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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. We manually have removed DXYZ from firm benchmarks.

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 2,285.11 0.28 4.55 -1.43 -1.57 2.68 16.17 8.62 15.45 9.73 -1.76 -1.76 2.24
NAV 1,472.49 0.13 2.62 -1.23 -2.19 -0.08 8.04 4.72 6.59 4.01 -1.76 -1.76 -1.42
Difference -0.14 -1.93 0.20 -0.62 -2.76 -8.13 -3.90 -8.86 -5.72 0.00 0.00 -3.66
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2025 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2025
Price 4.95 1.50 -2.31 4.07 - - - - - - - - - - - - - - -
NAV 1.39 0.76 -1.78 0.34 - - - - - - - - - - - - - - -
Difference -3.56 -0.74 0.53 -3.72 - - - - - - - - - - - - - - -
2024 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2024
Price 1.83 2.04 3.65 7.69 -1.08 3.38 2.56 4.88 12.95 3.74 1.09 2.45 7.44 -1.50 3.34 -1.90 -0.15 7.28 21.16
NAV 0.05 1.58 2.62 4.30 -0.99 1.74 1.42 2.16 6.55 2.28 1.26 1.78 5.41 -1.31 2.67 -0.36 0.96 6.42 13.39
Difference -1.78 -0.45 -1.03 -3.40 0.08 -1.63 -1.14 -2.72 -6.40 -1.46 0.17 -0.67 -2.03 0.19 -0.67 1.54 1.10 -0.86 -7.78
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 5.20 3.86 11.01 3.22 -2.07 -9.11 -8.13 -3.60 12.59 3.99 12.86 3.69 15.10
NAV 5.19 -3.06 0.98 2.97 1.09 -2.37 3.68 2.34 5.37 1.88 -2.39 -5.44 -5.96 -2.75 9.22 3.90 10.36 3.78 9.35
Difference -4.94 -0.84 1.72 -3.92 0.27 -0.29 -1.52 -1.53 -5.64 -1.33 -0.32 3.68 2.17 0.86 -3.37 -0.09 -2.51 0.09 -5.75
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
-12.96%
1Yr Disc
-11.36%
3Yr Disc
-10.49%
5Yr Disc
-8.78%
Rel Disc Range (3yr)
38.64%
Mkt Yield
8.75%
Lev Adj NAV Yield
6.25%
After Tax Yield*
7.87%
Est Tax Friction*
0.88%
3Yr NAV Volatiliy
13.34
1 Yr RoC
46.68%
3 Yr Dest RoC
27.50%
Leverage
24.44%
Non Lev Exp Ratio
2.11%
Beta (2yr)
0.68
Equity Exposure
47.20%
Bond Exposure
51.13%
# Holdings
56
Cash Weighted Duration
4.34
Comp NAV TR
-1.90%
Comp Discount
-6.68%
Net Assets (M)
576
Liquidity - 90d (K)
1,893
* 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


