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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(%) MTD(%) QTD(%) YTD(%)
Price 1,208.94 1.27 -0.55 -3.10 4.89 34.97 -4.58 2.28 9.08 -3.12 3.57 -9.22
NAV 1,113.93 0.73 -0.03 -2.43 4.32 20.56 -4.27 1.13 4.50 -2.32 2.85 -8.10
Difference -0.54 0.52 0.66 -0.56 -14.42 0.31 -1.14 -4.58 0.80 -0.72 1.12
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - - - - -
NAV -1.05 -4.85 -18.75 -23.50 14.76 2.78 -0.97 16.81 -10.64 3.75 1.49 - - - - - - - -
Difference -1.58 3.24 8.24 9.04 -8.17 -4.31 0.34 -13.12 1.71 -0.14 -1.41 - - - - - - - -
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

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-20.48%
1Yr Disc
-15.84%
3Yr Disc
-12.38%
5Yr Disc
-11.49%
Rel Disc Range (3yr)
43.06%
Mkt Yield
7.21%
Lev Adj NAV Yield
4.67%
After Tax Yield*
6.38%
Est Tax Friction*
0.83%
3Yr NAV Volatiliy
17.72
1 Yr RoC
22.32%
3 Yr Dest RoC
18.31%
Leverage
24.89%
Non Lev Exp Ratio
1.87%
Beta (2yr)
0.74
Equity Exposure
46.64%
Bond Exposure
48.89%
# Holdings
59
Cash Weighted Duration
2.26
Comp NAV TR
-0.27%
Comp Discount
-7.74%
Net Assets (M)
456
Liquidity - 90d (K)
1,239
* 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


