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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 1,189.93 0.17 -0.53 -1.61 -4.04 -1.03 3.76 6.59 4.43 -1.22 -1.22 19.11
NAV 1,158.20 0.37 -0.68 -1.50 -3.52 -1.81 1.97 5.89 4.18 -1.18 -1.18 11.67
Difference 0.19 -0.15 0.11 0.52 -0.78 -1.79 -0.70 -0.25 0.04 0.04 -7.44
* 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 - - - - - 20.33
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 - - - - - 12.85
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 - - - - - -7.48
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
-3.71%
1Yr Disc
-5.01%
3Yr Disc
-4.14%
5Yr Disc
-5.51%
Rel Disc Range (3yr)
57.19%
Mkt Yield
11.65%
Lev Adj NAV Yield
8.98%
After Tax Yield*
10.06%
Est Tax Friction*
1.59%
3Yr NAV Volatiliy
11.48
1 Yr RoC
40.33%
3 Yr Dest RoC
26.87%
Leverage
28.28%
Non Lev Exp Ratio
2.02%
Beta (2yr)
0.59
Equity Exposure
46.75%
Bond Exposure
50.84%
# Holdings
95
Cash Weighted Duration
1.38
Comp NAV TR
-1.22%
Comp Discount
1.21%
Net Assets (M)
502
Liquidity - 90d (K)
1,933
* 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


95 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 1.01 18.85 17.02 0.00 32.01 341 6,597
JQC Nuv Cr Stgs Incm Fd Nuveen 0.97 -11.15 17.13 48.54 37.35 1,107 5,119
EDF SH Emrg Mkt Incm Fd Stone Harbor 1.01 43.35 16.17 58.18 3.94 152 1,390
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 1.03 15.90 14.99 52.74 3.06 102 572
ECC Eagle Point Cr Co Eagle Point 1.05 45.76 14.38 19.93 33.94 308 4,264
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.00 -0.51 12.43 45.95 26.90 196 1,047
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.99 -3.74 11.98 52.05 27.48 148 516
ACP Abd Incm Cr Stgs Fd Aberdeen 0.98 -0.88 11.62 0.00 31.07 163 1,039
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.99 11.83 11.33 37.03 0.00 662 3,140
NCV AG Convt & Incm Fd Allianz 1.00 2.17 11.13 35.42 41.11 499 1,649
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.97 -8.75 11.14 51.48 28.61 303 869
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.99 5.12 10.81 9.77 26.32 150 592
NCZ AG Convt & Incm Fd II Allianz 0.99 0.40 10.80 40.95 41.56 378 997
RA Brkf Real Ast Incm Fd Brookfield 1.00 -2.43 10.43 41.63 22.13 856 2,888
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.98 -3.26 10.35 0.00 29.64 356 959
CCD Calamos Dyn Convt & Incm Fd Calamos 0.99 2.03 9.95 50.95 33.69 483 1,403
AVK AC Convt Sec & Incm Fd Guggenheim Funds 0.98 -10.97 9.74 64.77 40.31 560 1,668
KIO KKR Incm Opp Fd KKR Credit 0.96 -2.58 9.91 0.00 30.73 316 1,361
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.99 -6.94 9.64 5.56 29.60 407 1,155
PHK PIMCO Hi Incm Fd PIMCO 0.99 25.77 9.55 15.38 28.71 804 2,892
PFL PIMCO Incm Stgy Fd PIMCO 1.01 9.54 9.31 11.39 26.01 297 1,024
CHY Calamos Convt & Hi Incm Fd Calamos 0.99 -0.81 9.26 30.24 33.81 812 1,630
