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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 1,196.64 0.55 1.04 -1.30 1.31 1.24 7.10 6.80 4.50 0.19 -0.66 19.67
NAV 1,157.70 0.34 0.15 -1.90 0.22 -0.42 4.21 5.75 3.98 -0.32 -1.22 11.63
Difference -0.21 -0.90 -0.60 -1.09 -1.67 -2.88 -1.05 -0.52 -0.51 -0.56 -8.04
* 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 4.02 2.32 21.17 1.41 -4.11 1.96 -0.84 -0.62 -0.23 - - - 19.47
NAV 8.73 1.35 2.01 12.41 1.06 -2.34 3.08 1.74 14.15 -0.10 -2.38 1.20 -1.31 -0.50 -0.41 - - - 11.94
Difference -6.25 -0.27 0.29 -6.44 -0.76 1.06 -0.94 -0.58 -7.02 -1.51 1.73 -0.76 -0.46 0.13 -0.18 - - - -7.53
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
-2.64%
1Yr Disc
-4.31%
3Yr Disc
-4.05%
5Yr Disc
-5.15%
Rel Disc Range (3yr)
60.39%
Mkt Yield
11.70%
Lev Adj NAV Yield
9.09%
After Tax Yield*
10.15%
Est Tax Friction*
1.55%
3Yr NAV Volatiliy
11.11
1 Yr RoC
41.16%
3 Yr Dest RoC
24.24%
Leverage
28.65%
Non Lev Exp Ratio
2.00%
Beta (2yr)
0.61
Equity Exposure
45.63%
Bond Exposure
52.05%
# Holdings
94
Cash Weighted Duration
1.46
Comp NAV TR
0.30%
Comp Discount
1.06%
Net Assets (M)
517
Liquidity - 90d (K)
2,004
* 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


94 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 0.91 25.04 19.54 0.00 30.12 392 6,268
JQC Nuv Cr Stgs Incm Fd Nuveen 1.03 -8.11 16.60 52.43 37.78 1,104 4,629
EDF SH Emrg Mkt Incm Fd Stone Harbor 1.03 51.80 15.99 54.96 6.26 146 1,213
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 1.02 16.30 15.50 46.11 6.12 98 554
ECC Eagle Point Cr Co Eagle Point 0.96 48.37 16.00 20.59 37.38 278 3,496
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.96 -5.37 13.27 48.31 27.20 193 1,238
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.00 -3.87 11.94 51.59 27.74 149 595
ACP Abd Incm Cr Stgs Fd Aberdeen 0.89 -6.66 13.01 0.00 30.65 207 1,958
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.01 12.94 11.28 44.45 0.08 674 3,072
NCV AG Convt & Incm Fd Allianz 1.02 1.06 11.05 35.95 41.01 508 1,413
FTF FrkTmp Ltd Dur Incm Tr Franklin 1.00 -7.13 10.88 49.90 28.96 300 942
GGM Gghm Cr Alloc Fd Guggenheim Funds 1.01 5.09 10.86 12.01 24.28 154 593
NCZ AG Convt & Incm Fd II Allianz 1.00 -0.59 10.74 40.58 41.45 385 1,027
RA Brkf Real Ast Incm Fd Brookfield 0.98 -4.38 10.83 43.93 22.00 841 3,212
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.95 -7.05 10.25 0.00 29.79 356 1,062
CCD Calamos Dyn Convt & Incm Fd Calamos 1.02 2.26 9.62 58.79 33.40 498 1,225
AVK Advent Convt & Incm Fd Guggenheim Funds 1.05 -7.53 9.16 66.15 40.41 573 1,627
KIO KKR Incm Opp Fd KKR Credit 0.99 -2.23 9.80 0.00 31.56 319 1,178
ERC WF Mlt-Sctr Incm Fd Wells Fargo 1.04 -3.05 9.33 0.00 30.00 401 987
PHK PIMCO Hi Incm Fd PIMCO 0.99 24.47 9.65 12.97 27.51 805 3,129
PFL PIMCO Incm Stgy Fd PIMCO 1.02 8.54 9.33 10.93 26.41 307 1,087
