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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 1,539.49 0.35 -2.68 -11.76 -6.74 -19.61 -18.28 6.79 6.37 7.09 -11.76 -6.74 -19.96
NAV 1,132.19 -0.03 -1.52 -7.34 -5.89 -16.38 -16.30 -0.80 1.01 3.53 -7.34 -5.89 -16.55
Difference -0.38 1.16 4.42 0.86 3.23 1.97 -7.59 -5.37 -3.57 4.42 0.86 3.41
* 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 - - - - - -
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 - - - - - -
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 - - - - - -
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
-18.08%
1Yr Disc
-13.10%
3Yr Disc
-12.85%
5Yr Disc
-11.62%
Rel Disc Range (3yr)
39.28%
Mkt Yield
9.03%
Lev Adj NAV Yield
6.09%
After Tax Yield*
7.84%
Est Tax Friction*
1.19%
3Yr NAV Volatiliy
20.15
1 Yr RoC
36.52%
3 Yr Dest RoC
33.06%
Leverage
25.22%
Non Lev Exp Ratio
1.85%
Beta (2yr)
0.84
Equity Exposure
40.33%
Bond Exposure
58.28%
# Holdings
60
Cash Weighted Duration
3.66
Comp NAV TR
-1.91%
Comp Discount
-8.28%
Net Assets (M)
522
Liquidity - 90d (K)
1,353
* 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)
DNIF Div & Incm Fd Bexil 1.72 -31.90 9.58 1.73 13.74 194 188
HFRO Highland Incm Fd Highland Capital 1.66 -33.89 9.38 19.06 13.42 1,013 1,925
SZC Cushing NextGen Infra Incm Fd Cushing 1.89 -22.29 6.64 81.67 25.58 129 278
KMF KA NextGen Nrg & Infra Kayne Anderson 1.80 -17.41 8.65 96.32 26.39 423 848
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 2.05 -17.56 5.65 46.11 10.00 242 656
MCI Barings Corp Invstr Barings 1.84 -21.32 7.41 0.00 11.12 334 250
TYG Tortoise Nrg Infra Corp Tortoise 1.94 -14.92 9.09 82.56 21.90 438 1,649
TTP Tortoise Pip & Nrg Fd Tortoise 1.93 -14.00 9.02 89.43 22.20 68 239
OCCI OFS Credit Company OFS Capital 1.82 -20.65 24.89 0.00 39.60 92 498
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.84 -17.01 12.30 90.83 0.00 926 2,288
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.76 -16.45 8.34 6.50 11.40 209 310
FAX abrdn Asia-Pacific Incm Fd abrdn 1.67 -14.95 12.89 43.43 35.50 746 3,078
NUO Nuv OH Qlty Muni Incm Fd Nuveen 1.76 -14.98 3.88 0.00 38.45 253 395
BIGZ BR Innovation & Gwth Tr BlackRock 1.76 -18.37 11.32 100.00 0.00 2,143 6,799
ASGI abrdn Glbl Infra Incm Fd abrdn 1.67 -16.05 8.91 0.00 0.00 170 269
CMU MFS Hi Yld Muni Tr MFS 1.70 -15.25 5.80 0.00 41.00 100 237
GNT GAMCO NtrRes Gd & Incm Gabelli 1.68 -18.83 8.35 97.44 23.00 101 252
MEGI MainStay CBRE Glbl Infra MTrnd New York Life 1.49 -13.97 9.96 0.00 30.00 790 1,923
NIE Virtus Eq & Convt Incm Fd Virtus 1.88 -11.28 9.63 0.00 0.00 649 1,655
AIF Apollo Tactical Incm Fd Apollo 1.88 -13.53 10.98 0.33 36.43 201 480
NCZ Virtus Convt & Incm Fd II Virtus 1.73 -16.42 16.07 87.63 48.90 255 1,359
ENX EV NY Muni Bnd Fd Eaton Vance 1.72 -14.34 4.64 1.05 39.30 181 347
ECF Ellsworth Gwth & Incm Fd Gabelli 1.79 -13.04 8.54 0.00 28.00 121 338
