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07. Taxable Bond & BDC Index

Data as of

About the Index

Funds need to have 90-day average trading dollar ($) liquidity over $500K and then ranked the top 50% of the constituent funds by their respective 90-day average trade liquidity (with a minimum of 2 funds per group; if needed, a lower average trading’s liquidity may be used) for the 13 groupings of CEFs according to CEFData.com: (1) Build America Bond (taxable municipals or BABs), (2) Convertible Bonds, (3) Emerging Market Income, (4) Global Income, (5) High Yield, (6) Investment Grade, (7) Limited Duration, (8) Senior Loan, (9) Mortgage, (10) Multi-Sector, (11) Preferred, (12) US Government Bonds, (13) Debt-Focused Business Development Companies (BDCs). We will combine levered and non-levered groupings to create one larger grouping. Each sector is then equal weighted into the index. 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 1,231.00 -0.59 1.81 -5.11 -11.53 -17.34 -18.87 0.20 2.53 4.19 0.65 0.65 -18.15
NAV 1,203.55 -0.34 0.29 -5.15 -9.69 -13.73 -13.35 0.06 2.53 4.50 0.12 0.12 -14.21
Difference 0.25 -1.52 -0.04 1.83 3.61 5.52 -0.14 -0.00 0.30 -0.53 -0.53 3.94
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -4.25 -3.06 -0.45 -7.60 -5.50 -1.32 -5.63 -11.99 -18.68 - - - - - - - - - -
NAV -2.11 -1.73 -1.05 -4.82 -3.82 -1.25 -5.21 -9.97 -14.31 - - - - - - - - - -
Difference 2.14 1.33 -0.60 2.78 1.67 0.07 0.41 2.01 4.37 - - - - - - - - - -
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 0.40 1.61 2.12 4.18 2.87 2.32 1.51 6.85 11.32 0.94 0.67 -2.18 -0.61 2.27 -2.03 0.30 0.50 -0.11 11.19
NAV 0.84 0.29 -0.35 0.78 1.78 0.96 1.05 3.84 4.65 0.62 0.84 -0.61 0.85 0.33 -1.00 1.17 0.50 1.35 6.06
Difference 0.44 -1.32 -2.47 -3.40 -1.09 -1.36 -0.46 -3.01 -6.67 -0.31 0.17 1.57 1.45 -1.94 1.04 0.87 -0.00 1.46 -5.13
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 1.75 -6.93 -19.29 -23.58 8.18 6.27 1.77 16.99 -10.59 4.10 1.74 -1.74 4.07 -0.92 9.86 3.17 12.30 16.87 4.49
NAV 1.23 -1.20 -16.32 -16.31 5.10 3.68 2.77 11.99 -6.28 3.65 1.99 -0.55 5.13 0.17 5.17 2.60 8.08 13.62 6.49
Difference -0.52 5.73 2.97 7.26 -3.08 -2.58 1.00 -5.00 4.31 -0.45 0.25 1.18 1.06 1.09 -4.69 -0.57 -4.22 -3.24 2.00
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 8.77 2.17 0.80 12.02 1.75 -0.72 3.21 4.25 16.79 1.93 -0.77 1.29 2.45 0.96 0.78 2.23 4.02 6.57 24.46
NAV 4.22 1.21 0.93 6.46 1.28 -0.10 2.30 3.51 10.19 1.00 -0.28 0.38 1.10 0.59 0.29 1.98 2.88 4.01 14.62
Difference -4.55 -0.96 0.13 -5.57 -0.46 0.63 -0.91 -0.74 -6.59 -0.93 0.49 -0.91 -1.36 -0.37 -0.49 -0.24 -1.13 -2.56 -9.85
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price -0.16 -1.29 0.62 -0.84 0.80 0.31 -0.15 0.96 0.11 1.98 0.88 -0.82 2.03 -5.03 -0.47 -2.97 -8.28 -6.42 -6.32
NAV 0.93 -0.88 0.15 0.19 0.04 -0.23 -0.10 -0.28 -0.09 1.34 -0.08 0.52 1.78 -1.64 -0.61 -1.48 -3.69 -1.98 -2.06
Difference 1.09 0.41 -0.46 1.04 -0.76 -0.54 0.05 -1.24 -0.19 -0.65 -0.96 1.34 -0.25 3.38 -0.13 1.48 4.59 4.45 4.26
