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09. Premium CEF/BDC Index

Data as of

About the Index

(1) Traditional CEFs with $250K+ 90-day average trading dollar $, a Discount narrower than -6.5% (above), 1-year Discount Range over 50%, 6 month Relative Z-Stat over 0 and Comp Discount over 0. The remaining funds ranked by 25 largest (highest) CEF premiums. Business Development Companies (BDC): Equity or Debt-Focused BDCs with -6.5% or higher Discounts, Comp Discount over 0 and above average 6-month Relative Z-Stats. The remaining funds are ranked by the highest 8 1-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. If no BDC funds meet the criteria, the allocation will be split between the qualifying traditional CEFs. 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 776.10 1.07 -2.84 -11.57 -8.90 -25.86 -30.90 -12.28 -6.32 -1.23 -11.57 -8.90 -32.24
NAV 1,302.26 0.07 -1.41 -6.71 -3.52 -16.40 -16.56 1.37 3.63 5.51 -6.71 -3.52 -19.59
Difference -1.01 1.42 4.86 5.38 9.46 14.34 13.65 9.95 6.74 4.86 5.38 12.64
* 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 -6.56 -3.13 0.22 -9.28 -8.57 -2.49 -8.03 -18.01 -25.62 6.56 -3.32 -11.57 -8.90 - - - - - -
NAV -2.81 -1.34 -0.13 -4.24 -6.37 -0.03 -7.02 -12.97 -16.66 5.62 -2.08 -6.71 -3.52 - - - - - -
Difference 3.75 1.78 -0.35 5.04 2.20 2.47 1.01 5.04 8.96 -0.95 1.24 4.86 5.38 - - - - - -
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 0.50 1.51 3.08 5.15 2.30 0.91 2.12 5.42 10.85 -0.74 0.01 -4.01 -4.71 1.49 -0.83 1.31 1.97 -2.83 7.71
NAV 0.35 0.45 1.86 2.68 2.56 1.42 1.59 5.67 8.50 0.83 1.51 -1.38 0.94 1.92 -0.74 2.58 3.77 4.75 13.66
Difference -0.15 -1.05 -1.21 -2.47 0.26 0.51 -0.53 0.25 -2.35 1.57 1.50 2.63 5.65 0.43 0.09 1.26 1.80 7.59 5.95
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 1.20 -9.40 -21.67 -28.18 2.94 5.87 1.90 11.05 -20.25 2.00 2.37 -1.35 3.01 -1.99 9.31 3.65 11.05 14.39 -8.77
NAV 2.16 -2.29 -15.42 -15.57 3.55 5.74 3.35 13.16 -4.46 4.13 2.30 -0.32 6.18 0.72 5.73 2.59 9.25 16.01 10.84
Difference 0.96 7.11 6.25 12.61 0.61 -0.13 1.46 2.11 15.79 2.13 -0.08 1.04 3.17 2.71 -3.58 -1.06 -1.79 1.62 19.61
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 7.34 1.90 1.64 11.16 -0.09 -2.39 4.16 1.59 12.93 0.75 -3.03 1.25 -1.08 -0.39 -0.17 2.10 1.53 0.43 13.42
NAV 5.18 1.21 2.36 8.97 1.65 -1.43 3.11 3.32 12.58 0.23 -0.61 0.86 0.48 0.12 -0.31 2.94 2.74 3.23 16.22
Difference -2.15 -0.69 0.72 -2.20 1.75 0.96 -1.05 1.73 -0.34 -0.52 2.42 -0.39 1.56 0.51 -0.14 0.84 1.20 2.79 2.80
