CEF Advisors AICA Event NAVigator Podcast

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08. Discount CEF/BDC Index

Data as of

About the Index

(1) Traditional closed-end funds (CEFs) according to CEFdata.com with $250K+ 90-day average trading dollar $ liquidity. The funds also meet the following criteria: Discount wider than -6.5%, 1-year Discount Range under 65%, 6-month Relative Z-stat under -0.25 and Comp Discount under 0. Rank the remaining funds by the 50 largest (smallest/lowest) discounts. (2) Business Development Companies (BDCs): Equity or Debt-Focused BDCs with -6.5% or lower Discounts, Comp Discount under 0 and below average 6-month Relative Z-Stats. Rank the remaining lowest 10 3-year relative discounts. Traditional CEFs are an 87.5% allocation and BDCs are an 12.5% allocation for this index with the underlying funds equal weighted into their overall allocation. 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(%) 10 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,723.98 1.14 2.08 1.75 -0.01 -1.01 -5.16 12.72 9.04 8.02 1.94 0.64 7.57
NAV 1,246.21 1.10 1.93 0.50 1.35 2.17 -4.59 3.89 2.80 3.88 1.79 0.47 3.45
Difference -0.04 -0.15 -1.25 1.37 3.17 0.57 -8.82 -6.24 -4.14 -0.15 -0.17 -4.12
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 10.13 -2.22 -0.74 6.88 0.82 -2.08 - - - - - - - - - - - - -
NAV 5.19 -3.06 0.98 2.97 1.09 -2.37 - - - - - - - - - - - - -
Difference -4.94 -0.84 1.72 -3.92 0.27 -0.29 - - - - - - - - - - - - -
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -1.06 -1.52 1.29 -1.31 -6.05 0.88 -8.24 -13.03 -14.18 6.82 -1.07 -11.76 -6.74 4.92 7.69 -7.87 4.10 -2.92 -16.68
NAV -1.56 0.21 0.65 -0.71 -4.81 0.98 -7.09 -10.69 -11.33 4.70 -2.99 -7.34 -5.89 1.90 4.81 -0.37 6.40 0.14 -11.21
Difference -0.50 1.73 -0.63 0.60 1.24 0.10 1.15 2.34 2.84 -2.12 -1.92 4.42 0.86 -3.02 -2.88 7.49 2.30 3.05 5.47
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 3.28 5.05 4.22 13.07 6.24 3.97 1.66 12.29 26.97 -0.29 0.96 -0.58 0.09 3.57 -2.35 0.96 2.11 2.20 29.77
NAV 1.56 2.46 1.98 6.11 2.71 2.63 0.98 6.44 12.94 -2.47 0.57 -1.70 -3.58 1.99 -2.47 0.84 0.30 -3.29 9.22
Difference -1.72 -2.59 -2.24 -6.96 -3.53 -1.34 -0.68 -5.85 -14.03 -2.18 -0.39 -1.12 -3.67 -1.59 -0.12 -0.13 -1.81 -5.50 -20.54
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 0.53 -8.09 -26.99 -32.54 22.93 7.09 -1.31 29.93 -12.35 3.89 2.90 -2.97 3.74 -1.17 17.51 5.40 22.41 26.99 11.30
NAV -1.05 -4.85 -18.75 -23.50 14.76 2.78 -0.97 16.81 -10.64 3.75 1.49 -2.23 2.95 -0.23 8.34 3.06 11.40 14.69 2.48
Difference -1.58 3.24 8.24 9.04 -8.17 -4.31 0.34 -13.12 1.71 -0.14 -1.41 0.74 -0.79 0.93 -9.16 -2.34 -11.01 -12.30 -8.82
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.18 2.19 1.40 15.20 2.11 -2.58 3.67 3.13 18.81 1.03 -2.01 1.71 0.69 -0.90 0.39 4.95 4.41 5.13 24.90