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.86 2.17 -0.32 4.75 2.20 0.62 0.83 3.68 8.61 2.09 -0.63 0.97 2.44 -0.45 -1.08 1.33 -0.21 2.22 11.02
NAV 1.42 1.61 0.25 3.32 1.28 0.96 0.57 2.84 6.25 1.39 0.67 0.54 2.61 0.65 0.24 0.59 1.49 4.14 10.65
Difference -1.43 -0.55 0.57 -1.43 -0.92 0.34 -0.25 -0.85 -2.36 -0.70 1.29 -0.43 0.18 1.09 1.32 -0.74 1.70 1.92 -0.37
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -1.47 0.44 6.33 5.23 2.79 0.55 2.43 5.86 11.39 4.38 1.82 -0.67 5.58 -1.82 -1.42 2.74 -0.57 4.97 16.93
NAV -0.98 -0.69 3.41 1.69 2.45 0.54 1.27 4.31 6.07 2.61 1.17 0.85 4.70 0.16 -1.74 1.33 -0.27 4.42 10.77
Difference 0.50 -1.13 -2.92 -3.53 -0.34 -0.01 -1.16 -1.55 -5.32 -1.77 -0.65 1.52 -0.88 1.99 -0.31 -1.41 0.31 -0.55 -6.16
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 1.59 1.51 -0.71 2.39 1.77 -1.19 -3.77 -3.23 -0.92 -1.43 -2.33 -2.65 -6.29 4.69 -0.98 -0.73 2.90 -3.57 -4.46
NAV 1.08 1.14 -0.25 1.98 1.20 0.07 -1.28 -0.02 1.96 -0.15 -1.63 -1.73 -3.48 1.77 -0.48 -2.07 -0.82 -4.28 -2.40
Difference -0.51 -0.37 0.46 -0.41 -0.57 1.26 2.50 3.21 2.88 1.28 0.70 0.92 2.80 -2.92 0.50 -1.34 -3.72 -0.71 2.06
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.98 2.92 0.23 5.20 2.06 1.69 1.52 5.37 10.85 -2.51 1.76 -3.18 -3.95 1.08 0.29 -2.48 -1.14 -5.04 5.26
NAV 1.69 1.85 0.86 4.47 1.23 1.77 0.91 3.96 8.60 -0.27 1.17 -1.94 -1.07 0.90 0.12 -2.04 -1.04 -2.10 6.32
Difference -0.29 -1.07 0.63 -0.74 -0.84 0.07 -0.61 -1.41 -2.25 2.24 -0.59 1.24 2.88 -0.19 -0.17 0.44 0.10 2.95 1.06
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 3.36 1.06 0.36 4.83 1.70 -4.89 -3.10 -6.27 -1.74 -1.04 -2.42 2.06 -1.44 2.38 -1.53 0.76 1.58 0.12 -1.63
NAV 1.86 0.47 0.84 3.20 1.97 -1.28 -3.32 -2.68 0.44 1.20 -1.18 1.61 1.61 2.04 0.01 -0.24 1.81 3.45 3.90
Difference -1.51 -0.59 0.49 -1.63 0.27 3.61 -0.22 3.59 2.18 2.23 1.24 -0.45 3.06 -0.34 1.54 -1.00 0.22 3.33 5.53
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 5.95 2.17 -0.50 7.71 1.27 -1.32 2.95 2.88 10.81 3.40 1.88 1.62 7.05 -0.09 0.12 0.14 0.16 7.22 18.81
NAV 3.52 2.17 0.22 6.00 1.10 -1.25 1.58 1.42 7.50 2.54 1.31 1.96 5.92 1.06 0.74 1.03 2.85 8.94 17.11
Difference -2.43 0.00 0.72 -1.71 -0.18 0.08 -1.36 -1.46 -3.30 -0.86 -0.57 0.34 -1.13 1.15 0.63 0.89 2.69 1.71 -1.70

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-3.46%
1Yr Disc
-0.04%
3Yr Disc
-1.55%
5Yr Disc
-2.26%
Rel Disc Range (3yr)
61.80%
Mkt Yield
9.60%
Lev Adj NAV Yield
6.94%
After Tax Yield*
7.70%
Est Tax Friction*
1.90%
3Yr NAV Volatiliy
10.83
1 Yr RoC
24.49%
3 Yr Dest RoC
24.61%
Leverage
34.60%
Non Lev Exp Ratio
1.48%
Beta (2yr)
0.66
Equity Exposure
3.78%
Bond Exposure
93.67%
# Holdings
80
Cash Weighted Duration
4.51
Comp NAV TR
-0.23%
Comp Discount
1.10%
Net Assets (M)
799
Liquidity - 90d (K)
3,359
* 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


80 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BBN BR Taxable Muni BndTr BlackRock 3.75 -2.74 7.85 3.06 34.23 1,177 5,252
NBB Nuv Taxable Muni Incm Fd Nuveen 3.86 -0.78 7.29 0.00 41.63 516 1,794
