CEF Advisors AICA Event NAVigator Podcast

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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 954.96 0.13 -0.08 4.60 1.57 8.32 13.52 -5.24 -3.43 -0.87 1.79 -0.08 2.81
NAV 1,639.25 0.04 0.32 2.91 3.18 11.02 16.29 2.99 6.12 5.90 1.40 0.89 4.42
Difference -0.09 0.39 -1.68 1.61 2.70 2.77 8.24 9.55 6.77 -0.39 0.98 1.61
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.13
2024 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2024
Price 0.66 1.04 1.16 2.89 -1.84 - - - - - - - - - - - - - -
NAV 1.08 0.74 1.64 3.49 -0.50 - - - - - - - - - - - - - -
Difference 0.41 -0.30 0.48 0.60 1.34 - - - - - - - - - - - - - -
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 3.62 -3.05 -0.88 -0.42 -0.80 -2.94 4.27 0.40 -0.02 4.86 -3.17 0.30 1.84 -6.10 7.78 3.39 4.64 6.57 6.55
NAV 5.38 -2.99 0.63 2.87 0.22 -0.81 3.18 2.57 5.51 2.42 -0.56 -3.42 -1.64 -1.64 6.59 3.98 9.02 7.23 13.14
Difference 1.76 0.05 1.51 3.29 1.02 2.13 -1.09 2.17 5.53 -2.44 2.61 -3.73 -3.48 4.46 -1.20 0.60 4.38 0.66 6.59
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 4.05 4.74 3.08 12.33 2.34 -23.88
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 3.69 6.27 -3.32 6.54 2.79 -14.34
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 -0.36 1.54 -6.40 -5.80 0.45 9.54
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 5.74 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 16.21
Difference -2.16 -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 1.21 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 1.80 -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 0.64 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 -0.57 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 1.36 1.27 0.17 2.83 6.51 1.25 0.53 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 2.09 0.82 4.51 1.22 3.13 9.09 9.98 1.18 0.47 1.69 3.38 -0.75 -2.50 2.04 -1.25 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 -2.48 -5.15 4.95 -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 -0.42 -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 2.00 -0.08 -2.17 -0.29 6.11 1.79 -1.68 2.59 2.67 2.00 0.78 1.01 3.84 6.61 13.12
Difference -2.56 -1.21 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 0.06 -2.01 -2.39 -4.38 -0.69 0.57 -0.55 -0.68 1.26 1.77 1.20 4.20 3.78 -0.49

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
9.21%
1Yr Disc
4.83%
3Yr Disc
3.75%
5Yr Disc
3.47%
Rel Disc Range (3yr)
68.11%
Mkt Yield
10.53%
Lev Adj NAV Yield
8.83%
After Tax Yield*
8.61%
Est Tax Friction*
1.92%
3Yr NAV Volatiliy
9.47
1 Yr RoC
32.39%
3 Yr Dest RoC
18.91%
Leverage
30.83%
Non Lev Exp Ratio
2.06%
Beta (2yr)
0.57
Equity Exposure
17.21%
Bond Exposure
79.99%
# Holdings
33
Cash Weighted Duration
2.77
Comp NAV TR
3.45%
Comp Discount
12.55%
Net Assets (M)
1,283
Liquidity - 90d (K)
6,442
* 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)
PTY PIMCO Corp & Incm Opp Fd PIMCO 3.40 26.16 10.05 18.21 25.34 1,787 8,963
PCN PIMCO Corp & Incm Stgy Fd PIMCO 3.27 11.59 10.54 18.72 16.45 645 3,240
GOF Gghm Stgc Opp Fd Guggenheim Funds 3.57 20.79 15.16 60.57 19.68 1,680 10,065
EDF Virtus SH Emrg Mkt Incm Fd Virtus 3.52 13.29 13.41 21.12 24.70 137 799
IFN India Fund abrdn 3.07 -6.18 9.60 0.00 0.00 712 4,049
EIC Eagle Point Incm Co Eagle Point 3.46 6.57 14.81 0.00 32.21 210 2,070
PDI PIMCO Dyn Incm Fd PIMCO 3.56 12.90 13.80 25.25 39.54 5,226 27,186
CHI Calamos Convt Opp & Incm Calamos 3.50 13.07 10.13 55.81 36.85 748 2,007
ACV Virtus Divr Incm & Convt Fd Virtus 3.34 5.16 9.55 95.14 31.56 223 635
BIT BR Mlt-Sctr Incm Tr BlackRock 3.38 5.11 9.76 38.99 35.05 548 1,318
HPS JH Pref Incm Fd III John Hancock 3.52 6.80 8.57 18.09 37.26 461 969
THW abrdn Wld Health Fd abrdn 3.47 3.51 10.78 34.30 20.10 478 1,291
MPV Barings Partcp Invstr Barings 3.38 -2.08 9.26 0.00 11.67 168 345
VVR Invsc Sr Incm Tr Invesco 3.62 8.42 11.78 16.70 31.36 619 2,867
PAXS PIMCO Access Incm Fd PIMCO 3.60 5.31 11.29 19.67 42.48 664 2,719
PDO PIMCO Dyn Incm Opp Fd PIMCO 3.57 3.70 11.66 20.59 41.03 1,453 5,339
GBAB Gghm Taxable Muni Bnd & Inv Grd Dbt Guggenheim Funds 3.50 4.07 9.37 44.10 24.33 381 1,037
UTF C&S Infra Fd Cohen&Steers 3.53 -1.34 7.89 21.50 30.00 2,301 5,152
HYT BR Corp Hi Yld Fd BlackRock 3.51 1.25 9.62 21.72 25.61 1,373 3,852
BGT BR Flt Rt Incm Fd BlackRock 3.73 6.79 10.55 8.76 22.99 286 1,292
SRV NXG Cushing Midstream Nrg Fd Cushing 3.63 -0.26 12.78 93.00 25.86 123 1,414
BHK BR Core Bnd Tr BlackRock 3.48 1.24 8.41 35.53 33.11 568 1,639
EFT EV Flt-Rt Incm Tr Eaton Vance 3.60 1.04 10.44 0.00 37.00 351 1,318
BLW BR Ltd Dur Incm Tr BlackRock 3.44 -2.15 9.48 9.99 36.98 499 1,296
DLY DbLin Yld Opp Fd Doubleline 3.48 -2.00 8.92 2.64 19.34 768 2,132
ARCC Ares Capital Corp Ares 1.60 8.96 9.02 0.00 48.21 11,870 73,909
GBDC Golub Capital BDC Golub Capital 1.54 8.40 9.52 0.00 55.38 2,593 13,646
MAIN Main Street Cap Corp Main Street Capital 1.63 65.03 5.91 0.00 43.04 2,532 17,608
BXSL Blackstone Secur Lending Fd Blackstone 1.57 17.32 10.06 0.00 49.27 5,023 28,061
OXSQ Oxford Square Cap Corp Oxford Lane 1.57 30.17 13.33 0.00 44.73 145 663
OBDC Blue Owl Cap Corp Blue Owl 1.71 6.27 9.00 0.00 51.66 6,029 35,633
HTGC Hercules Capital Hercules 1.64 66.47 8.26 0.00 47.40 1,886 19,416
CSWC Cap Southwest Corp Capital Southwest 1.64 56.23 8.70 0.00 47.42 756 7,796

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 %