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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 710.69 4.36 0.90 -35.81 -43.31 -40.44 -40.79 -13.44 -5.85 -1.08 -1.08 -43.13
NAV 826.53 2.26 2.10 -24.00 -32.06 -28.85 -29.99 -7.59 -2.92 0.45 0.45 -31.44
Difference -2.10 1.19 11.81 11.25 11.59 10.79 5.85 2.92 1.53 1.53 11.69
* 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 -10.78 -34.96 -42.04 - - - - - - - - - - - - - - -42.04
NAV -1.37 -6.57 -26.08 -31.89 - - - - - - - - - - - - - - -31.89
Difference -1.25 4.21 8.88 10.15 - - - - - - - - - - - - - - 10.15
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
-16.89%
1Yr Disc
-4.54%
3Yr Disc
-3.91%
5Yr Disc
-4.79%
Rel Disc Range (3yr)
42.88%
Mkt Yield
25.28%
Lev Adj NAV Yield
15.29%
After Tax Yield*
22.41%
Est Tax Friction*
2.87%
3Yr NAV Volatiliy
22.74
1 Yr RoC
39.81%
3 Yr Dest RoC
34.27%
Leverage
31.81%
Non Lev Exp Ratio
2.02%
Beta (2yr)
0.99
Equity Exposure
48.34%
Bond Exposure
48.57%
# Holdings
104
Cash Weighted Duration
1.22
Comp NAV TR
-2.77%
Comp Discount
-0.78%
Net Assets (M)
355
Liquidity - 90d (K)
2,451
* 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


104 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OXLC Oxford Lane Cap Corp Oxford Lane 0.82 -40.23 39.80 0.00 30.37 403 5,713
ECC Eagle Point Cr Co Eagle Point 0.63 -47.82 46.69 20.42 36.31 293 1,943
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.81 3.84 29.15 53.61 26.82 59 702
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.74 23.77 31.10 63.54 25.15 87 1,367
ACP Abd Incm Cr Stgs Fd Aberdeen 0.78 -14.30 21.27 10.44 30.97 138 1,379
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.83 -10.27 16.48 4.68 38.22 62 759
JQC Nuv Cr Stgs Incm Fd Nuveen 0.85 -12.52 18.74 54.98 38.52 877 7,960
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.85 -5.59 16.82 54.78 24.10 182 1,621
NCV AG Convt & Incm Fd Allianz 0.77 -12.50 15.18 39.15 42.24 347 2,300
RA Brkf Real Ast Incm Fd Brookfield 0.81 -17.56 16.90 43.79 21.80 769 5,187
NCZ AG Convt & Incm Fd II Allianz 0.75 -13.95 18.24 39.39 42.70 262 1,732
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.82 -11.53 16.02 62.50 27.30 121 1,054
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.78 -13.55 16.66 0.00 30.76 235 1,290
PHK PIMCO Hi Incm Fd PIMCO 0.84 7.06 15.17 0.73 27.23 597 5,396
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.79 -8.54 15.51 16.06 19.10 134 835
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.83 4.01 14.53 55.02 6.25 600 5,360
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.86 21.36 14.07 3.26 35.19 72 861
KIO KKR Incm Opp Fd KKR Credit 0.79 -11.06 15.05 0.00 23.96 228 1,844
DSL DbLin Incm Solutions Fd Doubleline 0.76 -3.38 14.98 3.36 28.98 1,264 9,720
RSF RivNth Mktplc Lending Corpn RiverNorth 0.83 -12.59 13.58 21.01 23.70 112 556
AVK Advent Convt & Incm Fd Guggenheim Funds 0.82 -15.04 13.60 68.34 46.28 420 2,275
DMO WA Mortg Opp Fd Legg Mason 0.76 -7.48 14.76 26.76 32.40 129 1,184
PFL PIMCO Incm Stgy Fd PIMCO 0.81 -1.71 13.42 5.21 22.00 249 1,816
BGX B/GSO Lng-Srt Cr Incm Fd GSO / Blackstone 0.80 -14.36 13.41 0.00 39.02 149 950
