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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 1,315.74 0.43 1.43 3.83 14.16 34.75 63.37 5.59 9.71 3.02 3.02 17.07
NAV 1,262.55 0.13 0.06 1.11 5.54 18.21 43.24 5.07 8.36 1.38 1.38 7.31
Difference -0.30 -1.37 -2.72 -8.62 -16.54 -20.13 -0.52 -1.35 -1.64 -1.64 -9.76
* 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 - - - - - - - - - - - - - - -
NAV 1.27 2.22 2.25 5.85 - - - - - - - - - - - - - - -
Difference -1.80 -3.30 -2.24 -7.79 - - - - - - - - - - - - - - -
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
-0.09%
1Yr Disc
-7.80%
3Yr Disc
-4.78%
5Yr Disc
-4.08%
Rel Disc Range (3yr)
77.82%
Mkt Yield
9.38%
Lev Adj NAV Yield
7.75%
After Tax Yield*
7.94%
Est Tax Friction*
1.44%
3Yr NAV Volatiliy
19.33
1 Yr RoC
52.88%
3 Yr Dest RoC
27.23%
Leverage
23.68%
Non Lev Exp Ratio
2.64%
Beta (2yr)
0.85
Equity Exposure
48.46%
Bond Exposure
49.24%
# Holdings
101
Cash Weighted Duration
1.74
Comp NAV TR
-3.88%
Comp Discount
2.81%
Net Assets (M)
577
Liquidity - 90d (K)
2,776
* 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


101 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OCCI OFS Credit Company OFS Capital 0.86 5.68 14.25 0.00 32.63 46 809
OXLC Oxford Lane Cap Corp Oxford Lane 0.91 12.85 11.98 0.00 36.53 525 6,775
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.86 -0.26 12.44 50.94 30.20 213 1,694
JQC Nuv Cr Stgs Incm Fd Nuveen 0.88 -4.54 11.38 65.47 35.91 956 5,208
RA Brkf Real Ast Incm Fd Brookfield 0.88 8.24 11.01 58.06 28.45 879 7,790
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.88 26.29 10.92 64.93 25.51 116 842
PCF Hi Incm Sec Fd Hi Incm Sec Fd 0.87 -1.84 10.34 0.00 0.00 51 982
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.88 28.36 9.96 60.03 30.48 848 6,573
ACP Abd Incm Cr Stgs Fd Aberdeen 0.86 1.55 10.16 37.36 31.03 203 1,259
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.87 13.71 10.09 32.65 22.50 193 1,361
FTF FrkTmp Ltd Dur Incm Tr Franklin Templeton 0.84 -2.34 10.34 40.10 31.75 283 1,096
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.86 -0.25 9.92 59.54 26.96 137 670
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.85 14.16 9.62 0.00 29.13 146 1,478
FAM FT/Abd Glbl Opp Incm Fd First Trust 0.84 -4.80 9.68 57.94 28.82 106 551
FCT FT Sr Flt Rt Incm Fd II First Trust 0.85 -3.15 9.51 33.34 28.35 330 2,107
EVV EV Ltd Dur Incm Fd Eaton Vance 0.84 -6.87 9.52 31.41 34.10 1,573 4,720
PDI PIMCO Dyn Incm Fd PIMCO 0.88 17.99 9.11 0.00 40.09 1,711 9,779
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.87 13.02 9.15 1.38 43.61 3,039 12,083
PFN PIMCO Incm Stgy Fd II PIMCO 0.86 10.81 9.28 3.17 33.31 708 2,655
PHT Pioneer Hi Incm Tr Pioneer 0.88 1.04 8.91 0.00 30.60 282 835
DMO WA Mortg Opp Fd Franklin Templeton 0.87 -0.47 9.03 23.48 24.20 166 1,017
NCZ Virtus AG Convt & Incm Fd II Virtus 0.88 -9.79 8.72 32.67 38.10 435 2,482
NCV Virtus AG Convt & Incm Fd Virtus 0.88 -8.78 8.76 29.87 37.61 577 2,746
PFL PIMCO Incm Stgy Fd PIMCO 0.85 13.43 9.01 4.53 33.77 359 1,527
