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03. Equity Income Index

Data as of

About the Index

(1) US Equity, Non-US Equity, Specialty Equity and Hybrid / Balanced Funds groupings according to CEFdata.com with regular distributions monthly or quarterly without a large year-end distribution in both of the past two calendar years. (2) Removing Preferred Equity, Single Country Funds. (3) Funds with US + Non-US Bonds exposure combined under 40%. (4) Top 50% ranked by 90-day average trading dollar ($) liquidity. (5) If there are only 1-3 funds in a group then combine all of these funds equal weight into a double allocation (estimated at 15.2% as each grouping is currently about 7.7% per group, but could change over time). (6) Remove current commodity funds as they are both liquidating in 1Q17; however, allow future commodity funds if they meet the other index criteria. For groups according to CEFdata.com with at least 3 funds, keep them grouped and give each group an equal weighting of the underlying funds. If there are less than 3 funds in the remaining group add them to a separate group. This group will have the double allocation mentioned previously. 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 1,315.40 0.61 0.19 -0.35 5.46 7.61 13.13 10.34 4.95 -0.28 2.15 23.90
NAV 1,222.53 0.53 -0.68 -0.87 3.98 5.08 9.89 7.90 3.67 -0.64 1.72 17.58
Difference -0.08 -0.87 -0.53 -1.49 -2.53 -3.24 -2.44 -1.28 -0.36 -0.43 -6.32
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 13.70 1.76 1.62 17.58 2.12 -4.95 6.38 3.26 20.84 0.90 -2.93 3.04 0.91 1.27 1.15 - - - 24.18
NAV 9.97 1.97 1.63 13.96 1.41 -4.72 5.58 2.01 15.98 -0.12 -1.83 1.88 -0.11 1.39 0.96 - - - 18.22
Difference -3.73 0.20 0.01 -3.62 -0.71 0.22 -0.79 -1.24 -4.86 -1.02 1.10 -1.16 -1.02 0.13 -0.19 - - - -5.96
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 3.20 -4.81 -1.70 -3.44 2.61 0.83 -0.06 3.39 -0.05 2.50 1.36 -0.71 3.15 -9.03 2.81 -10.37 -16.17 -13.03 -13.08
NAV 3.73 -6.10 -1.10 -3.67 2.00 1.17 -0.22 2.97 -0.70 3.41 0.76 -0.39 3.80 -6.67 1.65 -8.04 -12.77 -8.97 -9.67
Difference 0.53 -1.29 0.60 -0.23 -0.60 0.35 -0.16 -0.42 -0.65 0.91 -0.60 0.33 0.65 2.35 -1.16 2.33 3.41 4.05 3.41
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.91 3.26 0.59 8.97 3.36 0.32 1.23 4.97 13.94 2.49 -1.14 2.88 4.24 -0.41 -0.55 3.11 2.12 6.36 20.30
NAV 2.39 2.74 0.54 5.76 0.87 0.23 1.09 2.21 7.97 2.35 -0.47 1.71 3.61 -0.10 1.33 1.64 2.89 6.50 14.47
Difference -2.53 -0.52 -0.05 -3.21 -2.49 -0.09 -0.13 -2.76 -5.97 -0.13 0.67 -1.18 -0.63 0.31 1.88 -1.46 0.77 0.14 -5.83
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -7.52 0.42 8.11 0.40 4.50 0.79 2.57 8.03 8.43 4.12 -0.03 0.12 4.21 -3.87 0.93 1.69 -1.33 2.88 11.31
NAV -6.13 -0.69 6.78 -0.46 3.18 1.08 1.58 5.95 5.49 3.29 -0.37 0.59 3.52 -2.77 0.50 2.31 -0.03 3.49 8.98
Difference 1.39 -1.11 -1.33 -0.86 -1.32 0.29 -0.98 -2.08 -2.94 -0.83 -0.33 0.47 -0.69 1.10 -0.43 0.61 1.30 0.61 -2.33
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -0.10 3.63 -2.06 1.40 1.80 -0.51 -3.74 -2.51 -1.11 -2.39 -5.93 -5.94 -13.63 9.45 -3.02 -2.77 3.20 -10.43 -11.54
NAV -0.60 3.35 -1.65 1.04 2.23 -0.11 -3.10 -1.05 -0.02 -0.45 -5.74 -4.87 -10.74 7.09 -1.92 -3.17 1.70 -9.03 -9.05
Difference -0.50 -0.28 0.41 -0.36 0.43 0.40 0.63 1.46 1.09 1.93 0.20 1.07 2.90 -2.36 1.10 -0.40 -1.50 1.40 2.50

