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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 1,851.19 -1.00 -2.73 2.94 12.16 27.39 53.81 18.69 15.51 -0.01 10.45 24.89
NAV 1,383.72 -0.93 -2.28 1.08 5.86 12.45 24.64 8.64 8.15 -0.40 4.98 11.40
Difference 0.07 0.45 -1.86 -6.29 -14.94 -29.16 -10.05 -7.36 -0.39 -5.47 -13.49
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - - - - - - - - - -
NAV 1.56 2.46 1.98 6.11 2.71 2.63 - - - - - - - - - - - - -
Difference -1.72 -2.59 -2.24 -6.96 -3.53 -1.34 - - - - - - - - - - - - -
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

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-13.49%
1Yr Disc
-19.06%
3Yr Disc
-14.71%
5Yr Disc
-12.58%
Rel Disc Range (3yr)
59.88%
Mkt Yield
6.01%
Lev Adj NAV Yield
4.37%
After Tax Yield*
5.53%
Est Tax Friction*
0.48%
3Yr NAV Volatiliy
23.20
1 Yr RoC
53.48%
3 Yr Dest RoC
30.99%
Leverage
22.75%
Non Lev Exp Ratio
2.32%
Beta (2yr)
1.07
Equity Exposure
57.59%
Bond Exposure
39.76%
# Holdings
36
Cash Weighted Duration
1.50
Comp NAV TR
-0.87%
Comp Discount
-8.72%
Net Assets (M)
500
Liquidity - 90d (K)
1,355
* 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


36 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NHF NexPoint Stgc Opp Fd Highland Capital 3.79 -32.09 4.27 50.74 5.49 764 1,670
DNIF Div & Incm Fd Bexil 3.35 -23.98 7.07 22.83 0.00 234 423
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 3.64 -23.92 6.89 100.00 23.31 85 270
SMM Salient Midstream & MLP Fd Salient 3.60 -23.59 4.03 100.00 23.92 138 404
SRV Cushing MLP & Infra Tot Rtn Fd Cushing 3.64 -23.02 4.88 0.00 26.44 84 287
SZC Cushing NextGen Infra Incm Fd Cushing 3.73 -14.64 5.23 57.86 27.20 149 858
NDP Tortoise Nrg Ind Fd Tortoise 3.48 -14.71 0.00 N/A 7.70 43 509
SPE Spl Opp Fd Bulldog 3.17 -17.19 7.48 0.00 28.85 169 975
CET Cntrl Sec Corp Central Securities 3.30 -16.01 4.14 0.00 0.00 1,282 804
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 3.34 -14.31 10.06 100.00 0.00 42 128
GNT GAMCO NtrRes Gd & Incm Gabelli 3.27 -10.87 6.75 95.83 19.00 119 556
JOF Japan Sml Caplz Fd Nomura 2.96 -11.89 3.81 0.00 0.00 291 404
FAX Abd Asia-Pacific Incm Fd Aberdeen 3.28 -7.45 7.59 54.38 29.56 1,164 3,101
GPM Gghm Enh Eq Incm Fd Guggenheim Funds 3.49 -1.67 5.81 85.19 30.44 406 2,260
NCZ Virtus AG Convt & Incm Fd II Virtus 3.27 -8.10 8.62 35.71 39.12 432 2,151
EMF Tmp Emrg Mkt Fd Franklin Templeton 3.11 -8.45 3.37 0.00 4.15 344 456
DEX Dlw Enh Glbl Div & Incm Fd Delaware 3.25 -7.01 6.93 51.00 27.75 132 370
DYFN Angel Oak Dyn Fin Stgs Incm Trm Angel Oak 3.35 -2.98 7.19 34.02 30.60 86 311
ACV Virtus AG Divr Incm & Convt Fd Virtus 3.27 -6.26 6.03 0.00 22.45 367 1,329
CEV EV CA Muni Incm Tr Eaton Vance 3.20 -6.70 4.10 0.00 36.40 105 280
HEQ JH Hgd Eq & Incm Fd John Hancock 3.15 -5.82 9.31 37.78 0.00 162 654
BMEZ BR Health Sci Tr II BlackRock 3.36 -3.85 6.06 5.86 N/A 3,363 6,704
RFM RivNth Flex Muni Incm Fd RiverNorth 3.34 -2.92 5.22 0.71 31.60 151 339
RMM RivNth Mgd Dur Muni Incm Fd RiverNorth 3.35 -1.51 5.43 38.72 35.20 406 1,291
MCI Barings Corp Invstr Barings 3.40 -2.49 6.27 0.00 8.96 318 323
FTHY FT Hi Yld Opp 2027 Trm Fd First Trust 3.07 -6.21 7.25 0.00 28.35 774 1,840
CPTA Capitala Finance Corp Capitala 1.81 -44.90 0.00 N/A 60.62 121 706
SVVC Firsthand Tech Val Fd Firsthand Capital 1.21 -64.93 0.00 N/A 0.00 112 170
ORCC Owl Rock Capital Corp Owl Rock 1.19 -4.25 8.74 0.00 47.86 5,801 18,643
FCRD First Eagle Alt Cap BDC First Eagle Alt Cr 1.25 -29.83 8.95 0.00 45.57 192 281
PNNT PennantPark Inv Corp PennantPark 1.36 -28.03 7.22 0.00 46.32 619 2,516
SUNS SLR Sr Inv Corp SLR Capital 1.19 -4.46 7.89 20.99 16.73 255 831
SLRC SLR Inv Corp SLR Capital 1.25 -5.43 8.56 19.74 36.19 856 3,298
AINV Apollo Inv Corp Apollo 1.15 -14.74 9.16 0.00 57.74 1,036 4,549
ICMB Investcorp Cr Mgmt BDC Investcorp 1.16 -29.51 10.73 0.00 62.88 110 252
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 1.26 -19.86 10.26 0.00 55.55 220 1,010

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 %