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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 1,725.94 0.21 -1.60 -3.79 -1.69 2.54 9.67 12.60 9.02 8.17 -4.03 -2.99 7.69
NAV 1,221.96 -0.31 -1.67 -2.81 -2.64 -0.40 6.86 3.13 2.28 3.71 -3.20 -3.73 1.44
Difference -0.53 -0.08 0.98 -0.95 -2.94 -2.81 -9.47 -6.74 -4.47 0.83 -0.75 -6.25
* 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 5.20 3.86 11.01 3.22 -2.07 - - - - - - - -
NAV 5.19 -3.06 0.98 2.97 1.09 -2.37 3.68 2.34 5.37 1.88 -2.39 - - - - - - - -
Difference -4.94 -0.84 1.72 -3.92 0.27 -0.29 -1.52 -1.53 -5.64 -1.33 -0.32 - - - - - - - -
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
-17.47%
1Yr Disc
-16.34%
3Yr Disc
-12.60%
5Yr Disc
-12.31%
Rel Disc Range (3yr)
23.20%
Mkt Yield
7.59%
Lev Adj NAV Yield
4.87%
After Tax Yield*
6.70%
Est Tax Friction*
0.89%
3Yr NAV Volatiliy
12.56
1 Yr RoC
29.21%
3 Yr Dest RoC
8.80%
Leverage
29.01%
Non Lev Exp Ratio
2.21%
Beta (2yr)
0.70
Equity Exposure
38.26%
Bond Exposure
59.09%
# Holdings
59
Cash Weighted Duration
4.26
Comp NAV TR
-2.67%
Comp Discount
-6.44%
Net Assets (M)
703
Liquidity - 90d (K)
1,547
* 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)
HFRO Highland Opp & Incm Fd NexPoint 1.64 -40.71 11.49 10.77 15.20 925 1,577
DNIF Div & Incm Fd Bexil 1.77 -34.92 9.25 22.35 8.91 213 238
HGLB Highland Glbl Alloc Fd NexPoint 1.71 -28.83 12.60 5.29 3.28 253 642
BANX ArrowMark Fin Corp ArrowMark 1.88 -19.95 10.29 0.00 24.42 155 269
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.79 -19.16 9.02 51.41 14.20 200 382
CAF MS China A Shr Fd Morgan Stanley 1.76 -19.35 0.02 0.00 0.00 338 345
STEW SRH Tot Rtn Fd Paralel Advisors 1.79 -19.58 3.85 49.79 12.36 1,571 746
IIF MS India Inv Fd Morgan Stanley 1.86 -19.34 8.87 0.00 0.00 280 559
GRX Gabelli Health & Well Tr Gabelli 1.58 -19.81 6.99 75.28 25.00 178 296
GAM General American Invstr General American Inv 1.77 -16.86 2.43 0.00 13.68 1,176 922
IDE Voya Infra Ind & Matrls Fd Voya 1.78 -14.97 9.71 40.80 0.00 169 360
GLO Clough Glbl Opp Fd Clough 1.62 -18.11 13.08 94.11 36.25 234 918
GDV Gabelli Div & Incm Tr Gabelli 1.69 -17.10 6.79 59.84 13.00 2,114 2,698
GLQ Clough Glbl Eq Fd Clough 1.61 -18.57 13.12 93.13 41.04 128 368
HYB New Amrc Hi Incm Fd T. Rowe Price 1.79 -17.14 7.41 0.00 31.00 183 350
VPV Invsc PA Val Muni Incm Tr Invesco 1.64 -16.28 4.09 9.72 39.00 255 381
FPL FT New Opp MLP & Nrg Fd First Trust 1.93 -13.66 7.19 66.37 20.37 170 373
FEI FT MLP & Nrg Incm Fd First Trust 1.91 -14.30 7.59 69.72 18.10 417 654
CEM CB MLP & Midstream Fd Franklin Templeton 1.90 -15.64 8.74 60.48 31.55 555 1,412
DMF BNY Mellon Muni Incm BNY Mellon 1.65 -16.86 3.17 0.00 33.18 142 355
FIF FT Nrg Infra Fd First Trust 1.91 -9.93 7.93 3.89 20.41 263 365
TDF Tmp Dragon Fd Franklin Templeton 1.67 -15.86 0.00 N/A 0.00 343 384
