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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(%) 10 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,447.95 -0.68 -3.13 -1.48 -4.88 -3.66 6.11 9.45 7.41 6.69 -3.72 -3.72 -3.72
NAV 1,378.63 0.03 -0.82 -0.79 -1.37 -0.45 3.21 7.34 6.48 6.59 -1.73 -1.73 -1.73
Difference 0.71 2.31 0.69 3.51 3.22 -2.90 -2.11 -0.94 -0.10 2.00 2.00 2.00
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 0.40 1.61 2.12 4.18 2.87 2.32 1.51 6.85 11.32 0.94 0.67 -2.18 -0.61 2.27 -2.03 0.30 0.50 0.50 11.19
NAV 0.84 0.29 -0.35 0.78 1.78 0.96 1.05 3.84 4.65 0.62 0.84 -0.61 0.85 0.33 -1.00 1.17 0.50 0.50 6.06
Difference 0.44 -1.32 -2.47 -3.40 -1.09 -1.36 -0.46 -3.01 -6.67 -0.31 0.17 1.57 1.45 -1.94 1.04 0.87 -0.00 -0.00 -5.13
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 1.77 16.99 -10.59 4.10 1.74 -1.74 4.07 -0.92 9.86 3.17 12.30 16.87 4.49
NAV 1.23 -1.20 -16.32 -16.31 5.10 3.68 2.77 11.99 -6.28 3.65 1.99 -0.55 5.13 0.17 5.17 2.60 8.08 13.62 6.49
Difference -0.52 5.73 2.97 7.26 -3.08 -2.58 1.00 -5.00 4.31 -0.45 0.25 1.18 1.06 1.09 -4.69 -0.57 -4.22 -3.24 2.00
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 16.79 1.93 -0.77 1.29 2.45 0.96 0.78 2.23 4.02 6.57 24.46
NAV 4.22 1.21 0.93 6.46 1.28 -0.10 2.30 3.51 10.19 1.00 -0.28 0.38 1.10 0.59 0.29 1.98 2.88 4.01 14.62
Difference -4.55 -0.96 0.13 -5.57 -0.46 0.63 -0.91 -0.74 -6.59 -0.93 0.49 -0.91 -1.36 -0.37 -0.49 -0.24 -1.13 -2.56 -9.85
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 -6.42 -6.32
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 -1.98 -2.06
Difference 1.09 0.41 -0.46 1.04 -0.76 -0.54 0.05 -1.24 -0.19 -0.65 -0.96 1.34 -0.25 3.38 -0.13 1.48 4.59 4.45 4.26
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 8.61 2.09 -0.63 0.97 2.44 -0.45 -1.08 1.33 -0.21 2.22 11.02
NAV 1.42 1.61 0.25 3.32 1.28 0.96 0.57 2.84 6.25 1.39 0.67 0.54 2.61 0.65 0.24 0.59 1.49 4.14 10.65
Difference -1.43 -0.55 0.57 -1.43 -0.92 0.34 -0.25 -0.85 -2.36 -0.70 1.29 -0.43 0.18 1.09 1.32 -0.74 1.70 1.92 -0.37
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 11.39 4.38 1.82 -0.67 5.58 -1.82 -1.42 2.74 -0.57 4.97 16.93
NAV -0.98 -0.69 3.41 1.69 2.45 0.54 1.27 4.31 6.07 2.61 1.17 0.85 4.70 0.16 -1.74 1.33 -0.27 4.42 10.77
Difference 0.50 -1.13 -2.92 -3.53 -0.34 -0.01 -1.16 -1.55 -5.32 -1.77 -0.65 1.52 -0.88 1.99 -0.31 -1.41 0.31 -0.55 -6.16
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 -0.92 -1.43 -2.33 -2.65 -6.29 4.69 -0.98 -0.73 2.90 -3.57 -4.46
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 -4.28 -2.40
Difference -0.51 -0.37 0.46 -0.41 -0.57 1.26 2.50 3.21 2.88 1.28 0.70 0.92 2.80 -2.92 0.50 -1.34 -3.72 -0.71 2.06
