CEF Advisors

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01. 12 Major CEF Sectors Index

Data as of

About the Index

The seven most liquid funds by 90-day average trading dollar $ liquidity in each of the 12 major groupings of funds: Business Development Companies (BDCs), Convertible Bonds, Covered Call Funds, Global Equity, High Yield Bonds, Investment Grade Bonds, Master Limited Partnership (MLP), Municipal Bonds, Preferred Equity, REITs/Real Assets, Senior Loans, and US Equity. Combine leverage and non-leverage groupings into one grouping when calculating the seven funds. The funds will be equal weight in the index. If there are less than seven available funds in a specific grouping, then equal weight the grouping with the smaller number of funds available. Each group will be 1/12 of the indexes over-all 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 1,149.76 1.17 -0.45 -3.18 5.98 25.74 -7.99 0.67 6.17 -3.37 3.73 -12.10
NAV 1,194.76 0.88 0.13 -2.31 5.89 22.91 -1.45 3.18 5.60 -2.35 4.28 -5.34
Difference -0.29 0.57 0.87 -0.09 -2.83 6.55 2.51 -0.57 1.02 0.55 6.75
* 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 0.68 -9.54 -23.04 -29.90 13.04 6.26 0.65 20.89 -15.26 3.84 3.38 - - - - - - - -
NAV 0.34 -4.58 -19.13 -22.57 10.70 4.15 1.68 17.23 -9.23 4.07 2.61 - - - - - - - -
Difference -0.34 4.96 3.91 7.33 -2.33 -2.12 1.03 -3.66 6.03 0.24 -0.77 - - - - - - - -
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.53 2.07 1.77 15.86 2.43 -2.69 4.19 3.86 20.33 1.78 -1.38 1.96 2.34 0.01 1.05 2.90 3.99 6.42 28.05
NAV 6.68 1.83 1.94 10.74 1.54 -2.04 3.20 2.66 13.69 0.80 -0.58 1.01 1.23 0.37 0.44 2.77 3.60 4.88 19.24
Difference -4.85 -0.24 0.17 -5.11 -0.88 0.65 -0.99 -1.20 -6.64 -0.98 0.80 -0.95 -1.11 0.36 -0.61 -0.13 -0.38 -1.54 -8.82
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.13 -2.81 -0.73 -2.43 1.98 1.74 -0.66 3.07 0.56 1.90 1.54 -1.24 2.19 -7.33 0.72 -6.53 -12.76 -10.85 -10.35
NAV 2.26 -3.20 -0.88 -1.88 1.09 1.38 -0.04 2.45 0.52 1.95 1.22 -0.43 2.74 -4.17 0.08 -4.17 -8.09 -5.57 -5.08
Difference 1.14 -0.39 -0.15 0.54 -0.88 -0.36 0.62 -0.62 -0.05 0.05 -0.32 0.81 0.55 3.16 -0.64 2.36 4.67 5.28 5.26
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 3.20 2.74 -0.12 5.91 2.79 0.09 0.94 3.84 9.97 1.94 -1.40 1.97 2.49 -0.71 -0.50 2.32 1.10 3.61 13.94
NAV 1.55 1.95 0.26 3.79 1.07 0.64 0.68 2.41 6.29 1.43 -0.21 1.10 2.32 0.39 0.48 1.67 2.54 4.93 11.53
Difference -1.65 -0.79 0.37 -2.11 -1.71 0.55 -0.25 -1.43 -3.68 -0.51 1.19 -0.87 -0.16 1.09 0.97 -0.66 1.45 1.31 -2.41
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -4.92 0.29 6.86 1.90 3.56 1.14 2.65 7.52 9.55 4.00 1.22 -0.56 4.68 -3.13 0.12 2.42 -0.67 3.99 13.92
NAV -3.97 -0.86 4.98 -0.06 2.73 1.33 1.27 5.41 5.35 2.81 0.64 0.37 3.85 -1.11 -0.56 1.67 -0.02 3.82 9.38
Difference 0.95 -1.15 -1.88 -1.96 -0.82 0.19 -1.39 -2.10 -4.20 -1.20 -0.58 0.93 -0.84 2.02 -0.68 -0.75 0.64 -0.16 -4.54
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 1.44 2.83 -0.43 3.86 1.53 -0.75 -4.57 -3.84 -0.13 -1.25 -3.50 -4.33 -8.83 6.51 -1.53 -1.81 2.99 -6.10 -6.22
NAV 0.52 2.32 -0.16 2.69 1.26 0.22 -2.34 -0.89 1.77 -0.16 -3.49 -3.31 -6.82 4.37 -1.43 -2.33 0.49 -6.37 -4.71
Difference -0.92 -0.52 0.28 -1.17 -0.27 0.97 2.23 2.94 1.90 1.09 0.01 1.02 2.00 -2.14 0.10 -0.52 -2.50 -0.27 1.50

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-9.31%
1Yr Disc
-6.02%
3Yr Disc
-4.57%
5Yr Disc
-4.73%
Rel Disc Range (3yr)
57.01%
Mkt Yield
8.96%
Lev Adj NAV Yield
6.71%
After Tax Yield*
7.55%
Est Tax Friction*
1.41%
3Yr NAV Volatiliy
19.03
1 Yr RoC
24.30%
3 Yr Dest RoC
15.06%
Leverage
22.64%
Non Lev Exp Ratio
1.48%
Beta (2yr)
0.81
Equity Exposure
38.95%
Bond Exposure
58.90%
# Holdings
84
Cash Weighted Duration
2.24
Comp NAV TR
3.61%
Comp Discount
1.94%
Net Assets (M)
1,204
Liquidity - 90d (K)
3,471
* 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


84 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
JPS Nuv Pref & Incm Sec Fd Nuveen 1.21 -4.25 6.90 0.54 35.33 1,869 3,933
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.20 6.14 7.46 0.00 33.70 870 2,130
FPF FT Imd Dur Pref & Incm Fd First Trust 1.17 -5.59 7.47 2.00 30.74 1,370 2,636
JPC Nuv Pref & Incm Opp Fd Nuveen 1.20 -5.47 7.51 0.98 36.04 926 2,098
DFP F&C Dyn Pref and Incm Fd Flaherty & Crumrine 1.29 7.03 7.35 0.00 33.90 483 1,550
PDT JH Prm Div Fd John Hancock 1.08 -1.36 9.47 10.46 37.33 609 1,271
HPI JH Pref Incm Fd John Hancock 1.12 1.68 7.88 4.09 32.32 483 1,186
ARCC Ares Capital Corp Ares 1.12 -10.87 11.34 0.00 50.96 6,690 30,243
FSKR FS KKR Capital Corp. II FS/KKR 1.29 -40.21 15.19 0.00 43.65 4,163 10,275
MAIN Main Street Cap Corp Main Street Capital 1.14 45.61 8.10 0.00 44.46 1,373 10,046
ORCC Owl Rock Capital Corp Owl Rock 1.19 -14.39 9.98 0.00 36.80 5,586 13,243
PSEC Prospect Capital Corp Prospect Capital 1.19 -37.41 14.06 0.00 40.33 3,084 7,062
GBDC Golub Capital BDC Golub Capital 1.30 -6.19 8.80 0.00 45.74 2,350 6,370
FSK FS KKR Capital Corp FS/KKR 1.37 -31.28 14.94 0.00 56.47 2,892 10,390
RQI C&S Qlty Incm Rty Fd Cohen & Steers 1.19 -8.31 8.61 0.00 24.20 1,632 5,160
RNP C&S REIT & Pref Incm Fd Cohen & Steers 1.24 -7.22 7.29 0.00 25.70 1,047 2,793
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 1.16 -18.94 10.08 60.54 21.44 856 2,361
AWP Abd Glbl Prmr Prop Fd Aberdeen 1.16 -16.09 10.34 50.96 0.00 472 1,847
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.23 -14.90 9.52 27.81 28.19 393 1,188
RFI C&S Tot Rtn Ry Fd Cohen & Steers 1.15 -2.17 7.90 32.69 0.00 326 1,095
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.22 -6.44 12.70 65.58 13.80 192 988
CHY Calamos Convt & Hi Incm Fd Calamos 1.21 -12.66 8.75 1.90 29.56 978 2,989
CHI Calamos Convt Opp & Incm Calamos 1.21 -13.02 8.71 1.98 29.16 899 2,368
NCZ AG Convt & Incm Fd II Allianz 1.24 -13.29 10.95 32.01 42.29 361 2,518
CCD Calamos Dyn Convt & Incm Fd Calamos 1.27 -10.18 8.80 3.85 28.96 621 1,928
NCV AG Convt & Incm Fd Allianz 1.24 -12.85 11.06 36.65 41.79 478 2,738
AVK Advent Convt & Incm Fd Guggenheim Funds 1.23 -14.98 10.24 71.20 37.07 558 1,574
ACV AG Divr Incm & Convt Fd Allianz 1.29 -12.99 7.92 0.00 25.27 301 1,246
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 1.17 -12.05 10.03 92.90 0.00 2,538 4,638
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.23 -1.34 6.42 94.72 0.00 1,015 4,385
BST BR Sci & Tech Tr BlackRock 1.30 0.09 4.69 29.01 0.00 1,022 4,247
BDJ BR Enh Eq Div Tr BlackRock 1.15 -11.97 8.24 1.85 0.00 1,551 4,199
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.14 2.67 9.61 94.96 0.00 1,224 3,313
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.18 -8.55 9.27 77.44 0.00 1,810 3,655
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 1.15 -10.46 10.19 60.40 0.00 1,028 2,367
JQC Nuv Cr Stgs Incm Fd Nuveen 1.21 -13.99 16.47 59.47 35.74 930 3,201
HFRO Highland Incm Fd Highland Capital 1.28 -30.68 10.51 17.36 35.10 905 3,234
VVR Invsc Sr Incm Tr Invesco 1.21 -14.82 6.63 12.93 29.00 650 3,271
VTA Invsc Dyn Cr Opp Fd Invesco 1.22 -15.96 9.71 0.99 30.00 695 3,039
BGB B/GSO Stgc Cr Fd GSO / Blackstone 1.24 -11.27 7.91 0.00 37.61 611 1,792
JFR Nuv Flt Rt Incm Fd Nuveen 1.23 -12.54 6.65 0.00 36.10 540 3,103
EFT EV Flt-Rt Incm Tr Eaton Vance 1.21 -13.54 6.23 0.00 34.80 551 1,042
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.88 -25.41 14.81 100.00 33.33 687 3,612
TYG Tortoise Nrg Infra Corp Tortoise 1.08 -26.04 8.12 81.16 29.00 261 1,713
FEI FT MLP & Nrg Incm Fd First Trust 0.99 -23.66 12.74 68.23 20.14 290 1,067
CEM CB MLP & Midstream Fd Legg Mason 0.83 -25.52 16.99 86.73 34.01 209 938
NTG Tortoise Midstream Nrg Fd Tortoise 0.98 -27.31 8.53 95.50 25.20 124 703
FEN FT Nrg Incm & Gwth Fd First Trust 1.00 -22.45 13.16 83.90 20.25 235 960
KMF KA Midstream/Nrg Fd Kayne Anderson 1.05 -27.07 8.67 67.94 30.67 269 709
HYT BR Corp Hi Yld Fd BlackRock 1.21 -5.88 8.85 11.15 30.79 1,368 4,097
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 1.26 -11.04 9.42 0.00 30.22 224 3,783
DHY CS Hi Yld Bnd Fd Credit Suisse 1.27 -9.62 9.17 5.21 30.29 247 2,975
HIO WA Hi Incm Opp Fd Legg Mason 1.25 -6.27 7.91 8.32 0.00 667 1,872
HIX WA Hi Incm Fd II Legg Mason 1.22 -5.71 9.13 5.24 29.90 575 1,516
ISD PGIM Hi Yld Bnd Fd Prudential 1.21 -12.79 9.15 3.99 25.16 525 1,360
EAD WF Incm Opp Fd Wells Fargo 1.23 -12.07 9.24 0.00 25.00 507 1,303
PTY PIMCO Corp & Incm Opp Fd PIMCO 1.22 27.72 9.70 1.59 39.79 1,109 5,966
PCN PIMCO Corp & Incm Stgy Fd PIMCO 1.14 19.27 8.76 0.40 31.69 516 1,297
PIM Putnam Mstr Imd Incm Tr Putnam 1.16 -5.83 8.91 46.78 1.73 220 457
IGI WA Inv Grd Dfin Opp Tr Legg Mason 1.12 -2.16 3.83 0.54 0.00 231 589
VBF Invsc Bnd Fd Invesco 1.16 -5.10 3.76 1.37 0.00 241 556
DUC D&P Util & Corp Bnd Tr Duff & Phelps 1.14 -4.47 6.54 48.31 29.00 264 232
GDO WA Glbl Corp Dfin Opp Fd Legg Mason 1.20 -6.42 7.23 20.43 29.50 268 511
CLM Cornerstone Stgc Val Fd Cornerstone 1.26 14.54 20.46 86.75 0.00 726 6,583
GDV Gabelli Div & Incm Tr Gabelli 1.21 -15.93 7.27 16.21 18.00 1,955 4,249
USA Liberty All-Star Eq Fd ALPS 1.23 -7.44 10.72 0.00 0.00 1,373 4,152
RVT Royce Val Tr Legg Mason 1.18 -15.39 7.94 8.74 4.64 1,495 2,896
EVT EV Tx-Adv Div Incm Fd Eaton Vance 1.19 -7.62 8.86 7.41 23.00 1,563 3,112
ADX Adams Divr Eq Fd Adams Funds 1.24 -14.55 5.59 0.00 0.00 2,047 3,006
CRF Cornerstone Tot Rtn Fd Cornerstone 1.27 17.61 20.05 89.12 0.00 370 3,868
BSTZ BR Sci & Tech Tr II BlackRock 1.28 -12.89 4.79 100.00 0.00 2,247 6,244
AOD Abd Tot Dyn Div Fd Aberdeen 1.19 -14.36 8.77 6.23 0.00 969 2,144
IFN India Fund Aberdeen 1.21 -14.63 11.26 14.29 0.00 515 1,415
CAF MS China A Shr Fd Morgan Stanley 1.25 -17.18 3.87 0.00 0.00 560 1,519
IGD Voya Glbl Eq Div & Prm Opp Voya 1.20 -15.46 9.76 72.75 0.00 563 1,714
BGY BR Enh Intl DivTr BlackRock 1.20 -13.56 7.67 56.93 0.00 640 1,068
TDF Tmp Dragon Fd Templeton 1.39 -12.29 8.43 0.00 0.00 839 1,606
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.20 -8.43 4.73 0.00 37.33 4,360 6,519
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.18 -8.27 5.06 0.00 37.71 3,610 5,174
NAD Nuv Qlty Muni Incm Fd Nuveen 1.20 -8.67 4.71 0.00 37.19 3,367 5,203
BBN BR Taxable Muni BndTr BlackRock 1.20 3.19 5.18 0.08 33.73 1,436 4,372
NZF Nuv Muni Cr Incm Fd Nuveen 1.15 -9.41 5.12 0.00 37.69 2,297 3,431
NMZ Nuv Muni Hi Incm Opp Fd Nuveen 1.18 0.15 5.56 0.00 35.61 1,098 2,713
NUV Nuv Muni Val Fd Nuveen 1.20 0.19 3.52 0.00 1.34 2,186 3,009

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 %