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
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 |