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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 929.55 0.14 3.14 -7.34 36.50 -26.21 -24.53 -6.14 0.31 1.19 1.19 -25.02
NAV 1,007.71 0.27 2.56 -4.97 24.68 -17.50 -16.02 -1.77 1.39 1.07 1.07 -16.58
Difference 0.13 -0.59 2.37 -11.82 8.71 8.51 4.38 1.07 -0.12 -0.12 8.43
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 21.51 6.53 -1.22 27.86 -14.18 - - - - - - - - - -
NAV -1.37 -6.57 -26.08 -31.89 15.62 4.34 0.44 21.17 -10.71 - - - - - - - - - -
Difference -1.25 4.21 8.88 10.15 -5.89 -2.19 1.67 -6.68 3.47 - - - - - - - - - -
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
-11.40%
1Yr Disc
-6.29%
3Yr Disc
-4.93%
5Yr Disc
-5.66%
Rel Disc Range (3yr)
54.21%
Mkt Yield
12.80%
Lev Adj NAV Yield
8.89%
After Tax Yield*
10.73%
Est Tax Friction*
2.07%
3Yr NAV Volatiliy
19.99
1 Yr RoC
34.31%
3 Yr Dest RoC
27.25%
Leverage
26.75%
Non Lev Exp Ratio
2.07%
Beta (2yr)
0.88
Equity Exposure
44.89%
Bond Exposure
52.90%
# Holdings
99
Cash Weighted Duration
1.33
Comp NAV TR
-2.17%
Comp Discount
-0.26%
Net Assets (M)
482
Liquidity - 90d (K)
2,470
* 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)
OXLC Oxford Lane Cap Corp Oxford Lane 0.94 44.18 19.24 0.00 47.78 220 8,016
JQC Nuv Cr Stgs Incm Fd Nuveen 0.95 -13.01 16.34 54.82 34.41 928 3,696
ACP Abd Incm Cr Stgs Fd Aberdeen 0.95 -7.29 15.52 11.05 30.36 174 1,495
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.94 -4.69 15.19 50.84 26.10 200 968
RA Brkf Real Ast Incm Fd Brookfield 0.94 -11.49 14.09 34.06 25.26 860 3,935
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.94 6.19 13.31 59.74 28.24 113 1,125
ECC Eagle Point Cr Co Eagle Point 0.97 16.07 12.78 28.92 39.83 193 2,599
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.94 10.29 12.67 62.83 9.86 670 3,615
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 0.92 -1.67 12.55 59.68 29.16 77 509
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.97 1.02 12.10 2.46 30.78 75 525
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.94 5.05 12.02 18.46 22.81 152 749
KIO KKR Incm Opp Fd KKR Credit 0.95 -7.46 11.74 0.00 32.79 281 1,748
FCT FT Sr Flt Rt Incm Fd II First Trust 0.91 -12.66 11.71 15.83 28.76 326 1,458
NCV AG Convt & Incm Fd Allianz 0.96 -6.97 11.23 39.76 45.76 441 1,894
HFRO Highland Incm Fd Highland Capital 0.90 -36.33 11.67 16.00 36.01 892 3,530
DSL DbLin Incm Solutions Fd Doubleline 0.95 0.76 11.31 9.60 27.07 1,609 9,895
NCZ AG Convt & Incm Fd II Allianz 0.97 -6.62 11.00 36.67 46.26 333 2,429
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.96 4.44 10.97 0.00 44.98 2,612 15,091
PFL PIMCO Incm Stgy Fd PIMCO 0.95 7.19 10.81 2.40 26.40 285 1,436
PFN PIMCO Incm Stgy Fd II PIMCO 0.95 5.95 10.79 0.39 24.71 589 2,563
PHT Pioneer Hi Incm Tr Pioneer 0.94 -10.47 10.64 0.00 29.10 248 1,119
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.92 -8.09 10.78 60.23 27.85 137 766
PHK PIMCO Hi Incm Fd PIMCO 0.94 9.07 10.65 0.00 26.66 656 3,726
