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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 1,195.76 -0.19 0.27 -0.25 1.99 11.71 1.23 10.10 3.47 2.39 0.71 19.56
NAV 1,163.90 -0.46 -0.45 -0.59 1.23 6.98 2.75 8.93 3.58 1.03 -0.28 12.13
Difference -0.28 -0.72 -0.35 -0.76 -4.73 1.52 -1.17 0.11 -1.35 -0.99 -7.43
* 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 - - - - - - - - - - - - 17.18
NAV 8.73 1.35 2.01 12.41 1.06 -2.34 - - - - - - - - - - - - 11.10
Difference -6.25 -0.27 0.29 -6.44 -0.76 1.06 - - - - - - - - - - - - -6.08
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
-3.23%
1Yr Disc
-4.56%
3Yr Disc
-3.88%
5Yr Disc
-5.24%
Rel Disc Range (3yr)
57.62%
Mkt Yield
11.41%
Lev Adj NAV Yield
8.97%
After Tax Yield*
9.81%
Est Tax Friction*
1.60%
3Yr NAV Volatiliy
11.80
1 Yr RoC
39.07%
3 Yr Dest RoC
22.38%
Leverage
26.81%
Non Lev Exp Ratio
2.14%
Beta (2yr)
0.60
Equity Exposure
46.41%
Bond Exposure
51.47%
# Holdings
99
Cash Weighted Duration
1.43
Comp NAV TR
-0.75%
Comp Discount
1.78%
Net Assets (M)
485
Liquidity - 90d (K)
1,799
* 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


99 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.99 35.46 15.93 65.26 4.96 163 1,724
OXLC Oxford Lane Cap Corp Oxford Lane 1.00 24.76 15.61 0.00 34.08 354 5,684
JQC Nuv Cr Stgs Incm Fd Nuveen 0.97 -7.99 15.86 39.43 36.06 1,154 4,430
ECC Eagle Point Cr Co Eagle Point 1.01 25.83 13.54 23.54 34.92 343 3,088
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.95 14.98 14.23 66.24 0.00 108 694
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.98 -4.90 12.87 45.16 27.10 198 1,044
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.97 -5.78 12.04 58.53 27.44 151 611
NCZ AG Convt & Incm Fd II Allianz 0.83 1.62 10.78 41.59 41.43 373 1,657
NCV AG Convt & Incm Fd Allianz 0.82 2.00 11.23 43.38 40.95 494 2,106
ACP Abd Incm Cr Stgs Fd Aberdeen 0.97 -1.66 11.56 0.00 30.47 166 1,213
GOF Gghm Stgc Opp Fd Guggenheim 0.97 14.48 10.75 18.36 0.00 639 3,170
RA Brkf Real Ast Incm Fd Brookfield 0.95 -6.86 10.93 40.31 24.05 856 2,320
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.95 -7.05 10.89 55.30 26.56 312 941
GGM Gghm Cr Alloc Fd Guggenheim 0.97 5.47 10.45 3.44 24.32 147 635
PHK PIMCO Hi Incm Fd PIMCO 0.84 28.78 9.19 23.59 27.54 813 6,105
DMO WA Mortg Dfin Opp Fd Legg Mason 0.99 10.05 8.86 7.32 32.60 207 792
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.98 -5.68 9.64 22.01 29.60 411 1,320
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.91 -15.32 8.07 55.09 31.74 1,203 3,628
CCD Calamos Dyn Convt & Incm Fd Calamos 0.89 -1.23 10.36 35.16 34.25 479 1,441
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.95 -2.84 9.80 0.00 28.60 374 1,270
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.78 28.65 9.13 20.55 35.56 104 734
KIO KKR Incm Opp Fd KKR Credit 0.95 -4.49 9.53 0.00 31.16 335 1,543
AVK AC Convt Sec & Incm Fd Guggenheim 0.93 -10.11 9.59 62.30 40.72 563 1,431
CHI Calamos Convt Opp & Incm Calamos 0.94 -2.85 9.39 20.52 34.00 746 2,192
PFL PIMCO Incm Stgy Fd PIMCO 0.98 9.23 9.12 16.16 25.61 290 971
CHY Calamos Convt & Hi Incm Fd Calamos 0.93 -3.25 9.52 20.48 34.25 810 2,122
PFN PIMCO Incm Stgy Fd II PIMCO 0.96 7.16 9.17 0.00 24.48 605 2,004
DHY CS Hi Yld Bnd Fd Credit Suisse 0.95 -1.56 9.05 13.20 35.54 265 627
BGB B/GSO Stgc Cr Fd Blackstone 0.96 -7.31 9.38 0.00 37.17 703 2,276
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 0.97 -11.49 8.85 33.33 28.28 506 1,506
PHT Pioneer Hi Incm Tr Pioneer 0.96 -7.83 8.82 0.00 29.90 291 932
BGX B/GSO Lng-Srt Cr Incm Fd Blackstone 0.96 -2.66 9.32 0.00 38.98 205 993
DSL DbLin Incm Solutions Fd Doubleline 0.94 -0.35 8.96 2.53 29.10 2,043 5,603
MIN MFS Imd Incm Tr MFS 0.94 -6.37 8.98 69.78 0.00 480 920
EAD WF Incm Opp Fd Wells Fargo 0.96 -10.65 8.89 0.00 28.80 569 1,674
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.01 29.09 8.35 2.63 37.97 1,261 5,216
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.94 -11.22 8.87 0.00 30.86 252 838
ACV AG Divr Incm & Convt Fd Allianz 0.95 -0.09 8.80 0.00 30.24 235 825
EMD WA Emrg Mkt Dbt Fd Legg Mason 0.96 -12.23 8.62 14.90 29.60 963 1,979
MCR MFS Charter Incm Tr MFS 0.97 -8.54 8.62 42.75 20.00 420 741
AIF Apollo Tactical Incm Fd Apollo Credit 0.93 -12.46 8.21 0.00 34.11 242 713
CIK CS Ast Mgmt Incm Fd Credit Suisse 0.93 -9.65 8.74 0.36 31.45 179 454
ARDC Ares Dyn Cr Alloc Fd Ares 0.96 -11.18 8.46 0.00 28.20 394 1,165
OXSQ Oxford Square Cap Corp Oxford Lane 0.67 -3.60 12.50 24.22 30.05 318 962
CMFN CM Finance CM Investment 0.66 -36.09 14.04 0.00 43.96 152 365
GARS Garrison Capital Garrison Capital 0.64 -33.52 13.26 0.00 65.83 168 250
TCRD THL Credit THL Credit 0.67 -26.45 12.75 0.00 43.37 285 599
FSK FS KKR Capital Corp FS/KKR Advisor 0.71 -20.48 12.16 0.00 43.94 4,108 10,220
CPTA Capitala Finance Corp Capitala 0.79 -19.90 10.75 0.00 60.74 187 847
GECC Great Elm Cap Corp Great Elm Capital 0.73 -19.19 11.32 0.00 26.34 113 673
BKCC BR Cap Inv Corp BlackRock 0.71 -12.45 11.50 3.98 28.93 492 1,580
AINV Apollo Inv Corp Apollo Investment 0.73 -14.53 11.05 0.00 45.60 1,312 5,010
OFS OFS Capital Corp OFS Capital 0.70 -4.22 10.89 0.00 60.58 174 507
MRCC Monroe Capital Corp Monroe Capital 0.63 -9.08 12.15 0.00 58.92 259 960
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.50 -31.43 15.15 18.75 40.26 144 448
PSEC Prospect Capital Corp Prospect Capital 0.65 -30.29 11.37 0.00 40.71 3,332 9,337
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.70 3.75 10.21 0.00 27.75 337 2,717
PNNT PennantPark Inv Corp PennantPark 0.63 -27.97 11.32 0.00 51.96 592 1,666
NDP Tortoise Nrg Ind Fd Tortoise 1.03 20.04 26.08 62.50 28.10 82 577
CLM Cornerstone Stgc Val Fd Cornerstone 1.20 6.95 21.07 87.63 0.00 805 4,977
CRF Cornerstone Tot Rtn Fd Cornerstone 1.18 6.33 21.17 85.98 0.00 412 3,401
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.18 1.81 15.85 85.39 30.12 261 2,808
ZF Virtus Total Return Fd Zweig 1.31 -6.61 13.82 68.56 26.58 241 1,113
