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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 1,766.43 1.55 2.81 -1.32 -3.55 -8.90 -3.76 12.60 10.19 9.47 -0.95 -6.94 -8.17
NAV 1,276.72 0.93 2.62 -0.66 -2.57 -6.49 -7.62 3.67 3.98 5.44 -0.43 -5.22 -5.90
Difference -0.62 -0.18 0.66 0.98 2.41 -3.86 -8.93 -6.21 -4.03 0.52 1.72 2.27
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - - - - - - - - - - -
NAV -1.56 0.21 0.65 -0.71 -4.81 - - - - - - - - - - - - - -
Difference -0.50 1.73 -0.63 0.60 1.24 - - - - - - - - - - - - - -
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
-16.40%
1Yr Disc
-13.10%
3Yr Disc
-15.20%
5Yr Disc
-13.83%
Rel Disc Range (3yr)
45.64%
Mkt Yield
7.84%
Lev Adj NAV Yield
5.78%
After Tax Yield*
6.75%
Est Tax Friction*
1.09%
3Yr NAV Volatiliy
24.16
1 Yr RoC
47.81%
3 Yr Dest RoC
26.43%
Leverage
18.00%
Non Lev Exp Ratio
1.60%
Beta (2yr)
0.74
Equity Exposure
62.56%
Bond Exposure
33.49%
# Holdings
60
Cash Weighted Duration
1.39
Comp NAV TR
0.45%
Comp Discount
-7.55%
Net Assets (M)
618
Liquidity - 90d (K)
1,569
* 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)
HGLB Highland Glbl Alloc Fd Highland Capital 2.01 -20.46 9.33 21.55 11.96 289 1,068
NML NB MLP & Nrg Incm Fd Neuberger Berman 2.01 -19.93 3.60 100.00 14.23 486 1,206
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 2.01 -18.41 5.41 38.24 9.16 257 967
CTR CB MLP & Midstream Tot Rtn Fd Franklin Templeton 1.98 -19.67 6.77 29.05 27.32 269 1,141
SRV Cushing MLP & Infra Tot Rtn Fd Cushing 1.84 -20.92 5.29 79.94 20.16 95 235
SZC Cushing NextGen Infra Incm Fd Cushing 1.83 -19.64 5.92 89.67 24.50 140 310
CEM CB MLP & Midstream Fd Franklin Templeton 1.96 -17.02 6.84 39.67 29.07 571 2,262
TWN Taiwan Fund Allianz 1.54 -17.54 10.83 0.00 0.00 244 264
IIF MS India Inv Fd Morgan Stanley 1.70 -18.16 4.42 0.00 0.00 301 502
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.86 -16.50 6.16 0.00 29.40 375 1,019
GAM General American Invstr General American Inv 1.66 -17.28 9.47 0.00 13.35 1,105 1,243
GNT GAMCO NtrRes Gd & Incm Gabelli 1.79 -14.17 6.83 98.11 19.00 116 344
JOF Japan Sml Caplz Fd Nomura 1.70 -14.42 9.37 0.00 0.00 214 410
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.45 -18.44 11.26 79.99 0.00 1,029 3,321
ADX Adams Divr Eq Fd Adams Funds 1.66 -15.10 7.05 0.00 0.00 2,264 3,176
BCAT BR Cap Alloc Tr BlackRock 1.80 -14.18 7.94 46.78 17.99 2,043 5,858
CET Cntrl Sec Corp Central Securities 1.70 -12.24 10.04 0.00 0.00 1,160 901
FIF FT Nrg Infra Fd First Trust 1.94 -12.56 4.81 71.63 18.43 290 955
CAF MS China A Shr Fd Morgan Stanley 1.70 -16.04 9.05 0.00 0.00 386 387
TY Tri-Cont Corp Columbia Mngmt 1.77 -12.38 3.84 0.00 1.90 1,807 1,461
ASGI Abd Std Glbl Infra Incm Fd Aberdeen 1.78 -15.83 7.59 0.00 0.00 200 400
BIGZ BR Innovation & Gwth Tr BlackRock 1.38 -18.17 14.56 100.00 0.00 2,389 10,263
ECF Ellsworth Gwth & Incm Fd Gabelli 1.60 -15.12 7.80 0.00 15.00 135 607
