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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 1,362.72 -1.16 -2.91 1.89 8.51 21.53 44.22 5.26 8.63 -0.33 6.69 21.25
NAV 1,304.74 -0.79 -1.92 1.61 5.81 11.73 28.00 5.09 7.56 -0.08 4.77 10.90
Difference 0.37 0.99 -0.28 -2.70 -9.80 -16.22 -0.17 -1.07 0.25 -1.93 -10.35
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 3.07 5.52 4.49 13.65 4.37 2.56 - - - - - - - - - - - - -
NAV 1.27 2.22 2.25 5.85 2.91 1.88 - - - - - - - - - - - - -
Difference -1.80 -3.30 -2.24 -7.79 -1.46 -0.68 - - - - - - - - - - - - -
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 22.34 -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 18.00 -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 -4.34 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
-0.05%
1Yr Disc
-6.28%
3Yr Disc
-4.86%
5Yr Disc
-4.09%
Rel Disc Range (3yr)
76.85%
Mkt Yield
9.07%
Lev Adj NAV Yield
7.44%
After Tax Yield*
7.66%
Est Tax Friction*
1.41%
3Yr NAV Volatiliy
19.75
1 Yr RoC
49.29%
3 Yr Dest RoC
23.20%
Leverage
24.11%
Non Lev Exp Ratio
2.41%
Beta (2yr)
0.91
Equity Exposure
48.27%
Bond Exposure
48.75%
# Holdings
98
Cash Weighted Duration
1.71
Comp NAV TR
-3.07%
Comp Discount
2.12%
Net Assets (M)
595
Liquidity - 90d (K)
2,798
* 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


98 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
OCCI OFS Credit Company OFS Capital 0.84 0.77 15.05 24.64 36.36 78 1,414
OXLC Oxford Lane Cap Corp Oxford Lane 1.00 16.46 10.80 0.00 32.64 647 7,610
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.87 1.70 12.25 54.08 28.60 212 1,921
JQC Nuv Cr Stgs Incm Fd Nuveen 0.86 -5.44 10.04 64.46 36.43 947 4,703
RA Brkf Real Ast Incm Fd Brookfield 0.88 6.34 11.03 67.25 29.68 897 6,459
EDF SH Emrg Mkt Incm Fd Stone Harbor 0.84 18.02 9.94 54.20 25.94 120 799
PCF Hi Incm Sec Fd Hi Incm Sec Fd 0.93 3.21 9.70 0.00 0.00 52 1,077
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.85 24.08 10.34 57.17 29.57 881 7,921
ACP Abd Incm Cr Stgs Fd Aberdeen 0.81 0.72 10.71 28.84 37.48 194 2,228
GGM Gghm Cr Alloc Fd Guggenheim Funds 0.86 12.35 10.18 34.10 31.28 200 1,989
FTF FrkTmp Ltd Dur Incm Tr Franklin Templeton 0.85 -1.18 10.13 44.47 33.16 282 1,288
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.84 -3.35 8.11 54.66 27.54 139 702
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.86 14.96 9.50 0.00 38.70 160 1,609
FAM FT/Abd Glbl Opp Incm Fd First Trust 0.86 -4.16 9.48 57.04 28.37 107 632
FCT FT Sr Flt Rt Incm Fd II First Trust 0.88 0.63 9.20 38.87 29.33 328 2,064
EVV EV Ltd Dur Incm Fd Eaton Vance 0.88 -3.39 9.16 34.00 33.29 1,575 5,379
PDI PIMCO Dyn Incm Fd PIMCO 0.86 14.51 9.21 0.00 45.14 1,748 8,412
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.85 8.99 9.36 2.15 45.00 3,091 11,644
PFN PIMCO Incm Stgy Fd II PIMCO 0.88 13.98 8.99 4.38 36.14 719 2,840
PHT Pioneer Hi Incm Fd Pioneer 0.85 -1.76 9.16 0.00 30.30 283 877
DMO WA Mortg Opp Fd Franklin Templeton 0.90 2.58 8.70 25.83 24.30 167 831
