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 1,255.14 0.08 0.84 1.14 2.69 20.81 13.43 11.49 7.45 2.72 2.19 17.39
NAV 1,169.60 0.15 1.25 1.60 2.30 10.88 8.46 7.41 4.29 2.58 1.77 9.58
Difference 0.07 0.41 0.46 -0.39 -9.93 -4.97 -4.08 -3.16 -0.13 -0.42 -7.81
* 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 - - - - - - - - - - - - 14.67
NAV 4.80 1.14 1.71 7.81 0.92 -1.70 - - - - - - - - - - - - 6.99
Difference -6.38 -1.05 0.31 -7.40 -1.19 0.88 - - - - - - - - - - - - -7.68
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
-12.85%
1Yr Disc
-12.32%
3Yr Disc
-9.99%
5Yr Disc
-10.08%
Rel Disc Range (3yr)
34.54%
Mkt Yield
7.32%
Lev Adj NAV Yield
5.09%
After Tax Yield*
6.34%
Est Tax Friction*
0.98%
3Yr NAV Volatiliy
9.37
1 Yr RoC
18.77%
3 Yr Dest RoC
9.81%
Leverage
26.62%
Non Lev Exp Ratio
1.96%
Beta (2yr)
0.44
Equity Exposure
37.64%
Bond Exposure
60.61%
# Holdings
60
Cash Weighted Duration
2.79
Comp NAV TR
-0.19%
Comp Discount
-5.16%
Net Assets (M)
562
Liquidity - 90d (K)
1,361
* 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 1.82 -15.12 7.62 74.41 26.29 204 670
MGU Macquarie Glbl Infra Tot Rtn Macquarie 1.83 -13.54 7.07 62.68 28.60 343 845
BWG BwGlobal Glbl Incm Opp Fd Legg Mason 1.82 -15.72 6.35 39.48 37.70 290 584
ADX Adams Divr Eq Fd Adams Express 1.85 -13.00 5.99 0.00 0.00 1,891 2,413
ASA ASA Gd & Prcs Mtl ASA 1.88 -16.60 0.18 0.00 0.00 260 1,051
HGLB Highland Glbl Alloc Fd Highland Capital 1.52 -20.86 11.33 9.63 38.94 330 929
EFF EV Flt-Rt Inc+ Fd Eaton Vance 1.74 -13.34 6.69 0.00 35.80 131 319
WIW WA Inf-Lnk Opp & Incm Fd Western Asset 1.79 -13.33 3.88 0.00 29.90 785 931
DTF DTF Tx-Free Incm Duff & Phelps 1.80 -11.25 3.04 0.00 33.81 133 331
FCT FT Sr Flt Rt Incm Fd II First Trust 1.76 -12.86 6.66 0.00 30.34 365 876
FRA BR Flt Rt Incm Stgc Fd BlackRock 1.77 -11.79 6.52 0.00 29.26 530 2,037
EFT EV Flt-Rt Incm Tr Eaton Vance 1.77 -11.34 6.78 0.00 35.00 605 1,590
JGH Nuv Glbl Hi Incm Fd Nuveen 1.76 -13.31 7.99 2.94 30.74 409 811
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.69 -15.40 8.01 56.15 31.74 1,213 3,767
BGT BR Flt Rt Incm Fd BlackRock 1.73 -12.94 6.06 0.00 28.70 326 887
EMO CB Nrg Midstream Opp Fd Legg Mason 1.67 -12.73 10.09 76.39 33.67 749 1,585
JFR Nuv Flt Rt Incm Fd Nuveen 1.77 -11.62 7.58 0.00 37.70 627 1,614
EFR EV Sr Flt-Rt Tr Eaton Vance 1.75 -11.13 6.92 0.00 35.50 546 1,489
TTP Tortoise Pip & Nrg Fd Tortoise 1.65 -11.46 11.46 98.77 28.30 161 574
ECF Ellsworth Gwth & Incm Fd Gabelli 1.84 -10.93 4.71 0.00 17.00 146 271
JRO Nuv Flt Rt Incm Opp Fd Nuveen 1.76 -11.96 7.78 0.00 37.16 444 1,446
CTR CB MLP & Midstream Tot Rtn Fd Legg Mason 1.69 -12.04 9.41 92.93 31.75 408 738
DEX Dlw Enh Glbl Div & Incm Fd Delaware 1.80 -9.85 11.04 28.73 32.10 140 537
