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02. High Income Index

Data as of

About the Index

50% Equity focused income funds and 50% Bond/BDC focused income funds: (1) Funds need to have 90-day average trading dollar ($) liquidity over $500K. (2) Taxable Bond + Preferred Equity groupings according to CEFdata.com, ranked by top 35% current market price yield (40% of the index weighting), (3) Debt-Focused Business Development Companies (BDCs), top 35% ranked by current market price yield (10% of the index weighting). (4) US Equity, Non-US Equity, Specialty Equity and Hybrid/Balanced Funds groupings in CEFData.com with funds only included if they pay monthly or quarterly distributions without a large year-end distribution in both of the past two calendar years. This selection is then ranked by top 35% of funds by current market price yield (50% of index weighting) 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 1,205.85 0.18 0.84 0.35 1.58 23.78 3.20 9.76 3.59 3.25 1.56 20.41
NAV 1,179.40 0.13 1.33 0.68 1.14 13.76 5.01 8.75 3.73 2.38 1.05 13.46
Difference -0.05 0.49 0.33 -0.44 -10.02 1.81 -1.01 0.14 -0.87 -0.51 -6.95
* 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 14.98 1.62 1.73 18.85 1.82 -3.40 - - - - - - - - - - - - 17.16
NAV 8.73 1.35 2.01 12.41 1.06 -2.34 - - - - - - - - - - - - 11.08
Difference -6.25 -0.27 0.29 -6.44 -0.76 1.06 - - - - - - - - - - - - -6.08
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 2.43 -4.30 -1.81 -3.75 4.21 2.23 -0.35 6.15 2.40 3.05 1.41 -1.22 3.23 -8.13 0.45 -10.41 -17.31 -14.09 -11.68
NAV 2.81 -4.45 -1.76 -3.49 2.81 1.96 -0.13 4.68 1.19 3.05 0.68 -0.29 3.45 -4.66 0.10 -6.62 -10.89 -7.44 -6.25
Difference 0.38 -0.15 0.06 0.26 -1.40 -0.27 0.22 -1.47 -1.21 0.00 -0.73 0.93 0.22 3.46 -0.36 3.79 6.42 6.65 5.43
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.65 3.04 0.58 8.46 2.68 0.61 0.13 3.45 11.91 2.40 -1.83 2.40 2.94 -2.28 -1.67 3.21 -0.82 2.12 14.03
NAV 2.10 1.90 0.21 4.26 1.12 0.50 0.50 2.14 6.40 1.77 -0.59 1.45 2.64 -0.47 0.18 2.31 2.01 4.64 11.04
Difference -2.55 -1.14 -0.37 -4.20 -1.56 -0.11 0.37 -1.31 -5.51 -0.63 1.24 -0.95 -0.31 1.81 1.84 -0.90 2.83 2.53 -2.99
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -7.98 0.29 10.04 1.55 8.55 1.42 3.32 13.75 15.30 4.99 2.08 0.57 7.78 -2.49 1.07 1.81 0.34 8.12 23.43
NAV -7.03 -0.67 7.13 -1.07 7.12 1.92 2.50 11.91 10.83 2.84 1.52 1.73 6.21 -1.07 0.64 2.00 1.55 7.76 18.59
Difference 0.95 -0.97 -2.91 -2.63 -1.42 0.50 -0.82 -1.84 -4.47 -2.15 -0.56 1.17 -1.58 1.41 -0.42 0.19 1.21 -0.36 -4.83
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.75 4.19 -1.61 3.28 2.55 -0.88 -4.38 -2.80 0.48 -3.34 -4.33 -5.75 -12.84 8.36 -3.53 -4.80 -0.49 -13.33 -12.85
NAV -0.18 3.07 -1.02 1.84 2.60 0.15 -2.12 0.58 2.42 -1.11 -3.79 -4.14 -8.80 5.62 -3.04 -5.73 -3.46 -12.25 -9.84