NCZ Virtus AG Convt & Incm Fd II Virtus 0.89 -8.10 8.62 35.71 39.12 432 2,151
NCV Virtus AG Convt & Incm Fd Virtus 0.89 -6.00 8.57 33.51 38.63 572 2,331
PFL PIMCO Incm Stgy Fd PIMCO 0.87 17.08 8.70 7.47 38.34 363 1,646
MIN MFS Imd Incm Tr MFS 0.83 -1.86 8.73 55.24 0.00 436 1,667
ERC WF Mlt-Sctr Incm Fd Wells Fargo 0.87 0.16 8.69 0.00 27.90 362 1,011
JGH Nuv Glbl Hi Incm Fd Nuveen 0.87 -6.74 8.53 2.40 28.50 395 855
FSD FT Hi Incm Lng/Srt Fd First Trust 0.87 -6.00 8.51 29.51 25.64 552 1,348
PKO PIMCO Incm Opp Fd PIMCO 0.86 12.78 8.50 1.39 44.11 496 1,682
PHK PIMCO Hi Incm Fd PIMCO 0.85 15.84 8.47 0.00 38.61 785 2,973
PTY PIMCO Corp & Incm Opp Fd PIMCO 0.90 35.87 8.01 7.66 47.16 1,262 8,776
HIX WA Hi Incm Fd II Franklin Templeton 0.88 -0.55 8.20 7.20 29.49 423 942
GHY PGIM Glbl Hi Yld Fd Prudential 0.87 -6.81 8.08 4.42 27.40 685 1,999
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.86 4.51 8.21 32.19 34.10 185 578
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 0.88 -3.31 8.04 0.00 28.59 241 2,560
RCS PIMCO Stgc Incm Fd PIMCO 0.88 16.69 8.03 1.83 41.61 290 836
HFRO Highland Incm Fd Highland Capital 0.81 -23.21 8.60 4.34 13.60 999 3,695
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 0.90 -6.75 9.09 14.33 0.00 406 2,060
MCR MFS Charter Incm Tr MFS 0.85 0.81 7.95 39.90 21.00 382 702
BIT BR Mlt-Sctr Incm Tr BlackRock 0.87 1.63 7.93 35.06 38.00 692 2,464
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 0.89 -6.01 7.75 37.86 28.18 900 2,119
FAX Abd Asia-Pacific Incm Fd Aberdeen 0.89 -7.45 7.59 54.38 29.56 1,164 3,101
CHY Calamos Convt & Hi Incm Fd Calamos 0.91 2.16 7.46 0.00 32.06 1,153 3,216
ISD PGIM Hi Yld Bnd Fd Prudential 0.87 -5.41 7.75 10.26 24.11 571 1,581
CHI Calamos Convt Opp & Incm Calamos 0.89 0.74 7.59 0.00 32.00 1,058 3,331
ECC Eagle Point Cr Co Eagle Point 0.95 4.37 7.06 40.22 30.35 435 2,493
FSK FS KKR Capital Corp FS/KKR 1.44 -15.87 10.96 0.00 52.17 3,221 13,078
BKCC BR Cap Inv Corp BlackRock 0.77 -8.97 10.10 0.00 29.26 323 1,752
GECC Great Elm Cap Corp Great Elm Capital 0.63 -12.85 11.80 0.00 31.21 91 577
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 1.41 -19.86 10.26 0.00 55.55 220 1,010
ICMB Investcorp Cr Mgmt BDC Investcorp 0.65 -29.51 10.73 0.00 62.88 110 252
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.66 16.08 9.54 0.00 45.18 402 2,387
MRCC Monroe Capital Corp Monroe Capital 0.68 -2.26 9.23 0.00 56.90 236 991
FCRD First Eagle Alt Cap BDC First Eagle Alt Cr 0.70 -29.83 8.95 0.00 45.57 192 281
CGBD TCG BDC Carlyle 0.66 -14.27 9.51 0.00 52.28 858 2,803
NMFC New Mountain Fin Corp New Mountain Capital 0.65 -0.31 9.37 8.15 56.62 1,244 4,916
PFLT PennantPark Flt Rt Cap PennantPark 0.68 -1.42 9.10 0.00 51.16 493 2,748
CCAP Crescent Capital BDC Crescent Capital 0.72 -4.89 8.52 0.00 45.31 570 630
PSEC Prospect Capital Corp Prospect Capital 0.71 -10.23 8.55 9.08 35.60 3,637 20,598
CLM Cornerstone Stgc Val Fd Cornerstone 1.01 10.80 17.19 40.24 0.00 1,184 16,084