PFN PIMCO Incm Stgy Fd II PIMCO 1.00 9.13 9.23 0.00 26.71 615 1,995
CHI Calamos Convt Opp & Incm Calamos 1.00 -0.66 9.15 30.35 33.57 748 1,841
BGB B/GSO Stgc Cr Fd GSO / Blackstone 0.95 -6.89 9.47 0.00 37.23 674 2,048
MIN MFS Imd Incm Tr MFS 0.98 -6.67 9.13 69.49 0.00 473 968
DSL DbLin Incm Solutions Fd Doubleline 0.99 3.74 9.02 2.18 30.34 1,951 7,294
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.98 -5.23 9.08 13.66 33.40 247 921
BGX B/GSO Lng-Srt Cr Incm Fd GSO / Blackstone 0.96 -1.03 9.29 0.00 39.14 197 983
DHY CS Hi Yld Bnd Fd Credit Suisse 0.97 -1.57 9.12 10.83 30.08 263 604
ACV AG Divr Incm & Convt Fd Allianz 0.99 -0.92 8.85 0.00 30.40 236 905
GHY PGIM Glbl Hi Yld Fd Prudential 0.97 -12.26 8.89 2.18 27.09 661 1,524
FSD FT Hi Incm Lng/Srt Fd First Trust 0.99 -10.20 8.72 21.91 22.74 580 1,335
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.97 -9.44 8.88 0.00 30.82 247 916
PHT Pioneer Hi Incm Tr Pioneer 0.98 -8.23 8.86 0.00 30.10 291 815
EMD WA Emrg Mkt Dbt Fd Legg Mason 1.00 -9.68 8.58 17.47 28.78 941 2,034
MCR MFS Charter Incm Tr MFS 0.99 -7.21 8.67 45.60 20.00 407 795
ARDC Ares Dyn Cr Alloc Fd Ares 0.97 -12.48 8.80 0.00 30.93 384 1,158
EAD WF Incm Opp Fd Wells Fargo 0.99 -8.92 8.66 7.78 29.10 559 1,301
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.00 28.73 8.58 2.13 36.97 1,245 4,610
MMT MFS MltMkt Incm Tr MFS 0.99 -7.06 8.65 42.64 20.00 413 1,027
ICMB Investcorp Cr Mgmt BDC Investcorp 0.66 -38.15 15.38 0.00 43.78 143 167
MRCC Monroe Capital Corp Monroe Capital 0.66 -17.41 13.54 0.00 61.72 256 1,016
GARS Garrison Capital Garrison Capital 0.65 -35.05 13.75 0.00 66.29 165 180
FSK FS KKR Capital Corp FS/KKR 0.69 -26.52 13.13 0.00 44.56 4,086 12,115
OXSQ Oxford Square Cap Corp Oxford Lane 0.64 -6.81 13.67 9.40 34.14 301 992
TCRD THL Credit THL Credit 0.67 -20.38 12.43 0.00 43.58 264 488
GECC Great Elm Cap Corp Great Elm Capital 0.68 -20.39 12.15 0.00 34.94 104 428
CPTA Capitala Finance Corp Capitala 0.69 -10.79 11.73 0.00 63.38 154 1,124
OFS OFS Capital Corp OFS Capital 0.69 -8.88 11.53 0.00 55.76 173 525
PNNT PennantPark Inv Corp PennantPark 0.68 -30.09 11.78 0.00 53.30 586 2,036
AINV Apollo Inv Corp Apollo 0.67 -18.00 11.55 0.00 50.34 1,288 4,845
BKCC BR Cap Inv Corp BlackRock 0.67 -28.74 11.52 4.75 33.39 469 1,814
PSEC Prospect Capital Corp Prospect Capital 0.66 -28.19 11.13 0.00 41.08 3,309 9,797
TCPC BR TCP Capital Corp BlackRock 0.67 -1.98 10.77 0.00 52.43 802 4,070
FDUS Fidus Investment Corp Fidus 0.66 -11.11 10.77 0.00 42.81 399 1,446
CLM Cornerstone Stgc Val Fd Cornerstone 1.27 4.43 22.23 85.80 0.00 788 4,603
CRF Cornerstone Tot Rtn Fd Cornerstone 1.26 4.09 22.26 81.80 0.00 404 2,998
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.25 0.73 18.23 94.17 29.02 230 3,333
FMO F/C Nrg Infra Fd Guggenheim Funds 1.22 -6.52 15.55 93.43 39.75 315 1,196