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.26 3.03 13.57 91.74 13.00 584 2,706
ZTR Virtus Glbl Div & Inc Fd Virtus 1.30 9.51 12.01 58.85 27.73 254 881
RIV RiverNorth Opp Fd RiverNorth 1.27 -1.62 11.99 71.87 15.65 124 601
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.21 4.42 12.54 72.05 30.41 167 893
FMO F/C Nrg Infra Fd Guggenheim 1.13 -6.93 13.55 86.85 38.57 363 990
GPM Gghm Enh Eq Incm Fd Guggenheim 1.22 2.33 12.15 60.38 31.62 372 1,005
NTG Tortoise Midstream Nrg Fd Tortoise 1.20 -4.41 12.57 76.33 35.20 889 2,810
IRR Voya NtrRes Eq Incm Fd Voya 1.09 3.98 13.79 90.19 0.00 103 283
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.18 -6.71 12.68 100.00 36.10 133 504
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.17 -7.96 12.31 66.08 32.40 449 1,349
EOD WF Glbl Div Opp Fd Wells Fargo 1.28 -8.16 10.86 17.33 15.40 261 778
IGD Voya Glbl Eq Div & Prm Opp Voya 1.21 -8.37 11.53 42.07 0.00 673 2,035
TYG Tortoise Nrg Infra Corp Tortoise 1.18 -2.80 11.78 61.36 32.40 1,227 3,711
IFN India Fund Aberdeen 1.22 -9.89 10.93 0.00 0.00 645 1,967
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.09 -11.94 12.52 57.73 24.16 999 6,668
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.27 -8.95 11.05 28.60 32.10 139 519
GLO Clough Glbl Opp Fd Clough 1.20 -10.72 11.27 68.82 36.30 340 1,076
THW Tekla Wld Health Fd Tekla 1.20 -8.36 11.21 95.88 22.17 412 1,562
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 1.10 -8.52 12.25 100.00 27.24 90 290
TTP Tortoise Pip & Nrg Fd Tortoise 1.14 -10.65 11.77 98.77 28.30 155 561
FEN FT Nrg Incm & Gwth Fd First Trust 1.25 -0.18 10.63 34.68 25.89 437 1,406
MCN Madison Cov Call & Eq Stgc Madison 1.18 -7.39 10.84 28.74 0.00 150 434
CHW Calamos Glbl Dyn Incm Fd Calamos 1.23 0.25 10.50 35.18 38.01 473 1,222
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.17 -4.79 11.11 79.37 32.70 353 962
FEI FT MLP & Nrg Incm Fd First Trust 1.25 -6.57 10.29 74.22 26.14 587 1,665
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.15 -6.79 11.21 76.38 27.55 390 1,538
HEQ JH Hgd Eq & Incm Fd John Hancock 1.12 -6.81 11.10 36.65 0.00 178 426
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.18 -9.28 10.61 1.26 27.06 260 770
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.29 -6.93 9.51 69.70 2.86 579 1,806
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.26 -0.21 9.71 65.88 0.00 599 1,961
HGLB Highland Glbl Alloc Fd Highland Capital 1.06 -21.31 11.48 12.83 38.94 328 943
USA Liberty All-Star Eq Fd ALPS 1.28 -3.68 10.81 11.78 0.00 1,311 4,249
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.24 -2.87 9.77 62.00 29.80 261 1,172
CGO Calamos Glbl Tot Rtn Fd Calamos 1.29 9.73 9.33 37.31 33.68 101 313
FPL FT New Opp MLP & Nrg Fd First Trust 1.22 -9.29 9.80 84.38 25.78 260 1,074
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.27 -7.55 9.34 45.20 27.40 264 1,123

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 %