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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 1,403.75 -0.50 -1.18 -0.46 1.82 11.30 46.09 5.16 7.66 -1.30 0.73 24.91
NAV 1,331.67 -0.48 -0.52 0.63 1.26 7.85 27.13 4.59 6.80 -0.89 0.89 13.19
Difference 0.02 0.66 1.10 -0.56 -3.45 -18.96 -0.57 -0.86 0.42 0.16 -11.72
* 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 3.07 5.52 4.49 13.65 4.37 2.56 1.93 9.10 24.00 0.24 1.82 - - - - - - - -
NAV 1.27 2.22 2.25 5.85 2.91 1.88 1.09 5.98 12.19 0.39 1.40 - - - - - - - -
Difference -1.80 -3.30 -2.24 -7.79 -1.46 -0.68 -0.84 -3.12 -11.81 0.15 -0.42 - - - - - - - -
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price -0.12 -10.78 -34.96 -42.04 21.51 6.53 -1.22 27.86 -25.90 2.19 3.50 -3.28 2.30 -1.47 16.90 3.83 19.59 22.34 -9.34
NAV -1.37 -6.57 -26.08 -31.89 15.62 4.34 0.44 21.17 -17.46 3.59 2.39 -2.11 3.83 0.35 9.24 3.67 13.64 18.00 -2.61
Difference -1.25 4.21 8.88 10.15 -5.89 -2.19 1.67 -6.68 8.43 1.40 -1.11 1.17 1.53 1.82 -7.66 -0.16 -5.95 -4.34 6.73
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 21.61 1.41 -4.11 1.96 -0.84 -0.62 -0.23 3.79 2.91 2.04 24.09
NAV 8.73 1.35 2.01 12.41 1.06 -2.34 3.08 1.74 14.37 -0.10 -2.38 1.20 -1.31 -0.50 -0.41 4.02 3.08 1.73 16.35
Difference -6.25 -0.27 0.29 -6.44 -0.76 1.06 -0.94 -0.58 -7.24 -1.51 1.73 -0.76 -0.46 0.13 -0.18 0.22 0.17 -0.31 -7.74
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 2.17 3.05 1.41 -1.22 3.23 -8.13 0.45 -10.41 -17.31 -14.65 -12.79
NAV 2.81 -4.45 -1.76 -3.49 2.81 1.96 -0.13 4.68 1.03 3.05 0.68 -0.29 3.45 -4.66 0.10 -6.62 -10.89 -7.82 -6.87
Difference 0.38 -0.15 0.06 0.26 -1.40 -0.27 0.22 -1.47 -1.15 0.00 -0.73 0.93 0.22 3.46 -0.36 3.79 6.42 6.83 5.92
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 12.20 2.40 -1.83 2.40 2.94 -2.28 -1.67 3.21 -0.82 2.09 14.55
NAV 2.10 1.90 0.21 4.26 1.12 0.50 0.50 2.14 6.49 1.77 -0.59 1.45 2.64 -0.47 0.18 2.31 2.01 4.70 11.49
Difference -2.55 -1.14 -0.37 -4.20 -1.56 -0.11 0.37 -1.31 -5.71 -0.63 1.24 -0.95 -0.31 1.81 1.84 -0.90 2.83 2.60 -3.06
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 15.52 4.99 2.08 0.57 7.78 -2.49 1.07 1.81 0.34 8.15 24.93
NAV -7.03 -0.67 7.13 -1.07 7.12 1.92 2.50 11.91 10.70 2.84 1.52 1.73 6.21 -1.07 0.64 2.00 1.55 7.86 19.40
Difference 0.95 -0.97 -2.91 -2.63 -1.42 0.50 -0.82 -1.84 -4.81 -2.15 -0.56 1.17 -1.58 1.41 -0.42 0.19 1.21 -0.29 -5.53
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 0.39 -3.34 -4.33 -5.75 -12.84 8.36 -3.53 -4.80 -0.49 -13.27 -12.93
NAV -0.18 3.07 -1.02 1.84 2.60 0.15 -2.12 0.58 2.43 -1.11 -3.79 -4.14 -8.80 5.62 -3.04 -5.73 -3.46 -11.95 -9.81
Difference -0.93 -1.12 0.59 -1.44 0.05 1.02 2.26 3.37 2.04 2.23 0.54 1.61 4.04 -2.73 0.49 -0.92 -2.96 1.32 3.12