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.45%
1Yr Disc
-5.34%
3Yr Disc
-5.14%
5Yr Disc
-5.96%
Rel Disc Range (3yr)
61.05%
Mkt Yield
9.29%
Lev Adj NAV Yield
7.93%
After Tax Yield*
8.36%
Est Tax Friction*
0.93%
3Yr NAV Volatiliy
13.71
1 Yr RoC
47.80%
3 Yr Dest RoC
17.02%
Leverage
14.14%
Non Lev Exp Ratio
1.40%
Beta (2yr)
0.81
Equity Exposure
89.53%
Bond Exposure
8.23%
# Holdings
68
Cash Weighted Duration
Comp NAV TR
2.55%
Comp Discount
1.74%
Net Assets (M)
853
Liquidity - 90d (K)
2,307
* 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


68 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
EXG EV Tx-Mgd Glbl Divr Eq Incm Eaton Vance 0.62 -2.71 8.57 86.39 0.00 2,686 4,699
BDJ BR Enh Eq Div Tr BlackRock 0.61 -3.52 6.26 0.00 0.00 1,864 4,083
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 0.60 2.21 8.99 85.91 0.00 1,189 3,480
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 0.61 1.33 8.27 56.60 0.00 1,808 3,273
ETW EV Tx-Mgd Glbl By-Wrt Opp Eaton Vance 0.62 -1.36 8.57 59.44 0.00 1,109 2,682
NFJ AG NFJ Div Int & Prm Stgy Allianz 0.62 -9.08 6.97 48.63 0.00 1,347 2,797
BST BR Sci & Tech Tr BlackRock 0.62 3.90 5.28 0.00 0.00 739 2,087
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 0.64 1.01 6.50 73.47 0.00 934 2,131
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 0.63 0.58 6.75 72.75 0.00 1,422 2,356
BOE BR Enh Glbl DivTr BlackRock 0.60 -10.65 7.04 48.11 0.00 792 2,122
EOS EV Enh Eq Incm Fd II Eaton Vance 0.61 0.47 6.89 23.48 0.00 825 1,652
CII BR Enh Cap & Incm Fd BlackRock 0.60 -5.54 6.00 31.17 0.00 773 1,637
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.60 1.20 9.80 89.25 0.00 586 1,450
DIAX Nuv Dow 30SM Dyn Owrt Fd Nuveen 0.60 -1.26 6.56 71.13 0.00 662 1,233
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.60 -9.19 11.57 40.82 36.63 1,732 8,936
TYG Tortoise Nrg Infra Corp Tortoise 0.57 -2.69 15.76 100.00 36.80 918 4,773
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 0.59 3.28 20.91 97.08 30.07 195 3,052
NTG Tortoise Midstream Nrg Fd Tortoise 0.57 -5.67 17.21 100.00 40.98 658 4,162
CEM CB MLP & Midstream Fd Legg Mason 0.61 -10.81 11.82 100.00 34.25 788 3,461
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 0.53 1.48 13.47 94.57 33.60 181 1,535
KMF KA Midstream/Nrg Fd Kayne Anderson 0.62 -13.53 9.33 94.81 33.33 527 2,170
EMO CB Nrg Midstream Opp Fd Legg Mason 0.61 -12.51 12.19 77.25 35.59 619 2,477
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.58 -2.99 13.99 100.00 29.94 301 1,742
NML NB MLP Incm Fd Neuberger Berman 0.61 -10.70 10.41 92.51 25.80 402 1,820
FEN FT Nrg Incm & Gwth Fd First Trust 0.63 4.20 11.39 78.23 27.11 391 1,877
FEI FT MLP & Nrg Incm Fd First Trust 0.66 -3.55 11.04 93.69 27.03 530 2,395
RQI C&S Qlty Incm Rty Fd Cohen & Steers 2.55 -0.41 6.52 0.00 21.70 1,613 5,523
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.88 -9.33 7.37 62.14 8.31 613 2,180
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.80 -8.54 7.47 68.97 12.84 1,024 2,296
