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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 1,176.47 0.39 2.14 -7.22 34.80 -12.62 -7.89 2.58 6.71 0.79 0.79 -11.66
NAV 1,096.13 0.65 2.27 -5.68 20.45 -10.33 -7.40 1.52 2.73 1.21 1.21 -9.57
Difference 0.25 0.13 1.54 -14.36 2.29 0.49 -1.06 -3.97 0.42 0.42 2.09
* 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 -2.61 - - - - - - - - - -
NAV -1.05 -4.85 -18.75 -23.50 14.76 2.78 -0.97 16.81 -6.69 - - - - - - - - - -
Difference -1.58 3.24 8.24 9.04 -8.17 -4.31 0.34 -13.12 -4.08 - - - - - - - - - -
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 -2.01 1.71 0.69 -0.90 0.39 4.95 4.41 5.10 23.43
NAV 4.80 1.14 1.71 7.81 0.92 -1.70 2.97 2.15 9.96 -0.21 -1.11 0.83 -0.50 -0.03 -0.01 3.81 3.76 3.26 13.22
Difference -6.38 -1.05 0.31 -7.40 -1.19 0.88 -0.70 -0.98 -8.37 -1.24 0.90 -0.88 -1.19 0.88 -0.41 -1.14 -0.64 -1.84 -10.21
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
-21.42%
1Yr Disc
-13.53%
3Yr Disc
-11.54%
5Yr Disc
-11.25%
Rel Disc Range (3yr)
38.78%
Mkt Yield
7.23%
Lev Adj NAV Yield
4.68%
After Tax Yield*
6.46%
Est Tax Friction*
0.77%
3Yr NAV Volatiliy
18.01
1 Yr RoC
22.96%
3 Yr Dest RoC
19.32%
Leverage
24.99%
Non Lev Exp Ratio
2.25%
Beta (2yr)
0.79
Equity Exposure
45.33%
Bond Exposure
48.42%
# Holdings
60
Cash Weighted Duration
2.25
Comp NAV TR
-0.52%
Comp Discount
-9.02%
Net Assets (M)
439
Liquidity - 90d (K)
1,562
* 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)
NHF NexPoint Stgc Opp Fd Highland Capital 1.64 -43.09 12.05 59.26 19.80 801 2,725
HFRO Highland Incm Fd Highland Capital 1.71 -36.33 11.67 16.00 36.01 892 3,530
RIF RMR Rel-Est Incm Fd RMR 1.81 -29.25 3.30 22.02 29.02 175 924
TYG Tortoise Nrg Infra Corp Tortoise 1.67 -27.27 0.00 83.93 26.80 282 2,849
TTP Tortoise Pip & Nrg Fd Tortoise 1.69 -25.37 4.70 99.42 34.00 46 375
TEAF Tortoise Ess Ast Incm Trm Fd Tortoise 1.74 -24.41 8.05 36.39 15.50 197 610
DNI Div & Incm Fd Bexil 1.77 -22.85 9.62 60.32 14.70 168 527
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.58 -27.32 10.64 84.18 22.10 57 579
IRR Voya NtrRes Eq Incm Fd Voya 1.65 -20.20 12.78 74.06 0.00 69 288
GGZ Gabelli Glbl Sml & Mid Cap Val Gabelli 1.79 -18.83 7.00 66.50 23.00 107 337
ASA ASA Gd & Prcs Mtl Merk Investments 1.76 -17.99 0.11 0.00 0.00 418 2,415
CAF MS China A Shr Fd Morgan Stanley 1.93 -17.44 3.79 0.00 0.00 573 2,182
NRGX Nrg & Tac Cr Opp Fd PIMCO 1.77 -19.43 23.53 15.10 0.00 377 1,938
GAM General American Invstr General American Inv 1.77 -17.52 7.54 0.00 18.94 971 1,664
SOR Source Capital First Pacific 1.78 -17.01 2.94 0.00 0.00 347 513
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.79 -16.93 4.95 8.48 34.80 273 1,282
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.73 -13.53 9.63 0.00 0.00 173 692
TDF Tmp Dragon Fd Templeton 1.92 -14.56 4.41 0.00 0.00 882 1,348
RMT Royce Micro-Cap Tr Legg Mason 1.76 -16.69 8.78 12.94 7.24 368 1,578
GNT GAMCO NtrRes Gd & Incm Gabelli 1.76 -14.39 7.38 80.67 20.00 119 534