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price -2.63 -2.95 -0.80 -6.26 3.26 2.25 -1.18 4.33 -2.20 1.65 1.27 -0.94 1.98 -7.25 1.85 1.58 -4.05 -2.15 -4.31
NAV 1.18 -2.30 -0.61 -1.75 1.79 1.81 -0.03 3.60 1.79 1.29 0.66 0.63 2.61 -2.75 0.09 -2.02 -4.62 -2.14 -0.39
Difference 3.81 0.65 0.20 4.51 -1.46 -0.44 1.15 -0.73 3.99 -0.36 -0.61 1.57 0.63 4.50 -1.76 -3.60 -0.58 0.01 3.92
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.10 0.83 0.01 2.95 2.44 1.54 -0.01 4.00 7.07 0.49 -0.79 0.80 0.49 -0.46 -0.74 1.02 -0.19 0.30 7.39
NAV 1.46 1.56 0.52 3.58 1.37 1.27 0.17 2.83 6.51 1.25 0.54 0.47 2.27 0.62 0.66 0.66 1.95 4.26 11.06
Difference -0.64 0.73 0.51 0.63 -1.07 -0.27 0.18 -1.17 -0.56 0.76 1.32 -0.32 1.78 1.08 1.40 -0.36 2.14 3.97 3.67
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -2.61 1.39 3.81 2.51 4.47 -0.03 4.45 9.09 11.82 2.68 0.53 -1.61 1.56 -5.01 -1.71 0.69 -5.98 -4.52 6.77
NAV -1.37 0.13 2.10 0.82 4.51 1.22 3.13 9.09 9.98 1.19 0.47 1.69 3.38 -0.75 -2.50 2.04 -1.26 2.08 12.27
Difference 1.24 -1.26 -1.72 -1.68 0.04 1.24 -1.32 -0.00 -1.84 -1.49 -0.05 3.30 1.82 4.26 -0.79 1.35 4.73 6.60 5.50
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -2.05 1.51 -1.76 -2.31 0.74 -1.39 -5.22 -5.84 -8.02 -0.91 -4.17 -4.03 -8.87 6.68 -3.72 -0.92 1.76 -7.27 -14.70
NAV -0.62 2.22 -0.60 0.98 1.06 0.69 -1.96 -0.24 0.74 0.43 -3.16 -2.49 -5.15 4.96 -2.06 -3.15 -0.44 -5.57 -4.87
Difference 1.43 0.71 1.16 3.29 0.31 2.08 3.26 5.60 8.76 1.35 1.01 1.55 3.72 -1.72 1.66 -2.23 -2.20 1.69 9.83
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.89 2.54 0.28 4.76 1.67 3.08 2.03 6.93 12.02 -2.13 3.99 -2.36 -0.63 1.72 1.47 -0.74 2.45 1.80 14.04
NAV 1.46 2.29 0.55 4.36 1.42 2.03 2.61 6.19 10.82 -1.25 2.95 -1.29 0.35 -0.51 -0.40 -1.99 -2.87 -2.53 8.01
Difference -0.43 -0.25 0.27 -0.41 -0.25 -1.05 0.58 -0.74 -1.20 0.88 -1.04 1.07 0.98 -2.23 -1.86 -1.25 -5.32 -4.33 -6.03
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 6.40 1.67 0.48 8.70 2.11 -1.01 -1.75 -0.69 7.95 -0.44 -1.61 2.01 -0.07 2.47 0.10 2.17 4.81 4.74 13.06
NAV 3.84 0.45 2.02 6.42 2.01 -0.08 -2.17 -0.29 6.10 1.79 -1.68 2.59 2.68 2.00 0.78 1.01 3.84 6.61 13.12
Difference -2.56 -1.22 1.54 -2.28 -0.11 0.93 -0.42 0.40 -1.84 2.23 -0.07 0.57 2.74 -0.47 0.67 -1.16 -0.97 1.87 0.06
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 5.58 2.84 0.06 8.64 1.38 -2.44 3.24 2.11 10.94 2.83 0.97 2.39 6.31 -0.67 -1.12 -1.22 -2.98 3.14 14.42
NAV 4.00 2.55 0.19 6.85 0.91 -2.37 1.24 -0.27 6.56 2.14 1.54 1.84 5.62 0.59 0.64 -0.02 1.22 6.91 13.92
Difference -1.58 -0.30 0.13 -1.79 -0.47 0.07 -2.01 -2.39 -4.38 -0.69 0.58 -0.54 -0.68 1.26 1.77 1.20 4.20 3.78 -0.49

