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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 1,177.05 1.10 4.66 11.09 -7.41 -7.47 -0.67 2.72 5.18 3.50 18.99 -4.59
NAV 1,153.05 0.72 1.95 5.76 -7.95 -5.59 -1.77 2.76 3.95 1.79 10.93 -5.38
Difference -0.38 -2.71 -5.33 -0.55 1.88 -1.10 0.04 -1.22 -1.71 -8.06 -0.80
* 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 1.75 -6.93 -19.29 -23.58 8.18 6.27 - - - - - - - - - - - - -8.09
NAV 1.23 -1.20 -16.32 -16.31 5.10 3.68 - - - - - - - - - - - - -7.18
Difference -0.52 5.73 2.97 7.26 -3.08 -2.58 - - - - - - - - - - - - 0.91
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 2.23 4.02 6.47 22.75
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 1.98 2.88 3.98 13.95
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 -0.24 -1.13 -2.49 -8.80
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
-3.98%
1Yr Disc
-3.70%
3Yr Disc
-3.78%
5Yr Disc
-4.82%
Rel Disc Range (3yr)
74.04%
Mkt Yield
8.45%
Lev Adj NAV Yield
6.14%
After Tax Yield*
6.66%
Est Tax Friction*
1.79%
3Yr NAV Volatiliy
10.09
1 Yr RoC
12.96%
3 Yr Dest RoC
9.57%
Leverage
32.00%
Non Lev Exp Ratio
1.48%
Beta (2yr)
0.52
Equity Exposure
2.67%
Bond Exposure
93.64%
# Holdings
92
Cash Weighted Duration
3.96
Comp NAV TR
1.11%
Comp Discount
1.11%
Net Assets (M)
749
Liquidity - 90d (K)
5,151
* 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


92 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BBN BR Taxable Muni BndTr BlackRock 3.63 3.64 5.54 0.08 34.04 1,335 8,941
NBB Nuv Taxable Muni Incm Fd Nuveen 3.63 1.78 5.24 0.00 38.09 569 2,935
CHY Calamos Convt & Hi Incm Fd Calamos 1.71 -4.26 8.89 9.51 37.68 878 4,533
CHI Calamos Convt Opp & Incm Calamos 1.71 -4.84 8.88 9.92 37.31 806 4,587
NCV AG Convt & Incm Fd Allianz 1.69 -2.28 10.83 39.82 49.58 436 3,098
AVK Advent Convt & Incm Fd Guggenheim Funds 1.67 -10.39 10.46 66.04 41.57 518 2,652
CCD Calamos Dyn Convt & Incm Fd Calamos 1.68 -4.67 9.44 19.23 36.99 545 2,700
EMD WA Emrg Mkt Dbt Fd Legg Mason 2.61 -12.28 9.65 9.83 32.10 861 5,354
TEI Tmp Emrg Mkt Incm Fd Franklin 2.27 -12.46 6.98 0.00 0.00 428 2,050
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 2.51 -16.12 8.09 53.70 24.82 467 2,042
GIM Tmp Glbl Incm Fd Franklin 1.31 -12.90 2.87 0.00 0.00 832 4,324
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.49 -15.08 8.62 54.45 28.24 1,117 4,583
RCS PIMCO Stgc Incm Fd PIMCO 1.47 12.69 9.19 2.21 40.84 259 2,548
MIN MFS Imd Incm Tr MFS 1.41 -3.98 8.77 71.25 0.00 470 1,713
PPT Putnam Prmr Incm Tr Putnam 1.47 4.77 8.32 10.90 10.33 499 2,402
HYT BR Corp Hi Yld Fd BlackRock 0.65 -5.61 8.95 7.54 28.86 1,348 11,521
HIO WA Hi Incm Opp Fd Legg Mason 0.62 -8.67 8.23 6.04 0.00 664 3,920
HIX WA Hi Incm Fd II Legg Mason 0.66 -10.31 9.80 7.51 29.07 570 3,143
GHY PGIM Glbl Hi Yld Fd Prudential 0.64 -12.73 9.72 0.00 26.89 608 3,292
