CEF Advisors

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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(%) MTD(%) QTD(%) YTD(%)
Price 1,148.07 -0.43 -0.76 -1.47 -0.72 4.38 18.90 2.39 1.91 -1.88 -2.60 7.97
NAV 1,574.65 -0.36 -0.43 0.90 2.68 8.69 20.67 10.95 9.73 -0.50 1.85 10.51
Difference 0.08 0.33 2.36 3.40 4.31 1.77 8.57 7.82 1.39 4.44 2.53
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
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 - - - - - - - -
NAV 0.35 0.45 1.86 2.68 2.56 1.42 1.59 5.67 8.50 0.83 1.51 - - - - - - - -
Difference -0.15 -1.05 -1.21 -2.47 0.26 0.51 -0.53 0.25 -2.35 1.57 1.50 - - - - - - - -
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

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
14.42%
1Yr Disc
10.17%
3Yr Disc
6.68%
5Yr Disc
4.82%
Rel Disc Range (3yr)
77.91%
Mkt Yield
7.29%
Lev Adj NAV Yield
6.68%
After Tax Yield*
5.98%
Est Tax Friction*
1.31%
3Yr NAV Volatiliy
13.85
1 Yr RoC
21.34%
3 Yr Dest RoC
8.08%
Leverage
26.25%
Non Lev Exp Ratio
2.07%
Beta (2yr)
0.81
Equity Exposure
29.30%
Bond Exposure
69.30%
# Holdings
33
Cash Weighted Duration
2.68
Comp NAV TR
1.59%
Comp Discount
13.85%
Net Assets (M)
573
Liquidity - 90d (K)
2,464
* 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)
CIF MFS Imd Hi Incm Fd MFS 3.29 24.69 7.60 38.79 28.00 47 223
FCO Abd Glbl Incm Fd Aberdeen 3.59 37.44 9.42 56.55 27.29 57 334
PCQ PIMCO CA Muni Incm Fd PIMCO 3.57 32.32 4.16 0.25 43.08 268 252
PCN PIMCO Corp & Incm Stgy Fd PIMCO 3.64 26.89 7.26 0.00 43.07 613 1,522
GGT Gabelli Multimedia Tr Gabelli 2.96 4.65 9.53 23.95 29.00 241 687
PFL PIMCO Incm Stgy Fd PIMCO 3.38 10.03 8.32 8.07 38.69 366 1,529
PFN PIMCO Incm Stgy Fd II PIMCO 3.36 6.79 8.56 4.32 39.31 725 3,656
PDT JH Prm Div Fd John Hancock 3.60 14.40 6.98 6.43 33.91 714 1,183
ERH WF Util & Hi Incm Fd Wells Fargo 3.62 10.55 6.16 4.42 17.70 120 231
GGM Gghm Cr Alloc Fd Guggenheim Funds 3.69 14.96 9.86 32.42 29.44 216 1,498
EDI SH Emrg Mkt Tot Incm Fd Stone Harbor 3.44 5.81 9.41 25.89 24.66 84 253
PSF C&S Sel Pref & Incm Fd Cohen&Steers 3.37 4.40 6.62 6.06 28.30 328 605
PMX PIMCO Muni Incm Fd III PIMCO 3.50 9.57 4.38 0.40 41.19 382 524
MUA BR MuniAst Fd BlackRock 3.52 8.42 3.60 4.98 8.82 572 609
USA Liberty All-Star Eq Fd ALPS 3.61 8.85 9.48 0.00 0.00 1,803 9,178
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 3.48 5.66 8.28 75.41 0.00 667 1,832
NXR Nuv Sel Tx-Free Incm Port 3 Nuveen 3.43 4.85 3.15 0.00 0.00 220 266
CHW Calamos Glbl Dyn Incm Fd Calamos 3.40 2.10 8.22 0.00 31.76 597 1,327
DHF BNY Mellon Hi Yld Stgs Fd BNY Mellon 3.27 -1.20 7.87 0.00 28.28 241 1,647
RFI C&S Tot Rtn Rty Fd Cohen&Steers 3.77 10.21 5.67 0.00 0.00 404 876
ETX EV Muni Incm 2028 Trm Tr Eaton Vance 3.49 3.41 3.79 0.00 35.20 236 352
RIV RiverNorth Opp Fd RiverNorth 3.56 5.74 11.42 15.22 8.32 203 1,707
CGO Calamos Glbl Tot Rtn Fd Calamos 3.69 6.07 7.30 0.00 31.67 144 330
ETB EV Tx-Mgd By-Wrt Incm Fd Eaton Vance 3.57 2.94 7.87 46.19 0.00 438 882
BKT BR Incm Tr BlackRock 3.68 8.81 6.43 22.31 22.29 377 1,308
GAIN Gladstone Inv Corp Gladstone 1.61 12.72 5.89 0.00 36.93 420 1,473
TSLX Sixth St Splty Lending Sixth St Splty Lending 1.59 28.13 7.60 0.00 50.03 1,227 7,061
ARCC Ares Capital Corp Ares 1.63 9.58 8.24 0.00 51.22 8,097 41,709
HRZN Horizon Tech Fin Corp Horizon Tech Fin 1.58 49.46 7.17 0.00 49.16 224 1,720
HTGC Hercules Capital Hercules 1.61 43.30 7.63 0.00 45.60 1,356 10,617
GLAD Gladstone Cap Corp Gladstone 1.64 35.45 6.76 1.40 40.70 292 1,567
MAIN Main Street Cap Corp Main Street Capital 1.64 76.47 6.10 0.00 45.78 1,607 10,197
NEWT Newtek Biz Serv Corp Newtek 1.24 64.65 13.35 0.00 47.26 369 8,341

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 %