr BlackRock 3.74 -0.53 5.51 0.94 37.78 1,399 4,157
NBB Nuv Taxable Muni Incm Fd Nuveen 3.75 -1.51 5.15 0.00 36.54 599 1,502
CHI Calamos Convt Opp & Incm Calamos 2.02 0.83 8.78 40.09 33.35 769 1,633
CHY Calamos Convt & Hi Incm Fd Calamos 1.99 -0.09 8.94 40.05 33.59 836 1,692
AVK Advent Convt & Incm Fd Guggenheim Funds 2.01 -8.33 9.20 66.59 40.41 576 1,643
NCV AG Convt & Incm Fd Allianz 1.95 0.00 11.11 36.06 41.01 511 1,421
EMD WA Emrg Mkt Dbt Fd Legg Mason 2.57 -9.70 8.54 19.66 29.60 945 1,915
EDF SH Emrg Mkt Incm Fd Stone Harbor 2.66 50.06 16.23 55.95 6.26 145 1,230
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 2.67 -8.24 7.41 0.00 24.09 506 1,056
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.57 -11.34 7.67 49.72 32.47 1,207 2,211
GIM Tmp Glbl Incm Fd Franklin 1.48 -11.18 8.34 2.44 0.00 900 2,269
PPT Putnam Prmr Incm Tr Putnam 1.58 -0.37 7.75 10.21 6.65 562 1,241
JGH Nuv Glbl Hi Incm Fd Nuveen 1.59 -10.21 7.65 0.46 30.08 413 1,049
MMT MFS MltMkt Incm Tr MFS 1.57 -4.54 8.32 42.65 20.00 414 893
HYT BR Corp Hi Yld Fd BlackRock 0.72 -5.79 8.32 0.24 28.63 1,453 5,363
ISD PGIM Hi Yld Bnd Fd Prudential 0.70 -10.11 8.38 0.00 24.60 556 2,148
GHY PGIM Glbl Hi Yld Fd Prudential 0.71 -10.61 8.59 0.00 27.23 671 1,573
KIO KKR Incm Opp Fd KKR Credit 0.69 -2.54 9.77 0.00 31.56 320 1,209
HIX WA Hi Incm Fd II Legg Mason 0.68 -8.98 8.70 6.77 29.60 626 1,548
DSU BR Dbt Stgs Fd BlackRock 0.71 -9.76 7.69 4.05 30.35 607 2,040
EAD WF Incm Opp Fd Wells Fargo 0.71 -6.13 8.41 5.13 29.40 553 1,504
FSD FT Hi Incm Lng/Srt Fd First Trust 0.71 -8.85 8.49 26.51 22.51 586 1,804
HIO WA Hi Incm Opp Fd Legg Mason 0.68 -9.76 7.70 0.00 0.00 708 1,347
HYI WA Hi Yld Dfin Opp Fd Legg Mason 0.70 -6.56 7.40 0.00 0.00 371 1,111
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.67 -6.95 10.09 0.00 29.79 361 1,135
PTY PIMCO Corp & Incm Opp Fd PIMCO 2.59 29.28 8.47 1.97 36.66 1,254 3,911
PCN PIMCO Corp & Incm Stgy Fd PIMCO 2.60 29.62 7.16 0.00 25.75 578 1,879
DUC D&P Util & Corp Bnd Tr Duff & Phelps 2.49 -3.58 4.59 38.83 28.67 261 397
EVV EV Ltd Dur Incm Fd Eaton Vance 3.95 -9.27 9.22 4.48 35.15 1,666 3,582
BLW BR Ltd Dur Incm Tr BlackRock 3.92 -5.32 7.28 0.00 25.23 612 1,741
JQC Nuv Cr Stgs Incm Fd Nuveen 0.66 -7.79 16.65 52.66 37.78 1,097 4,745
VTA Invsc Dyn Cr Opp Fd Invesco 0.63 -11.13 8.23 13.54 32.00 775 2,797
BGB B/GSO Stgc Cr Fd GSO / Blackstone 0.61 -7.61 8.95 0.00 37.24 681 2,563
HFRO Highland Incm Fd Highland Capital 0.57 -10.87 7.67 25.35 29.03 972 5,327
VVR Invsc Sr Incm Tr Invesco 0.63 -10.99 6.97 3.73 29.00 710 2,095
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.66 -9.51 7.15 0.00 28.28 525 2,173
JFR Nuv Flt Rt Incm Fd Nuveen 0.64 -9.71 7.56 0.00 38.31 615 2,455
PPR Voya Prime Rt Tr Voya 0.66 -8.89 5.66 0.00 27.12 798 2,495
EFR EV Sr Flt-Rt Tr Eaton Vance 0.64 -10.46 7.65 0.00 35.90 542 1,607
EFT EV Flt-Rt Incm Tr Eaton Vance 0.65 -9.76 7.42 0.00 35.50 600 1,773
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.65 -10.45 7.56 0.00 37.84 435 1,795
ARDC Ares Dyn Cr Alloc Fd Ares 0.63 -11.24 8.73 0.00 31.05 381 1,242
