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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 1,256.56 -0.69 -0.57 -0.84 6.55 7.36 8.25 5.58 5.65 1.49 1.36 1.36
NAV 1,196.31 -0.52 -0.70 -1.64 3.98 5.44 4.99 4.83 4.73 0.40 -0.97 -0.97
Difference 0.17 -0.13 -0.80 -2.57 -1.92 -3.26 -0.75 -0.92 -1.08 -2.34 -2.34
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - - - - - - - - - - - - - - -0.12
NAV -1.37 - - - - - - - - - - - - - - - - - -1.37
Difference -1.25 - - - - - - - - - - - - - - - - - -1.25
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 3.79 2.91 2.06 23.24
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 4.02 3.08 1.77 15.92
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 0.22 0.17 -0.29 -7.31
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
-1.57%
1Yr Disc
-3.36%
3Yr Disc
-3.43%
5Yr Disc
-4.38%
Rel Disc Range (3yr)
62.98%
Mkt Yield
11.32%
Lev Adj NAV Yield
8.94%
After Tax Yield*
9.85%
Est Tax Friction*
1.47%
3Yr NAV Volatiliy
11.53
1 Yr RoC
42.68%
3 Yr Dest RoC
26.97%
Leverage
28.01%
Non Lev Exp Ratio
2.15%
Beta (2yr)
0.58
Equity Exposure
46.43%
Bond Exposure
50.92%
# Holdings
98
Cash Weighted Duration
1.39
Comp NAV TR
-1.34%
Comp Discount
0.44%
Net Assets (M)
512
Liquidity - 90d (K)
2,690
* 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


98 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 1.09 33.77 17.78 0.00 30.12 403 7,476
ECC Eagle Point Cr Co Eagle Point 1.00 33.10 16.09 24.17 37.21 321 3,029
JQC Nuv Cr Stgs Incm Fd Nuveen 0.96 -5.86 14.62 54.47 37.40 1,088 7,203
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.94 50.34 15.32 63.25 6.43 146 1,661
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.99 19.61 14.94 53.87 6.46 99 682
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.99 -3.96 12.91 52.75 27.20 233 1,713
ACP Abd Incm Cr Stgs Fd Aberdeen 1.04 -2.41 11.87 12.25 25.88 217 2,003
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.09 3.26 10.86 62.17 27.30 152 1,112
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.00 9.34 11.74 53.15 0.00 697 4,319
RA Brkf Real Ast Incm Fd Brookfield 1.02 -4.18 10.74 43.78 21.84 846 5,102
NCV AG Convt & Incm Fd Allianz 1.03 4.48 10.40 38.45 40.44 523 2,650
GGM Gghm Cr Alloc Fd Guggenheim Funds 1.00 6.00 10.62 14.86 19.21 166 863
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.99 3.65 10.63 0.00 32.92 97 1,009
NCZ AG Convt & Incm Fd II Allianz 1.02 2.30 10.11 38.19 40.89 397 1,423
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.99 -3.19 10.35 49.15 27.30 303 1,079
PHK PIMCO Hi Incm Fd PIMCO 0.99 20.63 9.68 2.70 29.94 830 3,909
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.01 -1.20 9.32 0.00 28.35 368 1,729
KIO KKR Incm Opp Fd KKR Credit 1.00 0.56 9.23 0.00 31.01 329 1,632
CCD Calamos Dyn Convt & Incm Fd Calamos 1.04 0.90 8.92 65.71 32.40 545 1,321
TEI Tmp Emrg Mkt Incm Fd Franklin 0.98 -5.52 7.91 0.00 0.00 470 2,820
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 1.02 24.06 9.03 4.56 32.99 110 710