56 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
HFRO Highland Opp & Incm Fd NexPoint 1.90 -57.31 9.09 0.00 15.84 658 1,533
CET Cntrl Sec Corp Central Securities 1.88 -16.61 5.07 0.00 0.00 1,540 1,383
CAF MS China A Shr Fd Morgan Stanley 1.88 -18.67 2.59 0.00 0.00 266 413
KF Korea Fund Allianz 1.97 -16.06 2.23 0.00 0.00 101 237
CHN China Fund Allianz 1.83 -14.77 1.25 0.00 0.00 136 437
AEF abrdn Emrg Mkt ex-China Fd abrdn 2.00 -12.56 11.65 97.41 12.85 239 1,406
ECF Ellsworth Gwth & Incm Fd Gabelli 1.92 -13.09 5.87 5.28 20.00 142 445
KYN KA Nrg Infra Fd Kayne Anderson 1.81 -13.45 8.02 2.34 16.98 2,339 5,743
ZTR Virtus Tot Rtn Fd Virtus 1.95 -12.21 9.93 89.17 30.89 382 1,625
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 1.88 -11.63 8.71 0.00 0.00 569 1,172
MFM MFS Muni Incm Tr MFS 1.87 -11.36 5.01 0.00 28.00 239 717
NML NB Nrg Infra & Incm Fd Neuberger Berman 1.84 -9.52 8.20 100.00 17.75 535 1,600
FMN Fed Prmr Muni Incm Fd Federated 1.89 -11.52 4.53 0.00 41.31 94 405
VFL abrdn Nat Muni Incm Fd abrdn 1.88 -10.58 6.12 0.00 42.45 135 395
PZC PIMCO CA Muni Incm Fd III PIMCO 1.89 -9.92 5.57 29.96 41.82 159 470
CHW Calamos Glbl Dyn Incm Fd Calamos 1.95 -10.06 9.32 0.00 36.20 457 1,387
PCQ PIMCO CA Muni Incm Fd PIMCO 1.88 -9.51 4.99 22.36 42.01 182 696
ADX Adams Divr Eq Fd Adams Funds 1.90 -9.37 9.81 2.96 0.00 2,434 5,600
DPG D&P Util & Infra Fd Virtus 1.94 -10.28 6.83 58.33 25.08 512 1,172
NCV Virtus Convt & Incm Fd Virtus 1.96 -9.38 12.52 98.04 38.06 325 1,581
BFZ BR CA Muni Incm Tr BlackRock 1.90 -8.80 6.57 37.89 40.29 355 967
NCZ Virtus Convt & Incm Fd II Virtus 1.95 -9.35 12.37 98.06 38.94 244 1,042
OCCI OFS Credit Company OFS Capital 2.09 -0.15 20.88 0.00 37.45 155 2,539
BYM BR Muni Incm Qlty Tr BlackRock 1.89 -10.37 6.37 23.89 39.12 302 1,188
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.92 -10.23 8.51 71.05 0.00 1,486 2,757
MPA BR MuniYld PA Qlty Fd BlackRock 1.89 -9.00 7.25 44.31 39.13 155 433
BFK BR Muni Incm Tr BlackRock 1.89 -9.93 6.24 25.24 40.38 468 1,086
LGI Lzrd Glbl Tot Rtn & Incm Fd Lazard 1.90 -9.17 11.59 45.34 31.31 217 1,162
CCIF Carlyle Cr Incm Fd Carlyle Glbl Cr Inv Mgmt 1.95 -2.44 18.50 0.00 31.57 127 1,187
EVT EV Tx-Adv Div Incm Fd Eaton Vance 1.84 -7.78 8.86 0.00 18.90 1,802 3,390
RFM RivNth Flex Muni Incm Fd RiverNorth 1.84 -9.81 8.07 69.30 38.60 95 322
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.93 -6.99 9.18 41.40 0.00 616 1,803
GUG Gghm Active Alloc Fd Guggenheim Funds 1.91 -7.81 9.51 31.82 29.49 536 1,173
PFD F&C Pref & Incm Fd Flaherty & Crumrine 1.88 -9.08 6.84 0.00 37.20 154 291
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 1.89 -8.62 7.14 0.00 38.60 443 1,165
MYD BR MuniYld Fd BlackRock 1.86 -9.68 6.49 24.68 40.96 510 1,354
ASGI abrdn Glbl Infra Incm Fd abrdn 1.96 -8.14 12.74 29.23 0.00 594 2,910
EIM EV Muni Bnd Fd Eaton Vance 1.87 -8.74 6.34 29.79 35.20 569 1,552
RMM RivNth Mgd Dur Muni Incm Fd RiverNorth 1.84 -8.75 8.01 60.58 40.40 293 935
CII BR Enh Large Cap Core Fd BlackRock 1.92 -6.76 9.16 0.00 0.00 811 2,535
EOT EV Nat Muni Opp Tr Eaton Vance 1.94 -5.45 4.92 3.79 12.20 275 773
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 1.88 -7.03 9.51 37.20 0.00 422 1,462
ASG Liberty All-Star Gwth Fd ALPS 1.90 -7.06 8.21 0.00 0.00 315 1,521
BCAT BR Cap Alloc Trm Tr BlackRock 1.93 -5.57 23.73 88.52 0.00 1,598 7,557
BGR BR Nrg & Res Tr BlackRock 1.79 -5.71 9.30 63.96 0.00 339 1,327
MIO Pioneer Muni Hi Incm Opp Fd Amundi Asset Mgmt 1.90 -5.37 5.16 16.18 10.70 208 400
GSBD Goldman Sachs BDC Goldman Sachs 1.24 -19.61 11.87 0.00 53.46 1,573 9,635
PSBD Palmer Sq Cap BDC Palmer Sq BDC Advis 1.25 -22.97 11.33 0.00 57.61 538 474
EQS Equus Total Return Equus 1.31 -52.07 0.00 N/A 0.00 29 4
RWAY Runway Gwth Fin Corp Runway Gwth Cap 1.20 -32.85 14.25 0.00 50.61 515 3,261
PSEC Prospect Capital Corp Prospect Capital 1.16 -54.21 15.04 0.00 57.04 3,471 10,844
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 1.09 -37.15 15.41 0.00 58.45 179 641
OCSL Oaktree Splty Lending Oaktree Capital 1.23 -17.07 10.94 0.00 51.16 1,450 12,546
WHF WhiteHorse Finance H.I.G. Capital 1.35 -20.47 15.73 0.00 52.17 286 921
PIAC Princeton Cap Corp House Hanover 1.50 -27.78 0.00 N/A 0.00 22 0
NMFC New Mountain Fin Corp New Mountain Capital 1.18 -19.44 12.66 0.00 57.32 1,354 5,742

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 %