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.98 2.92 0.23 5.20 2.06 1.69 1.52 5.37 10.85 -2.51 1.76 -3.18 -3.95 1.08 0.29 -2.48 -1.14 -5.04 5.26
NAV 1.69 1.85 0.86 4.47 1.23 1.77 0.91 3.96 8.60 -0.27 1.17 -1.94 -1.07 0.90 0.12 -2.04 -1.04 -2.10 6.32
Difference -0.29 -1.07 0.63 -0.74 -0.84 0.07 -0.61 -1.41 -2.25 2.24 -0.59 1.24 2.88 -0.19 -0.17 0.44 0.10 2.95 1.06
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 3.36 1.06 0.36 4.83 1.70 -4.89 -3.10 -6.27 -1.74 -1.04 -2.42 2.06 -1.44 2.38 -1.53 0.76 1.58 0.12 -1.63
NAV 1.86 0.47 0.84 3.20 1.97 -1.28 -3.32 -2.68 0.44 1.20 -1.18 1.61 1.61 2.04 0.01 -0.24 1.81 3.45 3.90
Difference -1.51 -0.59 0.49 -1.63 0.27 3.61 -0.22 3.59 2.18 2.23 1.24 -0.45 3.06 -0.34 1.54 -1.00 0.22 3.33 5.53
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 5.95 2.17 -0.50 7.71 1.27 -1.32 2.95 2.88 10.81 3.40 1.88 1.62 7.05 -0.09 0.12 0.14 0.16 7.22 18.81
NAV 3.52 2.17 0.22 6.00 1.10 -1.25 1.58 1.42 7.50 2.54 1.31 1.96 5.92 1.06 0.74 1.03 2.85 8.94 17.11
Difference -2.43 0.00 0.72 -1.71 -0.18 0.08 -1.36 -1.46 -3.30 -0.86 -0.57 0.34 -1.13 1.15 0.63 0.89 2.69 1.71 -1.70

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-0.64%
1Yr Disc
1.85%
3Yr Disc
-1.58%
5Yr Disc
-2.20%
Rel Disc Range (3yr)
67.28%
Mkt Yield
8.14%
Lev Adj NAV Yield
6.30%
After Tax Yield*
6.56%
Est Tax Friction*
1.58%
3Yr NAV Volatiliy
9.84
1 Yr RoC
29.05%
3 Yr Dest RoC
14.46%
Leverage
30.12%
Non Lev Exp Ratio
1.54%
Beta (2yr)
0.53
Equity Exposure
4.79%
Bond Exposure
90.58%
# Holdings
81
Cash Weighted Duration
4.00
Comp NAV TR
0.30%
Comp Discount
1.24%
Net Assets (M)
904
Liquidity - 90d (K)
3,564
* 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


81 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BBN BR Taxable Muni BndTr BlackRock 3.63 -3.74 6.23 4.86 33.76 1,469 3,291
GBAB Gghm Taxable Muni Bnd & Inv Grd Dbt Guggenheim Funds 3.64 -2.22 6.99 17.55 28.21 479 1,329
NCV Virtus AG Convt & Incm Fd Virtus 1.47 -5.85 9.60 63.34 37.00 510 1,945
CHI Calamos Convt Opp & Incm Calamos 1.45 -0.87 8.35 0.00 33.06 994 2,113
NCZ Virtus AG Convt & Incm Fd II Virtus 1.48 -7.11 9.57 66.75 38.00 385 1,666
CHY Calamos Convt & Hi Incm Fd Calamos 1.44 0.00 8.26 0.00 33.24 1,074 1,745
CCD Calamos Dyn Convt & Incm Fd Calamos 1.41 0.36 8.47 0.00 32.32 688 1,643
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 3.70 -10.37 9.12 43.25 28.20 802 2,715
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 3.93 -5.03 10.83 0.00 0.00 363 1,460
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.97 -10.74 8.82 43.88 32.36 1,038 4,110
GIM Tmp Glbl Incm Fd Franklin Templeton 1.97 -5.89 8.10 0.00 0.00 558 2,234
MIN MFS Imd Incm Tr MFS 1.89 -3.41 8.99 60.13 0.00 408 1,333