ISD PGIM Hi Yld Bnd Fd Prudential 0.65 -10.69 9.14 1.68 29.17 513 3,616
EAD WF Incm Opp Fd Wells Fargo 0.64 -10.18 9.41 0.00 29.50 509 3,236
DHY CS Hi Yld Bnd Fd Credit Suisse 0.61 -10.18 9.75 11.17 27.87 234 4,886
DSU BR Dbt Stgs Fd BlackRock 0.64 -9.85 8.63 7.32 26.09 515 3,087
FSD FT Hi Incm Lng/Srt Fd First Trust 0.63 -9.58 9.45 29.34 28.60 526 2,172
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 0.66 -10.93 9.59 0.00 30.60 220 3,313
KIO KKR Incm Opp Fd KKR Credit 0.66 -6.82 11.81 0.00 23.96 277 2,465
HYI WA Hi Yld Dfin Opp Fd Legg Mason 0.64 -5.05 7.94 0.00 0.00 342 1,799
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.60 29.95 10.07 0.71 40.30 1,050 12,286
PCN PIMCO Corp & Incm Stgy Fd PIMCO 1.59 30.11 8.42 0.00 26.54 491 3,586
PIM Putnam Mstr Imd Incm Tr Putnam 1.43 1.61 8.13 29.69 1.73 226 1,090
DUC D&P Util & Corp Bnd Tr Duff & Phelps 1.44 -3.85 6.49 33.86 28.00 264 676
GDO WA Glbl Corp Dfin Opp Fd Legg Mason 1.60 -4.52 7.26 32.82 27.78 261 804
EVV EV Ltd Dur Incm Fd Eaton Vance 2.39 -11.06 10.43 21.27 35.76 1,502 6,520
BLW BR Ltd Dur Incm Tr BlackRock 2.51 -8.11 8.12 0.49 31.15 565 3,604
ERC WF Mlt-Sctr Incm Fd Wells Fargo 2.55 -8.14 10.49 28.19 29.80 367 2,047
JQC Nuv Cr Stgs Incm Fd Nuveen 0.52 -11.40 15.83 54.78 34.93 940 6,709
VVR Invsc Sr Incm Tr Invesco 0.52 -12.93 8.07 0.00 32.00 627 4,660
JFR Nuv Flt Rt Incm Fd Nuveen 0.50 -13.07 6.86 0.00 35.46 527 4,103
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.51 -12.42 6.72 0.00 34.91 372 2,410
VTA Invsc Dyn Cr Opp Fd Invesco 0.53 -14.87 10.08 1.04 34.00 661 4,310
NSL Nuv Sr Incm Fd Nuveen 0.51 -11.90 7.61 0.00 37.38 211 1,587
BGB B/GSO Stgc Cr Fd GSO / Blackstone 0.52 -9.88 10.57 0.00 36.07 574 4,058
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.53 -12.88 8.27 2.93 28.26 471 3,274
EFR EV Sr Flt-Rt Tr Eaton Vance 0.55 -10.49 6.61 0.00 35.60 478 3,425
HFRO Highland Incm Fd Highland Capital 0.49 -28.24 10.51 17.00 36.18 879 4,745
EFT EV Flt-Rt Incm Tr Eaton Vance 0.53 -12.06 5.80 0.00 35.10 525 3,295
PPR Voya Prime Rt Tr Voya 0.52 -10.97 4.29 0.00 26.32 687 2,272
ARDC Ares Dyn Cr Alloc Fd Ares 0.52 -14.06 9.82 0.00 27.32 318 2,080
BSL B/GSO Sr Flt Rt Trm Fd GSO / Blackstone 0.52 -8.29 9.00 0.00 31.00 218 1,801
BKT BR Incm Tr BlackRock 1.76 -2.51 6.65 18.99 32.69 406 2,441
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.84 -3.20 15.20 48.42 24.10 196 1,490
DMO WA Mortg Opp Fd Legg Mason 1.84 6.73 10.84 8.18 38.40 139 1,492
JLS Nuv Mortg Opp Trm Fd Nuveen 1.86 -6.61 4.37 25.03 25.67 110 978
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.69 7.57 10.97 0.00 47.52 2,519 24,560
DSL DbLin Incm Solutions Fd Doubleline 0.71 4.40 11.50 7.16 27.07 1,523 15,182
PDI PIMCO Dyn Incm Fd PIMCO 0.71 16.45 10.24 0.00 45.92 1,315 13,674