GF New Germany Fd Deutsche 1.59 -12.02 16.85 0.00 0.00 188 252
WDI WA Divr Incm Fd Franklin Templeton 1.75 -11.73 9.71 3.00 27.90 870 2,443
NUO Nuv OH Qlty Muni Incm Fd Nuveen 1.79 -13.74 3.98 0.00 36.71 279 736
MSD MS Emrg Mkt Dbt Fd Morgan Stanley 1.78 -12.33 6.62 0.00 0.00 169 551
NMAI Nuv Multi-Asset Incm Fd Nuveen 1.73 -13.71 9.59 0.00 32.37 566 1,065
ECAT BR ESG Cap Alloc Tr BlackRock 1.67 -16.87 8.15 67.88 0.00 1,864 5,348
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.82 -13.83 5.96 21.82 23.32 242 528
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.70 -14.59 8.84 34.22 27.83 106 263
BWG BwGlobal Glbl Incm Opp Fd Franklin Templeton 1.68 -14.93 12.15 61.61 38.40 175 562
ENX EV NY Muni Bnd Fd Eaton Vance 1.76 -13.40 4.06 2.64 35.40 204 449
GDV Gabelli Div & Incm Tr Gabelli 1.71 -13.06 5.94 4.57 12.00 2,312 4,029
EMF Tmp Emrg Mkt Fd Franklin Templeton 1.68 -12.70 9.01 0.00 8.41 226 411
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.88 -10.97 8.29 67.37 0.00 174 455
SDHY PGIM Srt Dur Hi Yld Opp Fd Prudential 1.79 -11.25 8.18 11.58 24.05 441 1,079
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 1.78 -11.20 8.11 21.84 29.68 441 1,088
VTN Invsc Tr fr Inv Grd NY Muni Invesco 1.82 -10.00 4.53 0.00 36.00 242 548
BOE BR Enh Glbl DivTr BlackRock 1.76 -11.49 7.17 8.88 0.00 761 1,804
MPA BR MuniYld PA Qlty Fd BlackRock 1.94 -3.97 4.96 0.00 39.21 185 482
SCD LMP Cap & Incm Fd Franklin Templeton 1.78 -12.06 7.63 53.31 17.60 274 596
BGY BR Enh Intl DivTr BlackRock 1.76 -11.72 7.58 48.96 0.00 631 1,306
AIF Apollo Tactical Incm Fd Apollo 1.69 -13.76 8.44 0.78 34.34 215 764
BMEZ BR Health Sci Tr II BlackRock 1.54 -15.03 10.65 0.00 N/A 2,164 6,394
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.74 -12.26 11.98 84.30 0.00 130 447
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.77 -11.13 7.87 0.00 0.00 574 1,526
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 1.75 -10.42 9.80 33.74 32.90 665 3,887
IGD Voya Glbl Eq Div & Prm Opp Voya 1.90 -8.91 8.23 68.17 0.00 516 1,274
GUG Gghm Active Alloc Fd Guggenheim Funds 1.66 -13.29 9.50 0.00 30.48 571 1,441
SVVC Firsthand Tech Val Fd Firsthand Capital 1.18 -76.03 0.00 N/A 0.00 87 57
RAND Rand Capital Corp Rand Capital 1.26 -38.66 4.21 0.00 0.00 60 21
LRFC Logan Ridge Fin Corpn Mount Logan 1.07 -53.93 0.00 N/A 52.56 106 184
RWAY Runway Gwth Fin Corp Runway Gwth Cap 1.35 -7.68 9.00 0.00 20.47 597 1,162
PSEC Prospect Capital Corp Prospect Capital 1.25 -29.60 9.46 2.64 42.07 4,239 12,962
GECC Great Elm Cap Corp Great Elm Capital 1.14 -17.33 14.46 0.00 45.06 69 273
FCRD First Eagle Alt Cap BDC First Eagle Alt Cr 1.16 -38.07 10.55 0.00 55.09 183 141
ICMB Investcorp Cr Mgmt BDC Investcorp 1.23 -31.46 12.63 0.00 62.81 100 124
SAR Saratoga Inv Corp Saratoga 1.29 -10.43 8.07 0.00 56.93 356 942
SLRC SLR Inv Corp SLR Capital 1.18 -21.11 10.63 26.14 36.22 1,071 4,514

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 %