NAV 4.80 1.14 1.71 7.81 0.92 -1.70 2.97 2.15 10.13 -0.21 -1.11 0.83 -0.50 -0.03 -0.01 3.81 3.76 3.24 13.70
Difference -6.38 -1.05 0.31 -7.40 -1.19 0.88 -0.70 -0.98 -8.68 -1.24 0.90 -0.88 -1.19 0.88 -0.41 -1.14 -0.64 -1.89 -11.20
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.63 -3.14 0.02 -1.54 0.68 0.27 -0.30 0.66 -0.89 1.33 0.78 -1.19 0.90 -3.67 1.69 -2.86 -4.84 -3.98 -4.84
NAV 1.58 -2.73 0.23 -0.97 0.29 0.09 -0.09 0.29 -0.69 1.14 -0.26 -0.01 0.87 -2.24 0.66 -0.75 -2.33 -1.49 -2.16
Difference -0.05 0.41 0.20 0.57 -0.40 -0.18 0.21 -0.37 0.21 -0.19 -1.04 1.18 -0.04 1.42 -1.03 2.11 2.50 2.49 2.67
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.12 1.93 0.42 6.58 1.74 0.14 0.46 2.36 9.10 2.50 -0.26 1.31 3.57 -1.80 -0.25 1.23 -0.85 2.70 12.04
NAV 2.01 1.68 0.45 4.19 0.48 0.10 0.26 0.84 5.06 1.63 0.29 0.57 2.50 -0.21 0.13 1.26 1.18 3.71 8.96
Difference -2.12 -0.25 0.02 -2.40 -1.26 -0.04 -0.21 -1.52 -4.03 -0.87 0.55 -0.74 -1.07 1.59 0.39 0.03 2.03 1.01 -3.08
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -4.86 0.96 8.62 4.33 4.78 0.74 2.87 8.59 13.29 4.60 1.81 1.40 7.99 -2.75 0.52 2.74 0.43 8.45 22.87
NAV -2.80 0.17 4.60 1.85 3.43 0.82 2.04 6.41 8.38 2.39 0.43 1.25 4.12 -1.64 -0.11 2.14 0.35 4.49 13.25
Difference 2.06 -0.78 -4.02 -2.48 -1.35 0.08 -0.83 -2.18 -4.91 -2.21 -1.38 -0.15 -3.87 1.11 -0.63 -0.60 -0.08 -3.96 -9.62
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 2.77 2.92 -0.12 5.65 2.09 -1.11 -3.29 -2.36 3.15 -2.06 -3.57 -3.71 -9.07 6.91 -1.58 -1.18 3.97 -5.46 -2.48
NAV 1.16 1.65 0.29 3.13 1.64 -0.26 -1.79 -0.45 2.67 -1.21 -3.32 -3.72 -8.03 3.35 -1.31 -3.14 -1.20 -9.14 -6.71
Difference -1.61 -1.27 0.41 -2.51 -0.46 0.84 1.50 1.91 -0.48 0.86 0.26 -0.01 1.03 -3.56 0.27 -1.95 -5.18 -3.68 -4.23
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 0.79 2.75 -0.28 3.28 1.60 2.33 2.15 6.19 9.67 -1.50 1.98 -3.60 -3.17 0.69 0.05 -3.64 -2.92 -5.99 3.10
NAV 0.57 2.64 0.55 3.79 1.25 2.03 1.54 4.89 8.87 -0.45 1.63 -1.96 -0.82 0.66 -0.07 -0.64 -0.05 -0.88 7.91
Difference -0.22 -0.11 0.82 0.52 -0.35 -0.30 -0.61 -1.30 -0.81 1.04 -0.35 1.64 2.34 -0.03 -0.12 3.00 2.87 5.12 4.81
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 4.09 0.22 0.94 5.29 0.99 -2.61 -3.30 -4.88 0.15 -0.11 -2.17 3.69 1.33 2.35 -1.07 1.62 2.90 4.26 4.42
NAV 2.41 0.29 0.98 3.72 2.02 -1.08 -3.40 -2.51 1.12 1.52 -1.86 3.38 3.00 2.22 0.06 0.99 3.30 6.40 7.59
Difference -1.68 0.07 0.05 -1.57 1.03 1.53 -0.11 2.38 0.97 1.62 0.31 -0.31 1.67 -0.13 1.13 -0.62 0.40 2.13 3.16
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 6.93 2.71 -0.21 9.59 0.50 -4.31 2.17 -1.75 7.68 2.31 0.94 2.29 5.64 -0.27 -0.56 1.19 0.35 6.01 14.15
NAV 3.28 2.19 -0.09 5.44 0.83 -3.42 1.73 -0.92 4.47 1.79 0.82 1.77 4.45 0.03 0.60 1.38 2.02 6.56 11.32
Difference -3.66 -0.52 0.12 -4.15 0.33 0.90 -0.43 0.82 -3.22 -0.52 -0.11 -0.52 -1.19 0.29 1.16 0.20 1.67 0.55 -2.83

