CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

Current Discount or Premium to NAV.
1 Yr Avg Discount
The average discount or premium over the previous rolling year for the fund.
3 Yr Avg Discount
The average discount or premium over the previous rolling 3 years for the fund.
5 Yr Avg Discount
The average discount or premium over the previous rolling 5 years for the fund.
Rel Disc Range (3yr)
Current Discount/premium expressed as a percentage of the funds 3 year discount high and low.
Comp Discount
Current discount vs. the peer-group's average discount. This can help us in identifying funds that are trading wider to their NAV than peer funds, which can potentially recover or close their discount faster that peers.
Mk Yield
Current indicated distribution yield based on the current market price and dividend policy. It is not a promises by a fund, only a policy set by the board of directors/trustees.
Lev Adj NAV Yield
The amount of portfolio return needed to fuel the board of directors distribution policy by adjust for the impact of discounts/premiums and any leverage at the fund level. This helps us identify funds paying distributions at potentially high or low levels.
After Tax Yield
Based on marginal tax rates of 25% and long-term capital gains rates of 15% this is the trailing estimated yield for the current portfolio based on the past dividend history and classification of distributions. Model holdings and distributions classifications can change at any time, this is meant to be an estimate of what an investor can expect based on the most recent data provided by the funds and the most recent model managed by CEFA.
Tax Friction
Difference between Market Yield and After Tax Yield.
1 Yr RoC%
Percentage of the previous rolling 12 months dividend classified as return of capital by the fund sponsor. It can help identify a fund that has more tax-sensitive distributions.
3 Yr Dest RoC %
The amount of a fund's distribution that is categorized from RoC that looks to be eroding Net Asset Value. We believe a CEF that erodes its NAV will be forced to reduce it's distribution level eventually to align the portfolios results with the fund's policy. We also adjust the the amount of RoC based on how common RoC is in the peer group of funds.
How much leverage the portfolio has on a weighted basis.
Non Lev Expense Ratio
The non-leverage cost reported by the funds divided by average net assets.
Est Lev Cost
Looking at the most recently reported cost of leverage vs. the amount of leverage to help understand the overall cost of the leveraged assets.
3 Yr NAV Volatility
The three year standard deviation (volatility) of the fund’s NAV.
Purchases Turnover
The reported turnover by the weighted underlying fund managers for securities bought over the previous year.
Sales Turnover
The reported turnover by the weighted underlying fund managers for securities sold over the previous year.
% Equity Exposure
Percentage of equity holdings out of total portfolio value.
% Bond Exposure
Percentage of bond holdings out of total portfolio value.
# Holdings
The number of CEFs/BDCs in the portfolio model.
Cash Weigthed Duration
Weighted average measure of the sensitivity of the price of each fixed-income investment to a change in interest rates. Average Duration is expressed as a number of years. Cash Weighted Duration represents Average Duration multiplied by percentage of holdings that report duration.
Beta (2yr)
The weekly Beta of the portfolio to the S&P 500 over the previous rolling 2 years (104 weeks). We use NAV levels for CEFs and Market prices for BDCs and any CEFs that only update their NAV monthly or quarterly.
The 1 year NAV total return vs. the pear-groups average total return. This can help us potentially identify funds that hare better managed.
3 Year NAV TR
The 3 year NAV total return figured for the model (not composite) to help identify the underlying performance of the funds / sectors over a longer period of time. Investors in CEFs/BDCs cannot invest in a fund's NAV directly, we find it is the anchor point for a funds market price can help identify managers and sectors that are performing well or poorly after the cost of management.
Net Assets
Gross assets for the fund minus any leverage employed by the fund. It is equal to the number of outstanding shares multiplied by the most recent NAV.
Net Assets
Gross assets for the fund minus any leverage employed by the fund. It is equal to the number of outstanding shares multiplied by the most recent NAV.
Liquidity - 90 day
Current market price multiplied by 90 day average trading volume.

Closed-end Fund Advisors, Inc. ("CEFA") is a SEC Registered Investment Advisory Firm located in Richmond, VA. Registered investment adviser does not imply a certain level of skill or training. CEFA may only transact business in those states in which it is registered or has completed the appropriate notice-filing requirements. Prospective clients should consult with a financial consultant to review their investment objectives and financial situation before determining whether any investment, security, or strategy is suitable. A copy of CEFA’s Form ADV Part 2A & 2B providing information regarding CEFA’s services, fees, and other important disclosure items is available on this website and/or from CEFA upon request. Any opinions expressed in this email or in any CEFA authored documents are subject to change without notice and, due to the rapidly changing nature of the security markets, may quickly become outdated. No information should be interpreted to state or imply that past results are an indication of future performance. The discussions and opinions in this email are for general information only and for use of the recipient, and are not intended to provide investment advice. All materials presented are compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed.

Performance data and other information contained herein are estimated and unaudited. Actual yields will vary from one investor to the next depending on their tax bracket. No portion of the email should be interpreted as legal, accounting or tax advice and is not to be reproduced or copied or made available to others. All investments involve risk including the loss of principal. The Market Price and Net Asset Value Total Return Performance referenced in the attached PDF files for each of CEFA's Models does not reflect composite performance for CEFA's clients. It is shown to allow investors to compare the current model allocations performance differences between Market prices and Net Asset Value for comparable rolling time periods. If a fund in the model does not have a trading history for the entire period shown (usually the 3 Year figure), it is not included in the results. Investors cannot invest in CEFs' net asset values, but it is considered the best judge of a funds management team after cost for comparison purposes. CEFA also seeks funds with above average NAV performance and recent market price underperformance so we may have the opportunity to experience discount narrowing, and it traded properly, general out performance of the funds NAV returns.


CEFData.com makes data for the universe of closed-end funds (CEFs) and business development companies (BDCs) available to its users. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. This site does not list all the risks associated with each fund. Investors should contact a fund’s sponsor for fund-specific risk information and/or contact a financial advisor before investing.

NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

This material is presented for informational purposes only. Under no circumstances is it to be considered an offer to sell, or a solicitation to buy any investment referred to on this page. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and it should not be relied upon as such. Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. Returns are presented gross of investment management fees and other appropriate fees (i.e. commissions, custodial fees, etc.).

© 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.