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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 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

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)
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

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 %