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 | 1,284.90 | 0.10 | 0.83 | 1.80 | 2.61 | 5.85 | 20.18 | 9.10 | 7.07 | 1.08 | 2.15 | 24.20 | |||||||
NAV | 1,237.49 | 0.08 | 0.90 | 1.37 | 1.78 | 4.24 | 13.82 | 7.57 | 5.60 | 0.76 | 1.58 | 16.21 | |||||||
Difference | -0.02 | 0.07 | -0.43 | -0.83 | -1.61 | -6.36 | -1.54 | -1.47 | -0.32 | -0.58 | -8.00 | ||||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
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 | 19.71 | 1.78 | -1.38 | 1.96 | 2.34 | 0.01 | 1.05 | - | - | - | 23.12 |
NAV | 6.68 | 1.83 | 1.94 | 10.74 | 1.54 | -2.04 | 3.20 | 2.66 | 13.40 | 0.80 | -0.58 | 1.01 | 1.23 | 0.37 | 0.44 | - | - | - | 15.45 |
Difference | -4.85 | -0.24 | 0.17 | -5.11 | -0.88 | 0.65 | -0.99 | -1.20 | -6.31 | -0.98 | 0.80 | -0.95 | -1.11 | 0.36 | -0.61 | - | - | - | -7.67 |
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 | 0.64 | 1.90 | 1.54 | -1.24 | 2.19 | -7.33 | 0.72 | -6.53 | -12.76 | -10.57 | -9.93 |
NAV | 2.26 | -3.20 | -0.88 | -1.88 | 1.09 | 1.38 | -0.04 | 2.45 | 0.56 | 1.95 | 1.22 | -0.43 | 2.74 | -4.17 | 0.08 | -4.17 | -8.09 | -5.35 | -4.79 |
Difference | 1.14 | -0.39 | -0.15 | 0.54 | -0.88 | -0.36 | 0.62 | -0.62 | -0.07 | 0.05 | -0.32 | 0.81 | 0.55 | 3.16 | -0.64 | 2.36 | 4.67 | 5.22 | 5.15 |
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 | 9.74 | 1.94 | -1.40 | 1.97 | 2.49 | -0.71 | -0.50 | 2.32 | 1.10 | 3.58 | 13.33 |
NAV | 1.55 | 1.95 | 0.26 | 3.79 | 1.07 | 0.64 | 0.68 | 2.41 | 6.20 | 1.43 | -0.21 | 1.10 | 2.32 | 0.39 | 0.48 | 1.67 | 2.54 | 4.87 | 11.07 |
Difference | -1.65 | -0.79 | 0.37 | -2.11 | -1.71 | 0.55 | -0.25 | -1.43 | -3.54 | -0.51 | 1.19 | -0.87 | -0.16 | 1.09 | 0.97 | -0.66 | 1.45 | 1.28 | -2.26 |
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 | 9.41 | 4.00 | 1.22 | -0.56 | 4.68 | -3.13 | 0.12 | 2.42 | -0.67 | 4.02 | 13.43 |
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 | 9.18 |
Difference | 0.95 | -1.15 | -1.88 | -1.96 | -0.82 | 0.19 | -1.39 | -2.10 | -4.06 | -1.20 | -0.58 | 0.93 | -0.84 | 2.02 | -0.68 | -0.75 | 0.64 | -0.19 | -4.25 |
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 | 0.02 | -1.25 | -3.50 | -4.33 | -8.83 | 6.51 | -1.53 | -1.81 | 2.99 | -5.84 | -5.81 |
NAV | 0.52 | 2.32 | -0.16 | 2.69 | 1.26 | 0.22 | -2.34 | -0.89 | 1.80 | -0.16 | -3.49 | -3.31 | -6.82 | 4.37 | -1.43 | -2.33 | 0.49 | -6.34 | -4.54 |
Difference | -0.92 | -0.52 | 0.28 | -1.17 | -0.27 | 0.97 | 2.23 | 2.94 | 1.77 | 1.09 | 0.01 | 1.02 | 2.00 | -2.14 | 0.10 | -0.52 | -2.50 | -0.50 | 1.27 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -1.92% |
1Yr Disc -4.12% |
3Yr Disc -3.66% |
5Yr Disc -4.79% |
Rel Disc Range (3yr) 63.66% |
Mkt Yield 8.30% |
Lev Adj NAV Yield 6.61% |
After Tax Yield* 7.07% |
Est Tax Friction* 1.23% |
3Yr NAV Volatiliy 8.86 |
1 Yr RoC 26.05% |
3 Yr Dest RoC 9.12% |
Leverage 24.75% |
Non Lev Exp Ratio 1.56% |
Beta (2yr) 0.49 |
Equity Exposure 38.74% |
Bond Exposure 59.17% |
# Holdings 84 |
Cash Weighted Duration 1.97 |
|
Comp NAV TR 0.80% |
Comp Discount 1.88% |
Net Assets (M) 1,185 |
Liquidity - 90d (K) 3,663 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
84 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
JPS | Nuv Pref & Incm Sec Fd | Nuveen | 1.20 | -1.48 | 6.72 | 0.17 | 38.42 | 2,068 | 3,719 |
FPF | FT Imd Dur Pref & Incm Fd | First Trust | 1.18 | -3.12 | 6.73 | 1.92 | 30.95 | 1,481 | 3,122 |
FFC | F&C Pref Sec Incm Fd | Flaherty & Crumrine | 1.20 | 5.10 | 6.27 | 0.00 | 33.20 | 905 | 2,430 |
JPC | Nuv Pref & Incm Opp Fd | Nuveen | 1.21 | -1.54 | 7.16 | 0.30 | 35.96 | 1,073 | 2,303 |
LDP | C&S Ltd Dur Pref & Incm Fd | Cohen & Steers | 1.23 | 0.83 | 7.04 | 11.35 | 29.80 | 761 | 1,621 |
HPI | JH Pref Incm Fd | John Hancock | 1.08 | 3.23 | 6.73 | 20.19 | 34.13 | 556 | 1,440 |
HPS | JH Pref Incm Fd III | John Hancock | 1.11 | 0.96 | 7.00 | 21.97 | 34.06 | 591 | 1,374 |
ARCC | Ares Capital Corp | Ares | 1.19 | 9.91 | 8.43 | 0.00 | 45.64 | 7,373 | 30,641 |
FSK | FS KKR Capital Corp | FS/KKR | 1.30 | -20.23 | 12.12 | 0.00 | 45.30 | 4,001 | 12,905 |
MAIN | Main Street Cap Corp | Main Street Capital | 1.19 | 78.93 | 5.68 | 0.00 | 39.77 | 1,535 | 10,477 |
PSEC | Prospect Capital Corp | Prospect Capital | 1.18 | -26.16 | 10.99 | 0.00 | 39.90 | 3,259 | 8,768 |
NMFC | New Mountain Fin Corp | New Mountain Capital | 1.17 | 2.85 | 9.91 | 4.04 | 58.35 | 1,292 | 9,300 |
HTGC | Hercules Capital | Hercules | 1.27 | 37.19 | 8.99 | 0.00 | 51.53 | 1,086 | 7,014 |
