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 1,244.66 -0.23 0.02 0.11 2.30 14.96 11.56 11.52 7.34 1.86 1.33 16.54
NAV 1,155.12 -0.22 -0.14 0.38 1.79 8.24 6.52 7.39 4.15 1.31 0.51 8.32
Difference 0.01 -0.16 0.27 -0.51 -6.72 -5.04 -4.12 -3.19 -0.55 -0.82 -8.22
* 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 - - - - - - - - - - - - 14.68
NAV 4.80 1.14 1.71 7.81 0.92 -1.70 - - - - - - - - - - - - 7.00
Difference -6.38 -1.05 0.31 -7.40 -1.19 0.88 - - - - - - - - - - - - -7.67
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
-12.52%
1Yr Disc
-12.34%
3Yr Disc
-9.99%
5Yr Disc
-10.08%
Rel Disc Range (3yr)
36.94%
Mkt Yield
7.37%
Lev Adj NAV Yield
5.15%
After Tax Yield*
6.38%
Est Tax Friction*
0.99%
3Yr NAV Volatiliy
9.33
1 Yr RoC
18.18%
3 Yr Dest RoC
9.54%
Leverage
26.71%
Non Lev Exp Ratio
1.97%
Beta (2yr)
0.43
Equity Exposure
37.19%
Bond Exposure
61.05%
# Holdings
60
Cash Weighted Duration
2.92
Comp NAV TR
-0.46%
Comp Discount
-5.19%
Net Assets (M)
554
Liquidity - 90d (K)
1,358
* 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)
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 1.79 -14.48 7.79 74.41 26.29 198 662
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.83 -12.65 7.16 43.98 28.60 335 802
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 1.81 -15.76 6.42 41.06 37.70 286 577
ADX Adams Divr Eq Fd Adams Express 1.82 -12.79 6.11 0.00 0.00 1,848 2,397
ASA ASA Gd & Prcs Mtl ASA 1.77 -15.64 0.19 0.00 0.00 241 949
HGLB Highland Glbl Alloc Fd Highland Capital 1.51 -21.31 11.48 12.83 38.94 328 943
EFF EV Flt-Rt Inc+ Fd Eaton Vance 1.78 -12.36 6.60 0.00 35.80 131 360
WIW WA Inf-Lnk Opp & Incm Fd Western Asset 1.78 -12.62 3.92 0.00 29.90 771 952
DTF DTF Tx-Free Incm Duff & Phelps 1.82 -10.69 3.03 0.00 33.81 132 339
FCT FT Sr Flt Rt Incm Fd II First Trust 1.77 -12.70 6.27 0.00 30.34 366 895
FRA BR Flt Rt Incm Stgc Fd BlackRock 1.79 -11.53 6.51 0.00 29.26 529 2,091
EFT EV Flt-Rt Incm Tr Eaton Vance 1.79 -11.41 6.75 0.00 35.00 608 1,677
JGH Nuv Glbl Hi Incm Fd Nuveen 1.77 -12.28 8.05 3.16 29.90 402 813
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.69 -15.32 8.07 55.09 31.74 1,203 3,628
BGT BR Flt Rt Incm Fd BlackRock 1.77 -11.96 6.00 0.00 28.70 326 924
EMO CB Nrg Midstream Opp Fd Legg Mason 1.67 -11.59 10.13 76.39 33.67 737 1,593
JFR Nuv Flt Rt Incm Fd Nuveen 1.80 -10.81 7.52 0.00 37.32 627 1,644
EFR EV Sr Flt-Rt Tr Eaton Vance 1.77 -11.67 6.92 0.00 35.50 549 1,463
TTP Tortoise Pip & Nrg Fd Tortoise 1.62 -10.65 11.77 98.77 28.30 155 561
ECF Ellsworth Gwth & Incm Fd Gabelli 1.77 -12.18 4.89 0.00 17.00 143 276
JRO Nuv Flt Rt Incm Opp Fd Nuveen 1.78 -11.24 7.72 0.00 36.83 444 1,439
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.69 -11.20 9.48 92.93 31.75 401 732
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.81 -8.95 11.05 28.60 32.10 139 519
