CEF Advisors AICA Event NAVigator Podcast

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

View All Indexes

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 1,912.39 0.06 0.44 2.68 9.37 7.45 11.05 5.77 9.53 8.71 1.81 3.67 3.67
NAV 1,334.10 0.11 0.55 2.13 7.40 6.91 8.20 0.73 3.38 4.03 1.22 1.27 1.27
Difference 0.05 0.10 -0.56 -1.97 -0.55 -2.85 -5.04 -6.14 -4.68 -0.59 -2.40 -2.40
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2024 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2024
Price 1.83 - - - - - - - - - - - - - - - - - -
NAV 0.05 - - - - - - - - - - - - - - - - - -
Difference -1.78 - - - - - - - - - - - - - - - - - -
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 10.13 -2.22 -0.74 6.88 0.82 -2.08 5.20 3.86 11.01 3.22 -2.07 -9.11 -8.13 -3.60 12.59 3.99 12.86 3.69 15.10
NAV 5.19 -3.06 0.98 2.97 1.09 -2.37 3.68 2.34 5.37 1.88 -2.39 -5.44 -5.96 -2.75 9.22 3.90 10.36 3.78 9.35
Difference -4.94 -0.84 1.72 -3.92 0.27 -0.29 -1.52 -1.53 -5.64 -1.33 -0.32 3.68 2.17 0.86 -3.37 -0.09 -2.51 0.09 -5.75
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
-16.53%
1Yr Disc
-16.33%
3Yr Disc
-12.27%
5Yr Disc
-12.78%
Rel Disc Range (3yr)
26.12%
Mkt Yield
7.78%
Lev Adj NAV Yield
5.37%
After Tax Yield*
6.98%
Est Tax Friction*
0.80%
3Yr NAV Volatiliy
14.35
1 Yr RoC
50.66%
3 Yr Dest RoC
26.04%
Leverage
21.19%
Non Lev Exp Ratio
2.17%
Beta (2yr)
0.81
Equity Exposure
54.44%
Bond Exposure
43.04%
# Holdings
60
Cash Weighted Duration
2.97
Comp NAV TR
-1.77%
Comp Discount
-6.98%
Net Assets (M)
570
Liquidity - 90d (K)
1,806
* 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)
BXSY Bexil Investment Tr Bexil 1.73 -35.68 8.01 0.00 10.00 249 265
HGLB Highland Glbl Alloc Fd NexPoint 1.70 -30.19 12.40 0.00 3.11 254 734
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.65 -21.85 9.52 66.88 11.20 196 676
BSTZ BR Sci & Tech Trm Tr BlackRock 1.91 -15.30 6.61 73.37 0.00 1,685 6,788
STEW SRH Tot Rtn Fd Paralel Advisors 1.81 -21.73 3.73 49.51 11.77 1,827 1,177
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.83 -15.77 10.21 100.00 0.00 1,099 2,999
GRX Gabelli Health & Well Tr Gabelli 1.81 -18.40 5.99 73.83 23.00 205 431
IIF MS India Inv Fd Morgan Stanley 2.09 -18.32 7.06 0.00 0.00 282 1,484
TYG Tortoise Nrg Infra Corp Tortoise 1.71 -17.53 9.72 42.07 22.40 381 1,514
BIGZ BR Innovation & Gwth Trm Tr BlackRock 1.86 -13.46 6.67 100.00 0.00 2,085 8,693
CET Cntrl Sec Corp Central Securities 1.73 -19.79 4.77 0.00 0.00 1,371 1,474
TTP Tortoise Pip & Nrg Fd Tortoise 1.76 -17.80 8.06 77.51 18.80 72 346
GLV Clough Glbl Div & Incm Fd Clough 1.82 -15.90 11.48 98.37 25.42 82 298
GLO Clough Glbl Opp Fd Clough 1.80 -17.20 11.61 99.63 25.07 257 902
GLQ Clough Glbl Eq Fd Clough 1.83 -16.34 11.40 99.47 25.13 143 495
BMEZ BR Health Sci Trm Tr BlackRock 1.89 -12.93 6.66 100.00 0.00 1,993 8,842
NTG Tortoise Midstream Nrg Fd Tortoise 1.73 -17.82 8.66 46.63 20.20 220 672
NDP Tortoise Nrg Ind Fd Tortoise 1.78 -15.33 8.36 70.36 13.40 59 283
KF Korea Fund Allianz 1.70 -16.34 0.00 N/A 0.00 137 263
PEO Adams Ntr Res Fd Adams Funds 1.74 -16.39 6.36 0.00 0.00 648 929
