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 | 844.52 | -0.32 | -1.96 | -4.93 | -1.83 | -0.65 | 6.73 | -3.82 | -4.64 | -0.84 | -4.58 | -3.11 | -3.13 | ||||||
NAV | 1,466.24 | -0.02 | -0.59 | -1.35 | 1.41 | 4.06 | 11.39 | 4.25 | 4.79 | 5.79 | -1.66 | 0.15 | 5.67 | ||||||
Difference | 0.30 | 1.36 | 3.58 | 3.25 | 4.70 | 4.66 | 8.07 | 9.43 | 6.63 | 2.91 | 3.26 | 8.80 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.13 |
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 | - | - | - | - | - | - | - | - |
NAV | 5.38 | -2.99 | 0.63 | 2.87 | 0.22 | -0.81 | 3.18 | 2.57 | 5.51 | 2.42 | -0.56 | - | - | - | - | - | - | - | - |
Difference | 1.76 | 0.05 | 1.51 | 3.29 | 1.02 | 2.13 | -1.09 | 2.17 | 5.53 | -2.44 | 2.61 | - | - | - | - | - | - | - | - |
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 14.34% |
1Yr Disc 13.32% |
3Yr Disc 13.33% |
5Yr Disc 12.22% |
Rel Disc Range (3yr) 46.06% |
Mkt Yield 12.31% |
Lev Adj NAV Yield 10.69% |
After Tax Yield* 9.97% |
Est Tax Friction* 2.34% |
3Yr NAV Volatiliy 12.34 |
1 Yr RoC 29.42% |
3 Yr Dest RoC 18.76% |
Leverage 31.43% |
Non Lev Exp Ratio 2.49% |
Beta (2yr) 0.73 |
Equity Exposure 29.11% |
Bond Exposure 68.15% |
# Holdings 33 |
Cash Weighted Duration 2.56 |
|
Comp NAV TR 0.67% |
Comp Discount 19.56% |
Net Assets (M) 766 |
Liquidity - 90d (K) 3,671 |
|
* 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) |
---|---|---|---|---|---|---|---|---|---|
GUT | Gabelli Util Tr | Gabelli | 2.85 | 87.94 | 11.32 | 92.08 | 24.00 | 210 | 726 |
GGT | Gabelli Multimedia Tr | Gabelli | 3.31 | 70.72 | 14.94 | 75.00 | 42.00 | 96 | 305 |
PCM | PCM Fund | PIMCO | 3.43 | 39.72 | 10.79 | 15.10 | 46.05 | 76 | 191 |
FCO | abrdn Glbl Incm Fd | abrdn | 3.72 | 54.92 | 14.05 | 62.83 | 27.50 | 52 | 329 |
PTY | PIMCO Corp & Incm Opp Fd | PIMCO | 3.45 | 23.65 | 10.91 | 3.54 | 28.84 | 1,512 | 6,406 |
RCS | PIMCO Stgc Incm Fd | PIMCO | 3.77 | 27.95 | 11.53 | 3.34 | 35.66 | 189 | 521 |
PCN | PIMCO Corp & Incm Stgy Fd | PIMCO | 3.44 | 11.55 | 11.09 | 4.88 | 20.08 | 545 | 1,945 |
DNP | DNP Sel Incm Fd | Virtus | 3.39 | 27.61 | 8.19 | 39.42 | 26.48 | 2,673 | 4,540 |
ECC | Eagle Point Cr Co | Eagle Point | 3.72 | 9.61 | 16.55 | 0.00 | 27.15 | 642 | 5,301 |
RA | Brkf Real Ast Incm Fd | Brookfield | 2.73 | -14.99 | 11.56 | 68.94 | 16.16 | 807 | 5,969 |
OXLC | Oxford Lane Cap Corp | Oxford Lane | 3.84 | 4.18 | 19.24 | 0.00 | 37.72 | 824 | 9,584 |
PHK | PIMCO Hi Incm Fd | PIMCO | 3.31 | 0.91 | 13.03 | 1.95 | 17.74 | 651 | 1,781 |
PDI | PIMCO Dyn Incm Fd | PIMCO | 3.37 | 3.78 | 15.31 | 3.45 | 43.27 | 4,556 | 21,464 |
BTO | JH Fin Opp Fd | John Hancock | 3.43 | 7.05 | 9.90 | 32.19 | 19.41 | 481 | 1,372 |
STK | ClmbSlgmn Prm Tech Gwth Fd | Columbia Mngmt | 3.27 | 2.45 | 6.80 | 10.97 | 0.00 | 438 | 983 |
PFL | PIMCO Incm Stgy Fd | PIMCO | 3.46 | 1.05 | 12.74 | 9.84 | 25.99 | 291 | 778 |
PFN | PIMCO Incm Stgy Fd II | PIMCO | 3.36 | -1.35 | 13.07 | 21.61 | 25.55 | 565 | 1,731 |
SRV | NXG Cushing Midstream Nrg Fd | Cushing | 3.65 | -2.88 | 14.85 | 55.06 | 16.49 | 82 | 1,043 |
CIK | CS Ast Mgmt Incm Fd | Credit Suisse | 3.34 | -8.48 | 10.42 | 5.56 | 25.72 | 149 | 227 |
XFLT | XAI Octgn Flt Rt & Alt Incm Trm | XA Investments | 3.89 | 4.20 | 14.68 | 0.00 | 41.07 | 294 | 1,905 |
EDF | Virtus SH Emrg Mkt Incm Fd | Virtus | 3.64 | 8.07 | 16.29 | 54.03 | 21.64 | 71 | 301 |
PDO | PIMCO Dyn Incm Opp Fd | PIMCO | 3.39 | -1.33 | 12.92 | 3.16 | 43.59 | 1,350 | 4,877 |
HPI | JH Pref Incm Fd | John Hancock | 3.51 | 0.07 | 10.17 | 14.89 | 39.17 | 385 | 749 |
DBL | DbLin Opportunistic Cr Fd | Doubleline | 3.65 | 1.89 | 9.05 | 58.56 | 18.00 | 236 | 780 |
GBAB | Gghm Taxable Muni Bnd & Inv Grd Dbt | Guggenheim Funds | 3.45 | 4.51 | 9.71 | 36.31 | 26.89 | 345 | 993 |
TRIN | Trinity Capital | Trinity Capital | 1.78 | 5.86 | 14.08 | 0.00 | 55.24 | 552 | 5,406 |
CSWC | Cap Southwest Corp | Capital Southwest | 1.89 | 39.80 | 9.78 | 0.00 | 50.28 | 636 | 7,482 |
BXSL | Blackstone Secur Lending Fd | Blackstone | 1.66 | 4.03 | 11.26 | 0.00 | 52.00 | 4,527 | 19,053 |
HRZN | Horizon Tech Fin Corp | Horizon Tech Fin | 1.62 | 7.32 | 11.11 | 0.00 | 53.66 | 355 | 2,975 |
TPVG | TP Vntr Gwth BDC Corp | TriplePoint Capital | 1.43 | -2.24 | 15.30 | 0.00 | 60.97 | 379 | 2,361 |
HTGC | Hercules Capital | Hercules | 1.86 | 49.82 | 9.74 | 0.00 | 49.27 | 1,585 | 15,948 |
TSLX | Sixth St Splty Lending | Sixth St Splty Lending | 1.77 | 22.10 | 9.00 | 0.00 | 51.68 | 1,460 | 6,523 |
GLAD | Gladstone Cap Corp | Gladstone | 1.63 | 3.99 | 10.27 | 1.51 | 49.54 | 358 | 3,872 |