NTG Tortoise Midstream Nrg Fd Tortoise 1.23 -3.88 14.53 88.17 37.30 765 2,947
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.29 3.84 13.86 89.45 12.24 582 4,342
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.26 -4.12 13.73 83.04 37.26 386 1,497
NHF NexPoint Stgc Opp Fd Highland Capital 1.28 -16.92 13.61 56.33 21.80 977 3,380
TYG Tortoise Nrg Infra Corp Tortoise 1.23 -3.01 13.56 80.68 34.70 107 3,346
ZF Virtus Total Return Fd Virtus 1.31 5.28 12.71 59.70 26.51 233 1,261
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.30 4.10 12.74 69.34 34.69 176 865
HGLB Highland Glbl Alloc Fd Highland Capital 1.28 -23.25 12.63 30.39 38.94 306 736
SZC Cushing Renaissace Fd Cushing 1.27 -13.15 12.61 47.35 12.50 156 1,209
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.20 -5.04 13.10 89.68 37.96 300 932
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 1.28 1.45 12.50 83.46 31.85 365 895
ZTR Virtus Glbl Div & Inc Fd Virtus 1.32 8.55 12.14 65.12 27.48 254 878
RIV RiverNorth Opp Fd RiverNorth 1.27 0.83 12.02 93.22 9.78 121 847
GLQ Clough Glbl Eq Fd Clough 1.29 -9.03 11.33 0.00 34.27 166 884
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.21 -2.43 12.45 90.55 29.18 336 1,619
GLO Clough Glbl Opp Fd Clough 1.29 -10.43 11.51 52.67 38.29 327 1,043
IFN India Fund Aberdeen 1.26 -9.88 11.61 0.00 0.00 596 1,877
GLV Clough Glbl Div & Incm Fd Clough 1.31 -9.00 10.99 69.20 34.47 101 591
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.29 -10.33 11.19 56.04 30.15 138 512
HEQ JH Hgd Eq & Incm Fd John Hancock 1.30 -4.69 10.88 44.64 0.00 177 510
EOD WF Glbl Div Opp Fd Wells Fargo 1.32 -7.43 10.88 0.00 15.50 255 551
CHW Calamos Glbl Dyn Incm Fd Calamos 1.30 0.26 10.69 50.76 37.12 464 1,326
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.33 -8.19 10.45 1.91 26.58 261 875
USA Liberty All-Star Eq Fd ALPS 1.29 -1.54 10.66 8.53 0.00 1,326 4,480
FEI FT MLP & Nrg Incm Fd First Trust 1.23 -8.52 11.06 81.67 25.87 558 1,539
EMO CB Nrg Midstream Opp Fd Legg Mason 1.25 -11.38 10.94 76.78 33.44 681 1,675
THW Tekla Wld Health Fd Tekla 1.26 -2.83 10.74 75.00 22.27 406 1,723
CEM CB MLP & Midstream Fd Legg Mason 1.24 -10.60 10.85 94.30 32.79 857 2,312
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.19 1.47 11.19 83.71 30.65 218 1,882
GNT GAMCO NtrRes Gd & Incm Gabelli 1.33 -0.34 10.22 97.83 18.52 123 513
FEN FT Nrg Incm & Gwth Fd First Trust 1.27 5.98 10.47 56.46 26.17 418 1,571
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.20 -11.87 10.78 26.09 34.60 1,915 6,863
NDP Tortoise Nrg Ind Fd Tortoise 1.23 -11.71 10.20 46.46 29.10 66 564
HQH Tekla Health Invstr Tekla 1.29 -10.76 9.87 59.27 0.00 865 2,786
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.24 -12.12 10.38 96.21 31.45 371 855

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 %