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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 2,045.49 0.26 1.16 5.24 7.34 17.66 19.42 4.14 10.45 9.12 4.09 2.96 10.88
NAV 1,396.68 0.17 0.79 3.49 5.31 13.31 12.93 0.53 3.95 4.17 2.68 1.66 6.02
Difference -0.09 -0.37 -1.76 -2.04 -4.34 -6.49 -3.61 -6.51 -4.94 -1.41 -1.31 -4.86
* 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 2.04 3.65 7.69 -1.08 - - - - - - - - - - - - - -
NAV 0.05 1.58 2.62 4.30 -0.99 - - - - - - - - - - - - - -
Difference -1.78 -0.45 -1.03 -3.40 0.08 - - - - - - - - - - - - - -
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
-14.97%
1Yr Disc
-14.63%
3Yr Disc
-10.17%
5Yr Disc
-10.48%
Rel Disc Range (3yr)
26.55%
Mkt Yield
7.79%
Lev Adj NAV Yield
5.52%
After Tax Yield*
6.94%
Est Tax Friction*
0.85%
3Yr NAV Volatiliy
12.88
1 Yr RoC
48.52%
3 Yr Dest RoC
26.02%
Leverage
20.91%
Non Lev Exp Ratio
2.01%
Beta (2yr)
0.74
Equity Exposure
48.13%
Bond Exposure
48.25%
# Holdings
60
Cash Weighted Duration
3.23
Comp NAV TR
-1.00%
Comp Discount
-7.10%
Net Assets (M)
637
Liquidity - 90d (K)
1,710
* 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)
HFRO Highland Opp & Incm Fd NexPoint 1.62 -48.29 6.94 0.00 16.14 880 1,920
HGLB Highland Glbl Alloc Fd NexPoint 1.68 -35.32 12.98 0.00 3.11 262 565
STEW SRH Tot Rtn Fd Paralel Advisors 1.67 -22.99 3.76 16.77 11.11 1,845 1,103
TYG Tortoise Nrg Infra Corp Tortoise 1.89 -17.27 8.27 42.07 21.50 447 1,637
IIF MS India Inv Fd Morgan Stanley 1.79 -19.14 6.76 0.00 0.00 295 882
NTG Tortoise Midstream Nrg Fd Tortoise 1.80 -18.23 7.59 46.63 18.90 253 461
GAM General American Invstr General American Inv 1.77 -17.96 5.46 0.00 13.35 1,396 994
TTP Tortoise Pip & Nrg Fd Tortoise 1.85 -14.99 6.85 81.63 17.80 81 235
GLO Clough Glbl Opp Fd Clough 1.73 -18.05 11.23 99.91 27.92 268 767
PEO Adams Ntr Res Fd Adams Funds 1.75 -15.09 5.69 0.00 0.00 713 755
CAF MS China A Shr Fd Morgan Stanley 1.79 -17.70 0.96 0.00 0.00 268 610
GLV Clough Glbl Div & Incm Fd Clough 1.73 -16.49 11.23 95.10 28.39 84 349
GLQ Clough Glbl Eq Fd Clough 1.75 -16.81 10.91 99.52 28.66 150 434
ASA ASA Gd & Prcs Mtl Merk Investments 2.12 -12.55 0.21 0.00 0.00 423 1,345
ECF Ellsworth Gwth & Incm Fd Gabelli 1.70 -15.80 6.42 10.79 24.00 132 368
AEF abrdn Emrg Mkt Eq Incm Fd abrdn 1.80 -15.19 6.72 88.02 10.54 321 555
HQL abrdn Life Sci Invstr abrdn 1.76 -12.53 13.62 29.32 0.00 432 1,206
HQH abrdn Health Invstr abrdn 1.76 -11.98 13.55 26.02 0.00 978 2,723
TDF Tmp Dragon Fd Franklin Templeton 1.89 -15.15 0.00 N/A 0.00 261 429
AOD abrdn Tot Dyn Div Fd abrdn 1.74 -15.39 8.20 32.28 3.91 1,048 2,122
NML NB Nrg Infra & Incm Fd Neuberger Berman 1.79 -12.37 9.08 100.00 17.45 499 1,928
DMB BNY Mellon Muni Bnd Infra Fd BNY Mellon 1.69 -14.26 3.50 0.00 31.05 221 626
NPCT Nuv Core Plus Impact Fd Nuveen 1.75 -11.93 10.48 55.34 35.67 342 891