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 1.75 -15.85 7.79 64.87 29.96 137 992
CHN China Fund Allianz 1.97 -13.53 5.47 0.00 0.00 307 444
IGD Voya Glbl Eq Div & Prm Opp Voya 1.77 -14.29 9.76 72.45 0.00 557 1,834
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.72 -16.13 8.58 12.24 16.68 360 1,187
AEF Abd Emrg Mkt Eq Incm Fd Aberdeen 1.85 -14.91 2.65 0.00 10.31 385 462
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 1.78 -14.49 7.16 0.00 35.04 288 1,301
RSF RivNth Splty Fin Corpn RiverNorth 1.75 -14.34 14.47 80.37 28.80 101 294
GLQ Clough Glbl Eq Fd Clough 1.79 -15.77 12.10 19.85 45.40 172 635
MFD M/FT Glbl Infra/Util Div & Incm First Trust 1.76 -14.15 9.91 54.83 24.16 80 299
WIW WA Inf-Lnk Opp & Incm Fd Legg Mason 1.76 -14.11 3.36 0.02 35.00 789 1,667
SBI WA Imd Muni Fd Legg Mason 1.75 -14.09 3.28 1.02 25.80 141 345
FUND Sprott Focus Tr Sprott 1.75 -15.14 7.64 0.00 5.42 198 290
KSM DWS Stgc Muni Incm Tr Deutsche 1.73 -14.04 4.87 0.00 38.01 136 338
EVG EV Srt Dur Divr Incm Fd Eaton Vance 1.75 -13.15 7.87 2.69 41.30 235 657
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 1.80 -11.67 9.74 0.00 30.60 218 4,261
VTN Invsc Tr fr Inv Grd NY Muni Invesco 1.75 -12.18 4.48 6.47 39.00 272 506
DHY CS Hi Yld Bnd Fd Credit Suisse 1.75 -12.23 9.85 9.74 27.87 237 3,932
CIK CS Ast Mgmt Incm Fd Credit Suisse 1.74 -12.54 9.93 2.44 27.18 163 1,465
VCV Invsc CA Val Muni Incm Tr Invesco 1.74 -12.43 4.41 3.69 36.00 639 1,138
MHI Pioneer Muni Hi Incm Tr Pioneer 1.74 -12.30 4.76 0.00 30.00 294 901
MUI BR Muni Imd Dur Fd BlackRock 1.73 -12.02 4.60 0.00 39.08 596 1,129
BMEZ BR Health Sci Tr II BlackRock 1.78 -10.52 5.60 98.48 N/A 2,698 5,610
MFM MFS Muni Incm Tr MFS 1.74 -10.97 5.18 0.00 30.00 289 693
VKI Invsc Adv Muni Incm Tr II Invesco 1.74 -10.79 4.91 7.09 40.00 522 989
BGH Barings Glbl Srt Dur Hi Yld Fd Barings 1.77 -10.82 9.99 0.00 22.97 286 1,312
MVF BR MuniVest Fd BlackRock 1.75 -10.11 4.76 1.40 36.08 609 961
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.80 -10.48 7.69 54.97 0.00 1,301 3,619
MMU WA Mgd Muni Fd Legg Mason 1.74 -10.51 4.50 1.57 30.20 582 1,078
CMU MFS Hi Yld Muni Tr MFS 1.76 -9.45 5.39 0.00 38.00 129 338
CII BR Enh Cap & Incm Fd BlackRock 1.77 -9.95 7.12 24.96 0.00 723 2,139
RAND Rand Capital Corp Rand Capital 1.21 -67.78 0.00 0.00 16.51 86 141
CPTA Capitala Finance Corp Capitala 1.11 -62.36 0.00 10.26 71.80 102 518
FSKR FS KKR Capital Corp. II FS/KKR 1.26 -48.17 0.00 N/A 44.40 4,314 24,701
HCAP Harvest Cap Cr Corp Harvest Capital 1.20 -60.75 23.59 14.08 53.21 62 122
OFS OFS Capital Corp OFS Capital 1.27 -52.32 14.69 0.00 70.97 130 512
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 1.27 -57.99 21.24 48.05 46.25 120 219
SAR Saratoga Inv Corp Saratoga 1.20 -43.79 0.00 0.00 38.59 304 1,693
EQS Equus Total Return Equus 1.18 -61.46 0.00 N/A 39.86 39 15
MCC Medley Capital Corp MCC Advisors 1.14 -72.69 0.00 N/A 53.74 142 221
PNNT PennantPark Inv Corp PennantPark 1.19 -57.85 14.77 0.00 61.05 517 1,535

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 %