BTZ BR Cr Alloc Incm Tr BlackRock 0.72 -3.49 7.15 11.79 28.84 1,365 7,390
RA Brkf Real Ast Incm Fd Brookfield 0.71 -10.99 13.78 37.86 29.13 874 6,466
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.68 10.85 12.73 62.41 6.10 650 5,539
PHK PIMCO Hi Incm Fd PIMCO 0.66 8.87 10.91 0.25 34.07 641 5,612
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.68 -10.74 7.45 0.00 53.32 1,019 4,301
BIT BR Mlt-Sctr Incm Tr BlackRock 0.72 -8.42 10.18 16.33 42.75 598 4,140
PFN PIMCO Incm Stgy Fd II PIMCO 0.71 8.12 10.76 0.00 27.56 578 4,446
BHK BR Core Bnd Tr BlackRock 0.68 -3.07 5.35 7.25 25.67 844 3,825
JPS Nuv Pref & Incm Sec Fd Nuveen 1.13 -0.12 6.98 1.22 33.01 1,771 11,824
FPF FT Imd Dur Pref & Incm Fd First Trust 1.15 1.87 7.28 2.52 25.50 1,302 6,128
JPC Nuv Pref & Incm Opp Fd Nuveen 1.12 2.46 7.29 2.18 31.56 880 5,426
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.15 10.04 6.91 0.00 39.60 828 6,430
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.10 4.54 7.74 17.53 35.00 667 3,166
PDT JH Prm Div Fd John Hancock 1.12 11.54 8.01 5.30 41.14 636 3,329
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 1.20 8.45 6.97 0.00 40.10 458 3,396
WIW WA Inf-Lnk Opp & Incm Fd Legg Mason 3.71 -13.02 3.42 0.00 31.20 766 2,695
WIA WA Inf-Lnk Incm Fd Legg Mason 3.60 -10.94 3.04 3.91 31.70 381 1,592
ARCC Ares Capital Corp Ares 0.49 0.00 10.27 0.00 51.75 6,584 78,233
MAIN Main Street Cap Corp Main Street Capital 0.56 59.24 7.45 0.00 43.79 1,345 33,634
PSEC Prospect Capital Corp Prospect Capital 0.45 -31.45 13.16 0.00 41.86 2,947 22,526
FSK FS KKR Capital Corp FS/KKR 0.48 -35.63 15.31 0.00 57.24 3,015 17,048
GBDC Golub Capital BDC Golub Capital 0.34 -15.25 9.36 0.00 54.34 2,445 17,214
ORCC Owl Rock Capital Corp Owl Rock 0.39 -9.58 9.73 0.00 38.63 5,408 17,696
HTGC Hercules Capital Hercules 0.53 17.04 11.02 0.00 52.82 1,097 17,245
NMFC New Mountain Fin Corp New Mountain Capital 0.50 -11.22 12.13 15.13 63.88 1,079 14,318
TSLX TPG Specialty Lending TSL Advisers 0.48 21.07 8.70 0.00 47.08 1,044 13,524
AINV Apollo Inv Corp Apollo 0.59 -31.27 16.68 0.00 62.67 1,025 11,707
NEWT Newtek Biz Serv Corp Newtek 0.46 17.93 9.95 0.00 55.96 313 5,988
OCSL Oaktree Splty Lending Oaktree Capital 0.47 -15.54 8.43 0.00 46.53 753 5,705
GSBD Goldman Sachs BDC Goldman Sachs 0.48 14.20 10.71 0.00 59.22 595 6,766
TCPC BR TCP Capital Corp BlackRock 0.56 -11.99 13.91 1.57 58.47 679 6,536
SLRC Solar Capital Solar Capital 0.52 -11.54 9.64 2.41 28.31 813 5,733
BCSF Bain Cap Splty Fin BCSF Advisors 0.43 -35.05 14.60 0.00 63.54 893 4,704
CGBD TCG BDC Carlyle 0.65 -33.92 15.80 0.00 59.38 798 5,955
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.65 -15.33 13.24 0.00 49.77 395 5,269
CSWC Cap Southwest Corp Capital Southwest 0.45 -0.86 13.60 0.00 51.85 272 3,105

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 %