59 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NHF NexPoint Stgc Opp Fd Highland Capital 1.47 -48.96 13.61 41.62 16.00 779 2,001
HFRO Highland Incm Fd Highland Capital 1.91 -30.68 10.51 17.36 35.10 905 3,234
TYG Tortoise Nrg Infra Corp Tortoise 1.61 -26.04 8.12 81.16 29.00 261 1,713
TTP Tortoise Pip & Nrg Fd Tortoise 1.52 -27.46 5.23 99.20 35.70 42 190
TEAF Tortoise Ess Ast Incm Trm Fd Tortoise 1.65 -27.84 8.49 28.06 12.00 198 514
DNI Div & Incm Fd Bexil 1.62 -32.42 10.71 62.26 13.25 173 418
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.43 -29.15 11.98 77.62 23.70 52 365
IRR Voya NtrRes Eq Incm Fd Voya 1.70 -17.35 12.67 75.06 0.00 66 303
GGZ Gabelli Glbl Sml & Mid Cap Val Gabelli 1.97 -18.90 6.40 83.79 21.00 114 297
ASA ASA Gd & Prcs Mtl Merk Investments 2.07 -14.98 0.10 0.00 0.00 478 2,838
CAF MS China A Shr Fd Morgan Stanley 1.87 -17.18 3.87 0.00 0.00 560 1,519
NRGX Nrg & Tac Cr Opp Fd PIMCO 1.59 -21.94 10.99 33.57 0.00 355 1,336
GAM General American Invstr General American Inv 1.83 -17.88 7.24 0.00 16.69 1,016 1,005
SOR Source Capital First Pacific 1.91 -11.67 2.74 0.00 0.00 350 621
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.72 -18.18 5.17 13.14 29.76 265 885
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.80 -13.92 9.44 0.00 0.00 177 540
TDF Tmp Dragon Fd Templeton 2.08 -12.29 8.43 0.00 0.00 839 1,606
RMT Royce Micro-Cap Tr Legg Mason 1.86 -17.21 8.10 18.31 5.63 398 1,273
GNT GAMCO NtrRes Gd & Incm Gabelli 1.82 -13.67 7.21 64.81 19.00 120 423
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.72 -14.35 7.96 59.15 28.05 132 666
CHN China Fund Allianz 1.92 -15.42 5.55 0.00 0.00 308 378
IGD Voya Glbl Eq Div & Prm Opp Voya 1.79 -15.46 9.76 72.75 0.00 563 1,714
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.64 -18.67 9.10 7.86 32.19 350 927
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 1.82 -15.12 2.73 0.00 9.71 383 268
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 1.76 -13.87 7.24 0.00 34.80 226 1,092
RSF RivNth Splty Fin Corpn RiverNorth 1.76 -14.07 11.70 73.63 30.30 95 162
GLQ Clough Glbl Eq Fd Clough 1.83 -17.63 11.91 45.15 38.76 179 556
MFD M/FT Glbl Infra/Util Div & Incm First Trust 1.69 -15.77 10.47 49.92 25.98 78 283
WIW WA Inf-Lnk Opp & Incm Fd Legg Mason 1.77 -15.19 3.32 30.12 33.60 809 1,506
SBI WA Imd Muni Fd Legg Mason 1.87 -8.79 3.06 1.06 25.10 143 310
FUND Sprott Focus Tr Sprott 1.78 -15.51 7.49 0.00 3.57 207 314
KSM DWS Stgc Muni Incm Tr Deutsche 1.78 -12.69 4.72 0.00 38.07 139 279
EVG EV Srt Dur Divr Incm Fd Eaton Vance 1.76 -13.92 7.87 7.25 43.80 238 638
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 1.89 -11.04 9.42 0.00 30.22 224 3,783
VTN Invsc Tr fr Inv Grd NY Muni Invesco 1.76 -12.15 4.45 4.84 38.00 274 392
DHY CS Hi Yld Bnd Fd Credit Suisse 1.90 -9.62 9.17 5.21 30.29 247 2,975
CIK CS Ast Mgmt Incm Fd Credit Suisse 1.92 -8.95 9.15 2.44 31.47 169 3,016
VCV Invsc CA Val Muni Incm Tr Invesco 1.86 -7.26 4.56 2.23 37.00 646 1,171
MHI Pioneer Muni Hi Incm Tr Pioneer 1.77 -11.15 4.67 0.00 29.40 296 836
MUI BR Muni Imd Dur Fd BlackRock 1.76 -11.34 4.50 0.00 38.16 604 1,170
BMEZ BR Health Sci Tr II BlackRock 1.89 -12.10 5.26 82.58 N/A 2,924 5,265
MFM MFS Muni Incm Tr MFS 1.78 -10.35 5.05 0.00 28.00 294 524
VKI Invsc Adv Muni Incm Tr II Invesco 1.78 -9.82 5.20 6.76 40.00 529 765
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.88 -10.25 9.46 0.00 25.87 300 774
MVF BR MuniVest Fd BlackRock 1.79 -9.91 4.65 1.41 35.40 622 915
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.78 -12.47 7.71 47.28 0.00 1,327 3,186
MMU WA Mgd Muni Fd Legg Mason 1.75 -11.10 4.47 1.66 29.30 590 838
CMU MFS Hi Yld Muni Tr MFS 1.79 -9.27 5.27 0.00 36.00 131 242
CII BR Enh Cap & Incm Fd BlackRock 1.84 -10.36 6.86 37.00 0.00 754 1,771
RAND Rand Capital Corp Rand Capital 1.25 -42.01 0.00 0.00 17.68 50 28
CPTA Capitala Finance Corp Capitala 0.74 -75.44 0.00 7.70 71.19 105 675
FSKR FS KKR Capital Corp. II FS/KKR 1.38 -40.21 15.19 0.00 43.65 4,163 10,275
HCAP Harvest Cap Cr Corp Harvest Capital 1.05 -64.94 0.00 10.06 53.92 61 87
OFS OFS Capital Corp OFS Capital 1.28 -53.47 14.47 0.00 69.91 135 352
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 1.58 -50.18 17.78 24.03 56.39 121 320
SAR Saratoga Inv Corp Saratoga 1.38 -30.94 9.23 0.00 43.80 282 1,024
EQS Equus Total Return Equus 1.25 -61.24 0.00 N/A 39.26 42 10
MCC Medley Capital Corp MCC Advisors 1.45 -66.82 0.00 N/A 49.11 149 257
PNNT PennantPark Inv Corp PennantPark 1.18 -58.44 14.77 0.00 60.96 524 865

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.

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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %