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 1,284.90 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

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 1.20 -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

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 %