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.79 -13.15 13.51 48.54 30.13 257 1,158
PFN PIMCO Incm Stgy Fd II PIMCO 0.81 -2.29 13.24 0.00 21.72 519 3,663
PHT Pioneer Hi Incm Tr Pioneer 0.80 -13.00 13.30 0.00 29.60 205 1,048
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.85 -7.14 12.45 25.61 33.00 183 972
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.80 -2.95 13.21 0.00 43.95 2,313 18,660
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.79 -13.86 13.32 0.00 29.80 318 1,843
BIT BR Mlt-Sctr Incm Tr BlackRock 0.82 -16.07 12.63 12.76 37.40 526 3,406
RCS PIMCO Stgc Incm Fd PIMCO 0.88 14.39 11.69 6.63 39.19 240 2,599
PCM PCM Fund PIMCO 0.81 0.53 12.72 1.00 40.94 87 548
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.85 19.58 12.05 1.96 31.41 954 10,242
CCD Calamos Dyn Convt & Incm Fd Calamos 0.76 -8.36 13.34 26.92 33.65 401 1,823
PDI PIMCO Dyn Incm Fd PIMCO 0.82 6.36 12.36 0.00 38.06 1,188 10,433
ARDC Ares Dyn Cr Alloc Fd Ares 0.78 -14.47 12.91 0.00 32.00 268 1,776
BGB B/GSO Stgc Cr Fd GSO / Blackstone 0.81 -13.08 12.28 0.00 37.08 512 3,223
HIX WA Hi Incm Fd II Legg Mason 0.83 -15.22 12.00 8.98 29.07 492 3,402
CHY Calamos Convt & Hi Incm Fd Calamos 0.80 -8.11 12.17 13.32 33.83 668 3,106
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.79 -13.64 12.31 0.00 31.73 187 1,096
CHI Calamos Convt Opp & Incm Calamos 0.79 -9.03 12.21 13.88 34.00 613 3,109
EMD WA Emrg Mkt Dbt Fd Legg Mason 0.84 -15.99 11.54 15.06 28.50 752 4,787
GHY PGIM Glbl Hi Yld Fd Prudential 0.83 -13.16 11.57 0.00 26.89 513 3,058
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 0.81 -13.25 11.94 0.00 31.36 181 2,121
EVV EV Ltd Dur Incm Fd Eaton Vance 0.81 -12.80 11.82 16.53 35.76 1,352 5,964
CIK CS Ast Mgmt Incm Fd Credit Suisse 0.81 -13.21 11.74 2.77 27.18 139 608
PKO PIMCO Incm Opp Fd PIMCO 0.80 0.64 12.03 0.00 31.97 349 2,660
ICMB Investcorp Cr Mgmt BDC Investcorp 0.93 -69.26 32.05 0.00 51.10 140 133
GECC Great Elm Cap Corp Great Elm Capital 0.64 -69.18 37.44 0.00 41.17 87 188
GARS Garrison Capital Garrison Capital 0.58 -82.73 40.82 0.00 67.46 137 119
MCC Medley Capital Corp MCC Advisors 0.56 -88.15 41.67 N/A 47.35 221 124
OFS OFS Capital Corp OFS Capital 0.65 -68.46 34.61 0.00 65.49 167 342
CPTA Capitala Finance Corp Capitala 0.56 -71.55 38.45 0.00 63.78 148 555
TCRD THL Credit THL Credit 0.54 -72.25 39.62 0.00 42.49 227 631
OXSQ Oxford Square Cap Corp Oxford Lane 0.60 -55.86 35.58 0.00 34.88 251 1,111
CGBD TCG BDC Carlyle 0.57 -73.55 33.79 0.00 53.84 947 2,393
PNNT PennantPark Inv Corp PennantPark 0.76 -69.06 26.47 0.00 52.40 589 1,579
AINV Apollo Inv Corp Apollo 0.65 -67.21 30.05 0.00 58.52 1,216 5,663
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.62 -74.41 27.59 0.00 49.57 152 174
BKCC BR Cap Inv Corp BlackRock 0.59 -69.83 29.32 2.92 40.51 435 1,133
FSK FS KKR Capital Corp FS/KKR 0.72 -60.99 25.50 0.00 51.06 3,846 12,654
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.61 -61.09 27.75 0.00 49.08 409 2,446
NTG Tortoise Midstream Nrg Fd Tortoise 1.42 -15.52 95.92 100.00 73.20 73 1,111
FMO F/C Nrg Infra Fd Guggenheim Funds 1.36 -9.74 92.98 100.00 42.56 55 687
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.27 -3.95 87.67 100.00 43.86 60 602
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.23 -11.45 72.41 100.00 43.08 58 591
EMO CB Nrg Midstream Opp Fd Legg Mason 1.44 -16.02 60.53 78.75 38.46 130 1,177
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.18 2.22 16.81 100.00 33.93 55 695
CEM CB MLP & Midstream Fd Legg Mason 1.45 -17.94 54.88 96.00 37.04 184 1,748
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.55 -15.61 50.87 100.00 36.64 79 776
TYG Tortoise Nrg Infra Corp Tortoise 1.38 -13.86 55.24 100.00 65.00 178 2,546
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.28 -17.18 38.30 72.73 60.98 574 6,611
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.27 -12.73 37.50 91.67 32.43 47 993
NRGX Nrg & Tac Cr Opp Fd PIMCO 1.52 -7.52 26.02 18.04 31.24 297 2,569
CLM Cornerstone Stgc Val Fd Cornerstone 1.26 1.84 26.82 76.19 0.00 614 9,035
FEI FT MLP & Nrg Incm Fd First Trust 1.23 -19.96 27.21 47.93 18.02 259 1,732
SZC Cushing NextGen Infra Incm Fd Cushing 1.21 -22.95 27.76 51.92 0.62 80 595
CRF Cornerstone Tot Rtn Fd Cornerstone 1.23 1.92 27.11 79.48 0.00 311 5,337
KMF KA Midstream/Nrg Fd Kayne Anderson 1.20 -19.65 27.86 92.61 55.56 190 1,724
FEN FT Nrg Incm & Gwth Fd First Trust 1.30 -15.17 25.14 100.00 17.97 218 1,440
FPL FT New Opp MLP & Nrg Fd First Trust 1.23 -12.20 25.00 21.89 18.36 105 894
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.10 -16.33 9.56 60.90 34.00 108 797
HGLB Highland Glbl Alloc Fd Highland Capital 1.22 -48.32 23.44 21.52 39.16 188 588
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.38 -7.85 19.67 93.17 14.00 516 5,394
SMM Salient Midstream & MLP Fd Salient 1.17 -21.05 20.73 96.35 26.10 74 725
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 1.22 -6.35 19.71 75.00 31.60 251 1,475
ZTR Virtus Glbl Div & Inc Fd Virtus 1.23 -7.22 18.83 79.20 26.09 368 1,907
RIV RiverNorth Opp Fd RiverNorth 1.21 -6.44 17.69 66.37 9.78 122 1,194
IFN India Fund Aberdeen 1.20 -13.03 17.26 0.49 0.00 409 2,419
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.19 -11.08 16.61 42.33 26.90 154 1,016
EOD WF Glbl Div Opp Fd Wells Fargo 1.31 -10.66 15.61 0.00 15.37 186 984
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.22 -13.56 16.04 33.84 20.59 180 924
SCD LMP Cap & Incm Fd Legg Mason 1.29 -14.88 15.27 66.08 22.10 172 752
GLO Clough Glbl Opp Fd Clough 1.20 -16.95 15.47 38.81 44.61 270 1,353
GLQ Clough Glbl Eq Fd Clough 1.22 -13.77 15.11 0.00 43.87 135 764
DPG D&P Util & Infra Fd Duff & Phelps 1.19 -12.56 15.35 38.57 29.02 396 1,733
HEQ JH Hgd Eq & Incm Fd John Hancock 1.24 -10.36 14.73 44.18 0.00 139 674
FIF FT Nrg Infra Fd First Trust 1.18 -14.47 15.40 65.15 21.89 176 905
CHW Calamos Glbl Dyn Incm Fd Calamos 1.20 -8.09 15.08 38.08 37.35 360 1,921
NHF NexPoint Stgc Opp Fd Highland Capital 1.19 -51.46 15.02 49.51 26.00 755 3,043
MCN Madison Cov Call & Eq Stgc Madison 1.24 -13.33 14.20 25.88 0.00 123 551
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.23 -16.62 11.90 9.73 36.23 321 1,711
USA Liberty All-Star Eq Fd ALPS 1.21 -9.70 14.32 0.00 0.00 1,098 7,072

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 %