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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 1,171.05 -0.22 0.23 5.58 21.30 26.38 -7.43 -0.67 11.09 4.20 4.20 4.20
NAV 1,205.48 -0.16 -0.13 3.63 13.16 18.23 -0.71 1.32 9.78 2.46 2.46 2.46
Difference 0.06 -0.36 -1.94 -8.14 -8.15 6.72 1.99 -1.31 -1.74 -1.74 -1.74
* 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 -25.90 2.19 3.50 -3.28 2.30 -1.47 16.90 3.83 19.59 19.59 -9.34
NAV -1.37 -6.57 -26.08 -31.89 15.62 4.34 0.44 21.17 -17.46 3.59 2.39 -2.11 3.83 0.35 9.24 3.67 13.64 13.64 -2.61
Difference -1.25 4.21 8.88 10.15 -5.89 -2.19 1.67 -6.68 8.43 1.40 -1.11 1.17 1.53 1.82 -7.66 -0.16 -5.95 -5.95 6.73
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 21.61 1.41 -4.11 1.96 -0.84 -0.62 -0.23 3.79 2.91 2.04 24.09
NAV 8.73 1.35 2.01 12.41 1.06 -2.34 3.08 1.74 14.37 -0.10 -2.38 1.20 -1.31 -0.50 -0.41 4.02 3.08 1.73 16.35
Difference -6.25 -0.27 0.29 -6.44 -0.76 1.06 -0.94 -0.58 -7.24 -1.51 1.73 -0.76 -0.46 0.13 -0.18 0.22 0.17 -0.31 -7.74
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 2.17 3.05 1.41 -1.22 3.23 -8.13 0.45 -10.41 -17.31 -14.65 -12.79
NAV 2.81 -4.45 -1.76 -3.49 2.81 1.96 -0.13 4.68 1.03 3.05 0.68 -0.29 3.45 -4.66 0.10 -6.62 -10.89 -7.82 -6.87
Difference 0.38 -0.15 0.06 0.26 -1.40 -0.27 0.22 -1.47 -1.15 0.00 -0.73 0.93 0.22 3.46 -0.36 3.79 6.42 6.83 5.92
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 12.20 2.40 -1.83 2.40 2.94 -2.28 -1.67 3.21 -0.82 2.09 14.55
NAV 2.10 1.90 0.21 4.26 1.12 0.50 0.50 2.14 6.49 1.77 -0.59 1.45 2.64 -0.47 0.18 2.31 2.01 4.70 11.49
Difference -2.55 -1.14 -0.37 -4.20 -1.56 -0.11 0.37 -1.31 -5.71 -0.63 1.24 -0.95 -0.31 1.81 1.84 -0.90 2.83 2.60 -3.06
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 15.52 4.99 2.08 0.57 7.78 -2.49 1.07 1.81 0.34 8.15 24.93
NAV -7.03 -0.67 7.13 -1.07 7.12 1.92 2.50 11.91 10.70 2.84 1.52 1.73 6.21 -1.07 0.64 2.00 1.55 7.86 19.40
Difference 0.95 -0.97 -2.91 -2.63 -1.42 0.50 -0.82 -1.84 -4.81 -2.15 -0.56 1.17 -1.58 1.41 -0.42 0.19 1.21 -0.29 -5.53
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 0.39 -3.34 -4.33 -5.75 -12.84 8.36 -3.53 -4.80 -0.49 -13.27 -12.93
NAV -0.18 3.07 -1.02 1.84 2.60 0.15 -2.12 0.58 2.43 -1.11 -3.79 -4.14 -8.80 5.62 -3.04 -5.73 -3.46 -11.95 -9.81
Difference -0.93 -1.12 0.59 -1.44 0.05 1.02 2.26 3.37 2.04 2.23 0.54 1.61 4.04 -2.73 0.49 -0.92 -2.96 1.32 3.12

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-7.60%
1Yr Disc
-10.13%
3Yr Disc
-5.76%
5Yr Disc
-5.15%
Rel Disc Range (3yr)
63.30%
Mkt Yield
10.23%
Lev Adj NAV Yield
7.68%
After Tax Yield*
8.71%
Est Tax Friction*
1.52%
3Yr NAV Volatiliy
20.43
1 Yr RoC
51.71%
3 Yr Dest RoC
32.24%
Leverage
24.87%
Non Lev Exp Ratio
2.13%
Beta (2yr)
0.92
Equity Exposure
47.88%
Bond Exposure
49.16%
# Holdings
99
Cash Weighted Duration
1.57
Comp NAV TR
-2.00%
Comp Discount
0.66%
Net Assets (M)
586
Liquidity - 90d (K)
2,699
* 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)
OCCI OFS Credit Company OFS Capital 0.94 -0.15 15.44 0.00 32.63 44 605
JQC Nuv Cr Stgs Incm Fd Nuveen 0.89 -8.90 14.27 63.87 35.95 960 4,748
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.88 -5.74 13.17 60.46 24.70 212 1,423
OXLC Oxford Lane Cap Corp Oxford Lane 1.06 33.20 12.39 23.53 36.53 431 7,181
RA Brkf Real Ast Incm Fd Brookfield 0.91 -6.98 12.89 55.17 25.74 874 3,785
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.86 11.03 12.08 74.53 28.43 119 1,069
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.94 6.42 10.79 0.00 28.29 111 855
PCF Hi Incm Sec Fd Hi Incm Sec Fd 0.86 -12.58 11.04 0.00 0.00 54 618
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.90 17.46 10.90 61.65 27.62 808 4,723
ACP Abd Incm Cr Stgs Fd Aberdeen 0.90 -3.62 10.98 22.72 31.04 198 1,102
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.89 7.12 10.79 30.23 29.46 182 996
FCT FT Sr Flt Rt Incm Fd II First Trust 0.89 -9.74 10.79 45.46 28.62 336 1,335
PDI PIMCO Dyn Incm Fd PIMCO 0.87 5.56 10.09 0.00 38.67 1,677 9,090
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.86 -6.12 10.16 58.21 27.63 142 567
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.87 -1.79 10.09 47.80 31.67 287 1,049
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.88 4.79 9.84 1.38 42.61 3,000 11,992
PHT Pioneer Hi Incm Tr Pioneer 0.90 -3.89 9.51 0.00 30.40 278 757
PFN PIMCO Incm Stgy Fd II PIMCO 0.88 5.40 9.65 2.02 32.57 696 2,562
EVV EV Ltd Dur Incm Fd Eaton Vance 0.88 -9.08 9.59 30.73 34.84 1,598 4,496
PHK PIMCO Hi Incm Fd PIMCO 0.89 4.44 9.43 0.00 29.08 779 3,304
DMO WA Mortg Opp Fd Legg Mason 0.87 -5.73 9.53 22.92 25.90 166 806
ECC Eagle Point Cr Co Eagle Point 0.98 1.07 8.50 17.50 32.90 362 1,643
PFL PIMCO Incm Stgy Fd PIMCO 0.88 7.24 9.47 2.62 32.77 349 1,305
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.88 -7.01 9.20 32.25 34.61 186 967
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.88 -6.60 9.04 0.00 27.93 375 1,010
PKO PIMCO Incm Opp Fd PIMCO 0.86 5.04 9.19 0.00 40.36 480 1,857
HFRO Highland Incm Fd Highland Capital 0.87 -22.35 9.01 13.26 32.90 943 4,490
FSD FT Hi Incm Lng/Srt Fd First Trust 0.89 -10.09 8.87 30.93 25.75 554 1,339
NCV AG Convt & Incm Fd Allianz 0.88 -11.64 8.84 31.48 38.42 590 4,181
NCZ AG Convt & Incm Fd II Allianz 0.88 -13.48 8.88 24.31 38.91 446 6,273
RCS PIMCO Stgc Incm Fd PIMCO 0.88 3.90 8.84 0.00 23.70 294 1,109