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
2.22%
1Yr Disc
-1.96%
3Yr Disc
-3.44%
5Yr Disc
-2.88%
Rel Disc Range (3yr)
77.61%
Mkt Yield
9.21%
Lev Adj NAV Yield
7.80%
After Tax Yield*
7.73%
Est Tax Friction*
1.48%
3Yr NAV Volatiliy
17.40
1 Yr RoC
45.48%
3 Yr Dest RoC
21.42%
Leverage
23.45%
Non Lev Exp Ratio
1.89%
Beta (2yr)
0.86
Equity Exposure
47.60%
Bond Exposure
48.91%
# Holdings
97
Cash Weighted Duration
1.53
Comp NAV TR
-2.93%
Comp Discount
4.07%
Net Assets (M)
627
Liquidity - 90d (K)
2,563
* 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


97 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OCCI OFS Credit Company OFS Capital 0.85 -7.89 16.98 0.00 36.36 77 979
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.89 -1.61 12.99 59.77 26.60 220 2,432
OXLC Oxford Lane Cap Corp Oxford Lane 0.91 6.08 11.33 0.00 32.64 677 7,738
RA Brkf Real Ast Incm Fd Brookfield 0.94 8.47 10.90 48.22 30.07 942 4,883
ACP Abd Incm Cr Stgs Fd Aberdeen 0.96 3.76 10.61 21.07 38.24 253 1,770
EVG EV Srt Dur Divr Incm Fd Eaton Vance 1.00 3.38 9.65 40.46 20.50 183 1,628
FTF FrkTmp Ltd Dur Incm Tr Franklin Templeton 0.95 0.11 10.05 42.31 33.35 279 1,279
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.92 24.12 10.33 54.75 24.05 922 5,324
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.95 14.96 9.86 32.42 29.44 216 1,498
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.91 15.41 10.19 31.71 27.46 120 450
JQC Nuv Cr Stgs Incm Fd Nuveen 0.91 -6.76 7.83 63.52 36.71 942 5,613
PCF Hi Incm Sec Fd Hi Incm Sec Fd 0.97 7.49 9.31 0.00 0.00 52 711
FAM FT/Abd Glbl Opp Incm Fd First Trust 0.94 -1.55 9.43 56.38 28.75 105 593
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.90 3.45 9.82 1.71 45.01 3,152 10,388
PDI PIMCO Dyn Incm Fd PIMCO 0.87 5.40 9.96 0.00 43.07 1,797 8,376
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.85 5.17 10.25 0.00 38.01 212 2,196
EVV EV Ltd Dur Incm Fd Eaton Vance 0.95 -0.89 8.98 37.92 37.40 1,567 5,651
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 0.94 -2.69 10.40 6.46 0.00 393 1,614
PHT Pioneer Hi Incm Fd Pioneer 0.99 5.78 8.49 0.00 30.70 283 1,138
ERC WF Mlt-Sctr Incm Fd Wells Fargo 1.00 5.69 8.46 0.00 27.60 360 1,451
PFN PIMCO Incm Stgy Fd II PIMCO 0.86 6.79 8.56 4.32 39.31 725 3,656
HNW Pioneer Divr Hi Incm Fd Pioneer 0.97 -0.57 8.41 0.00 32.30 132 880
DMO WA Mortg Opp Fd Franklin Templeton 0.97 1.92 8.46 32.20 28.12 174 617
MIN MFS Imd Incm Tr MFS 0.91 -1.35 8.72 60.66 0.00 429 1,284
PKO PIMCO Incm Opp Fd PIMCO 0.88 4.15 9.18 1.39 41.45 506 1,683
PFL PIMCO Incm Stgy Fd PIMCO 0.87 10.03 8.32 8.07 38.69 366 1,529
HFRO Highland Incm Fd Highland Capital 0.93 -22.80 8.58 17.50 12.99 996 4,423
FCT FT Sr Flt Rt Incm Fd II First Trust 0.94 1.20 8.52 45.92 27.40 324 1,304
PHK PIMCO Hi Incm Fd PIMCO 0.89 7.90 8.97 0.00 41.02 797 2,893
NCZ Virtus AG Convt & Incm Fd II Virtus 0.94 -7.14 8.44 55.52 38.20 437 2,912
FSD FT Hi Incm Lng/Srt Fd First Trust 0.96 -2.67 8.22 28.74 26.31 552 1,774
JGH Nuv Glbl Hi Incm Fd Nuveen 0.93 -5.98 8.45 9.16 28.73 396 946
NCV Virtus AG Convt & Incm Fd Virtus 0.95 -3.59 8.27 53.01 37.71 578 2,243
HIX WA Hi Incm Fd II Franklin Templeton 0.98 2.62 7.91 8.92 29.25 425 803
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.88 -0.95 8.69 33.09 33.80 185 474
RCS PIMCO Stgc Incm Fd PIMCO 0.93 15.98 8.11 4.01 45.82 289 880
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.93 -2.71 8.10 46.70 27.00 138 417
MMT MFS MltMkt Incm Tr MFS 0.95 1.92 7.84 38.90 21.00 377 759
BIT BR Mlt-Sctr Incm Tr BlackRock 0.94 2.35 7.94 33.84 36.85 687 1,996
MCR MFS Charter Incm Tr MFS 0.92 -0.70 8.07 40.54 21.00 382 629
GHY PGIM Glbl Hi Yld Fd Prudential 0.93 -5.78 7.97 6.17 27.40 686 2,345
GIM Tmp Glbl Incm Fd Franklin Templeton 0.92 -3.01 7.88 13.09 0.00 758 2,974
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.91 32.06 7.48 7.59 46.73 1,272 11,232
GECC Great Elm Cap Corp Great Elm Capital 0.69 -12.31 11.70 0.00 41.35 92 341
FSK FS KKR Capital Corp FS/KKR 0.76 -16.24 11.57 0.00 49.23 7,653 24,110
ICMB Investcorp Cr Mgmt BDC Investcorp 0.77 -17.77 10.54 0.00 62.39 100 352
BKCC BR Cap Inv Corp BlackRock 0.73 -16.03 10.18 5.37 33.92 347 1,232
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.75 -16.25 9.78 0.00 56.04 267 762
CGBD TCG BDC Carlyle 0.75 -15.61 9.40 0.00 53.58 872 2,513
WHF WhiteHorse Finance H.I.G. Capital 0.76 0.65 9.15 0.00 51.94 321 757
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.73 16.65 9.47 0.00 38.97 403 2,043
MRCC Monroe Capital Corp Monroe Capital 0.70 -7.39 9.51 0.00 58.28 245 538
GSBD Goldman Sachs BDC Goldman Sachs 0.70 16.76 9.61 0.00 47.85 1,633 8,972
CSWC Cap Southwest Corp Capital Southwest 0.79 56.63 8.32 0.00 54.01 368 4,008
NMFC New Mountain Fin Corp New Mountain Capital 0.70 -2.40 9.22 4.08 57.85 1,292 4,520
AINV Apollo Inv Corp Apollo 0.72 -16.23 9.24 0.00 57.72 1,042 3,345
PFLT PennantPark Flt Rt Cap PennantPark 0.73 -0.31 8.93 0.00 51.33 497 2,482
CLM Cornerstone Stgc Val Fd Cornerstone 1.41 27.25 14.91 37.36 0.00 1,201 12,053
CRF Cornerstone Tot Rtn Fd Cornerstone 1.42 30.08 14.56 31.02 0.00 609 6,143
RIV RiverNorth Opp Fd RiverNorth 1.23 5.74 11.42 15.22 8.32 203 1,707
GLQ Clough Glbl Eq Fd Clough 1.34 2.62 10.28 0.00 36.29 269 2,084
GLO Clough Glbl Opp Fd Clough 1.35 3.28 10.10 3.66 37.02 497 3,570
