CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

View All Indexes

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 1,170.39 -0.99 -0.31 -5.60 -1.40 -0.06 -3.89 5.73 2.84 -5.00 -3.66 17.51
NAV 1,134.57 -1.08 -0.76 -4.97 -2.07 -0.73 -2.87 5.44 2.80 -4.36 -4.46 9.70
Difference -0.09 -0.44 0.63 -0.67 -0.67 1.02 -0.29 -0.05 0.64 -0.80 -7.82
* 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 - - - - - - - - 22.52
NAV 8.73 1.35 2.01 12.41 1.06 -2.34 3.08 1.74 14.15 -0.10 - - - - - - - - 14.06
Difference -6.25 -0.27 0.29 -6.44 -0.76 1.06 -0.94 -0.58 -7.02 -1.51 - - - - - - - - -8.46
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
-2.69%
1Yr Disc
-4.31%
3Yr Disc
-3.48%
5Yr Disc
-4.81%
Rel Disc Range (3yr)
59.97%
Mkt Yield
11.70%
Lev Adj NAV Yield
9.18%
After Tax Yield*
10.12%
Est Tax Friction*
1.58%
3Yr NAV Volatiliy
11.73
1 Yr RoC
40.69%
3 Yr Dest RoC
29.01%
Leverage
27.76%
Non Lev Exp Ratio
2.06%
Beta (2yr)
0.59
Equity Exposure
46.40%
Bond Exposure
51.15%
# Holdings
93
Cash Weighted Duration
1.39
Comp NAV TR
-1.04%
Comp Discount
2.03%
Net Assets (M)
512
Liquidity - 90d (K)
1,962
* 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


93 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 1.02 24.72 16.22 0.00 34.08 341 5,785
JQC Nuv Cr Stgs Incm Fd Nuveen 0.98 -11.00 16.69 45.17 37.52 1,134 5,107
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.97 39.53 16.36 60.66 0.00 154 1,686
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.95 12.42 15.29 56.49 0.00 103 645
ECC Eagle Point Cr Co Eagle Point 0.97 29.30 14.20 17.36 32.70 337 3,437
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.05 -2.78 12.57 49.13 27.10 198 921
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.02 -5.93 12.06 55.49 27.48 151 561
ACP Abd Incm Cr Stgs Fd Aberdeen 1.01 -2.00 11.76 0.00 31.21 163 1,002
NCV AG Convt & Incm Fd Allianz 1.02 1.08 11.27 32.84 41.09 497 1,539
RA Brkf Real Ast Incm Fd Brookfield 1.05 -4.97 10.77 40.19 23.54 851 2,806
FTF FrkTmp Ltd Dur Incm Tr Franklin 1.02 -7.23 10.85 53.06 26.84 308 848
NCZ AG Convt & Incm Fd II Allianz 1.02 0.60 10.82 40.56 41.55 376 1,044
GOF Gghm Stgc Opp Fd Guggenheim Funds 1.01 14.67 10.83 30.55 0.00 662 2,954
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.98 2.78 10.92 7.53 25.15 150 592
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.03 -2.59 10.07 0.00 29.05 364 1,149
CCD Calamos Dyn Convt & Incm Fd Calamos 1.04 2.58 9.88 47.49 33.01 483 1,490
KIO KKR Incm Opp Fd KKR Credit 0.99 -4.39 9.84 0.00 29.85 324 1,566
ERC WF Mlt-Sctr Incm Fd Wells Fargo 1.01 -6.90 9.71 11.08 29.45 410 1,182
AVK AC Convt Sec & Incm Fd Guggenheim Funds 0.97 -11.25 9.79 64.01 39.92 559 1,485
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 1.02 7.54 9.59 0.00 33.00 78 443
BGX B/GSO Lng-Srt Cr Incm Fd GSO / Blackstone 1.05 2.53 9.04 0.00 38.98 201 1,022
BGB B/GSO Stgc Cr Fd GSO / Blackstone 1.00 -6.96 9.56 0.00 37.17 687 2,057
PHK PIMCO Hi Incm Fd PIMCO 1.02 26.41 9.38 20.43 27.68 814 3,213
DHY CS Hi Yld Bnd Fd Credit Suisse 1.06 -0.39 8.94 18.81 29.74 265 620
NHS NB Hi Yld Stgs Fd Neuberger Berman 1.02 -7.43 9.27 8.93 33.40 247 688
CHY Calamos Convt & Hi Incm Fd Calamos 1.04 -0.09 9.19 27.10 33.14 813 1,848
PFL PIMCO Incm Stgy Fd PIMCO 1.00 7.21 9.43 13.10 27.63 296 983
DMO WA Mortg Dfin Opp Fd Legg Mason 1.03 7.63 8.45 10.44 32.20 207 679
CHI Calamos Convt Opp & Incm Calamos 1.02 -1.51 9.21 27.25 32.93 750 1,848
PFN PIMCO Incm Stgy Fd II PIMCO 1.00 7.18 9.32 0.00 25.84 613 2,083
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.94 25.19 9.91 15.44 33.79 99 485
DSL DbLin Incm Solutions Fd Doubleline 1.01 2.74 9.07 2.34 30.34 1,959 8,043
MIN MFS Imd Incm Tr MFS 1.01 -7.09 9.08 69.51 0.00 478 899
PHT Pioneer Hi Incm Tr Pioneer 1.04 -7.40 8.86 0.00 30.40 289 1,018
IVH Ivy Hi Incm Opp Fd Ivy Investment 1.01 -10.74 8.92 0.00 30.61 250 957
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 1.04 6.11 8.65 0.00 44.71 3,134 13,040
MCR MFS Charter Incm Tr MFS 1.05 -7.30 8.57 44.37 20.00 408 800
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 0.99 -11.70 9.04 16.67 26.17 497 1,439
MMT MFS MltMkt Incm Tr MFS 1.02 -8.45 8.70 42.25 20.00 414 912
EAD WF Incm Opp Fd Wells Fargo 1.02 -8.73 8.69 8.83 28.66 563 1,509
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.01 25.97 8.74 2.13 37.51 1,248 5,374
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.66 -42.36 11.16 10.42 39.12 139 225
GARS Garrison Capital Garrison Capital 0.71 -31.36 13.01 0.00 66.29 165 188
CMFN CM Finance CM Investment 0.67 -36.54 14.14 0.00 43.96 152 236
TCRD THL Credit THL Credit 0.70 -20.97 12.52 0.00 43.58 264 580
FSK FS KKR Capital Corp FS/KKR 0.68 -27.54 13.31 0.00 44.56 4,086 10,163
OXSQ Oxford Square Cap Corp Oxford Lane 0.68 -1.58 12.95 16.13 34.14 301 875
MRCC Monroe Capital Corp Monroe Capital 0.61 -18.21 13.67 0.00 61.72 256 896
BKCC BR Cap Inv Corp BlackRock 0.61 -24.19 10.83 5.18 33.39 469 1,805
GECC Great Elm Cap Corp Great Elm Capital 0.69 -17.57 11.73 0.00 34.94 104 454
PNNT PennantPark Inv Corp PennantPark 0.71 -27.69 11.39 0.00 53.30 586 2,053
AINV Apollo Inv Corp Apollo 0.73 -14.79 11.12 0.00 50.34 1,288 5,452
OFS OFS Capital Corp OFS Capital 0.65 -12.90 12.06 0.00 55.76 173 501
PSEC Prospect Capital Corp Prospect Capital 0.71 -27.31 10.91 0.00 40.71 3,332 9,836
CPTA Capitala Finance Corp Capitala 0.56 -20.63 13.19 0.00 63.38 154 1,082
WHF WhiteHorse Finance H.I.G. Capital 0.67 -15.60 10.94 0.00 42.05 316 1,149
NDP Tortoise Nrg Ind Fd Tortoise 0.75 -9.39 10.36 59.12 30.90 63 450
CLM Cornerstone Stgc Val Fd Cornerstone 1.39 9.12 21.67 88.66 0.00 771 4,787
CRF Cornerstone Tot Rtn Fd Cornerstone 1.39 9.30 21.56 85.67 0.00 396 3,123
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.27 4.20 17.99 91.24 30.12 225 2,910
ZF Virtus Total Return Fd Virtus 1.47 -1.83 13.47 64.13 26.86 236 1,386
FMO F/C Nrg Infra Fd Guggenheim Funds 1.23 -5.23 15.19 93.43 41.34 318 1,070
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.37 2.34 13.73 89.77 13.00 582 4,686
NHF NexPoint Stgc Opp Fd Highland Capital 1.35 -14.80 13.27 54.69 21.80 977 4,271
NTG Tortoise Midstream Nrg Fd Tortoise 1.23 -1.25 14.26 88.17 36.90 759 2,892
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.34 5.41 13.23 69.40 31.79 167 762
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.32 4.72 13.51 100.00 35.55 111 404
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.24 -0.85 13.68 83.04 33.92 375 1,256
RIV RiverNorth Opp Fd RiverNorth 1.40 -0.53 12.09 89.71 15.65 122 496
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 1.33 3.77 12.47 66.97 31.07 358 929
ZTR Virtus Glbl Div & Inc Fd Virtus 1.32 5.43 12.70 63.20 27.96 250 895
SZC Cushing Renaissace Fd Cushing 1.29 -11.42 12.75 43.71 12.50 151 1,415
TYG Tortoise Nrg Infra Corp Tortoise 1.26 3.00 12.93 69.09 34.00 1,055 3,184
IGD Voya Glbl Eq Div & Prm Opp Voya 1.39 -4.22 11.51 55.34 0.00 645 2,321
GLO Clough Glbl Opp Fd Clough 1.40 -11.26 11.75 56.14 36.21 335 1,117
TTP Tortoise Pip & Nrg Fd Tortoise 1.19 -9.99 9.38 98.96 29.80 135 552
HGLB Highland Glbl Alloc Fd Highland Capital 1.30 -21.89 12.29 28.05 38.94 309 874
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.37 -10.54 11.46 46.76 30.15 135 560
IFN India Fund Aberdeen 1.31 -9.65 11.88 0.00 0.00 591 1,627
THW Tekla Wld Health Fd Tekla 1.45 -2.89 10.69 73.01 22.17 408 1,802
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.27 -4.42 12.48 88.19 27.96 342 1,594
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.22 1.50 12.41 89.68 34.65 296 840
EOD WF Glbl Div Opp Fd Wells Fargo 1.41 -5.12 10.86 17.33 15.23 251 659
USA Liberty All-Star Eq Fd ALPS 1.32 -2.73 11.22 8.53 0.00 1,251 4,391
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.35 -6.88 10.95 1.26 26.63 245 800
FEN FT Nrg Incm & Gwth Fd First Trust 1.36 1.69 11.03 56.46 26.74 414 1,221
CHW Calamos Glbl Dyn Incm Fd Calamos 1.36 -0.39 10.85 42.43 36.76 460 1,145
FEI FT MLP & Nrg Incm Fd First Trust 1.36 -4.61 10.55 78.03 24.59 560 1,383
EMO CB Nrg Midstream Opp Fd Legg Mason 1.24 -11.69 11.27 73.04 33.00 663 1,489
CEM CB MLP & Midstream Fd Legg Mason 1.25 -9.95 11.05 91.13 32.68 835 2,305
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.26 1.44 10.96 78.28 30.65 223 1,837
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.39 2.21 9.86 75.28 0.00 576 1,807
IDE Voya Infra Ind & Matrls Fd Voya 1.28 -9.93 10.49 19.23 0.00 237 766

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 %