NPCT Nuv Core Plus Impact Fd Nuveen 1.71 -16.65 10.87 54.12 40.01 316 574
ASA ASA Gd & Prcs Mtl Merk Investments 1.62 -15.85 0.23 0.00 0.00 306 480
KYN KA Nrg Infra Fd Kayne Anderson 1.98 -15.48 9.99 12.04 23.04 1,355 2,840
WIW WA Inf-Lnk Opp & Incm Fd Franklin Templeton 1.71 -16.11 8.82 0.00 37.90 600 1,646
MHI Pioneer Muni Hi Incm Fd Amundi Asset Mgmt 1.55 -17.65 4.56 13.82 35.90 200 715
SCD LMP Cap & Incm Fd Franklin Templeton 1.76 -11.10 10.85 70.81 19.20 241 494
MAV Pioneer Muni Hi Incm Adv Fd Amundi Asset Mgmt 1.55 -17.32 4.90 15.31 40.10 195 553
FMN Fed Prmr Muni Incm Fd Federated 1.64 -15.59 4.38 0.00 38.97 131 326
NAN Nuv NY Qlty Muni Incm Fd Nuveen 1.63 -15.55 4.47 0.00 39.22 353 549
NZF Nuv Muni Cr Incm Fd Nuveen 1.63 -16.29 4.95 0.00 39.95 2,414 4,822
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.76 -14.02 8.56 0.00 0.00 545 980
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.75 -13.76 11.36 26.20 25.73 337 661
NVG Nuv AMT-Fr Muni Cr Incm Fd Nuveen 1.60 -16.04 4.95 0.00 41.61 2,622 5,270
CXE MFS Hi Incm Muni Tr MFS 1.63 -16.58 4.81 0.00 40.00 118 253
MVF BR MuniVest Fd BlackRock 1.65 -16.76 4.16 4.60 35.35 465 682
NEA Nuv AMT-Fr Qlty Muni Incm Fd Nuveen 1.60 -16.26 4.34 0.00 40.68 3,457 8,076
NAD Nuv Qlty Muni Incm Fd Nuveen 1.62 -15.57 4.50 0.00 40.51 2,803 6,303
MHD BR MuniHldg Fd BlackRock 1.61 -16.92 4.13 4.72 34.56 653 1,356
BFK BR Muni Incm Tr BlackRock 1.63 -17.03 4.13 3.69 35.40 473 1,109
NBH NB Muni Fd Neuberger Berman 1.64 -16.80 4.92 7.28 39.30 209 472
FINS Angel Oak Fin Stgs Incm Trm Tr Angel Oak 1.86 -11.99 10.86 38.83 28.00 343 603
MUE BR MuniHldg Qlty Fd II BlackRock 1.66 -17.64 3.96 4.68 35.26 236 685
BLE BR Muni Incm Tr II BlackRock 1.60 -16.91 4.46 3.26 37.19 530 1,027
HNW Pioneer Divr Hi Incm Fd Amundi Asset Mgmt 1.85 -13.54 10.57 4.25 30.70 99 374
MQT BR MuniYld Qlty Fd II BlackRock 1.64 -15.75 4.67 4.10 35.44 238 461
JQC Nuv Cr Stgs Incm Fd Nuveen 1.87 -13.36 12.81 7.48 38.34 792 2,470
SVVC Firsthand Tech Val Fd Firsthand Capital 0.86 -73.91 0.00 N/A 0.00 11 5
BBDC Barings BDC Barings 1.51 -21.43 11.67 0.00 54.64 1,208 4,433
PSEC Prospect Capital Corp Prospect Capital 1.30 -34.52 11.90 0.00 50.92 3,766 8,510
GECC Great Elm Cap Corp Great Elm Capital 1.66 -19.16 14.18 0.00 46.12 93 348
TCPC BR TCP Capital Corp BlackRock 1.41 -9.27 11.58 0.00 57.19 748 3,054
GBDC Golub Capital BDC Golub Capital 1.38 -1.08 10.09 0.00 55.24 2,515 8,403
SLRC SLR Inv Corp SLR Capital 1.43 -14.40 10.66 8.77 47.51 981 3,398
RWAY Runway Gwth Fin Corp Runway Gwth Cap 1.39 -9.53 12.48 0.00 47.94 574 1,242
BKCC BR Cap Inv Corp BlackRock 1.52 -14.32 10.78 1.48 45.75 314 818
PFX PhenixFIN Corp PhenixFIN Corp 1.31 -43.44 1.28 N/A 36.12 140 57
JFR Nuv Flt Rt Incm Fd Nuveen 3.86 -10.57 12.42 7.13 38.23 1,231 3,674

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 %