AVK Advent Convt & Incm Fd Guggenheim Funds 0.94 -11.71 10.48 67.33 38.41 525 1,594
PDI PIMCO Dyn Incm Fd PIMCO 0.94 9.87 10.61 0.00 42.41 1,363 8,574
EVV EV Ltd Dur Incm Fd Eaton Vance 0.93 -12.20 10.49 23.84 36.54 1,513 4,350
IVH Ivy Hi Incm Opp Fd Ivy Investment 0.93 -11.89 10.52 0.00 29.27 215 773
DMO WA Mortg Opp Fd Legg Mason 0.95 6.24 10.21 11.00 38.40 148 1,051
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.93 -8.26 10.42 22.32 26.80 366 1,388
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.93 -6.03 10.31 45.54 30.73 275 945
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.94 -6.88 10.28 50.36 39.60 222 885
BIT BR Mlt-Sctr Incm Tr BlackRock 0.94 -10.82 10.12 21.22 37.20 617 2,775
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.95 29.59 9.87 0.12 36.62 1,075 8,424
VTA Invsc Dyn Cr Opp Fd Invesco 0.93 -15.73 10.00 1.02 32.00 673 2,666
PKO PIMCO Incm Opp Fd PIMCO 0.94 7.84 9.92 0.00 38.93 400 2,722
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.94 -10.82 9.99 0.00 22.97 286 1,312
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 0.95 -11.67 9.74 0.00 30.60 218 4,261
CIK CS Ast Mgmt Incm Fd Credit Suisse 0.92 -12.54 9.93 2.44 27.18 163 1,465
FSD FT Hi Incm Lng/Srt Fd First Trust 0.92 -12.82 9.90 29.61 27.63 519 1,416
DHY CS Hi Yld Bnd Fd Credit Suisse 0.92 -12.23 9.85 9.74 27.87 237 3,932
BGB B/GSO Stgc Cr Fd GSO / Blackstone 0.92 -13.13 9.91 0.00 36.07 585 2,314
BGX B/GSO Lng-Srt Cr Incm Fd GSO / Blackstone 0.92 -11.89 9.93 0.00 38.56 174 1,201
GHY PGIM Glbl Hi Yld Fd Prudential 0.94 -13.97 9.70 0.00 25.84 618 1,662
FSK FS KKR Capital Corp FS/KKR 0.75 -40.72 66.48 0.00 57.24 3,015 12,549
SCM Stellus Cap Inv Corp Stellus Capital 0.70 -28.14 36.14 0.00 63.92 225 1,316
GECC Great Elm Cap Corp Great Elm Capital 0.60 -17.62 23.94 0.00 43.78 51 438
HCAP Harvest Cap Cr Corp Harvest Capital 0.60 -60.75 23.59 14.08 53.21 62 122
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.64 -57.99 21.24 48.05 46.25 120 219
AINV Apollo Inv Corp Apollo 0.62 -38.60 18.67 0.00 62.67 1,025 7,595
GARS Garrison Capital Garrison Capital 0.62 -48.25 17.60 0.00 72.76 106 475
CGBD TCG BDC Carlyle 0.60 -41.18 17.75 0.00 59.38 798 3,932
ICMB Investcorp Cr Mgmt BDC Investcorp 0.61 -58.16 17.60 0.00 58.99 113 137
TCPC BR TCP Capital Corp BlackRock 0.63 -21.26 15.55 1.05 58.47 679 4,056
OFS OFS Capital Corp OFS Capital 0.63 -52.32 14.69 0.00 70.97 130 512
CSWC Cap Southwest Corp Capital Southwest 0.61 -11.76 15.28 0.00 51.85 272 1,855
BCSF Bain Cap Splty Fin BCSF Advisors 0.61 -37.02 15.06 0.00 63.54 893 3,759
BKCC BR Cap Inv Corp BlackRock 0.62 -49.72 14.87 0.33 44.56 365 1,503
MRCC Monroe Capital Corp Monroe Capital 0.59 -34.26 15.15 0.00 67.06 205 1,291
OXSQ Oxford Square Cap Corp Oxford Lane 0.65 -11.45 14.29 8.36 38.94 165 1,377
NRGX Nrg & Tac Cr Opp Fd PIMCO 1.26 -19.43 23.53 15.10 0.00 377 1,938
CLM Cornerstone Stgc Val Fd Cornerstone 1.28 10.99 20.98 82.81 0.00 725 5,941
CRF Cornerstone Tot Rtn Fd Cornerstone 1.27 12.92 20.90 85.21 0.00 366 3,701
HGLB Highland Glbl Alloc Fd Highland Capital 1.25 -33.09 15.44 17.27 16.03 220 1,095
RIV RiverNorth Opp Fd RiverNorth 1.28 3.23 14.09 69.76 6.64 139 1,062
EOD WF Glbl Div Opp Fd Wells Fargo 1.29 -10.84 12.99 16.76 18.69 214 717
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.26 -7.94 12.94 67.81 14.23 191 1,225
DPG D&P Util & Infra Fd Duff & Phelps 1.23 -10.44 12.84 48.64 31.88 462 1,583
CEM CB MLP & Midstream Fd Legg Mason 1.15 -21.49 12.84 78.88 30.40 265 1,654
GLQ Clough Glbl Eq Fd Clough 1.27 -15.77 12.10 19.85 45.40 172 635
SCD LMP Cap & Incm Fd Legg Mason 1.28 -12.20 12.30 56.64 25.10 206 905
GLO Clough Glbl Opp Fd Clough 1.28 -15.07 11.93 55.72 45.04 342 1,174
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.14 -22.77 12.75 100.00 21.69 125 753
NHF NexPoint Stgc Opp Fd Highland Capital 1.17 -43.09 12.05 59.26 19.80 801 2,725
ZTR Virtus Tot Rtn Fd Virtus 1.26 -4.89 11.48 74.53 26.74 417 1,425
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.17 -19.48 12.00 100.00 31.55 785 6,254
CHW Calamos Glbl Dyn Incm Fd Calamos 1.27 -4.07 11.14 29.94 32.64 466 1,693
EMO CB Nrg Midstream Opp Fd Legg Mason 1.18 -22.68 11.56 77.68 29.41 209 1,098
FEI FT MLP & Nrg Incm Fd First Trust 1.18 -19.34 11.24 59.12 18.53 311 1,808
FEN FT Nrg Incm & Gwth Fd First Trust 1.21 -16.07 11.37 71.69 18.79 252 1,567
PGZ Principal Rel-Est Incm Fd ALPS 1.23 -18.61 11.02 4.08 28.88 102 490
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.23 -14.25 10.50 83.22 12.00 623 4,641
IFN India Fund Aberdeen 1.30 -12.86 10.33 7.01 0.00 424 2,264
FPL FT New Opp MLP & Nrg Fd First Trust 1.17 -18.76 11.06 41.88 19.26 129 745
IDE Voya Infra Ind & Matrls Fd Voya 1.22 -17.61 10.30 73.45 0.00 208 638
HEQ JH Hgd Eq & Incm Fd John Hancock 1.28 -3.33 9.99 46.01 0.00 147 763
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.26 -15.60 10.08 42.64 0.00 482 2,131
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.27 -5.84 9.85 72.17 0.00 1,011 3,937
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 1.25 -8.56 9.88 91.56 0.00 2,477 6,318
IGD Voya Glbl Eq Div & Prm Opp Voya 1.26 -14.29 9.76 72.45 0.00 557 1,834
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.12 -27.32 10.64 84.18 22.10 57 579
BTO JH Fin Opp Fd John Hancock 1.20 9.66 9.83 10.82 24.01 381 2,509
JRS Nuv Rel-Est Incm Fd Nuveen 1.31 -13.09 9.87 27.53 27.09 256 926
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.26 -15.44 9.79 12.69 25.67 384 1,596
DNI Div & Incm Fd Bexil 1.26 -22.85 9.62 60.32 14.70 168 527
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.26 -16.83 9.87 61.58 18.83 852 2,875
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.23 -13.53 9.63 0.00 0.00 173 692
USA Liberty All-Star Eq Fd ALPS 1.26 -7.92 9.64 0.16 0.00 1,318 4,640
FOF C&S CE Opp Fd Cohen & Steers 1.25 -4.19 9.71 54.43 0.00 305 1,137
THW Tekla Wld Health Fd Tekla 1.26 1.32 9.61 93.40 24.06 433 2,978

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 %