MIN MFS Imd Incm Tr MFS 0.83 -3.17 8.85 53.81 0.00 439 1,843
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.85 -2.27 8.79 0.00 27.50 358 972
JGH Nuv Glbl Hi Incm Fd Nuveen 0.87 -7.08 8.61 0.00 28.64 393 792
FSD FT Hi Incm Lng/Srt Fd First Trust 0.84 -7.87 8.74 30.03 25.73 549 1,018
PKO PIMCO Incm Opp Fd PIMCO 0.87 15.69 8.45 0.00 45.00 485 1,815
PHK PIMCO Hi Incm Fd PIMCO 0.85 14.94 8.51 0.00 34.15 786 3,047
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.87 31.47 8.37 4.79 41.26 1,248 6,755
HIX WA Hi Incm Fd II Franklin Templeton 0.86 -1.69 8.40 6.15 28.80 418 1,009
GHY PGIM Glbl Hi Yld Fd Prudential 0.86 -8.11 8.29 4.33 27.40 676 1,790
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.86 2.84 8.32 32.56 33.80 186 655
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 0.86 -5.76 8.30 0.00 28.74 240 6,519
RCS PIMCO Stgc Incm Fd PIMCO 0.86 13.76 8.23 0.00 22.66 290 1,089
HFRO Highland Incm Fd Highland Capital 0.86 -17.40 8.21 4.34 26.60 972 2,888
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 0.87 -10.41 11.84 25.42 0.00 406 1,259
MCR MFS Charter Incm Tr MFS 0.84 -1.51 8.15 42.12 21.00 382 656
BIT BR Mlt-Sctr Incm Tr BlackRock 0.86 -0.75 8.05 35.99 36.85 697 2,402
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 0.88 -5.85 7.89 31.48 28.00 883 2,636
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.88 -8.17 7.73 61.85 28.92 1,152 4,601
CHY Calamos Convt & Hi Incm Fd Calamos 0.90 -2.64 7.56 0.00 32.03 1,195 4,540
ISD PGIM Hi Yld Bnd Fd Prudential 0.86 -6.84 7.90 10.51 24.11 569 1,604
CHI Calamos Convt Opp & Incm Calamos 0.91 -1.36 7.48 0.00 32.00 1,096 4,447
ECC Eagle Point Cr Co Eagle Point 0.87 2.08 7.82 11.54 26.30 389 1,640
HCAP Harvest Cap Cr Corp Harvest Capital 0.67 -13.63 21.33 0.00 49.20 62 219
FSK FS KKR Capital Corp FS/KKR 0.69 -17.55 11.63 0.00 55.85 3,096 11,305
BKCC BR Cap Inv Corp BlackRock 0.73 -13.24 10.90 0.00 35.14 315 1,570
GECC Great Elm Cap Corp Great Elm Capital 0.62 -5.20 12.20 0.00 40.82 81 985
FSKR FS KKR Capital Corp. II FS/KKR 0.69 -19.12 10.84 0.00 46.51 4,265 11,368
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.73 -15.97 9.92 0.00 62.20 217 1,132
ICMB Investcorp Cr Mgmt BDC Investcorp 0.68 -27.55 10.56 0.00 57.96 109 279
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.69 19.04 9.33 0.00 38.20 401 2,952
MRCC Monroe Capital Corp Monroe Capital 0.68 -3.82 9.45 0.00 59.91 234 1,164
FCRD First Eagle Alt Cap BDC First Eagle Alt Cr 0.67 -31.87 9.55 0.00 46.95 185 291
CGBD TCG BDC Carlyle 0.67 -11.24 9.37 0.00 53.78 847 2,597
NMFC New Mountain Fin Corp New Mountain Capital 0.68 2.61 9.27 0.00 58.58 1,222 5,967
PFLT PennantPark Flt Rt Cap PennantPark 0.71 1.10 8.88 0.00 53.23 492 2,981
CCAP Crescent Capital BDC Crescent Capital 0.75 9.98 8.22 0.00 45.21 511 580
PSEC Prospect Capital Corp Prospect Capital 0.67 -11.16 9.05 0.00 37.39 3,456 24,158
CLM Cornerstone Stgc Val Fd Cornerstone 1.23 35.93 14.11 68.20 0.00 782 14,050
