CEF Advisors

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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 1,234.96 -0.85 -0.72 -3.66 0.12 1.83 9.55 7.84 6.88 -3.50 -2.51 15.82
NAV 1,138.22 -0.92 -0.78 -3.50 -0.42 0.78 4.44 4.82 3.47 -2.84 -3.05 6.91
Difference -0.07 -0.06 0.16 -0.54 -1.06 -5.11 -3.02 -3.41 0.66 -0.54 -8.91
* 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 11.18 2.19 1.40 15.20 2.11 -2.58 3.67 3.13 18.33 1.03 - - - - - - - - 19.33
NAV 4.80 1.14 1.71 7.81 0.92 -1.70 2.97 2.15 9.96 -0.21 - - - - - - - - 9.76
Difference -6.38 -1.05 0.31 -7.40 -1.19 0.88 -0.70 -0.98 -8.37 -1.24 - - - - - - - - -9.57
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 -0.88 1.33 0.78 -1.19 0.90 -3.67 1.69 -2.86 -4.84 -3.93 -4.82
NAV 1.58 -2.73 0.23 -0.97 0.29 0.09 -0.09 0.29 -0.68 1.14 -0.26 -0.01 0.87 -2.24 0.66 -0.75 -2.33 -1.47 -2.15
Difference -0.05 0.41 0.20 0.57 -0.40 -0.18 0.21 -0.37 0.20 -0.19 -1.04 1.18 -0.04 1.42 -1.03 2.11 2.50 2.47 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 8.94 2.50 -0.26 1.31 3.57 -1.80 -0.25 1.23 -0.85 2.73 11.67
NAV 2.01 1.68 0.45 4.19 0.48 0.10 0.26 0.84 5.03 1.63 0.29 0.57 2.50 -0.21 0.13 1.26 1.18 3.68 8.71
Difference -2.12 -0.25 0.02 -2.40 -1.26 -0.04 -0.21 -1.52 -3.91 -0.87 0.55 -0.74 -1.07 1.59 0.39 0.03 2.03 0.95 -2.96
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 12.92 4.60 1.81 1.40 7.99 -2.75 0.52 2.74 0.43 8.42 21.34
NAV -2.80 0.17 4.60 1.85 3.43 0.82 2.04 6.41 8.26 2.39 0.43 1.25 4.12 -1.64 -0.11 2.14 0.35 4.47 12.74
Difference 2.06 -0.78 -4.02 -2.48 -1.35 0.08 -0.83 -2.18 -4.66 -2.21 -1.38 -0.15 -3.87 1.11 -0.63 -0.60 -0.08 -3.94 -8.60
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 3.29 -2.06 -3.57 -3.71 -9.07 6.91 -1.58 -1.18 3.97 -5.10 -1.81
NAV 1.16 1.65 0.29 3.13 1.64 -0.26 -1.79 -0.45 2.69 -1.21 -3.32 -3.72 -8.03 3.35 -1.31 -3.14 -1.20 -9.24 -6.55
Difference -1.61 -1.27 0.41 -2.51 -0.46 0.84 1.50 1.91 -0.60 0.86 0.26 -0.01 1.03 -3.56 0.27 -1.95 -5.18 -4.14 -4.74

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-14.14%
1Yr Disc
-13.47%
3Yr Disc
-10.72%
5Yr Disc
-10.45%
Rel Disc Range (3yr)
33.85%
Mkt Yield
7.90%
Lev Adj NAV Yield
5.44%
After Tax Yield*
6.83%
Est Tax Friction*
1.07%
3Yr NAV Volatiliy
11.03
1 Yr RoC
25.73%
3 Yr Dest RoC
19.29%
Leverage
26.85%
Non Lev Exp Ratio
1.87%
Beta (2yr)
0.47
Equity Exposure
44.81%
Bond Exposure
50.84%
# Holdings
54
Cash Weighted Duration
1.58
Comp NAV TR
-0.57%
Comp Discount
-6.99%
Net Assets (M)
538
Liquidity - 90d (K)
1,466
* 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