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-17.98%
1Yr Disc
-15.08%
3Yr Disc
-13.60%
5Yr Disc
-12.49%
Rel Disc Range (3yr)
24.37%
Mkt Yield
9.24%
Lev Adj NAV Yield
5.98%
After Tax Yield*
7.68%
Est Tax Friction*
1.56%
3Yr NAV Volatiliy
14.74
1 Yr RoC
35.28%
3 Yr Dest RoC
12.98%
Leverage
26.29%
Non Lev Exp Ratio
2.13%
Beta (2yr)
0.77
Equity Exposure
50.68%
Bond Exposure
46.98%
# Holdings
60
Cash Weighted Duration
2.40
Comp NAV TR
-1.13%
Comp Discount
-7.55%
Net Assets (M)
553
Liquidity - 90d (K)
1,150
* 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


60 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
HFRO Highland Incm Fd Highland Capital 1.83 -32.44 10.15 25.13 15.10 918 2,256
DNIF Div & Incm Fd Bexil 1.70 -34.83 9.09 25.06 10.07 215 253
NXG NXG NextGen Infra Incm Fd Cushing 1.79 -23.57 8.72 50.21 26.22 127 286
HGLB Highland Glbl Alloc Fd Highland Capital 1.67 -23.63 11.86 26.74 1.33 249 488
TYG Tortoise Nrg Infra Corp Tortoise 1.70 -19.34 10.12 23.75 22.30 394 1,053
STEW SRH Tot Rtn Fd Paralel Advisors 1.82 -19.62 3.94 32.96 13.12 1,538 1,014
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.70 -20.58 8.64 53.28 12.00 212 332
NTG Tortoise Midstream Nrg Fd Tortoise 1.79 -15.16 9.22 45.00 20.90 211 517
IIF MS India Inv Fd Morgan Stanley 1.85 -18.64 9.57 0.00 0.00 263 596
JOF Japan Sml Caplz Fd Nomura 1.83 -13.52 0.63 0.00 0.00 239 377
PEO Adams Ntr Res Fd Adams Funds 1.72 -16.45 5.95 0.00 0.00 608 1,623
NRGX PIMCO Nrg & Tac Cr Opp Fd PIMCO 1.79 -19.06 5.95 42.50 17.50 816 906
SPE Spl Opp Fd Bulldog 1.76 -17.10 9.54 14.42 27.77 151 272
CET Cntrl Sec Corp Central Securities 1.78 -16.23 7.45 0.00 0.00 1,188 666
PGZ Principal Rel-Est Incm Fd ALPS 1.77 -15.23 13.39 34.25 32.79 75 319
CEM CB MLP & Midstream Fd Franklin Templeton 1.81 -15.76 7.76 50.80 31.95 521 940
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Invst Mgmt 1.74 -12.94 13.90 12.36 31.09 833 3,655
IDE Voya Infra Ind & Matrls Fd Voya 1.76 -16.58 9.63 53.01 0.00 177 450
GLV Clough Glbl Div & Incm Fd Clough 1.70 -15.93 12.93 91.92 47.97 84 214
MEGI MainStay CBRE Glbl Infra MTrnd New York Life 1.76 -14.32 9.20 0.00 25.00 858 1,788
ADX Adams Divr Eq Fd Adams Funds 1.81 -16.23 6.63 0.00 0.00 2,331 2,803
GRX Gabelli Health & Well Tr Gabelli 1.68 -17.81 6.16 25.83 23.00 202 281
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.82 -14.99 6.88 48.28 16.06 360 967
ECF Ellsworth Gwth & Incm Fd Gabelli 1.74 -15.80 6.42 0.00 29.00 133 457
GLQ Clough Glbl Eq Fd Clough 1.75 -17.20 12.04 72.62 49.00 138 443
NPCT Nuv Core Plus Impact Fd Nuveen 1.75 -15.30 9.94 45.58 39.00 340 857
FEI FT MLP & Nrg Incm Fd First Trust 1.74 -16.33 7.97 46.12 18.39 407 881
NQP Nuv PA Qlty Muni Incm Fd Nuveen 1.70 -15.81 3.14 0.00 39.65 491 580
WIW WA Inf-Lnk Opp & Incm Fd Franklin Templeton 1.72 -14.37 8.12 0.00 37.02 639 1,454
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 1.78 -13.83 8.26 0.00 29.87 184 732
NMAI Nuv Multi-Asset Incm Fd Nuveen 1.78 -15.65 10.41 3.42 32.22 457 932
GDV Gabelli Div & Incm Tr Gabelli 1.73 -15.74 6.45 33.51 13.00 2,189 2,877
BCV Bancroft Fund Gabelli 1.69 -16.50 7.76 0.00 21.00 116 309
GLO Clough Glbl Opp Fd Clough 1.74 -17.10 12.08 76.56 48.75 252 1,030
BGX Blackstone Lng-Srt Cr Incm Fd Blackstone 1.76 -14.39 10.97 0.00 36.14 161 609
VPV Invsc PA Val Muni Incm Tr Invesco 1.70 -15.52 3.76 13.46 39.00 275 312
AIF Apollo Tactical Incm Fd Apollo 1.78 -14.36 12.03 0.00 37.12 206 791
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 1.75 -14.56 9.94 26.15 29.43 596 1,330
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.71 -16.07 9.61 20.52 0.00 153 416
DMO WA Mortg Opp Fd Franklin Templeton 1.78 -13.86 12.14 4.03 41.09 137 609
AOD abrdn Tot Dyn Div Fd abrdn 1.77 -14.03 8.53 16.93 4.03 992 2,071
BWG BwGlobal Glbl Incm Opp Fd Franklin Templeton 1.73 -15.75 12.47 43.21 41.65 153 409
NFJ Virtus Div Int & Prm Stgy Fd Virtus 1.75 -15.18 8.27 0.00 0.00 1,324 2,327
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 1.69 -14.33 9.68 40.28 29.31 345 936
AGD abrdn Glbl Dyn Div Fd abrdn 1.76 -14.18 8.37 24.47 0.10 270 733
SCD LMP Cap & Incm Fd Franklin Templeton 1.78 -15.91 8.52 68.19 19.97 253 436
NAC Nuv CA Qlty Muni Inc Fd Nuveen 1.69 -15.67 4.08 0.00 40.07 1,819 3,473
MIY BR MuniYld MI Qlty Fd BlackRock 1.71 -15.21 3.81 10.97 38.43 376 726
HQL Tekla Life Sci Invstr Tekla 1.70 -15.02 9.43 51.18 0.00 410 947
HNW Pioneer Divr Hi Incm Fd Amundi Asset Mgmt 1.75 -13.92 10.78 9.56 30.40 97 364
BBDC Barings BDC Barings 1.25 -28.74 12.56 0.00 54.58 1,205 4,275
MRCC Monroe Capital Corp Monroe Capital 1.22 -26.72 13.26 0.00 59.49 223 399
CCAP Crescent Capital BDC Crescent Capital 1.28 -29.57 12.01 0.00 54.22 718 1,490
RWAY Runway Gwth Fin Corp Runway Gwth Cap 1.26 -15.99 13.54 0.00 49.76 570 1,789
ICMB Investcorp Cr Mgmt BDC Investcorp 1.32 -36.70 13.40 0.00 61.46 88 88
PSEC Prospect Capital Corp Prospect Capital 1.14 -33.86 11.48 0.00 49.11 3,813 9,854
BCSF Bain Cap Splty Fin BCSF Advisors 1.36 -27.46 12.06 0.00 54.02 1,121 2,358
TCPC BR TCP Capital Corp BlackRock 1.29 -17.46 12.67 0.00 57.30 751 2,978
BKCC BR Cap Inv Corp BlackRock 1.21 -25.85 12.23 4.43 43.67 320 719
WHF WhiteHorse Finance H.I.G. Capital 1.20 -17.32 12.61 0.00 54.24 330 661

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 %