PCK PIMCO CA Muni Incm Fd II PIMCO 1.73 -13.00 4.43 46.04 41.77 216 362
VKI Invsc Adv Muni Incm Tr II Invesco 1.71 -13.01 4.93 3.13 37.00 433 1,052
IDE Voya Infra Ind & Matrls Fd Voya 1.70 -13.61 11.74 30.31 0.00 179 462
FT Frk Univ Tr Franklin Templeton 1.76 -13.42 7.46 0.00 23.77 199 386
BGR BR Nrg & Res Tr BlackRock 1.72 -12.94 5.92 46.43 0.00 420 981
RA Brkf Real Ast Incm Fd Brookfield 1.69 -12.95 11.14 45.29 17.27 810 2,759
SABA Saba Cap Incm & Opp Fd II Saba Capital 1.74 -12.19 8.95 45.87 0.00 250 1,103
NUW Nuv AMT-Fr Muni Val Fd Nuveen 1.72 -10.91 3.76 0.00 0.72 273 603
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.68 -12.83 2.69 0.00 34.44 1,563 2,733
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.68 -11.88 12.82 78.19 30.48 96 292
PMO Putnam Muni Opp Tr Putnam 1.71 -11.38 4.15 29.86 28.00 355 987
PMM Putnam Mgd Muni Incm Tr Putnam 1.73 -10.37 4.72 28.08 24.00 309 636
PCQ PIMCO CA Muni Incm Fd PIMCO 1.72 -10.47 4.59 53.51 42.10 199 498
NIE Virtus Eq & Convt Incm Fd Virtus 1.72 -10.00 8.85 56.64 0.00 695 1,565
NIM Nuv Sel Maturities Muni Fd Nuveen 1.70 -10.77 3.49 0.00 0.00 125 286
EOT EV Nat Muni Opp Tr Eaton Vance 1.71 -10.18 4.52 0.00 12.10 288 585
JPC Nuv Pref & Incm Opp Fd Nuveen 1.72 -10.39 7.96 0.00 37.72 2,553 5,127
NMCO Nuv Muni Cr Opp Fd Nuveen 1.73 -10.04 5.63 0.80 40.65 649 1,518
JHI JH Invstr Tr John Hancock 1.75 -7.43 5.93 0.00 40.47 128 408
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.73 -10.28 7.13 42.99 0.00 1,540 2,439
BRW Saba Cap Incm & Opp Fd Saba Capital 1.71 -8.35 14.09 79.47 20.98 336 1,112
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.73 -7.65 9.24 29.55 0.00 616 1,441
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 1.74 -9.26 7.45 50.25 0.00 312 664
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.71 -10.37 7.04 37.64 0.00 1,299 2,590
DHY CS Hi Yld Bnd Fd Credit Suisse 1.73 -6.42 9.12 0.00 26.17 226 872
PPT Putnam Prmr Incm Tr Putnam 1.73 -7.35 8.84 28.85 0.00 365 622
MCR MFS Charter Incm Tr MFS 1.69 -7.95 8.66 33.63 25.00 288 377
EQS Equus Total Return Equus 1.20 -57.40 0.00 N/A 48.06 46 13
ICMB Investcorp Cr Mgmt BDC Investcorp 1.32 -40.98 14.81 0.00 58.34 79 108
PSBD Palmer Sq Cap BDC Palmer Sq BDC Advis 1.28 -2.91 10.08 0.00 56.29 559 627
PSEC Prospect Capital Corp Prospect Capital 1.26 -37.04 12.72 0.00 51.14 3,756 10,507
MRCC Monroe Capital Corp Monroe Capital 1.24 -20.65 13.55 0.00 60.99 201 489
TCPC BR TCP Capital Corp BlackRock 1.26 -3.23 12.62 0.00 57.21 953 5,656
SAR Saratoga Inv Corp Saratoga 1.23 -13.68 12.47 0.00 66.71 372 1,528
CION CION Inv Corp CION Inv Mgmt 1.38 -22.37 11.56 0.00 59.44 860 3,802
WHF WhiteHorse Finance H.I.G. Capital 1.32 -3.11 11.77 0.00 53.10 314 1,174
FSK FS KKR Capital Corp FS/KKR 1.32 -17.64 12.78 0.00 52.59 6,811 33,445

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 %