54 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
DNI Div & Incm Fd Bexil 1.95 -21.80 7.27 41.60 13.05 174 303
RIF RMR Rel-Est Incm Fd RMR 2.13 -20.17 6.89 15.15 30.54 245 458
ASA ASA Gd & Prcs Mtl ASA 2.37 -15.87 0.15 0.00 0.00 305 1,547
SZC Cushing Renaissace Fd Cushing 1.88 -11.42 12.75 43.71 12.50 151 1,415
HGLB Highland Glbl Alloc Fd Highland Capital 1.90 -21.89 12.29 28.05 38.94 309 874
BIF Boulder Gwth & Incm Fd Boulder 1.94 -16.82 3.86 30.75 0.00 1,318 1,349
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 2.10 -15.75 6.51 25.48 34.51 298 658
SMM Salient Midstream & MLP Fd Salient 1.72 -15.09 9.42 94.89 28.71 152 653
FAX Abd Asia-Pacific Incm Fd Aberdeen 2.03 -14.85 7.99 45.03 31.74 1,207 2,793
SOR Source Capital First Pacific 1.96 -14.19 2.84 0.00 0.00 351 439
GLO Clough Glbl Opp Fd Clough 2.03 -11.26 11.75 56.14 36.21 335 1,117
KMF KA Midstream/Nrg Fd Kayne Anderson 1.81 -12.83 8.83 93.59 30.96 552 1,793
NHF NexPoint Stgc Opp Fd Highland Capital 1.97 -14.80 13.27 54.69 21.80 977 4,271
JGH Nuv Glbl Hi Incm Fd Nuveen 2.02 -13.10 8.10 1.97 29.86 403 1,050
EFF EV Flt-Rt Inc+ Fd Eaton Vance 2.08 -11.03 6.49 0.00 35.80 130 619
PGZ Principal Rel-Est Incm Fd ALPS 2.21 -7.50 6.45 10.84 29.17 153 506
EMO CB Nrg Midstream Opp Fd Legg Mason 1.81 -11.69 11.27 73.04 33.00 663 1,489
TSLF THL Cr Sr Ln Fd THL Credit 1.97 -13.73 8.28 0.00 25.31 126 501
MXF Mexico Fund Impulsora del 1.82 -12.04 8.30 75.47 0.00 206 396
DSU BR Dbt Stgs Fd BlackRock 2.04 -11.93 7.68 0.80 29.28 604 1,302
RMT Royce Micro-Cap Tr Legg Mason 1.92 -11.16 7.25 9.54 4.30 352 1,024
BGT BR Flt Rt Incm Fd BlackRock 2.02 -12.55 6.54 0.00 27.88 325 703
EFR EV Sr Flt-Rt Tr Eaton Vance 2.02 -12.58 7.09 0.00 34.50 542 1,566
FRA BR Flt Rt Incm Stgc Fd BlackRock 2.00 -13.41 6.66 0.00 28.70 526 1,540
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 1.86 -12.22 2.40 5.25 9.20 386 753
EFT EV Flt-Rt Incm Tr Eaton Vance 2.00 -12.89 6.96 0.00 34.10 600 1,143
JRO Nuv Flt Rt Incm Opp Fd Nuveen 2.01 -12.30 7.91 0.00 37.20 438 1,119
CEM CB MLP & Midstream Fd Legg Mason 1.82 -9.95 11.05 91.13 32.68 835 2,305
JMLP Nuv All Cap Nrg MLP Opp Fd Nuveen 1.83 -8.22 13.99 100.00 27.98 79 400
EIM EV Muni Bnd Fd Eaton Vance 2.15 -7.77 3.94 1.06 42.20 1,143 2,707
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.87 -7.70 10.35 15.38 34.84 1,904 6,066
MYC BR MuniYld CA Fd BlackRock 2.13 -8.66 3.55 0.47 41.02 341 626
HQH Tekla Health Invstr Tekla 1.93 -10.45 9.46 46.74 0.00 900 2,498
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.81 -0.85 13.68 83.04 33.92 375 1,256
IDE Voya Infra Ind & Matrls Fd Voya 1.86 -9.93 10.49 19.23 0.00 237 766
MFD M/FT Glbl Infra/Util Div & Incm First Trust 1.87 -11.51 10.49 50.40 28.77 92 312
MAV Pioneer Muni Hi Incm Adv Tr Pioneer 2.10 -9.06 4.08 0.00 36.20 290 951
EVN EV Muni Incm Tr Eaton Vance 2.13 -8.19 4.41 0.00 37.70 557 950
BBK BR Muni Bnd Tr BlackRock 2.19 -5.55 4.13 0.00 38.35 176 384
RA Brkf Real Ast Incm Fd Brookfield 2.12 -4.97 10.77 40.19 23.54 851 2,806
MCN Madison Cov Call & Eq Stgc Madison 1.93 -9.83 11.54 27.82 0.00 145 375
THW Tekla Wld Health Fd Tekla 2.11 -2.89 10.69 73.01 22.17 408 1,802
DUC D&P Util & Corp Bnd Tr Duff & Phelps 2.08 -7.99 4.74 29.08 29.00 265 355
TEAF Tortoise Ess Ast Incm Trm Fd Tortoise 1.89 -7.49 7.99 0.00 11.50 238 612
EQS Equus Total Return Equus 1.23 -55.77 0.00 N/A 36.00 48 5
MCC Medley Capital Corp MCC Advisors 1.41 -43.30 7.75 59.23 49.79 248 269
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 1.23 -42.36 11.16 10.42 39.12 139 225
PNNT PennantPark Inv Corp PennantPark 1.32 -27.69 11.39 0.00 53.30 586 2,053
SVVC Firsthand Tech Val Fd Firsthand Capital 1.04 -65.66 0.45 0.00 0.00 157 105
BBDC Barings BDC Barings 1.29 -14.84 5.67 4.37 51.54 583 1,226
PFLT PennantPark Flt Rt Cap PennantPark 1.29 -12.32 9.95 0.00 49.79 507 1,790
PSEC Prospect Capital Corp Prospect Capital 1.32 -27.31 10.91 0.00 40.71 3,332 9,836
FSK FS KKR Capital Corp FS/KKR 1.27 -27.54 13.31 0.00 44.56 4,086 10,163
WHF WhiteHorse Finance H.I.G. Capital 1.24 -15.60 10.94 0.00 42.05 316 1,149

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, 2017. 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 2017. 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 %