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 1,147.91 -0.74 -2.42 2.17 4.53 9.08 24.41 3.05 2.50 -0.54 2.67 7.96
NAV 1,526.73 -0.45 -0.87 1.95 5.41 8.30 25.39 10.58 9.71 0.32 4.35 7.14
Difference 0.29 1.55 -0.22 0.88 -0.78 0.98 7.53 7.22 0.86 1.68 -0.81
* 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 - - - - - - - - - - - - -
NAV 0.35 0.45 1.86 2.68 2.56 1.42 - - - - - - - - - - - - -
Difference -0.15 -1.05 -1.21 -2.47 0.26 0.51 - - - - - - - - - - - - -
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
16.17%
1Yr Disc
9.31%
3Yr Disc
6.79%
5Yr Disc
5.05%
Rel Disc Range (3yr)
79.75%
Mkt Yield
7.75%
Lev Adj NAV Yield
6.95%
After Tax Yield*
6.42%
Est Tax Friction*
1.33%
3Yr NAV Volatiliy
12.97
1 Yr RoC
20.01%
3 Yr Dest RoC
10.40%
Leverage
34.01%
Non Lev Exp Ratio
2.43%
Beta (2yr)
0.77
Equity Exposure
20.32%
Bond Exposure
77.97%
# Holdings
33
Cash Weighted Duration
4.24
Comp NAV TR
2.26%
Comp Discount
15.02%
Net Assets (M)
889
Liquidity - 90d (K)
4,270
* 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)
CRF Cornerstone Tot Rtn Fd Cornerstone 2.88 12.50 16.94 44.28 0.00 600 8,184
CLM Cornerstone Stgc Val Fd Cornerstone 2.91 10.80 17.19 40.24 0.00 1,184 16,084
PTY PIMCO Corp & Incm Opp Fd PIMCO 3.71 35.87 8.01 7.66 47.16 1,262 8,776
FCO Abd Glbl Incm Fd Aberdeen 3.68 31.50 9.49 63.54 26.74 59 355
GOF Gghm Stgc Opp Fd Guggenheim Funds 3.49 24.08 10.34 57.17 29.57 881 7,921
PML PIMCO Muni Incm Fd II PIMCO 3.42 17.16 4.80 0.00 41.70 795 1,214
PHK PIMCO Hi Incm Fd PIMCO 3.51 15.84 8.47 0.00 38.61 785 2,973
PDI PIMCO Dyn Incm Fd PIMCO 3.56 14.51 9.21 0.00 45.14 1,748 8,412
PFL PIMCO Incm Stgy Fd PIMCO 3.60 17.08 8.70 7.47 38.34 363 1,646
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 3.29 4.44 6.79 0.00 32.80 969 1,907
PKO PIMCO Incm Opp Fd PIMCO 3.55 12.78 8.50 1.39 44.11 496 1,682
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 3.38 6.60 6.57 0.00 32.80 539 1,334
GGM Gghm Cr Alloc Fd Guggenheim Funds 3.53 12.35 10.18 34.10 31.28 200 1,989
PMF PIMCO Muni Incm Fd PIMCO 3.57 10.76 4.34 0.00 41.35 350 514
FLC F&C Tot Rtn Fd Flaherty & Crumrine 3.46 6.77 6.36 0.00 32.90 232 425
PFN PIMCO Incm Stgy Fd II PIMCO 3.62 13.98 8.99 4.38 36.14 719 2,840
PMX PIMCO Muni Incm Fd III PIMCO 3.58 10.71 4.31 0.40 41.36 384 558
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 3.50 8.99 9.36 2.15 45.00 3,091 11,644
GGT Gabelli Multimedia Tr Gabelli 3.52 10.40 8.92 13.36 29.00 226 495
UTF C&S Infra Fd Cohen & Steers 3.38 2.01 6.80 11.42 26.10 2,511 5,778
NEV Nuv Enh Muni Val Fd Nuveen 3.41 3.23 4.41 0.00 32.89 402 726
NPV Nuv VA Qlty Muni Incm Fd Nuveen 3.39 3.54 3.62 0.00 34.87 278 299
BST BR Sci & Tech Tr BlackRock 3.59 4.30 4.80 8.01 0.00 1,369 4,509
MMD MainStay MK DfinTrm Muni Opp New York Life 3.44 3.98 4.59 0.00 35.30 592 716
CHW Calamos Glbl Dyn Incm Fd Calamos 3.62 9.03 7.90 0.00 32.55 580 1,688
MAIN Main Street Cap Corp Main Street Capital 1.61 80.09 6.03 0.00 44.69 1,545 13,231
CSWC Cap Southwest Corp Capital Southwest 1.69 53.72 8.61 0.00 51.84 336 3,651
ARCC Ares Capital Corp Ares 1.55 8.88 8.42 0.00 49.97 7,632 38,857
HRZN Horizon Tech Fin Corp Horizon Tech Fin 1.83 53.21 7.08 0.00 52.30 218 3,188
GAIN Gladstone Inv Corp Gladstone 1.75 20.66 6.04 0.00 37.84 383 2,273
NEWT Newtek Biz Serv Corp Newtek 1.91 106.33 8.34 0.00 50.70 366 6,280
RAND Rand Capital Corp Rand Capital 1.55 -12.51 2.19 0.00 15.94 54 41
TCPC BR TCP Capital Corp BlackRock 1.51 1.33 8.73 7.39 54.98 783 3,789

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 %