Difference -0.93 -1.12 0.59 -1.44 0.05 1.02 2.26 3.37 1.94 2.23 0.54 1.61 4.04 -2.73 0.49 -0.92 -2.96 1.08 3.02

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.68%
1Yr Disc
-4.53%
3Yr Disc
-3.84%
5Yr Disc
-5.23%
Rel Disc Range (3yr)
55.10%
Mkt Yield
11.33%
Lev Adj NAV Yield
8.85%
After Tax Yield*
9.75%
Est Tax Friction*
1.58%
3Yr NAV Volatiliy
11.81
1 Yr RoC
39.48%
3 Yr Dest RoC
23.13%
Leverage
26.90%
Non Lev Exp Ratio
2.13%
Beta (2yr)
0.60
Equity Exposure
46.52%
Bond Exposure
51.36%
# Holdings
99
Cash Weighted Duration
1.41
Comp NAV TR
-0.78%
Comp Discount
1.81%
Net Assets (M)
489
Liquidity - 90d (K)
1,801
* 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


99 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EDF SH Emrg Mkt Incm Fd Stone Harbor 1.00 35.43 15.65 63.39 4.96 166 1,776
OXLC Oxford Lane Cap Corp Oxford Lane 0.97 22.48 15.90 0.00 34.08 354 5,644
JQC Nuv Cr Stgs Incm Fd Nuveen 0.97 -7.50 15.74 41.16 36.56 1,157 4,390
ECC Eagle Point Cr Co Eagle Point 1.01 27.61 13.35 23.54 34.92 343 3,203
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.96 14.64 14.03 63.52 0.00 110 697
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.98 -4.98 12.82 47.04 27.10 199 985
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.97 -6.16 11.96 58.13 27.44 152 603
NCZ AG Convt & Incm Fd II Allianz 0.82 -0.20 10.80 41.59 42.45 379 1,644
NCV AG Convt & Incm Fd Allianz 0.82 0.89 11.17 43.38 41.98 502 2,106
ACP Abd Incm Cr Stgs Fd Aberdeen 0.97 -1.80 11.46 0.00 30.47 167 1,216
GOF Gghm Stgc Opp Fd Guggenheim 0.97 15.08 10.69 19.89 0.00 640 3,189
RA Brkf Real Ast Incm Fd Brookfield 0.96 -7.16 10.84 40.31 24.05 866 2,326
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.94 -7.12 10.79 55.30 26.56 313 930
GGM Gghm Cr Alloc Fd Guggenheim 0.96 4.59 10.48 3.73 24.32 147 626
PHK PIMCO Hi Incm Fd PIMCO 0.82 26.00 9.32 23.59 27.54 820 6,011
DMO WA Mortg Dfin Opp Fd Legg Mason 0.98 9.88 8.90 8.11 32.60 206 774
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.98 -5.76 9.54 22.01 29.60 416 1,329
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.90 -15.40 8.01 56.15 31.74 1,213 3,767
CCD Calamos Dyn Convt & Incm Fd Calamos 0.93 -0.10 9.98 35.16 34.25 491 1,462
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.93 -3.56 9.94 0.00 28.60 372 1,248
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.79 28.88 8.93 20.55 35.56 107 745
KIO KKR Incm Opp Fd KKR Credit 0.95 -4.00 9.46 0.00 31.16 336 1,581
AVK AC Convt Sec & Incm Fd Guggenheim 0.93 -11.16 9.50 62.69 40.72 576 1,432
CHI Calamos Convt Opp & Incm Calamos 0.97 -2.88 9.18 20.52 34.00 763 2,158
PFL PIMCO Incm Stgy Fd PIMCO 0.97 8.42 9.11 14.38 25.61 296 986
CHY Calamos Convt & Hi Incm Fd Calamos 0.95 -3.26 9.30 20.48 34.25 830 2,175
PFN PIMCO Incm Stgy Fd II PIMCO 0.97 7.83 9.05 0.00 24.48 615 2,048
DHY CS Hi Yld Bnd Fd Credit Suisse 0.94 -2.72 9.12 13.16 35.54 266 624
BGB B/GSO Stgc Cr Fd Blackstone 0.95 -7.11 9.43 0.00 37.17 698 2,257
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 0.98 -11.86 8.68 33.33 28.28 518 1,528
PHT Pioneer Hi Incm Tr Pioneer 0.96 -7.48 8.73 0.00 29.90 293 925
BGX B/GSO Lng-Srt Cr Incm Fd Blackstone 0.95 -2.81 9.40 0.00 38.98 203 962
DSL DbLin Incm Solutions Fd Doubleline 0.95 0.05 8.86 2.53 29.10 2,058 5,771
MIN MFS Imd Incm Tr MFS 0.93 -6.40 9.03 69.73 0.00 477 879
EAD WF Incm Opp Fd Wells Fargo 0.97 -9.77 8.72 0.00 28.80 575 1,624
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.01 28.68 8.30 2.63 37.97 1,274 5,297
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.93 -12.21 8.88 0.00 30.86 255 860
ACV AG Divr Incm & Convt Fd Allianz 0.97 -0.38 8.58 0.00 31.56 242 830
EMD WA Emrg Mkt Dbt Fd Legg Mason 0.97 -12.49 8.52 15.70 29.60 977 1,987
MCR MFS Charter Incm Tr MFS 0.96 -8.95 8.62 43.05 20.00 422 729
AIF Apollo Tactical Incm Fd Apollo Credit 0.93 -12.51 8.17 0.00 34.11 243 691
CIK CS Ast Mgmt Incm Fd Credit Suisse 0.93 -10.17 8.74 0.33 31.45 180 454
ARDC Ares Dyn Cr Alloc Fd Ares 0.94 -12.36 8.58 0.00 28.20 394 1,148
OXSQ Oxford Square Cap Corp Oxford Lane 0.66 -4.80 12.66 18.83 30.05 318 934
CMFN CM Finance CM Investment 0.66 -35.28 13.87 0.00 43.96 152 384
GARS Garrison Capital Garrison Capital 0.66 -33.43 13.24 0.00 65.83 168 218
TCRD THL Credit THL Credit 0.68 -24.67 12.44 0.00 43.37 285 607
FSK FS KKR Capital Corp FS/KKR Advisor 0.67 -23.79 12.69 0.00 43.94 4,108 9,653
CPTA Capitala Finance Corp Capitala 0.77 -21.02 10.90 0.00 60.74 187 905
GECC Great Elm Cap Corp Great Elm Capital 0.73 -18.00 11.15 0.00 26.34 113 687
BKCC BR Cap Inv Corp BlackRock 0.68 -15.80 11.96 5.18 28.93 492 1,646
AINV Apollo Inv Corp Apollo Investment 0.71 -16.42 11.30 0.00 45.60 1,312 4,653
OFS OFS Capital Corp OFS Capital 0.69 -4.91 10.97 0.00 60.58 174 514
MRCC Monroe Capital Corp Monroe Capital 0.62 -8.92 12.13 0.00 58.92 259 933
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.48 -34.03 15.75 18.75 40.26 144 407
PSEC Prospect Capital Corp Prospect Capital 0.68 -27.31 10.91 0.00 40.71 3,332 9,849
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.70 4.71 10.12 0.00 27.75 337 2,401
PNNT PennantPark Inv Corp PennantPark 0.61 -28.77 11.45 0.00 51.96 592 1,617
NDP Tortoise Nrg Ind Fd Tortoise 1.09 18.41 24.51 62.50 28.10 89 612
CLM Cornerstone Stgc Val Fd Cornerstone 1.19 5.03 21.06 87.67 0.00 820 5,132
CRF Cornerstone Tot Rtn Fd Cornerstone 1.18 5.47 20.95 86.10 0.00 420 3,543
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.18 0.13 15.85 85.39 30.12 266 2,774
ZF Virtus Total Return Fd Zweig 1.32 -7.08 13.58 68.56 26.58 246 1,141
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.30 2.71 13.22 91.40 13.00 602 2,913
ZTR Virtus Glbl Div & Inc Fd Virtus 1.34 9.79 11.74 60.62 27.73 259 877
RIV RiverNorth Opp Fd RiverNorth 1.27 -1.90 11.95 78.10 15.65 125 570
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.20 3.91 12.47 70.98 30.41 169 874
FMO F/C Nrg Infra Fd Guggenheim 1.12 -7.55 13.53 86.85 38.57 366 989
GPM Gghm Enh Eq Incm Fd Guggenheim 1.22 1.53 12.03 66.97 31.62 379 1,002
NTG Tortoise Midstream Nrg Fd Tortoise 1.20 -5.32 12.50 76.33 35.20 903 2,687
IRR Voya NtrRes Eq Incm Fd Voya 1.16 8.14 12.83 90.19 0.00 106 277
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.17 -7.96 12.66 100.00 36.10 135 490
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.16 -10.23 12.36 66.08 32.40 459 1,355
EOD WF Glbl Div Opp Fd Wells Fargo 1.29 -8.85 10.74 17.33 15.40 266 817
IGD Voya Glbl Eq Div & Prm Opp Voya 1.23 -7.71 11.33 42.07 0.00 680 2,102
TYG Tortoise Nrg Infra Corp Tortoise 1.18 -3.62 11.71 61.36 32.40 1,245 3,631
IFN India Fund Aberdeen 1.18 -10.42 11.25 0.00 0.00 630 1,948
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.07 -13.32 12.63 53.29 24.16 1,006 6,832
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.26 -9.85 11.04 28.73 32.10 140 537
GLO Clough Glbl Opp Fd Clough 1.19 -13.01 11.33 71.04 36.30 347 1,125
THW Tekla Wld Health Fd Tekla 1.22 -8.41 10.99 95.88 22.17 420 1,596
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 1.08 -9.54 12.36 100.00 28.08 91 282
TTP Tortoise Pip & Nrg Fd Tortoise 1.16 -11.46 11.46 98.77 28.30 161 574
FEN FT Nrg Incm & Gwth Fd First Trust 1.25 -0.27 10.49 34.68 25.89 443 1,322
MCN Madison Cov Call & Eq Stgc Madison 1.14 -9.65 11.15 28.31 0.00 150 409
CHW Calamos Glbl Dyn Incm Fd Calamos 1.26 -0.37 10.28 35.18 38.01 486 1,221
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.18 -5.64 10.91 79.37 32.70 363 970
FEI FT MLP & Nrg Incm Fd First Trust 1.28 -5.70 10.07 74.19 26.14 594 1,668
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.15 -6.70 11.05 76.38 28.33 396 1,518
HEQ JH Hgd Eq & Incm Fd John Hancock 1.12 -7.35 10.95 36.65 0.00 181 447
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.21 -8.56 10.30 1.26 27.06 266 806
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.27 -8.52 9.63 70.32 2.86 582 1,936
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.25 -0.21 9.72 67.93 0.00 598 1,945
HGLB Highland Glbl Alloc Fd Highland Capital 1.06 -20.86 11.33 9.63 38.94 330 929
USA Liberty All-Star Eq Fd ALPS 1.28 -4.95 10.73 11.78 0.00 1,339 4,318
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.23 -4.36 9.79 67.43 29.80 264 1,121
CGO Calamos Glbl Tot Rtn Fd Calamos 1.29 6.80 9.32 37.31 33.68 104 295
FPL FT New Opp MLP & Nrg Fd First Trust 1.24 -9.81 9.69 84.38 25.78 265 1,114
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.27 -7.99 9.27 50.05 27.40 267 1,167

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, 2017. 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 2017. 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 %