PPT Putnam Prmr Incm Tr Putnam 1.98 -4.76 7.43 60.61 0.00 451 1,238
HYT BR Corp Hi Yld Fd BlackRock 0.63 -1.61 8.06 17.14 30.52 1,441 3,943
DLY DbLin Yld Opp Fd Doubleline 0.65 -5.36 7.63 0.82 25.45 930 4,006
SDHY PGIM Srt Dur Hi Yld Opp Fd Prudential 0.67 -5.14 7.03 8.21 24.00 480 2,643
GHY PGIM Glbl Hi Yld Fd Prudential 0.66 -7.17 8.54 14.36 26.70 650 1,826
ACP Abd Incm Cr Stgs Fd Aberdeen 0.68 0.49 11.65 19.83 39.77 238 1,766
FTHY FT Hi Yld Opp 2027 Trm Fd First Trust 0.65 -3.11 9.14 2.65 27.15 744 1,646
PCF Hi Incm Sec Fd Hi Incm Sec Fd 0.65 -4.41 10.35 0.00 0.00 49 1,472
ISD PGIM Hi Yld Bnd Fd Prudential 0.65 -6.46 8.05 13.71 24.00 556 1,530
EAD Allspring Incm Opp Fd Allspring 0.63 -4.36 8.53 3.52 25.60 542 1,492
DSU BR Dbt Stgs Fd BlackRock 0.65 -1.64 6.35 17.03 31.48 542 1,558
CIK CS Ast Mgmt Incm Fd Credit Suisse 0.65 -0.88 8.01 0.00 23.39 178 1,059
FSD FT Hi Incm Lng/Srt Fd First Trust 0.64 -6.82 8.54 28.53 27.94 530 1,313
PTY PIMCO Corp & Incm Opp Fd PIMCO 3.91 15.45 8.87 13.58 46.02 1,226 8,899
PCN PIMCO Corp & Incm Stgy Fd PIMCO 3.79 14.41 8.37 1.80 37.44 599 1,584
EVV EV Ltd Dur Incm Fd Eaton Vance 2.57 -3.40 9.58 39.21 35.60 1,505 4,822
FTF FrkTmp Ltd Dur Incm Tr Franklin Templeton 2.41 -6.54 11.14 44.62 33.68 263 1,494
BLW BR Ltd Dur Incm Tr BlackRock 2.46 -4.98 7.61 16.36 34.66 581 1,217
JQC Nuv Cr Stgs Incm Fd Nuveen 0.80 -5.22 7.08 50.47 36.99 934 4,524
BGB Blackstone Stgc Cr Fd Blackstone 0.81 -6.06 5.81 0.00 36.53 649 2,515
JFR Nuv Flt Rt Incm Fd Nuveen 0.81 -1.15 6.73 8.26 36.36 595 2,373
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.81 11.33 9.69 0.00 39.47 245 2,145
VVR Invsc Sr Incm Tr Invesco 0.82 -3.46 5.64 7.65 33.00 709 2,961
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.83 -0.93 5.78 18.54 31.35 492 2,113
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.81 -1.25 6.74 8.94 36.42 420 1,980
EFR EV Sr Flt-Rt Tr Eaton Vance 0.77 -0.63 6.85 12.00 32.67 405 1,595
ARDC Ares Dyn Cr Alloc Fd Ares 0.78 -4.46 7.38 0.00 36.33 380 1,407
BGT BR Flt Rt Incm Fd BlackRock 0.81 4.13 5.49 17.76 32.18 304 1,381
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 3.96 1.59 12.59 63.91 25.20 267 1,861
BKT BR Incm Tr BlackRock 3.85 -2.35 7.63 30.16 24.17 354 1,538
PDI PIMCO Dyn Incm Fd PIMCO 0.86 4.38 10.58 2.05 42.80 5,272 19,329
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.90 14.13 11.81 50.35 29.29 1,587 11,582
DSL DbLin Incm Solutions Fd Doubleline 0.85 -7.19 8.53 0.00 29.10 1,701 8,098
PDO PIMCO Dyn Incm Opp Fd PIMCO 0.87 -0.68 7.49 0.00 44.44 2,098 7,253
RA Brkf Real Ast Incm Fd Brookfield 0.90 8.60 11.19 56.55 29.56 947 4,847