CHI Calamos Convt Opp & Incm Calamos 2.00 8.08 10.15 0.00 37.66 755 2,307
CHY Calamos Convt & Hi Incm Fd Calamos 1.92 2.93 10.67 0.00 37.67 812 2,261
CCD Calamos Dyn Convt & Incm Fd Calamos 1.94 6.30 10.75 0.00 37.64 516 2,106
NCZ Virtus Convt & Incm Fd II Virtus 1.84 -14.08 14.75 80.77 42.79 270 1,888
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 3.81 -12.17 11.00 33.03 32.90 599 2,070
EDD MS Emrg Mkt Dom Dbt Morgan Stanley 3.73 -13.10 6.39 17.40 24.04 333 967
FAX abrdn Asia-Pacific Incm Fd abrdn 1.43 -18.21 12.04 43.95 34.88 830 2,578
MIN MFS Imd Incm Tr MFS 1.55 -5.35 8.99 72.23 0.00 369 1,416
GIM Tmp Glbl Incm Fd Franklin Templeton 1.54 -4.91 9.49 50.49 0.00 481 899
PPT Putnam Prmr Incm Tr Putnam 1.58 -4.88 8.00 36.12 0.00 419 884
RCS PIMCO Stgc Incm Fd PIMCO 1.55 10.52 11.88 3.16 49.32 209 725
HYT BR Corp Hi Yld Fd BlackRock 0.69 -0.11 9.85 12.49 28.25 1,161 3,798
DLY DbLin Yld Opp Fd Doubleline 0.70 -10.95 9.73 3.95 24.78 775 2,453
FTHY FT Hi Yld Opp 2027 Trm Fd First Trust 0.69 -8.68 11.18 11.63 30.12 581 1,973
DSU BR Dbt Stgs Fd BlackRock 0.70 -10.03 7.93 14.70 31.63 474 1,591
HIX WA Hi Incm Fd II Franklin Templeton 0.71 -2.54 11.78 5.43 32.90 332 1,549
GHY PGIM Glbl Hi Yld Fd Prudential 0.68 -10.36 11.20 15.90 18.79 514 1,374
ISD PGIM Hi Yld Bnd Fd Prudential 0.69 -10.69 10.33 13.03 24.88 454 1,264
NHS NB Hi Yld Stgs Fd Neuberger Berman 0.69 -3.81 13.02 30.87 36.60 169 1,271
FSD FT Hi Incm Lng/Srt Fd First Trust 0.69 -10.64 11.11 31.60 29.70 425 1,079
SDHY PGIM Srt Dur Hi Yld Opp Fd Prudential 0.70 -10.31 8.61 11.25 24.05 414 1,091
KIO KKR Incm Opp Fd KKR Credit 0.70 -10.31 10.81 0.00 37.83 264 1,036
PTY PIMCO Corp & Incm Opp Fd PIMCO 4.01 16.71 10.97 4.32 46.86 980 6,005
PCN PIMCO Corp & Incm Stgy Fd PIMCO 3.97 12.64 10.38 1.80 38.88 503 1,598
EVV EV Ltd Dur Incm Fd Eaton Vance 2.56 -3.80 11.55 39.76 38.10 1,255 3,552
BLW BR Ltd Dur Incm Tr BlackRock 2.55 -6.15 9.29 12.56 37.53 482 1,477
FTF FrkTmp Ltd Dur Incm Tr Franklin Templeton 2.52 -8.10 11.55 25.86 29.59 294 1,196
VVR Invsc Sr Incm Tr Invesco 0.75 -8.65 8.21 3.78 29.00 637 3,250
JQC Nuv Cr Stgs Incm Fd Nuveen 0.77 -11.54 9.67 42.58 37.78 799 2,724
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.77 -7.10 6.95 16.40 31.50 437 1,866
JFR Nuv Flt Rt Incm Fd Nuveen 0.77 -8.49 9.54 11.46 36.87 516 1,705
EFR EV Sr Flt-Rt Tr Eaton Vance 0.76 -1.46 8.04 12.57 35.98 348 1,561
EFT EV Flt-Rt Incm Tr Eaton Vance 0.76 -6.63 7.96 7.77 36.90 362 1,504
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.78 -8.34 9.54 7.45 37.04 364 1,475
BGB Blackstone Stgc Cr Fd Blackstone 0.76 -10.77 7.24 0.00 36.87 556 1,319
XFLT XAI Octgn Flt Rt & Alt Incm Trm XA Investments 0.80 10.17 12.07 15.34 39.59 220 1,370
FCT FT Sr Flt Rt Incm Fd II First Trust 0.76 -7.22 8.73 44.04 28.71 277 1,124
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 3.90 -1.60 15.98 62.20 32.40 219 1,602
BKT BR Incm Tr BlackRock 3.90 -5.12 7.62 31.88 31.37 312 1,397
PDI PIMCO Dyn Incm Fd PIMCO 0.79 8.48 12.46 0.00 46.45 4,405 20,799