TDF Tmp Dragon Fd Templeton 1.61 -9.81 3.93 0.00 0.00 693 1,130
EAD WF Incm Opp Fd Wells Fargo 1.79 -10.65 8.89 0.00 28.80 569 1,674
CHN China Fund Allianz 1.60 -10.84 2.87 0.00 0.00 227 437
BGY BR Enh Intl DivTr BlackRock 1.70 -11.02 7.50 24.00 0.00 654 1,224
MYC BR MuniYld CA Fd BlackRock 1.83 -9.04 4.12 0.00 40.71 329 749
RMT Royce Micro-Cap Tr Legg Mason 1.65 -11.16 9.30 9.54 4.30 363 1,040
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.82 -7.55 9.34 45.20 27.40 264 1,123
MNP WA Muni Patnr Fd Legg Mason 1.82 -8.86 4.60 0.00 35.00 160 321
EOD WF Glbl Div Opp Fd Wells Fargo 1.83 -8.16 10.86 17.33 15.40 261 778
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.66 -9.00 9.89 71.75 0.00 157 478
JHI JH Invstr Tr John Hancock 1.77 -9.22 7.71 0.00 35.97 155 329
IIM Invsc Val Muni Incm Tr Invesco 1.83 -6.82 4.65 0.34 39.00 766 1,944
BKN BR Inv Qlty Muni Tr BlackRock 1.83 -7.54 4.61 0.42 39.20 276 814
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.68 -6.71 12.68 100.00 36.10 133 504
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.79 -8.44 4.76 0.00 40.81 548 1,330
BDJ BR Enh Eq Div Tr BlackRock 1.75 -8.92 6.53 0.00 0.00 1,767 3,112
IDE Voya Infra Ind & Matrls Fd Voya 1.69 -9.68 9.63 9.56 0.00 257 751
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.84 -4.90 12.87 45.16 27.10 198 1,044
RA Brkf Real Ast Incm Fd Brookfield 1.78 -6.86 10.93 40.31 24.05 856 2,320
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.75 -8.35 7.89 22.61 24.70 1,297 2,279
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.81 -5.78 12.04 58.53 27.44 151 611
HQL Tekla Life Sci Invstr Tekla 1.62 -7.95 9.20 37.59 0.00 398 1,464
GDV Gabelli Div & Incm Tr Gabelli 1.74 -7.53 6.22 15.24 22.00 1,893 3,289
MAV Pioneer Muni Hi Incm Adv Tr Pioneer 1.74 -9.30 4.19 0.00 36.50 283 671
NCA Nuv CA Muni Val Fd Nuveen 1.83 -4.47 3.40 0.00 0.00 296 410
NXR Nuv Sel Tx-Free Incm Port 3 Nuveen 1.82 -4.88 3.39 0.00 0.00 211 359
NEV Nuv Enh Muni Val Fd Nuveen 1.79 -6.17 4.79 0.00 35.98 376 593
EQS Equus Total Return Equus 1.11 -50.00 0.00 N/A 36.59 47 6
MCC Medley Capital Corp MCC Advisors 0.98 -51.47 8.06 0.00 57.26 278 282
PSEC Prospect Capital Corp Prospect Capital 1.22 -30.29 11.37 0.00 40.71 3,332 9,337
HCAP Harvest Cap Cr Corp Harvest Capital 1.26 -13.46 9.16 8.49 28.60 75 138
RAND Rand Capital Corp Rand Capital 1.18 -51.61 0.00 N/A 25.06 35 15
FSK FS KKR Capital Corp FS/KKR Advisor 1.31 -20.48 12.16 0.00 43.94 4,108 10,220
TCRD THL Credit THL Credit 1.24 -26.45 12.75 0.00 43.37 285 599
CGBD TCG BDC Carlyle 1.32 -12.54 9.78 0.00 50.00 1,049 5,017
PNNT PennantPark Inv Corp PennantPark 1.17 -27.97 11.32 0.00 51.96 592 1,666
CPTA Capitala Finance Corp Capitala 1.47 -19.90 10.75 0.00 60.74 187 847

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 %