WDI WA Divr Incm Fd Franklin Templeton 0.90 -5.26 7.56 12.68 24.80 980 4,870
HFRO Highland Incm Fd Highland Capital 0.89 -21.67 8.44 0.00 13.98 998 3,053
PHK PIMCO Hi Incm Fd PIMCO 0.89 7.73 9.40 12.07 34.62 765 3,029
NPCT Nuv Core Plus Impact Fd Nuveen 0.82 -10.35 7.35 66.01 35.03 539 2,660
NPFD Nuv Var Rt Pref & Incm Fd Nuveen 1.03 5.94 6.31 N/A 0.00 545 4,276
PTA Tx-Adv Pref Sec Pref Sec & Incm Fd Cohen&Steers 1.01 -4.63 6.48 35.62 33.00 1,396 6,378
JPS Nuv Pref & Incm Sec Fd Nuveen 0.97 -1.15 6.41 0.00 36.55 1,967 4,569
JPC Nuv Pref & Incm Opp Fd Nuveen 0.98 -1.04 6.66 0.00 36.80 1,012 3,073
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.98 2.64 6.96 0.00 33.70 986 1,925
FPF FT Imd Dur Pref & Incm Fd First Trust 0.98 -1.40 6.40 0.21 30.68 1,476 1,984
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 0.98 1.30 6.95 0.00 33.60 543 1,391
PDT JH Prm Div Fd John Hancock 0.98 9.01 7.16 10.74 33.79 731 1,301
WIW WA Inf-Lnk Opp & Incm Fd Franklin Templeton 3.68 -9.08 4.65 0.00 31.10 842 1,925
WIA WA Inf-Lnk Incm Fd Franklin Templeton 3.75 -7.23 3.76 0.00 32.90 313 600
ARCC Ares Capital Corp Ares 0.40 15.06 7.70 0.00 52.17 8,533 60,435
FSK FS KKR Capital Corp FS/KKR 0.43 -19.01 11.28 0.00 51.21 7,734 34,199
ORCC Owl Rock Capital Corp Owl Rock 0.41 -3.14 8.56 0.00 53.04 5,878 22,072
PSEC Prospect Capital Corp Prospect Capital 0.42 -13.34 8.21 0.00 37.61 3,945 16,172
HTGC Hercules Capital Hercules 0.42 49.57 7.65 0.00 50.47 1,337 18,140
MAIN Main Street Cap Corp Main Street Capital 0.39 79.69 5.92 0.00 45.43 1,689 12,176
GBDC Golub Capital BDC Golub Capital 0.40 1.71 7.77 0.00 49.74 2,583 10,816
GSBD Goldman Sachs BDC Goldman Sachs 0.41 23.81 9.13 0.00 48.94 1,621 9,004
NEWT Newtek Biz Serv Corp Newtek 0.38 62.97 9.83 0.00 47.28 391 5,634
OCSL Oaktree Splty Lending Oaktree Capital 0.41 3.71 8.21 0.00 48.12 1,313 7,023
TSLX Sixth St Splty Lending Sixth St Splty Lending 0.41 38.30 6.90 0.00 45.24 1,256 6,517
AINV Apollo Inv Corp Apollo 0.42 -17.80 9.39 0.00 59.58 1,034 5,331
BXSL Blackstone Secur Lending Fd Blackstone Cr BDC Advis 0.35 14.38 7.09 0.00 50.53 4,418 4,284
CSWC Cap Southwest Corp Capital Southwest 0.39 48.66 9.38 0.00 53.93 382 3,335
NMFC New Mountain Fin Corp New Mountain Capital 0.38 -1.28 9.17 0.00 57.76 1,285 3,424
RWAY Runway Gwth Fin Corp Runway Gwth Cap 0.41 -10.48 7.65 0.00 21.26 604 2,468
TCPC BR TCP Capital Corp BlackRock 0.40 -3.55 8.83 0.00 53.74 814 3,221
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.38 22.27 8.46 0.00 44.31 431 2,691
BCSF Bain Cap Splty Fin BCSF Advisors 0.41 -8.51 8.73 0.00 53.88 1,099 3,009
CGBD TCG BDC Carlyle 0.42 -16.10 9.16 0.00 54.39 892 3,183

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 %