CPZ Calamos Lng-Srt Eq & Dyn Incm Calamos 1.80 -14.59 11.13 12.51 25.67 347 1,195
MEGI MainStay CBRE Glbl Infra MTrnd Trm New York Life 1.66 -10.54 11.86 0.00 25.00 736 2,722
NPFD Nuv Var Rt Pref & Incm Fd Nuveen 1.82 -12.15 8.23 0.00 36.14 479 1,471
LEO BNY Mellon Stgc Muni BNY Mellon 1.74 -13.77 3.79 0.00 31.05 434 1,545
NAZ Nuv AZ Qlty Muni Incm Fd Nuveen 1.72 -13.99 3.86 0.25 37.34 147 286
MIO Pioneer Muni Hi Incm Opp Fd Amundi Asset Mgmt 1.77 -12.30 4.62 9.47 10.90 213 683
BOE BR Enh Glbl DivTr BlackRock 1.75 -14.81 7.38 66.55 0.00 740 1,838
BCX BR Res & Com Stgy Tr BlackRock 1.61 -15.07 7.40 53.57 0.00 834 2,870
KYN KA Nrg Infra Fd Kayne Anderson 1.79 -15.22 9.69 9.88 23.81 1,811 6,007
AOD abrdn Tot Dyn Div Fd abrdn 1.73 -15.14 8.49 34.59 2.14 1,010 2,692
NPCT Nuv Core Plus Impact Fd Nuveen 1.75 -12.60 10.62 63.96 35.78 340 1,087
AGD abrdn Glbl Dyn Div Fd abrdn 1.74 -14.09 8.20 30.75 0.00 275 642
ECF Ellsworth Gwth & Incm Fd Gabelli 1.68 -14.77 6.48 0.00 24.00 129 483
OCCI OFS Credit Company OFS Capital 1.80 -11.72 17.70 0.00 34.31 122 949
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 1.74 -13.26 7.64 0.00 6.15 354 1,171
IQI Invsc Qlty Muni Incm Tr Invesco 1.71 -13.63 5.05 0.61 34.00 586 1,951
BGY BR Enh Intl DivTr BlackRock 1.73 -13.37 7.54 56.78 0.00 623 1,288
HYB New Amrc Hi Incm Fd T. Rowe Price 1.75 -11.37 6.62 0.00 30.00 191 409
VKI Invsc Adv Muni Incm Tr II Invesco 1.72 -12.91 4.89 3.07 37.02 437 1,190
NPV Nuv VA Qlty Muni Incm Fd Nuveen 1.71 -13.38 4.03 0.29 39.24 225 565
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 1.76 -12.27 7.63 0.00 28.78 196 1,254
RFMZ RivNth Flex Muni Incm Fd II RiverNorth 1.82 -10.34 7.40 71.48 38.10 382 1,311
IGD Voya Glbl Eq Div & Prm Opp Voya 1.77 -13.22 9.38 62.50 0.00 465 1,206
PCK PIMCO CA Muni Incm Fd II PIMCO 1.74 -11.61 4.34 51.46 41.51 217 712
DMB BNY Mellon Muni Bnd Infra Fd BNY Mellon 1.71 -13.80 3.47 0.00 31.03 221 919
ASA ASA Gd & Prcs Mtl Merk Investments 1.56 -14.28 0.14 0.00 0.00 312 1,294
IIM Invsc Val Muni Incm Tr Invesco 1.71 -12.70 5.04 0.88 33.00 637 1,786
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.76 -13.15 6.82 0.00 39.80 181 644
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.76 -11.75 7.85 15.68 0.00 579 1,719
EVN EV Muni Incm Tr Eaton Vance 1.77 -10.39 5.43 9.21 27.40 451 1,321
EQS Equus Total Return Equus 1.24 -57.31 0.00 N/A 27.45 47 24
MRCC Monroe Capital Corp Monroe Capital 1.19 -27.04 14.31 0.00 61.03 208 575
PIAC Princeton Cap Corp House Hanover 1.05 -25.93 0.00 N/A 0.00 33 0
ICMB Investcorp Cr Mgmt BDC Investcorp 1.20 -37.77 14.08 0.00 60.18 79 107
PSEC Prospect Capital Corp Prospect Capital 1.18 -35.65 12.54 0.00 51.03 3,693 12,833
BBDC Barings BDC Barings 1.35 -14.63 10.80 0.00 53.80 1,196 4,735
WHF WhiteHorse Finance H.I.G. Capital 1.28 -8.51 12.14 0.00 53.33 322 645
TCPC BR TCP Capital Corp BlackRock 1.17 -11.95 12.14 0.00 56.66 735 4,288
SLRC SLR Inv Corp SLR Capital 1.20 -17.55 11.01 0.00 46.94 985 3,233
PTMN Portman Ridge Fin Corpn Sierra Crest Inv Mgmt 1.22 -18.81 15.01 0.00 58.24 214 778

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 %