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
6.82%
1Yr Disc
9.28%
3Yr Disc
5.41%
5Yr Disc
4.74%
Rel Disc Range (3yr)
65.00%
Mkt Yield
10.58%
Lev Adj NAV Yield
8.75%
After Tax Yield*
9.19%
Est Tax Friction*
1.39%
3Yr NAV Volatiliy
21.49
1 Yr RoC
48.44%
3 Yr Dest RoC
35.62%
Leverage
30.63%
Non Lev Exp Ratio
2.07%
Beta (2yr)
0.84
Equity Exposure
47.31%
Bond Exposure
51.23%
# Holdings
33
Cash Weighted Duration
2.62
Comp NAV TR
-1.62%
Comp Discount
15.56%
Net Assets (M)
602
Liquidity - 90d (K)
2,269
* 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


33 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
GGT Gabelli Multimedia Tr Gabelli 3.43 64.47 14.08 78.78 42.00 104 311
PCQ PIMCO CA Muni Incm Fd PIMCO 3.50 42.90 5.54 18.01 46.55 187 412
GAB Gabelli Eq Tr Gabelli 3.55 20.13 11.35 78.10 22.00 1,348 2,216
BTO JH Fin Opp Fd John Hancock 3.33 0.53 8.09 40.18 16.11 612 1,116
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 3.45 6.28 9.57 23.97 0.00 374 774
PML PIMCO Muni Incm Fd II PIMCO 3.46 14.52 7.30 14.06 46.20 538 1,662
RA Brkf Real Ast Incm Fd Brookfield 3.71 12.16 13.55 57.61 28.94 846 3,932
PMF PIMCO Muni Incm Fd PIMCO 3.28 5.77 6.67 0.00 46.66 240 575
CGO Calamos Glbl Tot Rtn Fd Calamos 3.64 5.66 12.13 41.67 32.32 91 257
ASG Liberty All-Star Gwth Fd ALPS 3.33 -0.77 8.54 0.00 0.00 292 797
FEN FT Nrg Incm & Gwth Fd First Trust 3.65 5.78 7.80 70.87 22.12 283 980
THW Tekla Wld Health Fd Tekla 3.52 6.40 10.66 73.13 19.50 462 1,159
DPG D&P Util & Infra Fd Virtus 3.63 11.34 10.57 88.04 27.84 453 928
ECC Eagle Point Cr Co Eagle Point 3.72 0.97 14.70 0.00 30.92 507 4,141
RIV RiverNorth Opp Fd RiverNorth 3.44 3.54 15.84 60.24 33.56 224 1,217
HPF JH Pref Incm Fd II John Hancock 3.59 3.15 8.87 8.60 35.69 347 549
EIC Eagle Point Incm Co Eagle Point 3.61 -0.34 11.61 0.00 36.15 102 213
CHI Calamos Convt Opp & Incm Calamos 3.55 -3.36 11.67 0.00 36.73 740 1,572
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 3.22 2.79 12.47 0.00 39.67 72 167
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 3.83 12.57 9.83 74.15 0.00 1,305 3,879
EXD EV Tx-Mgd By-Wrt Stgs Fd Eaton Vance 3.48 2.33 9.21 99.68 0.00 88 222
CCD Calamos Dyn Convt & Incm Fd Calamos 3.68 1.35 11.57 0.00 36.43 508 1,721
ACP abrdn Incm Cr Stgs Fd abrdn 3.42 -2.98 18.40 1.39 43.53 167 713
HPS JH Pref Incm Fd III John Hancock 3.73 2.83 8.87 11.70 35.70 460 608
ETX EV Muni Incm 2028 Trm Tr Eaton Vance 3.50 0.05 4.55 0.00 36.70 203 253
EQS Equus Total Return Equus 1.08 -40.36 0.00 N/A 9.63 37 34
PFLT PennantPark Flt Rt Cap PennantPark 1.47 -21.38 11.88 0.00 58.57 554 3,523
GAIN Gladstone Inv Corp Gladstone 1.50 -9.97 7.44 0.00 35.22 446 1,083
MAIN Main Street Cap Corp Main Street Capital 1.53 32.60 7.85 0.00 48.54 1,909 12,192
ARCC Ares Capital Corp Ares 1.66 -10.26 10.19 0.00 53.81 9,507 44,185
HTGC Hercules Capital Hercules 1.52 11.03 12.09 0.00 52.22 1,327 11,512
GLAD Gladstone Cap Corp Gladstone 1.47 -6.91 9.54 0.55 46.46 313 1,217
HRZN Horizon Tech Fin Corp Horizon Tech Fin 1.52 -14.37 11.99 0.00 55.18 297 1,658

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.

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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %