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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 908.65 1.67 1.96 -4.23 -9.65 -20.14 -20.54 -6.95 -3.15 1.32 -4.35 -12.55 -20.66
NAV 1,426.20 1.09 2.48 -2.46 -6.49 -10.67 -5.69 5.55 6.14 7.27 -1.78 -8.04 -11.94
Difference -0.58 0.52 1.77 3.17 9.47 14.85 12.50 9.29 5.95 2.57 4.51 8.72
* 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 - - - - - - - - - - - - - -
NAV -2.81 -1.34 -0.13 -4.24 -6.37 - - - - - - - - - - - - - -
Difference 3.75 1.78 -0.35 5.04 2.20 - - - - - - - - - - - - - -
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
9.54%
1Yr Disc
8.34%
3Yr Disc
3.53%
5Yr Disc
2.63%
Rel Disc Range (3yr)
68.37%
Mkt Yield
10.61%
Lev Adj NAV Yield
10.15%
After Tax Yield*
9.15%
Est Tax Friction*
1.46%
3Yr NAV Volatiliy
20.31
1 Yr RoC
40.77%
3 Yr Dest RoC
24.54%
Leverage
20.51%
Non Lev Exp Ratio
1.95%
Beta (2yr)
0.72
Equity Exposure
60.92%
Bond Exposure
37.74%
# Holdings
33
Cash Weighted Duration
0.90
Comp NAV TR
-0.90%
Comp Discount
15.83%
Net Assets (M)
751
Liquidity - 90d (K)
3,812
* 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)
CEE Cntrl & East Euro Fd Deutsche 3.09 44.74 9.24 0.00 0.00 44 1,183
CRF Cornerstone Tot Rtn Fd Cornerstone 3.04 42.98 20.05 62.46 0.00 465 11,442
CLM Cornerstone Stgc Val Fd Cornerstone 3.18 46.15 19.69 60.59 0.00 916 22,967
GGT Gabelli Multimedia Tr Gabelli 3.33 29.17 11.49 40.44 34.00 163 538
GOF Gghm Stgc Opp Fd Guggenheim Funds 3.61 19.49 12.87 59.56 31.34 1,463 8,653
GAB Gabelli Eq Tr Gabelli 3.89 21.26 9.36 44.67 20.00 1,619 4,026
EDF Virtus SH Emrg Mkt Incm Fd Virtus 3.44 8.70 13.09 20.40 29.39 86 345
DNP DNP Sel Incm Fd Virtus 3.90 9.52 6.85 17.22 24.73 3,572 7,350
USA Liberty All-Star Eq Fd ALPS 3.37 3.50 10.59 1.94 0.00 1,670 8,668
EDI Virtus SH Emrg Mkt Tot Incm Fd Virtus 3.33 -1.00 14.19 12.68 28.46 60 165
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 3.66 6.97 8.45 53.82 0.00 408 1,050
ASG Liberty All-Star Gwth Fd ALPS 3.14 3.86 9.46 0.00 0.00 315 1,440
JCE Nuv Core Eq Alpha Fd Nuveen 3.39 -1.76 10.88 0.00 0.00 238 941
RA Brkf Real Ast Incm Fd Brookfield 3.90 9.10 12.07 51.49 28.27 945 4,951
CGO Calamos Glbl Tot Rtn Fd Calamos 3.38 5.64 10.01 8.33 34.64 108 283
HTY JH Tx-Adv Glbl ShrHld Yld John Hancock 3.38 -8.04 11.19 49.65 0.00 68 202
ETO EV Tx-Adv Glbl Div Opp Fd Eaton Vance 3.26 -3.64 8.83 0.00 18.20 406 1,331
ZTR Virtus Tot Rtn Fd Virtus 3.83 4.92 10.47 64.06 27.00 420 957
ACP Abd Incm Cr Stgs Fd Aberdeen 3.50 2.67 14.18 3.23 40.50 199 969
HPS JH Pref Incm Fd III John Hancock 3.87 8.22 7.66 8.67 33.63 506 899
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 3.61 4.72 9.51 99.74 0.00 1,403 4,534
EVT EV Tx-Adv Div Incm Fd Eaton Vance 3.48 -2.26 7.79 0.00 18.00 1,887 2,962
RIV RiverNorth Opp Fd RiverNorth 3.55 1.67 14.58 30.40 16.61 243 1,684
EXD EV Tx-Mgd By-Wrt Stgs Fd Eaton Vance 3.51 1.99 8.30 100.00 0.00 98 249
FCT FT Sr Flt Rt Incm Fd II First Trust 3.50 -3.21 7.96 44.81 28.98 292 1,374
HTGC Hercules Capital Hercules 1.45 31.15 9.30 0.00 49.19 1,340 20,137
PFLT PennantPark Flt Rt Cap PennantPark 1.56 -7.92 9.81 0.00 57.92 521 3,969
TRIN Trinity Capital Trinity Capital 1.53 5.74 9.99 0.00 51.66 578 2,514
GAIN Gladstone Inv Corp Gladstone 1.66 11.17 6.03 0.00 35.30 446 1,574
EQS Equus Total Return Equus 1.74 -9.39 0.00 N/A 7.33 37 31
TSLX Sixth St Splty Lending Sixth St Splty Lending 1.61 22.22 7.95 0.00 45.01 1,288 6,090
NMFC New Mountain Fin Corp New Mountain Capital 1.66 -4.94 9.31 4.10 58.32 1,366 5,180
GSBD Goldman Sachs BDC Goldman Sachs 1.68 13.86 10.01 0.00 52.64 1,611 9,236

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 %