AINV | Apollo Inv Corp | Apollo | 1.28 | -8.19 | 10.49 | 0.00 | 54.94 | 1,244 | 6,899 |
RQI | C&S Qlty Incm Rty Fd | Cohen & Steers | 1.12 | 3.57 | 6.36 | 0.00 | 21.70 | 1,590 | 5,506 |
RNP | C&S REIT & Pref Incm Fd | Cohen & Steers | 1.14 | -2.13 | 6.23 | 0.00 | 22.90 | 1,160 | 3,590 |
AWP | Abd Glbl Prmr Prop Fd | Aberdeen | 1.21 | -10.77 | 7.52 | 62.86 | 8.31 | 611 | 2,124 |
IGR | CBRE Clr Glbl Rel-Est Incm Fd | CBRE Clarion | 1.19 | -8.82 | 7.54 | 68.97 | 12.84 | 1,018 | 2,280 |
NRO | NB Rel-Est Sec Incm Fd | Neuberger Berman | 1.19 | 1.96 | 8.39 | 35.23 | 26.60 | 266 | 1,126 |
JRI | Nuv Rel-Ast Incm & Gwth Fd | Nuveen | 1.23 | -7.70 | 7.76 | 20.70 | 29.10 | 538 | 1,605 |
RFI | C&S Tot Rtn Ry Fd | Cohen & Steers | 1.15 | 3.65 | 6.62 | 7.69 | 0.00 | 366 | 1,076 |
CHI | Calamos Convt Opp & Incm | Calamos | 1.25 | 1.47 | 8.70 | 37.18 | 33.35 | 771 | 1,647 |
CHY | Calamos Convt & Hi Incm Fd | Calamos | 1.24 | 0.35 | 8.89 | 37.08 | 33.59 | 838 | 1,702 |
AVK | Advent Convt & Incm Fd | Guggenheim Funds | 1.25 | -7.97 | 9.16 | 66.60 | 40.41 | 576 | 1,650 |
NCV | AG Convt & Incm Fd | Allianz | 1.21 | 1.24 | 11.03 | 36.06 | 41.01 | 508 | 1,431 |
CCD | Calamos Dyn Convt & Incm Fd | Calamos | 1.22 | 1.66 | 9.63 | 58.79 | 33.40 | 501 | 1,218 |
NCZ | AG Convt & Incm Fd II | Allianz | 1.19 | -0.99 | 10.78 | 40.36 | 41.45 | 385 | 1,078 |
ACV | AG Divr Incm & Convt Fd | Allianz | 1.30 | 4.42 | 8.07 | 0.00 | 30.39 | 246 | 861 |
EXG | EV Tx-Mgd Glbl Divr Eq Incm | Eaton Vance | 1.24 | -3.90 | 8.58 | 87.34 | 0.00 | 2,717 | 4,593 |
BDJ | BR Enh Eq Div Tr | BlackRock | 1.22 | -4.90 | 6.30 | 0.00 | 0.00 | 1,877 | 4,102 |
ETV | EV Tx-Mgd By-Wrt Opp Fd | Eaton Vance | 1.21 | 2.33 | 8.92 | 85.94 | 0.00 | 1,198 | 3,521 |
ETY | EV Tx-Mgd Divr Eq Incm Fd | Eaton Vance | 1.23 | 1.56 | 8.17 | 64.11 | 0.00 | 1,826 | 3,319 |
ETW | EV Tx-Mgd Glbl By-Wrt Opp | Eaton Vance | 1.25 | -1.63 | 8.52 | 59.44 | 0.00 | 1,119 | 2,621 |
NFJ | AG NFJ Div Int & Prm Stgy | Allianz | 1.23 | -9.79 | 6.98 | 48.63 | 0.00 | 1,356 | 2,801 |
BST | BR Sci & Tech Tr | BlackRock | 1.28 | 4.77 | 5.72 | 0.00 | 0.00 | 747 | 2,160 |
JQC | Nuv Cr Stgs Incm Fd | Nuveen | 1.23 | -7.57 | 16.41 | 52.43 | 37.78 | 1,111 | 4,815 |