GLV Clough Glbl Div & Incm Fd Clough 1.35 4.87 9.98 52.31 35.47 125 1,052
IFN India Fund Aberdeen 1.30 -10.93 10.58 30.24 0.00 697 1,831
ZTR Virtus Tot Rtn Fd Virtus 1.24 3.58 10.06 69.38 26.00 439 1,145
DPG D&P Util & Infra Fd Virtus 1.19 5.04 10.18 71.93 27.89 497 1,456
HGLB Highland Glbl Alloc Fd Highland Capital 1.38 -15.83 8.61 4.01 27.45 258 1,092
IAF Abd Australia Eq Fd Aberdeen 1.15 -3.24 10.72 32.54 4.75 146 491
EOD WF Glbl Div Opp Fd Wells Fargo 1.25 -3.06 8.82 0.00 15.60 255 787
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.19 1.34 9.52 85.00 13.00 575 2,171
MCN Madison Cov Call & Eq Stgc Madison 1.22 4.59 9.03 15.76 0.00 160 402
IAE Voya AP Hi Div Eq Incm Fd Voya 1.15 -6.50 9.79 84.19 0.00 112 550
USA Liberty All-Star Eq Fd ALPS 1.25 8.85 9.48 0.00 0.00 1,803 9,178
HEQ JH Hgd Eq & Incm Fd John Hancock 1.21 -0.38 8.94 32.60 0.00 159 689
THW Tekla Wld Health Fd Tekla 1.30 8.24 8.26 99.16 17.13 582 1,727
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.11 -7.15 9.56 85.50 0.00 154 656
FEN FT Nrg Incm & Gwth Fd First Trust 1.17 -4.35 8.94 92.83 20.42 273 855
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.27 3.08 8.10 97.46 0.00 1,564 4,251
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.25 -3.33 8.16 0.00 21.99 418 1,306
IGD Voya Glbl Eq Div & Prm Opp Voya 1.31 -5.23 7.79 73.49 0.00 525 1,421
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.32 -5.11 7.71 52.34 0.00 176 642
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.28 1.74 7.85 43.62 0.00 1,176 2,286
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.20 5.66 8.28 75.41 0.00 667 1,832
KYN KA Nrg Infra Fd Kayne Anderson 1.12 -11.49 8.91 100.00 26.95 1,123 3,646
HQH Tekla Health Invstr Tekla 1.29 -0.34 7.80 0.00 0.00 1,194 3,166
FMO F/C Nrg Infra Fd Guggenheim Funds 1.04 -10.94 9.48 100.00 15.43 82 337
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.23 2.94 7.87 46.19 0.00 438 882
CHW Calamos Glbl Dyn Incm Fd Calamos 1.17 2.10 8.22 0.00 31.76 597 1,327
HQL Tekla Life Sci Invstr Tekla 1.26 -2.51 7.91 0.00 0.00 542 1,429
ASG Liberty All-Star Gwth Fd ALPS 1.25 -1.35 7.73 0.00 0.00 478 2,173
FPL FT New Opp MLP & Nrg Fd First Trust 1.20 -9.39 8.04 87.13 19.90 153 520
FEI FT MLP & Nrg Incm Fd First Trust 1.14 -10.23 8.44 61.05 20.24 358 1,213
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.29 -2.68 7.35 65.85 16.48 573 1,940
JDD Nuv Divr Div & Incm Fd Nuveen 1.28 -7.38 7.44 74.91 29.37 224 394
GUT Gabelli Util Tr Gabelli 1.22 82.51 7.77 99.50 26.00 268 885
DNP DNP Sel Incm Fd Virtus 1.31 14.86 7.21 22.60 24.81 3,199 5,710
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.27 -0.20 7.37 64.40 20.20 241 598

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 %