BSTZ BR Sci & Tech Tr II BlackRock 1.74 -16.27 12.86 11.35 0.00 1,680 4,437
WIA WA Inf-Lnk Incm Fd Franklin Templeton 1.78 -9.91 5.94 0.00 38.88 235 368
GDV Gabelli Div & Incm Tr Gabelli 1.75 -14.38 6.93 3.77 14.00 2,012 3,095
NPCT Nuv Core Plus Impact Fd Nuveen 1.68 -14.47 11.75 41.80 38.31 354 1,160
MHI Pioneer Muni Hi Incm Fd Amundi Asset Mgmt 1.69 -10.16 6.86 0.00 37.70 213 621
VPV Invsc PA Val Muni Incm Tr Invesco 1.75 -12.94 5.26 3.89 41.00 265 385
DMO WA Mortg Opp Fd Franklin Templeton 1.83 -12.04 10.67 22.30 35.77 146 415
NFJ Virtus Div Int & Prm Stgy Fd Virtus 1.78 -13.64 9.00 0.00 0.00 1,195 2,267
MFM MFS Muni Incm Tr MFS 1.69 -14.34 4.83 0.00 31.00 233 501
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.64 -11.75 7.38 19.38 20.66 191 494
FMN Fed Prmr Muni Incm Fd Federated 1.77 -12.97 4.79 0.00 38.04 136 303
EMF Tmp Emrg Mkt Fd Franklin Templeton 1.62 -14.30 10.52 0.00 8.41 195 223
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.68 -12.46 9.36 0.00 0.00 489 1,232
AGD abrdn Glbl Dyn Div Fd abrdn 1.73 -11.27 9.01 25.92 0.00 122 365
AIO Virtus AI & Tech Opp Fd Virtus 1.85 -13.59 11.33 0.00 16.06 632 1,848
IVH Dlw Ivy Hi Incm Opp Fd Delaware 1.89 -8.84 8.50 0.00 31.12 187 684
CXE MFS Hi Incm Muni Tr MFS 1.70 -14.62 5.59 0.00 42.00 123 310
AOD abrdn Tot Dyn Div Fd abrdn 1.70 -12.95 9.50 20.74 0.00 879 2,988
BOE BR Enh Glbl DivTr BlackRock 1.73 -12.82 8.55 8.97 0.00 644 1,802
DLY DbLin Yld Opp Fd Doubleline 1.81 -8.46 10.03 6.58 21.87 731 1,906
BCV Bancroft Fund Gabelli 1.77 -13.31 8.90 0.00 19.00 101 228
EVM EV CA Muni Bnd Fd Eaton Vance 1.74 -13.18 5.03 2.26 43.80 245 471
SBI WA Imd Muni Fd Franklin Templeton 1.73 -14.10 3.80 0.00 26.80 122 174
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.81 -12.30 9.45 33.81 0.00 153 419
MAV Pioneer Muni Hi Incm Adv Fd Amundi Asset Mgmt 1.65 -11.85 6.89 4.96 43.60 208 564
WDI WA Divr Incm Fd Franklin Templeton 1.75 -14.41 11.75 2.47 32.89 773 1,859
DMF BNY Mellon Muni Incm BNY Mellon 1.68 -13.77 4.79 0.00 35.87 145 286
SVVC Firsthand Tech Val Fd Firsthand Capital 0.97 -81.58 0.00 N/A 0.00 50 37
CION CION Inv Corp CION Inv Mgmt 1.35 -46.51 14.59 0.00 58.14 905 2,450
RWAY Runway Gwth Fin Corp Runway Gwth Cap 1.38 -19.59 11.61 0.00 28.47 576 611
LRFC Logan Ridge Fin Corpn Mount Logan 1.53 -51.86 0.00 N/A 47.78 101 160
SSSS SuRo Capital Corp SuRo Capital Corp 0.81 -58.12 0.00 0.00 20.54 262 753
ORCC Owl Rock Capital Corp Owl Rock 1.15 -28.38 11.96 0.00 53.89 5,703 18,584
GBDC Golub Capital BDC Golub Capital 1.31 -18.16 9.69 0.00 54.67 2,587 7,387
OXSQ Oxford Square Cap Corp Oxford Lane 1.14 -17.98 13.95 4.70 46.85 183 434
FCRD First Eagle Alt Cap BDC First Eagle Alt Cr 1.12 -46.04 15.38 0.00 57.57 159 146
MFIC MidCap Fin Invt Corp Apollo 1.31 -34.15 12.52 0.00 60.80 986 2,743

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 %