ERC WF Mlt-Sctr Incm Fd Wells Fargo 1.00 -0.60 9.06 0.00 29.45 405 1,418
BIT BR Mlt-Sctr Incm Tr BlackRock 1.01 -3.90 8.86 26.88 34.96 654 4,233
PFL PIMCO Incm Stgy Fd PIMCO 1.02 11.75 8.74 5.87 22.63 331 1,177
PFN PIMCO Incm Stgy Fd II PIMCO 1.01 9.99 8.81 0.00 22.71 682 2,363
DSL DbLin Incm Solutions Fd Doubleline 0.99 0.85 8.90 3.31 30.83 2,037 7,239
EVV EV Ltd Dur Incm Fd Eaton Vance 1.00 -6.70 8.89 10.44 35.15 1,681 4,456
AVK Advent Convt & Incm Fd Guggenheim Funds 1.00 -7.03 8.78 67.84 39.20 595 1,832
MIN MFS Imd Incm Tr MFS 0.98 -4.00 8.83 70.14 0.00 468 1,976
CHY Calamos Convt & Hi Incm Fd Calamos 1.04 -0.90 8.39 41.25 32.78 899 2,221
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.99 -2.32 8.59 24.94 32.59 253 649
BGX B/GSO Lng-Srt Cr Incm Fd GSO / Blackstone 1.01 1.88 8.49 0.00 39.23 203 980
BGB B/GSO Stgc Cr Fd GSO / Blackstone 1.00 -3.96 8.51 0.00 37.24 689 2,585
DMO WA Mortg Opp Fd Legg Mason 0.98 4.53 8.18 27.25 31.90 206 1,458
CHI Calamos Convt Opp & Incm Calamos 1.03 -0.26 8.25 41.50 32.48 827 1,767
HIX WA Hi Incm Fd II Legg Mason 1.01 -6.40 8.38 11.72 29.45 639 3,823
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.99 -6.48 8.48 0.00 30.90 251 1,046
PHT Pioneer Hi Incm Tr Pioneer 1.01 -3.51 8.17 0.00 29.60 300 1,223
MCR MFS Charter Incm Tr MFS 0.99 -5.30 8.40 49.02 20.00 409 890
FSD FT Hi Incm Lng/Srt Fd First Trust 0.99 -7.18 8.31 27.82 22.79 589 2,411
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.02 -7.22 7.98 18.32 29.60 984 3,993
ICMB Investcorp Cr Mgmt BDC Investcorp 0.77 -25.62 13.25 0.00 51.10 140 243
OXSQ Oxford Square Cap Corp Oxford Lane 0.75 13.28 13.09 0.00 37.03 259 2,023
TCRD THL Credit THL Credit 0.70 -19.66 12.54 0.00 40.41 253 869
GECC Great Elm Cap Corp Great Elm Capital 0.69 -12.10 12.47 0.00 40.09 91 373
MRCC Monroe Capital Corp Monroe Capital 0.68 -8.91 12.46 0.00 63.60 252 1,895
NEWT Newtek Biz Serv Corp Newtek 0.63 40.10 13.15 0.00 53.68 300 4,097
OFS OFS Capital Corp OFS Capital 0.68 -8.95 11.72 0.00 64.82 170 599
FSK FS KKR Capital Corp FS/KKR 0.69 -20.61 12.18 0.00 45.30 4,001 13,588
CPTA Capitala Finance Corp Capitala 0.69 -3.94 11.07 0.00 62.54 152 1,163
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.71 -36.06 10.57 0.00 41.78 159 340
BKCC BR Cap Inv Corp BlackRock 0.69 -22.34 11.11 4.87 37.18 447 1,967
PSEC Prospect Capital Corp Prospect Capital 0.68 -24.60 11.03 0.00 39.41 3,184 10,159
HCAP Harvest Cap Cr Corp Harvest Capital 0.67 -23.09 10.84 0.00 47.71 68 157
CGBD TCG BDC Carlyle 0.70 -17.49 10.82 0.00 54.03 978 5,669
PNNT PennantPark Inv Corp PennantPark 0.68 -25.37 10.98 0.00 52.40 589 2,800
CLM Cornerstone Stgc Val Fd Cornerstone 1.23 6.56 19.27 73.95 0.00 813 5,966
CRF Cornerstone Tot Rtn Fd Cornerstone 1.21 6.69 19.29 77.86 0.00 416 3,518
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.10 -1.03 21.78 100.00 32.43 248 4,212
FMO F/C Nrg Infra Fd Guggenheim Funds 1.05 -5.63 18.36 100.00 39.14 264 2,473
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.05 -2.10 18.35 100.00 39.49 88 613