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.76 19.42 13.61 49.65 24.03 1,408 9,042
PDO PIMCO Dyn Incm Opp Fd PIMCO 0.81 -5.12 10.61 0.00 46.96 1,677 7,612
RA Brkf Real Ast Incm Fd Brookfield 0.76 10.68 12.95 51.26 29.14 869 4,955
DSL DbLin Incm Solutions Fd Doubleline 0.77 -6.61 10.74 0.00 27.88 1,342 4,773
BTZ BR Cr Alloc Incm Tr BlackRock 0.76 -6.86 9.26 14.79 31.29 1,091 3,407
HFRO Highland Incm Fd Highland Capital 0.77 -26.27 8.19 38.13 13.84 1,040 2,520
BHK BR Core Bnd Tr BlackRock 0.78 -2.44 7.72 0.00 39.03 642 2,543
WDI WA Divr Incm Fd Franklin Templeton 0.76 -11.54 10.55 2.72 27.90 799 2,300
PHK PIMCO Hi Incm Fd PIMCO 0.77 8.90 11.21 2.01 33.52 638 2,255
JPS Nuv Pref & Incm Sec Fd Nuveen 1.11 -6.65 7.15 0.00 37.39 1,609 4,995
PTA Tx-Adv Pref Sec Pref Sec & Incm Fd Cohen&Steers 1.09 -8.83 8.21 14.94 34.40 1,152 3,573
JPC Nuv Pref & Incm Opp Fd Nuveen 1.11 -3.88 8.27 0.00 36.93 841 2,660
FPF FT Imd Dur Pref & Incm Fd First Trust 1.09 -4.22 8.22 1.70 32.09 1,182 2,562
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.10 1.08 8.48 0.00 36.90 796 2,167
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 1.09 -6.19 8.23 6.70 31.30 609 1,762
DFP F&C Dyn Pref & Incm Fd Flaherty & Crumrine 1.04 -4.51 8.79 0.00 36.60 442 1,653
WIW WA Inf-Lnk Opp & Incm Fd Franklin Templeton 3.76 -11.31 6.38 0.00 33.40 714 1,675
WIA WA Inf-Lnk Incm Fd Franklin Templeton 3.90 -10.73 5.41 0.00 35.80 261 672
ARCC Ares Capital Corp Ares 0.40 -1.94 9.00 0.00 51.81 9,378 68,954
ORCC Owl Rock Capital Corp Owl Rock 0.39 -15.79 9.90 0.00 53.27 5,871 34,765
FSK FS KKR Capital Corp FS/KKR 0.42 -24.92 13.26 0.00 52.15 7,762 30,484
HTGC Hercules Capital Hercules 0.39 27.82 9.54 0.00 49.19 1,340 21,040
MAIN Main Street Cap Corp Main Street Capital 0.39 51.83 6.56 0.00 47.99 1,889 16,125
GBDC Golub Capital BDC Golub Capital 0.39 -14.14 9.10 0.00 53.00 2,623 14,986
PSEC Prospect Capital Corp Prospect Capital 0.40 -33.12 9.96 1.32 42.07 4,239 13,512
BXSL Blackstone Secur Lending Fd Blackstone Cr BDC Advis 0.36 -15.38 9.59 0.00 54.57 4,429 9,538
GSBD Goldman Sachs BDC Goldman Sachs 0.38 5.32 10.82 0.00 52.64 1,611 8,345
OCSL Oaktree Splty Lending Oaktree Capital 0.39 -8.40 9.92 0.00 49.47 1,331 8,261
BBDC Barings BDC Barings 0.39 -20.57 10.19 2.79 51.77 1,317 6,834
TSLX Sixth St Splty Lending Sixth St Splty Lending 0.39 10.84 8.77 0.00 45.01 1,288 6,850
NMFC New Mountain Fin Corp New Mountain Capital 0.39 -10.18 9.85 2.73 58.32 1,366 5,242
SLRC SLR Inv Corp SLR Capital 0.39 -23.57 10.97 20.33 36.22 1,071 4,913
PFLT PennantPark Flt Rt Cap PennantPark 0.40 -6.10 9.62 0.00 57.92 521 3,789
AINV Apollo Inv Corp Apollo 0.39 -30.21 11.25 0.00 59.82 1,003 3,774
CSWC Cap Southwest Corp Capital Southwest 0.39 10.14 10.34 0.00 54.27 421 3,779
NEWT Newtek Biz Serv Corp Newtek 0.40 19.04 15.28 0.00 45.43 398 3,721
CGBD TCG BDC Carlyle 0.39 -24.08 9.85 0.00 52.68 898 3,529
TCPC BR TCP Capital Corp BlackRock 0.39 -10.79 9.43 19.57 55.34 824 3,506

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 %