CHY Calamos Convt & Hi Incm Fd Calamos 1.03 1.14 8.87 37.08 33.59 833 1,675
PFN PIMCO Incm Stgy Fd II PIMCO 1.02 9.80 9.12 0.00 26.21 637 1,995
CHI Calamos Convt Opp & Incm Calamos 1.04 1.57 8.74 37.18 33.35 766 1,661
BGB B/GSO Stgc Cr Fd GSO / Blackstone 0.96 -7.17 9.53 0.00 37.24 673 2,405
MIN MFS Imd Incm Tr MFS 0.99 -5.74 9.02 69.56 0.00 469 1,259
DSL DbLin Incm Solutions Fd Doubleline 0.99 4.39 9.02 2.61 30.83 1,939 4,782
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.99 -5.36 9.05 15.97 33.30 248 797
BGX B/GSO Lng-Srt Cr Incm Fd GSO / Blackstone 0.95 -2.90 9.46 0.00 39.23 197 950
DHY CS Hi Yld Bnd Fd Credit Suisse 0.99 -0.39 9.01 11.09 30.08 263 575
ACV AG Divr Incm & Convt Fd Allianz 1.08 4.45 8.05 0.00 30.39 247 843
GHY PGIM Glbl Hi Yld Fd Prudential 1.01 -10.81 8.68 0.00 27.23 666 1,538
FSD FT Hi Incm Lng/Srt Fd First Trust 1.01 -9.07 8.60 26.51 22.51 580 1,758
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.97 -10.03 8.98 0.00 31.24 246 727
PHT Pioneer Hi Incm Tr Pioneer 1.00 -7.81 8.79 0.00 30.00 292 724
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.00 -9.22 8.65 19.66 29.60 929 1,909
MCR MFS Charter Incm Tr MFS 1.00 -7.05 8.61 47.72 20.00 404 784
ARDC Ares Dyn Cr Alloc Fd Ares 1.00 -10.30 8.71 0.00 31.05 378 1,258
EAD WF Incm Opp Fd Wells Fargo 1.03 -4.83 8.36 5.56 29.40 549 1,475
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.03 29.99 8.41 2.13 36.66 1,257 3,949
MMT MFS MltMkt Incm Tr MFS 1.03 -4.25 8.34 42.79 20.00 413 912
ICMB Investcorp Cr Mgmt BDC Investcorp 0.75 -29.34 13.89 0.00 54.97 139 184
MRCC Monroe Capital Corp Monroe Capital 0.73 -6.48 12.13 0.00 63.60 252 1,383
GARS Garrison Capital Garrison Capital 0.59 -35.62 10.31 0.00 68.63 145 239
FSK FS KKR Capital Corp FS/KKR 0.75 -20.10 12.10 0.00 45.30 4,001 13,007
OXSQ Oxford Square Cap Corp Oxford Lane 0.59 -1.66 15.08 8.06 37.03 259 1,151
TCRD THL Credit THL Credit 0.67 -19.06 12.44 0.00 40.41 253 474
GECC Great Elm Cap Corp Great Elm Capital 0.65 -14.96 12.88 0.00 40.09 91 412
CPTA Capitala Finance Corp Capitala 0.71 -9.36 11.73 0.00 62.54 152 867
OFS OFS Capital Corp OFS Capital 0.65 -11.07 12.00 0.00 64.82 170 426
PNNT PennantPark Inv Corp PennantPark 0.70 -28.11 11.54 0.00 53.18 582 1,763
AINV Apollo Inv Corp Apollo 0.73 -9.42 10.63 0.00 54.94 1,244 6,353
BKCC BR Cap Inv Corp BlackRock 0.71 -21.57 11.00 4.75 37.18 447 1,834
PSEC Prospect Capital Corp Prospect Capital 0.68 -26.61 11.06 0.00 39.90 3,259 9,312
TCPC BR TCP Capital Corp BlackRock 0.71 5.59 10.03 0.00 55.12 799 3,225
FDUS Fidus Investment Corp Fidus 0.73 -6.56 10.14 0.00 44.32 403 1,415
CLM Cornerstone Stgc Val Fd Cornerstone 1.33 5.33 19.75 85.51 0.00 798 4,563
CRF Cornerstone Tot Rtn Fd Cornerstone 1.33 5.69 19.68 82.42 0.00 409 3,035
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.13 3.28 20.91 97.08 30.07 195 3,052
FMO F/C Nrg Infra Fd Guggenheim Funds 1.07 -8.63 18.49 100.00 42.72 271 1,570
NTG Tortoise Midstream Nrg Fd Tortoise 1.08 -5.10 17.14 100.00 40.98 657 4,179
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.31 2.87 13.95 90.98 12.00 584 3,513
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.08 -4.26 16.75 100.00 37.83 317 1,514
NHF NexPoint Stgc Opp Fd Highland Capital 1.26 -19.19 14.07 55.08 22.10 971 3,968
TYG Tortoise Nrg Infra Corp Tortoise 1.09 -3.23 15.89 100.00 36.80 916 4,735
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.33 7.13 12.52 67.35 33.95 183 1,133
HGLB Highland Glbl Alloc Fd Highland Capital 1.12 -25.04 14.65 23.63 38.94 270 828
SZC Cushing Renaissace Fd Cushing 1.26 -12.41 12.91 52.78 1.40 151 785
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.04 -4.32 15.82 100.00 38.81 247 1,372
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 1.34 1.88 11.84 83.46 30.99 384 910
ZTR Virtus Glbl Div & Inc Fd Virtus 2.64 7.17 12.26 65.49 27.72 487 988
RIV RiverNorth Opp Fd RiverNorth 1.23 -3.59 12.65 59.81 9.78 156 1,181
GLQ Clough Glbl Eq Fd Clough 1.36 -9.08 10.56 0.00 34.27 173 688
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.10 -2.99 14.01 100.00 29.94 300 1,739
GLO Clough Glbl Opp Fd Clough 1.35 -12.06 10.96 40.98 38.29 342 1,184
IFN India Fund Aberdeen 1.30 -9.61 11.12 0.00 0.00 621 1,772
GLV Clough Glbl Div & Incm Fd Clough 1.32 -9.26 11.03 58.17 34.47 101 384
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.35 -8.63 10.93 56.91 31.48 132 637
HEQ JH Hgd Eq & Incm Fd John Hancock 1.34 -3.37 10.50 44.64 0.00 181 483
EOD WF Glbl Div Opp Fd Wells Fargo 1.34 -7.42 10.58 0.00 15.70 261 632
CHW Calamos Glbl Dyn Incm Fd Calamos 1.45 6.83 9.77 58.58 36.95 477 1,634
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.42 -5.38 9.94 6.92 26.01 266 944
USA Liberty All-Star Eq Fd ALPS 1.32 -1.05 10.35 0.00 0.00 1,359 4,024
FEI FT MLP & Nrg Incm Fd First Trust 1.26 -3.55 11.04 93.69 27.03 530 2,395
EMO CB Nrg Midstream Opp Fd Legg Mason 1.15 -12.53 12.20 77.25 35.59 618 2,474
THW Tekla Wld Health Fd Tekla 1.33 -6.55 10.33 91.67 22.75 439 1,411
CEM CB MLP & Midstream Fd Legg Mason 1.17 -10.91 11.85 100.00 34.25 787 3,454
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.01 1.48 13.47 94.57 33.60 181 1,535
GNT GAMCO NtrRes Gd & Incm Gabelli 1.39 2.02 9.92 97.67 19.00 124 401
FEN FT Nrg Incm & Gwth Fd First Trust 1.19 2.84 11.46 78.23 27.11 394 1,866
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.13 -9.49 11.61 40.82 36.63 1,731 8,900
NDP Tortoise Nrg Ind Fd Tortoise 1.18 -12.47 10.96 20.35 29.59 62 464
HQH Tekla Health Invstr Tekla 1.46 -11.02 8.00 73.10 0.00 976 3,511
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.16 -11.42 11.34 100.00 33.67 336 1,275

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 %