CRF Cornerstone Tot Rtn Fd Cornerstone 1.23 39.36 13.74 69.44 0.00 396 7,292
RIV RiverNorth Opp Fd RiverNorth 1.24 3.54 11.45 51.20 7.41 172 1,495
HGLB Highland Glbl Alloc Fd Highland Capital 1.31 -25.27 10.25 4.27 24.76 242 1,458
IFN India Fund Aberdeen 1.19 -6.50 11.05 51.49 0.00 604 2,050
GLO Clough Glbl Opp Fd Clough 1.28 -3.43 10.06 13.89 32.51 433 2,307
GLQ Clough Glbl Eq Fd Clough 1.27 -5.08 10.13 0.00 32.28 221 1,409
DPG D&P Util & Infra Fd Duff & Phelps 1.26 -1.71 10.17 54.79 29.80 531 2,511
ZTR Virtus Tot Rtn Fd Virtus 1.23 0.00 10.28 75.73 26.99 443 1,447
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.27 -9.45 9.89 88.29 13.00 628 3,309
USA Liberty All-Star Eq Fd ALPS 1.31 2.75 9.73 0.00 0.00 1,737 7,524
GLV Clough Glbl Div & Incm Fd Clough 1.27 4.44 9.50 73.86 37.26 98 643
FMO F/C Nrg Infra Fd Guggenheim Funds 1.22 -9.51 9.90 100.00 16.55 78 684
EOD WF Glbl Div Opp Fd Wells Fargo 1.28 -8.60 9.36 0.00 16.60 257 1,239
HEQ JH Hgd Eq & Incm Fd John Hancock 1.24 -8.01 9.44 69.58 0.00 163 728
MCN Madison Cov Call & Eq Stgc Madison 1.28 4.60 9.05 39.69 0.00 159 804
IRR Voya Ntr Res Eq Incm Fd Voya 1.20 -1.80 9.42 71.00 0.00 70 594
THW Tekla Wld Health Fd Tekla 1.25 3.05 9.02 100.00 21.20 560 3,596
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.19 -7.65 9.17 79.00 0.00 162 681
FEN FT Nrg Incm & Gwth Fd First Trust 1.24 -2.14 8.77 98.57 20.67 272 1,689
HQL Tekla Life Sci Invstr Tekla 1.20 -5.38 8.80 0.00 0.00 493 1,696
FEI FT MLP & Nrg Incm Fd First Trust 1.23 -11.08 8.60 86.08 20.42 355 1,660
GUT Gabelli Util Tr Gabelli 1.24 62.76 8.47 100.00 32.00 240 1,392
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.24 3.66 8.38 95.56 0.00 1,403 3,929
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.24 5.68 8.31 69.85 0.00 664 2,260
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.26 -0.83 8.15 61.08 0.00 1,161 3,509
FPL FT New Opp MLP & Nrg Fd First Trust 1.19 -12.81 8.59 88.97 20.52 150 890
IGD Voya Glbl Eq Div & Prm Opp Voya 1.24 -7.46 8.23 78.42 0.00 598 1,886
KYN KA Nrg Infra Fd Kayne Anderson 1.23 -12.77 8.29 100.00 29.07 1,050 5,249
HQH Tekla Health Invstr Tekla 1.20 -3.59 8.44 6.36 0.00 1,100 3,782
JDD Nuv Divr Div & Incm Fd Nuveen 1.30 -8.64 7.89 60.93 28.79 214 620
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.20 -8.14 8.31 42.64 0.00 188 747
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.24 3.74 8.05 54.41 0.00 413 1,102
CHW Calamos Glbl Dyn Incm Fd Calamos 1.29 8.73 7.76 0.00 33.36 592 2,161
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.25 -3.50 7.98 60.21 17.60 230 1,098
SCD LMP Cap & Incm Fd Franklin Templeton 1.28 -10.43 7.91 69.82 18.60 264 625
CEM CB MLP & Midstream Fd Franklin Templeton 1.23 -13.55 8.00 100.00 30.21 381 1,925
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.25 -3.91 7.82 65.50 15.94 546 2,768
CGO Calamos Glbl Tot Rtn Fd Calamos 1.30 4.65 7.50 0.00 32.07 136 524
JCE Nuv Core Eq Alpha Fd Nuveen 1.29 -3.47 7.66 6.41 0.00 264 760

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 %