BSTZ BR Sci & Tech Tr II BlackRock 0.87 -1.74 6.07 99.60 0.00 1,571 2,741
IGD Voya Glbl Eq Div & Prm Opp Voya 0.93 -11.63 7.89 58.36 0.00 668 3,669
AOD Abd Tot Dyn Div Fd Aberdeen 0.95 -10.98 8.03 17.23 5.95 1,017 2,320
BGY BR Enh Intl DivTr BlackRock 0.96 -8.93 7.10 58.71 0.00 664 1,552
GLQ Clough Glbl Eq Fd Clough 0.96 -9.08 10.56 0.00 34.27 173 688
HIE Miller/Howard Hi Incm Eq Fd Miller/Howard 0.94 7.13 12.52 67.35 33.95 183 1,133
IDE Voya Infra Ind & Matrls Fd Voya 0.90 -13.53 8.19 19.90 0.00 249 928
HGLB Highland Glbl Alloc Fd Highland Capital 0.79 -25.19 14.62 23.63 38.94 271 830
INF Brkf Glbl Lstd Infra Incm Fd Brookfield 0.89 -8.34 7.37 58.32 25.75 196 804
HQH Tekla Health Invstr Tekla 3.08 -10.97 7.89 73.10 0.00 988 3,557
THQ Tekla Health Opp Fd Tekla 2.92 -9.34 7.28 74.13 22.40 848 1,919
THW Tekla Wld Health Fd Tekla 2.80 -6.55 10.33 91.67 22.75 439 1,411
GDV Gabelli Div & Incm Tr Gabelli 2.67 -10.88 6.32 31.04 21.00 1,932 5,354
EVT EV Tx-Adv Div Incm Fd Eaton Vance 2.78 -0.32 7.00 0.00 20.30 1,819 2,682
ETG EV Tx-Adv Glbl Div Incm Fd Eaton Vance 2.95 -1.51 6.97 22.61 24.60 1,367 2,401
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 2.75 2.87 13.95 90.98 12.00 584 3,513
BCX BR Res & Com Stgy Tr BlackRock 2.83 -11.33 8.07 60.35 0.00 789 1,743
BGR BR Nrg & Res Tr BlackRock 2.70 -8.83 8.50 60.54 0.00 358 1,416
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.43 0.15 7.48 51.26 31.26 2,046 3,128
NIE AG Eq & Convt Incm Fd Allianz 1.41 -7.18 6.76 0.00 0.00 672 1,554
CHW Calamos Glbl Dyn Incm Fd Calamos 1.53 7.08 9.74 58.58 36.95 477 1,637
GLO Clough Glbl Opp Fd Clough 1.42 -12.06 10.96 40.98 38.29 342 1,184
ZTR Virtus Glbl Div & Inc Fd Virtus 2.78 7.17 12.26 65.49 27.72 487 988
FOF C&S CE Opp Fd Cohen & Steers 1.37 -1.58 7.96 51.96 0.00 363 783
CLM Cornerstone Stgc Val Fd Cornerstone 1.40 5.33 19.75 85.51 0.00 798 4,563
USA Liberty All-Star Eq Fd ALPS 1.39 -1.05 10.35 0.00 0.00 1,359 4,024
RVT Royce Val Tr Legg Mason 1.43 -10.14 7.15 0.46 4.33 1,537 3,461
CRF Cornerstone Tot Rtn Fd Cornerstone 1.40 5.69 19.68 82.42 0.00 409 3,035
BIF Boulder Gwth & Incm Fd Boulder 1.41 -14.48 3.54 19.85 0.00 1,395 1,374
UTG Reaves Util Incm Fd W.H. Reaves 1.67 4.24 5.82 0.00 19.77 1,734 4,870
UTF C&S Infra Fd Cohen & Steers 1.58 -0.57 7.12 0.20 26.80 2,240 5,261
DNP DNP Sel Incm Fd Duff & Phelps 1.63 25.10 6.14 29.49 23.76 3,018 4,712
DPG D&P Util & Infra Fd Duff & Phelps 1.54 -3.98 9.35 30.57 29.02 591 1,401
GUT Gabelli Util Tr Gabelli 1.73 58.28 7.75 90.57 27.00 264 1,021
IAE Voya AP Hi Div Eq Incm Fd Voya 3.20 -11.99 10.55 67.19 0.00 110 260
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 3.54 -8.89 9.76 66.15 0.00 154 426
FDEU FT Dyn Euro Eq Incm Fd First Trust 3.59 -4.86 9.89 6.92 26.01 266 948
CUBA Herzfeld Caribbean Basin Fd Herzfeld Cuba 3.40 -14.12 17.17 0.00 0.00 47 89
BTO JH Fin Opp Fd John Hancock 3.52 -1.36 6.34 16.13 16.40 657 1,744

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 %