TDF Tmp Dragon Fd Templeton 1.65 -11.34 3.79 0.00 0.00 731 1,074
EAD WF Incm Opp Fd Wells Fargo 1.81 -9.77 8.72 0.00 28.80 575 1,624
CHN China Fund Allianz 1.69 -10.15 2.69 0.00 0.00 241 451
BGY BR Enh Intl DivTr BlackRock 1.71 -11.31 7.39 26.18 0.00 665 1,232
MYC BR MuniYld CA Fd BlackRock 1.82 -8.94 4.10 0.00 40.71 331 734
RMT Royce Micro-Cap Tr Legg Mason 1.67 -11.85 9.12 9.54 4.30 373 1,033
NRO NB Rel-Est Sec Incm Fd Neuberger Berman 1.81 -7.99 9.27 50.05 27.40 267 1,167
MNP WA Muni Patnr Fd Legg Mason 1.79 -9.49 4.64 0.00 35.00 160 313
EOD WF Glbl Div Opp Fd Wells Fargo 1.84 -8.85 10.74 17.33 15.40 266 817
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 1.68 -10.02 9.70 71.75 0.00 161 492
JHI JH Invstr Tr John Hancock 1.76 -10.30 7.68 0.00 35.97 157 338
IIM Invsc Val Muni Incm Tr Invesco 1.82 -7.05 4.65 0.34 39.00 768 1,859
BKN BR Inv Qlty Muni Tr BlackRock 1.81 -8.33 4.64 0.45 39.20 277 788
DSE D&P Sel MLP & Midstream Nrg Fd Virtus 1.67 -7.96 12.66 100.00 36.10 135 490
MFL BR MuniHldg Inv Qlty Fd BlackRock 1.78 -8.75 4.76 0.00 40.81 550 1,278
BDJ BR Enh Eq Div Tr BlackRock 1.77 -8.79 6.43 0.00 0.00 1,793 3,152
IDE Voya Infra Ind & Matrls Fd Voya 1.69 -10.68 9.56 9.56 0.00 262 758
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.83 -4.98 12.82 47.04 27.10 199 985
RA Brkf Real Ast Incm Fd Brookfield 1.79 -7.16 10.84 40.31 24.05 866 2,326
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 1.79 -7.83 7.69 24.14 24.70 1,325 2,389
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.82 -6.16 11.96 58.13 27.44 152 603
HQL Tekla Life Sci Invstr Tekla 1.69 -8.50 8.76 37.59 0.00 420 1,509
GDV Gabelli Div & Incm Tr Gabelli 1.77 -7.83 6.10 18.20 22.00 1,936 3,276
MAV Pioneer Muni Hi Incm Adv Tr Pioneer 1.71 -9.89 4.22 0.00 36.50 283 664
NCA Nuv CA Muni Val Fd Nuveen 1.81 -5.22 3.42 0.00 0.00 296 414
NXR Nuv Sel Tx-Free Incm Port 3 Nuveen 1.80 -5.37 3.40 0.00 0.00 211 332
NEV Nuv Enh Muni Val Fd Nuveen 1.78 -6.35 4.79 0.00 35.98 377 569
EQS Equus Total Return Equus 1.08 -51.16 0.00 N/A 36.59 47 6
MCC Medley Capital Corp MCC Advisors 0.94 -53.23 8.37 0.00 57.26 278 271
PSEC Prospect Capital Corp Prospect Capital 1.27 -27.31 10.91 0.00 40.71 3,332 9,849
HCAP Harvest Cap Cr Corp Harvest Capital 1.24 -14.29 9.25 7.38 28.60 75 123
RAND Rand Capital Corp Rand Capital 1.10 -49.60 0.00 N/A 25.06 32 15
FSK FS KKR Capital Corp FS/KKR Advisor 1.25 -23.79 12.69 0.00 43.94 4,108 9,653
TCRD THL Credit THL Credit 1.26 -24.67 12.44 0.00 43.37 285 607
CGBD TCG BDC Carlyle 1.33 -11.50 9.67 0.00 50.00 1,049 5,319
PNNT PennantPark Inv Corp PennantPark 1.14 -28.77 11.45 0.00 51.96 592 1,617
CPTA Capitala Finance Corp Capitala 1.44 -21.02 10.90 0.00 60.74 187 905

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 %