MIN MFS Imd Incm Tr MFS 0.86 -3.84 8.92 57.38 0.00 453 1,290
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.88 26.52 8.70 3.35 42.79 1,249 6,481
KIO KKR Incm Opp Fd KKR Credit 0.89 -10.01 8.59 1.30 36.72 331 1,529
DHY CS Hi Yld Bnd Fd Credit Suisse 0.88 -9.84 8.65 0.77 28.03 263 4,987
GHY PGIM Glbl Hi Yld Fd Prudential 0.88 -11.60 8.65 2.75 27.01 674 1,743
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 0.87 -9.70 8.66 0.00 29.27 240 5,281
CIK CS Ast Mgmt Incm Fd Credit Suisse 0.88 -7.85 8.52 0.61 31.47 180 3,437
HIX WA Hi Incm Fd II Legg Mason 0.87 -4.45 8.56 7.04 28.08 422 2,048
AVK Advent Convt & Incm Fd Guggenheim Funds 0.90 -14.23 8.27 74.69 32.85 684 1,946
BIT BR Mlt-Sctr Incm Tr BlackRock 0.87 -5.22 8.52 32.02 34.70 690 1,919
ISD PGIM Hi Yld Bnd Fd Prudential 0.89 -10.57 8.32 8.84 24.75 563 1,813
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 0.88 -10.44 8.35 0.00 28.68 340 1,135
VTA Invsc Dyn Cr Opp Fd Invesco 0.89 -8.35 8.20 11.11 30.00 754 2,923
GECC Great Elm Cap Corp Great Elm Capital 0.59 -41.41 30.74 0.00 43.63 122 868
HCAP Harvest Cap Cr Corp Harvest Capital 0.66 -23.70 24.74 0.00 54.15 61 553
BKCC BR Cap Inv Corp BlackRock 0.69 -31.60 13.79 0.00 49.09 307 1,108
FSK FS KKR Capital Corp FS/KKR 0.70 -29.11 13.84 0.00 55.85 3,027 10,342
OXSQ Oxford Square Cap Corp Oxford Lane 0.74 -8.05 11.86 0.00 35.61 191 1,350
FSKR FS KKR Capital Corp. II FS/KKR 0.69 -30.98 12.93 0.00 42.49 4,195 10,367
PSEC Prospect Capital Corp Prospect Capital 0.74 -26.07 11.59 0.00 39.74 3,197 12,934
ICMB Investcorp Cr Mgmt BDC Investcorp 0.69 -36.88 12.17 0.00 59.31 109 232
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 0.66 -30.63 12.18 0.00 56.19 125 740
CGBD TCG BDC Carlyle 0.72 -25.05 11.38 0.00 56.01 845 2,842
MRCC Monroe Capital Corp Monroe Capital 0.69 -19.85 11.52 0.00 58.50 231 1,044
AINV Apollo Inv Corp Apollo 0.77 -20.27 10.07 0.00 60.48 1,008 6,445
CSWC Cap Southwest Corp Capital Southwest 0.66 19.21 11.14 0.00 55.09 286 2,561
CCAP Crescent Capital BDC Crescent Capital 0.70 -18.20 10.51 0.00 43.54 537 338
BCSF Bain Cap Splty Fin BCSF Advisors 0.68 -21.02 10.58 0.00 57.76 1,050 4,149
CLM Cornerstone Stgc Val Fd Cornerstone 1.27 24.60 15.43 73.46 0.00 770 8,895
CRF Cornerstone Tot Rtn Fd Cornerstone 1.27 26.17 15.24 75.37 0.00 393 4,840
HGLB Highland Glbl Alloc Fd Highland Capital 1.26 -34.77 12.47 11.53 25.82 228 1,211
RIV RiverNorth Opp Fd RiverNorth 1.24 -0.12 12.22 82.28 13.52 167 1,182
DPG D&P Util & Infra Fd Duff & Phelps 1.28 -3.62 10.74 77.07 31.32 513 2,731
CEM CB MLP & Midstream Fd Legg Mason 1.36 -18.67 10.03 100.00 31.75 325 2,705
FEN FT Nrg Incm & Gwth Fd First Trust 1.29 -11.16 10.40 79.73 19.95 253 1,739