VTA | Invsc Dyn Cr Opp Fd | Invesco | 1.18 | -10.99 | 8.17 | 12.50 | 32.00 | 779 | 2,814 |
BGB | B/GSO Stgc Cr Fd | GSO / Blackstone | 1.14 | -7.43 | 8.96 | 0.00 | 37.24 | 679 | 2,561 |
HFRO | Highland Incm Fd | Highland Capital | 1.06 | -11.09 | 7.69 | 25.35 | 29.03 | 972 | 5,313 |
VVR | Invsc Sr Incm Tr | Invesco | 1.17 | -10.94 | 6.94 | 2.69 | 29.00 | 713 | 2,105 |
FRA | BR Flt Rt Incm Stgc Fd | BlackRock | 1.24 | -9.32 | 7.15 | 0.00 | 28.28 | 524 | 2,174 |
JFR | Nuv Flt Rt Incm Fd | Nuveen | 1.20 | -9.76 | 7.53 | 0.00 | 38.31 | 618 | 2,465 |
KYN | KA MLP/Midstream Inv Co | Kayne Anderson | 1.12 | -5.91 | 10.52 | 40.82 | 36.50 | 1,838 | 11,031 |
TYG | Tortoise Nrg Infra Corp | Tortoise | 1.06 | -1.86 | 14.60 | 100.00 | 37.10 | 983 | 5,812 |
CEN | Center Coast Brkf MLP & Nrg Infr | Brookfield | 1.06 | 1.13 | 19.91 | 97.08 | 30.07 | 265 | 3,384 |
NTG | Tortoise Midstream Nrg Fd | Tortoise | 1.09 | -0.72 | 15.29 | 100.00 | 39.70 | 704 | 5,716 |
CEM | CB MLP & Midstream Fd | Legg Mason | 1.15 | -8.43 | 10.87 | 100.00 | 34.25 | 835 | 4,296 |
MIE | C&S MLP Incm & Nrg Opp Fd | Cohen & Steers | 1.00 | 2.71 | 12.21 | 94.57 | 33.60 | 197 | 1,786 |
KMF | KA Midstream/Nrg Fd | Kayne Anderson | 1.12 | -12.77 | 8.78 | 94.81 | 34.01 | 555 | 2,419 |
HYT | BR Corp Hi Yld Fd | BlackRock | 1.23 | -5.72 | 8.35 | 0.24 | 28.63 | 1,448 | 5,349 |
ISD | PGIM Hi Yld Bnd Fd | Prudential | 1.19 | -10.31 | 8.37 | 0.00 | 24.60 | 558 | 2,151 |
GHY | PGIM Glbl Hi Yld Fd | Prudential | 1.21 | -10.45 | 8.55 | 0.00 | 27.23 | 674 | 1,582 |
KIO | KKR Incm Opp Fd | KKR Credit | 1.18 | -1.83 | 9.66 | 0.00 | 31.56 | 322 | 1,223 |
HIX | WA Hi Incm Fd II | Legg Mason | 1.16 | -9.81 | 8.79 | 6.77 | 29.60 | 625 | 1,532 |
DSU | BR Dbt Stgs Fd | BlackRock | 1.21 | -10.51 | 7.77 | 4.05 | 30.35 | 606 | 2,020 |
EAD | WF Incm Opp Fd | Wells Fargo | 1.22 | -6.13 | 8.41 | 5.56 | 29.40 | 553 | 1,504 |
PTY | PIMCO Corp & Incm Opp Fd | PIMCO | 1.21 | 29.47 | 8.47 | 1.97 | 36.66 | 1,253 | 3,911 |
PCN | PIMCO Corp & Incm Stgy Fd | PIMCO | 1.21 | 28.80 | 7.20 | 0.00 | 25.75 | 578 | 1,867 |
DUC | D&P Util & Corp Bnd Tr | Duff & Phelps | 1.16 | -3.98 | 4.59 | 38.83 | 28.67 | 262 | 397 |
PIM | Putnam Mstr Imd Incm Tr | Putnam | 1.22 | -3.09 | 7.64 | 33.67 | 12.95 | 252 | 723 |