CRF Cornerstone Tot Rtn Fd Cornerstone 1.00 12.50 16.94 44.28 0.00 600 8,184
RIV RiverNorth Opp Fd RiverNorth 1.24 3.91 11.45 30.00 7.41 183 1,749
HGLB Highland Glbl Alloc Fd Highland Capital 1.41 -23.58 9.46 4.38 27.45 259 1,705
IFN India Fund Aberdeen 1.23 -7.44 10.42 51.49 0.00 647 2,189
GLO Clough Glbl Opp Fd Clough 1.16 -7.26 11.09 8.79 32.91 409 2,811
GLQ Clough Glbl Eq Fd Clough 1.10 -12.01 11.62 0.00 32.72 208 1,621
DPG D&P Util & Infra Fd Virtus 1.24 1.02 10.06 63.36 29.80 522 2,272
ZTR Virtus Tot Rtn Fd Virtus 1.32 6.29 9.63 75.63 26.13 446 1,888
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 1.31 -5.29 9.57 83.61 12.00 620 3,569
USA Liberty All-Star Eq Fd ALPS 1.36 8.76 9.33 0.00 0.00 1,711 9,309
GLV Clough Glbl Div & Incm Fd Clough 1.07 -9.65 11.17 77.44 35.89 97 687
FMO F/C Nrg Infra Fd Guggenheim Funds 1.57 -1.84 7.66 100.00 13.95 92 572
EOD WF Glbl Div Opp Fd Wells Fargo 1.32 -2.73 9.28 0.00 16.00 254 1,380
HEQ JH Hgd Eq & Incm Fd John Hancock 1.23 -5.82 9.31 37.78 0.00 162 654
MCN Madison Cov Call & Eq Stgc Madison 1.22 1.83 9.23 31.83 0.00 160 613
THW Tekla Wld Health Fd Tekla 1.29 5.01 8.68 100.00 20.91 571 3,394
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.23 -6.81 8.91 80.50 0.00 165 508
FEN FT Nrg Incm & Gwth Fd First Trust 1.31 -2.10 8.32 96.47 19.53 286 1,102
HQL Tekla Life Sci Invstr Tekla 1.25 -2.68 7.93 0.00 0.00 516 1,792
FEI FT MLP & Nrg Incm Fd First Trust 1.35 -8.87 7.78 78.37 18.86 383 1,378
GUT Gabelli Util Tr Gabelli 1.34 79.02 7.81 100.00 26.00 270 1,490
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.27 6.10 8.13 96.25 0.00 1,413 4,552
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.30 13.24 7.84 79.55 0.00 656 2,335
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.26 0.00 8.07 47.34 0.00 1,162 3,412
FPL FT New Opp MLP & Nrg Fd First Trust 1.29 -12.17 7.89 87.82 18.96 160 791
IGD Voya Glbl Eq Div & Prm Opp Voya 1.26 -6.46 8.08 74.08 0.00 513 2,293
KYN KA Nrg Infra Fd Kayne Anderson 1.41 -9.64 7.03 100.00 26.67 1,194 4,743
HQH Tekla Health Invstr Tekla 1.22 -2.27 8.00 0.00 0.00 1,143 3,712
JDD Nuv Divr Div & Incm Fd Nuveen 1.30 -9.95 7.73 71.99 28.57 221 620
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.23 -7.32 8.08 39.47 0.00 172 724
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.26 5.89 7.84 43.22 0.00 415 997
CHW Calamos Glbl Dyn Incm Fd Calamos 1.26 9.03 7.90 0.00 32.55 580 1,688
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.27 -3.78 7.75 64.30 16.70 238 930
SCD LMP Cap & Incm Fd Franklin Templeton 1.36 -7.44 7.27 69.13 17.80 278 743
CEM CB MLP & Midstream Fd Franklin Templeton 1.49 -14.25 6.67 100.00 28.90 456 1,948
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.25 -7.86 7.73 65.75 16.64 576 2,879
CGO Calamos Glbl Tot Rtn Fd Calamos 1.29 6.78 7.55 0.00 30.92 135 378
JCE Nuv Core Eq Alpha Fd Nuveen 1.28 -1.77 7.56 5.94 0.00 262 871

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 %