NTG Tortoise Midstream Nrg Fd Tortoise 1.01 -9.13 9.94 100.00 39.70 658 8,182
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.01 -4.40 17.34 100.00 35.20 307 2,557
TYG Tortoise Nrg Infra Corp Tortoise 1.03 -8.85 10.10 100.00 37.20 923 9,273
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 1.06 -2.34 15.34 100.00 27.52 63 500
NHF NexPoint Stgc Opp Fd Highland Capital 1.16 -15.78 13.84 52.63 26.00 944 3,997
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.16 2.67 14.18 91.83 11.00 575 4,504
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.07 2.04 15.25 100.00 36.43 240 2,136
HGLB Highland Glbl Alloc Fd Highland Capital 1.14 -21.40 11.25 18.36 39.16 258 969
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.13 -0.41 13.36 100.00 27.51 295 2,278
RIV RiverNorth Opp Fd RiverNorth 1.23 -0.65 12.75 62.28 9.78 159 981
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.20 5.87 12.24 63.66 34.00 193 1,058
SZC Cushing Renaissance Fd Cushing 1.11 -10.74 12.91 50.08 0.00 148 883
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 1.21 2.73 11.58 99.95 30.95 390 1,203
ZTR Virtus Glbl Div & Inc Fd Virtus 1.25 7.78 11.39 79.13 26.09 523 1,750
GLO Clough Glbl Opp Fd Clough 1.27 -8.89 10.60 47.29 42.42 359 1,428
IFN India Fund Aberdeen 1.21 -10.99 11.26 0.00 0.00 612 2,118
MCN Madison Cov Call & Eq Stgc Madison 1.18 -8.00 10.79 32.74 0.00 152 486
EMO CB Nrg Midstream Opp Fd Legg Mason 1.10 -8.81 11.69 74.25 33.11 619 3,919
GLQ Clough Glbl Eq Fd Clough 1.27 -5.98 10.28 0.00 40.71 181 796
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.20 -4.79 10.55 55.12 30.63 133 609
CEM CB MLP & Midstream Fd Legg Mason 1.09 -5.92 11.25 92.00 32.57 785 4,830
FEN FT Nrg Incm & Gwth Fd First Trust 1.14 5.26 10.84 100.00 26.38 407 2,047
EOD WF Glbl Div Opp Fd Wells Fargo 1.23 -5.56 10.20 0.00 15.37 269 1,100
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.09 -8.37 11.01 100.00 31.06 335 2,039
FEI FT MLP & Nrg Incm Fd First Trust 1.16 -0.60 10.33 89.58 26.53 550 2,935
HEQ JH Hgd Eq & Incm Fd John Hancock 1.18 1.29 10.07 58.30 0.00 180 840
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.11 -5.21 11.00 66.67 36.76 1,745 14,335
THW Tekla Wld Health Fd Tekla 1.21 -6.84 9.89 100.00 22.75 458 2,000
USA Liberty All-Star Eq Fd ALPS 1.23 -0.14 9.84 0.00 0.00 1,417 5,439
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.22 2.45 9.50 92.62 0.00 597 2,115
FPL FT New Opp MLP & Nrg Fd First Trust 1.17 -4.20 9.86 86.82 26.21 245 1,394
NML NB MLP Incm Fd Neuberger Berman 1.14 -9.05 10.11 100.00 26.07 407 2,428
CHW Calamos Glbl Dyn Incm Fd Calamos 1.23 6.94 9.40 58.58 35.51 496 1,610
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.20 -4.81 9.65 17.55 26.41 272 1,043
NRGX Nrg & Tac Cr Opp Fd PIMCO 1.14 -4.83 10.27 17.61 28.11 732 6,997
NDP Tortoise Nrg Ind Fd Tortoise 0.96 -7.79 11.27 11.86 30.80 57 574
DPG D&P Util & Infra Fd Duff & Phelps 1.23 -8.51 8.80 46.29 29.36 660 1,649

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 %