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.35 -22.36 9.76 100.00 29.67 154 911
ZTR Virtus Tot Rtn Fd Virtus 1.20 -6.03 11.00 78.94 27.73 441 1,508
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.15 -5.16 8.85 59.00 19.57 211 1,153
EOD WF Glbl Div Opp Fd Wells Fargo 1.28 -11.91 10.36 0.00 18.23 249 1,060
MCN Madison Cov Call & Eq Stgc Madison 1.28 -0.96 10.01 36.86 0.00 152 844
FPL FT New Opp MLP & Nrg Fd First Trust 1.34 -14.75 9.49 86.02 20.98 140 883
KYN KA Nrg Infra Fd Kayne Anderson 1.36 -16.56 9.23 100.00 31.95 985 7,812
FEI FT MLP & Nrg Incm Fd First Trust 1.30 -13.81 9.62 83.84 18.23 330 2,219
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.22 -12.62 10.20 49.35 12.00 666 3,190
HEQ JH Hgd Eq & Incm Fd John Hancock 1.22 -10.34 9.98 49.66 0.00 158 911
IFN India Fund Aberdeen 1.24 -11.79 9.69 29.06 0.00 630 1,938
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.36 -7.91 8.97 80.00 0.00 166 637
GLO Clough Glbl Opp Fd Clough 1.31 -13.76 10.73 61.17 35.24 454 2,079
EMO CB Nrg Midstream Opp Fd Legg Mason 1.37 -22.66 8.46 100.00 29.24 271 1,809
GLQ Clough Glbl Eq Fd Clough 1.31 -14.04 10.73 52.21 35.00 231 1,038
USA Liberty All-Star Eq Fd ALPS 1.26 -3.68 10.76 0.00 0.00 1,560 5,586
IGD Voya Glbl Eq Div & Prm Opp Voya 1.25 -12.66 8.92 74.42 0.00 586 1,985
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.26 -7.41 8.73 64.17 10.30 507 2,602
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.21 -6.62 8.97 62.26 0.00 1,120 3,721
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.24 -12.04 8.91 2.03 0.00 183 782
JRS Nuv Rel-Est Incm Fd Nuveen 1.21 -12.23 8.90 32.49 28.33 281 935
JDD Nuv Divr Div & Incm Fd Nuveen 1.21 -14.41 8.86 50.63 28.03 203 502
SCD LMP Cap & Incm Fd Legg Mason 1.22 -14.94 8.78 61.61 20.60 250 715
IDE Voya Infra Ind & Matrls Fd Voya 1.29 -12.08 8.45 75.66 0.00 229 876
THW Tekla Wld Health Fd Tekla 1.29 11.11 8.24 100.00 21.96 461 2,254
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.21 2.45 8.73 64.71 0.00 651 2,493
CHW Calamos Glbl Dyn Incm Fd Calamos 1.25 -2.57 8.51 8.18 29.93 602 2,027
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.21 -14.13 8.66 70.83 24.00 941 2,991
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.18 3.56 8.79 94.85 0.00 1,326 3,764
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.19 1.02 8.74 62.10 0.00 390 1,231
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.20 -15.28 8.60 42.88 27.64 437 1,416
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 1.22 -6.43 8.32 94.59 0.00 2,874 6,539
NRGX Nrg & Tac Cr Opp Fd PIMCO 1.35 -18.15 7.61 53.22 16.58 488 2,914

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 %