VBF | Invsc Bnd Fd | Invesco | 1.19 | -3.46 | 3.95 | 2.72 | 0.00 | 237 | 578 |
IGI | WA Inv Grd Dfin Opp Tr | Legg Mason | 1.17 | 0.00 | 4.32 | 0.00 | 0.00 | 230 | 422 |
GDO | WA Glbl Corp Dfin Opp Fd | Legg Mason | 1.20 | -4.43 | 6.86 | 17.11 | 27.00 | 276 | 578 |
CLM | Cornerstone Stgc Val Fd | Cornerstone | 1.20 | 5.32 | 19.71 | 78.78 | 0.00 | 799 | 4,619 |
USA | Liberty All-Star Eq Fd | ALPS | 1.20 | -2.09 | 10.35 | 0.00 | 0.00 | 1,374 | 4,105 |
RVT | Royce Val Tr | Legg Mason | 1.22 | -10.92 | 7.24 | 0.62 | 4.33 | 1,532 | 3,469 |
GAB | Gabelli Eq Tr | Gabelli | 1.23 | 7.13 | 9.51 | 80.89 | 21.00 | 1,503 | 3,064 |
GDV | Gabelli Div & Incm Tr | Gabelli | 1.16 | -10.08 | 6.21 | 33.72 | 19.00 | 1,947 | 5,756 |
CRF | Cornerstone Tot Rtn Fd | Cornerstone | 1.21 | 6.07 | 19.57 | 81.92 | 0.00 | 410 | 3,018 |
EVT | EV Tx-Adv Div Incm Fd | Eaton Vance | 1.20 | -0.60 | 6.95 | 5.75 | 20.30 | 1,837 | 2,688 |
BSTZ | BR Sci & Tech Tr II | BlackRock | 1.13 | -1.48 | 6.02 | 99.60 | 0.00 | 1,580 | 2,771 |
IGD | Voya Glbl Eq Div & Prm Opp | Voya | 1.21 | -11.00 | 7.80 | 58.36 | 0.00 | 671 | 3,967 |
AOD | Abd Tot Dyn Div Fd | Aberdeen | 1.23 | -11.46 | 7.98 | 22.65 | 5.95 | 1,030 | 2,259 |
IFN | India Fund | Aberdeen | 1.18 | -9.48 | 11.00 | 0.00 | 0.00 | 616 | 1,799 |
CAF | MS China A Shr Fd | Morgan Stanley | 1.22 | -11.14 | 3.95 | 0.00 | 0.00 | 528 | 1,449 |
IIF | MS India Inv Fd | Morgan Stanley | 1.22 | -14.21 | 0.14 | 0.00 | 0.00 | 310 | 729 |
BGY | BR Enh Intl DivTr | BlackRock | 1.23 | -10.69 | 7.14 | 58.71 | 0.00 | 672 | 1,564 |
NEA | Nuv AMT-Fr Qlty Muni Incm Fd | Nuveen | 1.18 | -8.18 | 4.47 | 0.00 | 37.46 | 4,357 | 6,527 |
NAD | Nuv Qlty Muni Incm Fd | Nuveen | 1.20 | -8.45 | 4.39 | 0.00 | 37.35 | 3,224 | 5,785 |
NVG | Nuv AMT-Fr Muni Cr Incm Fd | Nuveen | 1.17 | -3.83 | 4.74 | 0.00 | 37.42 | 3,679 | 6,255 |
BBN | BR Taxable Muni BndTr | BlackRock | 1.16 | -1.45 | 5.49 | 0.94 | 37.78 | 1,415 | 4,168 |
NAC | Nuv CA Qlty Muni Inc Fd | Nuveen | 1.18 | -6.72 | 4.16 | 0.00 | 36.50 | 2,327 | 3,358 |
NZF | Nuv Muni Cr Incm Fd | Nuveen | 1.19 | -1.80 | 4.57 | 0.00 | 37.24 | 2,374 | 4,038 |
NMZ | Nuv Muni Hi Incm Opp Fd | Nuveen | 1.17 | 0.78 | 5.02 | 0.00 | 37.39 | 971 | 4,232 |