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 2.38 -6.46 13.56 49.47 27.20 191 1,235
BKT BR Incm Tr BlackRock 2.52 -4.72 6.82 33.05 30.46 405 1,078
JLS Nuv Mortg Opp Trm Fd Nuveen 2.44 -3.16 6.17 15.43 0.00 125 742
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.80 11.39 8.18 0.00 43.67 3,162 9,617
DSL DbLin Incm Solutions Fd Doubleline 0.74 -0.26 9.40 2.36 30.83 1,949 4,759
PDI PIMCO Dyn Incm Fd PIMCO 0.78 23.06 7.95 0.00 42.75 1,539 5,383
BTZ BR Cr Alloc Incm Tr BlackRock 0.77 -8.26 7.31 5.54 26.77 1,559 4,446
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.77 12.35 11.43 45.30 0.08 673 2,979
PHK PIMCO Hi Incm Fd PIMCO 0.76 24.26 9.71 12.06 27.51 801 3,174
RA Brkf Real Ast Incm Fd Brookfield 0.74 -5.19 10.89 43.93 22.00 843 3,150
PFN PIMCO Incm Stgy Fd II PIMCO 0.77 9.20 9.19 0.00 26.21 636 2,006
BHK BR Core Bnd Tr BlackRock 0.76 -5.14 5.56 7.92 24.49 829 2,063
BIT BR Mlt-Sctr Incm Tr BlackRock 0.75 -4.42 8.80 17.37 35.62 663 1,949
JPS Nuv Pref & Incm Sec Fd Nuveen 1.11 -1.58 6.75 0.16 38.42 2,060 3,700
FPF FT Imd Dur Pref & Incm Fd First Trust 1.08 -2.99 6.72 1.92 30.95 1,482 3,129
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.11 5.10 6.27 0.00 33.20 905 2,430
JPC Nuv Pref & Incm Opp Fd Nuveen 1.11 -0.97 7.15 0.28 35.96 1,068 2,307
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.13 -0.11 7.10 11.35 29.80 762 1,607
HPI JH Pref Incm Fd John Hancock 0.99 3.13 6.72 20.19 34.13 558 1,443
HPS JH Pref Incm Fd III John Hancock 1.02 0.91 6.98 21.97 34.06 592 1,378
WIA WA Inf-Lnk Incm Fd Legg Mason 3.90 -10.24 3.45 3.89 31.20 390 770
WIW WA Inf-Lnk Opp & Incm Fd Legg Mason 3.84 -12.78 3.84 0.00 30.70 790 1,229
ARCC Ares Capital Corp Ares 0.42 10.20 8.41 0.00 45.64 7,373 30,722
FSK FS KKR Capital Corp FS/KKR 0.46 -19.59 12.03 0.00 45.30 4,001 13,008
MAIN Main Street Cap Corp Main Street Capital 0.42 79.13 5.67 0.00 39.77 1,535 10,489
PSEC Prospect Capital Corp Prospect Capital 0.42 -26.04 10.98 0.00 39.90 3,259 8,781
NMFC New Mountain Fin Corp New Mountain Capital 0.42 1.12 10.07 3.24 58.35 1,292 9,144
HTGC Hercules Capital Hercules 0.45 36.99 9.00 0.00 51.53 1,086 7,004
AINV Apollo Inv Corp Apollo 0.46 -7.28 10.39 0.00 54.94 1,244 6,968
CGBD TCG BDC Carlyle 0.40 -18.46 10.95 0.00 54.03 978 4,144
TSLX TPG Specialty Lending TSL Advisers 0.44 28.35 7.27 0.00 43.52 1,112 4,547
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.36 5.79 10.11 0.00 41.30 335 3,438
TCPC BR TCP Capital Corp BlackRock 0.44 6.03 9.99 0.00 55.12 799 3,284
GBDC Golub Capital BDC Golub Capital 0.40 7.46 7.33 0.00 48.46 2,223 9,064
BCSF Bain Cap Splty Fin BCSF Advisors 0.45 0.05 8.32 0.00 60.77 1,018 3,986
NEWT Newtek Biz Serv Corp Newtek 0.43 52.63 12.07 0.00 53.68 300 3,233
PNNT PennantPark Inv Corp PennantPark 0.45 -24.31 10.96 0.00 53.18 582 1,957
GSBD Goldman Sachs BDC Goldman Sachs 0.47 30.51 8.12 0.00 50.03 685 2,602
SAR Saratoga Inv Corp Saratoga 0.43 4.21 8.78 0.00 53.86 238 2,207
BKCC BR Cap Inv Corp BlackRock 0.44 -20.96 10.92 4.75 37.18 447 1,831

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 %