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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 1,749.88 0.61 1.95 6.11 9.71 0.47 -6.05 9.13 8.59 8.08 9.19 9.19 9.19
NAV 1,264.30 0.42 1.26 5.87 10.59 1.24 -4.15 1.64 2.53 4.24 4.95 4.95 4.95
Difference -0.20 -0.69 -0.24 0.88 0.77 1.90 -7.49 -6.06 -3.84 -4.23 -4.23 -4.23
* 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 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
-15.02%
1Yr Disc
-13.50%
3Yr Disc
-12.94%
5Yr Disc
-12.43%
Rel Disc Range (3yr)
46.08%
Mkt Yield
8.42%
Lev Adj NAV Yield
5.99%
After Tax Yield*
7.12%
Est Tax Friction*
1.30%
3Yr NAV Volatiliy
23.41
1 Yr RoC
35.73%
3 Yr Dest RoC
25.30%
Leverage
21.39%
Non Lev Exp Ratio
2.12%
Beta (2yr)
0.76
Equity Exposure
47.59%
Bond Exposure
50.59%
# Holdings
60
Cash Weighted Duration
2.55
Comp NAV TR
-0.76%
Comp Discount
-6.27%
Net Assets (M)
638
Liquidity - 90d (K)
2,453
* 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)
BIGZ BR Innovation & Gwth Tr BlackRock 1.80 -20.25 10.99 100.00 0.00 2,200 12,546
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.76 -20.43 12.04 100.00 0.00 987 3,735
OCCI OFS Credit Company OFS Capital 1.86 0.21 23.33 0.00 40.45 89 584
BSTZ BR Sci & Tech Tr II BlackRock 1.89 -13.19 12.50 48.25 0.00 1,658 8,964
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.74 -18.17 5.77 43.88 10.81 273 994
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.65 -19.06 8.15 8.41 11.70 221 384
NTG Tortoise Midstream Nrg Fd Tortoise 1.74 -16.39 8.19 58.75 21.20 241 1,100
ECAT BR ESG Cap Alloc Tr BlackRock 1.77 -15.53 8.11 72.67 0.00 1,794 7,598
TYG Tortoise Nrg Infra Corp Tortoise 1.70 -16.82 8.45 100.00 23.80 458 1,595
JOF Japan Sml Caplz Fd Nomura 1.71 -15.59 0.67 0.00 0.00 233 349
CTR CB MLP & Midstream Tot Rtn Fd Franklin Templeton 1.78 -17.43 7.02 49.70 29.76 263 818
BMEZ BR Health Sci Tr II BlackRock 1.73 -14.73 10.48 17.31 0.00 2,135 8,911
MEGI MainStay CBRE Glbl Infra MTrnd New York Life 1.78 -15.37 8.58 0.00 33.00 931 3,878
PGZ Principal Rel-Est Incm Fd ALPS 1.76 -12.45 11.06 11.05 31.07 88 293
CET Cntrl Sec Corp Central Securities 1.69 -15.71 6.96 0.00 0.00 1,138 792
NDP Tortoise Nrg Ind Fd Tortoise 1.72 -16.30 7.17 44.81 4.60 65 290
ASA ASA Gd & Prcs Mtl Merk Investments 1.85 -14.05 0.12 0.00 0.00 371 1,127
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.72 -14.50 4.83 50.00 18.79 107 265
ASGI abrdn Glbl Infra Incm Fd abrdn 1.75 -13.97 7.80 8.47 0.00 190 413
IDE Voya Infra Ind & Matrls Fd Voya 1.76 -15.21 9.34 20.63 0.00 183 493
ADX Adams Divr Eq Fd Adams Funds 1.70 -15.86 6.96 0.00 0.00 2,155 3,915
TPZ Tortoise Pwr & Nrg Infra Fd Tortoise 1.72 -14.09 9.18 67.97 19.90 99 260
PEO Adams Ntr Res Fd Adams Funds 1.70 -16.27 5.19 0.00 0.00 676 1,772
NPCT Nuv Core Plus Impact Fd Nuveen 1.78 -12.89 10.76 40.61 38.55 379 1,756
AIO Virtus AI & Tech Opp Fd Virtus 1.73 -13.14 10.39 21.44 15.84 685 2,558
BCV Bancroft Fund Gabelli 1.80 -11.60 6.97 0.00 21.00 106 317
EVM EV CA Muni Bnd Fd Eaton Vance 1.71 -13.03 3.99 4.27 44.98 261 1,183
ECF Ellsworth Gwth & Incm Fd Gabelli 1.76 -12.42 5.95 0.00 30.00 128 419
BFZ BR CA Muni Incm Tr BlackRock 1.68 -14.43 3.60 1.42 35.29 405 1,830
HQL Tekla Life Sci Invstr Tekla 1.67 -13.05 8.38 50.18 0.00 437 1,513
AOD abrdn Tot Dyn Div Fd abrdn 1.73 -12.92 8.25 31.91 1.05 1,012 3,658
GUG Gghm Active Alloc Fd Guggenheim Funds 1.72 -12.53 9.86 7.48 26.26 545 2,382
CEV EV CA Muni Incm Tr Eaton Vance 1.70 -12.59 4.22 0.00 43.50 86 360
HQH Tekla Health Invstr Tekla 1.67 -11.07 8.30 59.82 0.00 1,001 3,169
DMF BNY Mellon Muni Incm BNY Mellon 1.69 -13.29 3.82 0.00 37.80 158 616
AFT Apollo Sr Flt Rt Fd Apollo 1.66 -12.33 10.13 0.00 36.80 227 868
NFJ Virtus Div Int & Prm Stgy Fd Virtus 1.74 -13.48 8.04 0.00 0.00 1,336 3,559
MUC BR MuniHldg CA Qlty Fd BlackRock 1.70 -12.12 4.06 9.37 37.94 1,258 4,993
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.77 -11.76 10.08 8.33 25.77 371 1,244
NIE Virtus Eq & Convt Incm Fd Virtus 1.94 -10.34 9.99 0.00 0.00 619 2,229
PHT Pioneer Hi Incm Fd Amundi Asset Mgmt 1.71 -11.37 9.94 3.65 32.40 230 743
MNP WA Muni Patnr Fd Franklin Templeton 1.74 -10.22 4.08 4.62 41.54 137 669
MSD MS Emrg Mkt Dbt Fd Morgan Stanley 1.73 -12.70 6.92 0.00 0.00 162 428
HNW Pioneer Divr Hi Incm Fd Amundi Asset Mgmt 1.70 -11.41 10.08 8.33 30.30 101 347
ARDC Ares Dyn Cr Alloc Fd Ares 1.72 -10.78 10.39 0.00 34.01 319 1,273
FCT FT Sr Flt Rt Incm Fd II First Trust 1.70 -10.77 8.32 27.22 13.62 292 1,080
AFB AB Nat Muni Incm Fd AllianceBernstein 1.71 -12.02 3.52 0.00 40.57 364 1,531
BNY BR NY Muni Incm Tr BlackRock 1.76 -9.71 4.07 5.99 40.04 301 1,035
BGY BR Enh Intl DivTr BlackRock 1.73 -12.72 7.48 57.98 0.00 638 1,941
FTHY FT Hi Yld Opp 2027 Trm Fd First Trust 1.74 -10.17 10.52 29.43 15.32 593 2,169
SVVC Firsthand Tech Val Fd Firsthand Capital 1.31 -80.47 0.00 N/A 0.00 38 14
TRIN Trinity Capital Trinity Capital 1.46 -3.64 13.90 0.00 51.03 483 4,568
RWAY Runway Gwth Fin Corp Runway Gwth Cap 1.26 -9.35 11.25 0.00 36.49 572 1,483
ORCC Owl Rock Capital Corp Owl Rock 1.33 -12.05 10.11 0.00 53.65 5,848 28,241
GECC Great Elm Cap Corp Great Elm Capital 1.23 -28.90 20.16 0.00 48.74 95 229
CCAP Crescent Capital BDC Crescent Capital 1.36 -26.98 11.14 0.00 51.67 623 1,205
BBDC Barings BDC Barings 1.21 -23.76 11.16 0.00 51.74 1,228 3,922
BCSF Bain Cap Splty Fin BCSF Advisors 1.27 -22.20 10.90 0.00 53.92 1,096 2,551
ICMB Investcorp Cr Mgmt BDC Investcorp 1.33 -39.10 15.23 0.00 60.96 93 95
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 1.30 -6.62 12.49 0.00 52.13 448 3,823

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 %