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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 1,222.97 -0.27 -0.01 -4.64 0.65 4.57 -9.64 11.38 2.37 3.08 -5.73 0.45 0.45
NAV 1,221.81 -0.26 0.08 -1.56 0.64 3.02 -7.23 7.72 2.09 3.57 -2.00 0.57 0.57
Difference 0.02 0.09 3.08 -0.01 -1.56 2.41 -3.66 -0.28 0.49 3.73 0.12 0.12
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 9.16 -2.38 - - - - - - - - - - - - - - - - -
NAV 4.81 -2.09 - - - - - - - - - - - - - - - - -
Difference -4.34 0.29 - - - - - - - - - - - - - - - - -
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 6.64 -1.43 -11.26 -6.73 3.45 7.10 -3.67 6.73 -0.45 -19.04
NAV -2.11 -1.73 -1.05 -4.82 -3.82 -1.25 -5.21 -9.97 -14.31 4.07 -1.28 -5.69 -3.11 0.52 3.93 -0.14 4.31 1.07 -13.40
Difference 2.14 1.33 -0.60 2.78 1.67 0.07 0.41 2.01 4.37 -2.57 0.15 5.57 3.62 -2.93 -3.17 3.52 -2.42 1.51 5.64
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
-6.84%
1Yr Disc
-4.81%
3Yr Disc
-3.08%
5Yr Disc
-3.78%
Rel Disc Range (3yr)
35.56%
Mkt Yield
10.25%
Lev Adj NAV Yield
7.26%
After Tax Yield*
8.30%
Est Tax Friction*
1.95%
3Yr NAV Volatiliy
9.63
1 Yr RoC
32.71%
3 Yr Dest RoC
18.40%
Leverage
32.03%
Non Lev Exp Ratio
1.57%
Beta (2yr)
0.83
Equity Exposure
3.00%
Bond Exposure
94.79%
# Holdings
76
Cash Weighted Duration
4.75
Comp NAV TR
-0.35%
Comp Discount
0.58%
Net Assets (M)
805
Liquidity - 90d (K)
3,122
* 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


76 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
BBN BR Taxable Muni BndTr BlackRock 4.05 -3.50 7.01 18.92 33.57 1,128 3,568
NBB Nuv Taxable Muni Incm Fd Nuveen 3.85 -6.03 5.44 0.00 39.16 497 1,302
NCZ Virtus Convt & Incm Fd II Virtus 1.93 -14.63 12.86 86.66 42.50 250 1,797
CHI Calamos Convt Opp & Incm Calamos 2.00 8.76 10.67 0.00 37.49 730 1,961
CHY Calamos Convt & Hi Incm Fd Calamos 2.04 5.79 10.94 7.66 37.55 787 1,758
CCD Calamos Dyn Convt & Incm Fd Calamos 2.00 8.78 11.24 0.00 37.02 505 1,676
EMD WA Emrg Mkt Dbt Fd Franklin Templeton 3.60 -15.14 9.99 25.95 26.97 597 1,786
TEI Tmp Emrg Mkt Incm Fd Franklin Templeton 3.47 -11.73 11.83 76.08 11.68 264 1,141
FAX abrdn Asia-Pacific Incm Fd abrdn 1.97 -16.24 12.55 62.60 31.74 778 2,369
GIM Tmp Glbl Incm Fd Franklin Templeton 1.93 -6.32 8.71 75.58 0.00 472 996
PPT Putnam Prmr Incm Tr Putnam 1.92 -8.23 8.74 29.78 0.00 387 701
JGH Nuv Glbl Hi Incm Fd Nuveen 1.85 -13.63 11.60 26.45 29.22 287 587
HYT BR Corp Hi Yld Fd BlackRock 0.76 -7.91 11.00 28.06 27.06 1,317 6,036
DLY DbLin Yld Opp Fd Doubleline 0.78 -11.51 10.59 9.00 20.49 716 2,485
FTHY FT Hi Yld Opp 2027 Trm Fd First Trust 0.79 -12.21 11.48 32.40 16.37 569 1,509
GHY PGIM Glbl Hi Yld Fd Prudential 0.76 -14.34 11.92 7.10 19.25 505 1,690
ISD PGIM Hi Yld Bnd Fd Prudential 0.77 -13.10 10.80 15.28 21.26 447 1,346
SDHY PGIM Srt Dur Hi Yld Opp Fd Prudential 0.77 -13.40 8.91 16.42 17.08 414 876
DSU BR Dbt Stgs Fd BlackRock 0.78 -11.74 11.26 1.70 19.69 488 1,335
FSD FT Hi Incm Lng/Srt Fd First Trust 0.75 -11.81 11.48 41.28 32.20 414 1,190
HIX WA Hi Incm Fd II Franklin Templeton 0.76 1.50 12.41 4.57 34.50 304 966
HIO WA Hi Incm Opp Fd Franklin Templeton 0.74 -10.02 9.55 6.11 0.00 398 1,226
PTY PIMCO Corp & Incm Opp Fd PIMCO 2.68 12.90 11.64 0.00 35.20 1,469 7,172
PCN PIMCO Corp & Incm Stgy Fd PIMCO 2.72 10.92 10.98 0.00 24.97 530 1,949
VBF Invsc Bnd Fd Invesco 2.56 -3.34 4.88 1.85 0.00 184 532
EVV EV Ltd Dur Incm Fd Eaton Vance 4.07 -6.83 12.40 39.41 35.40 1,207 3,505
BLW BR Ltd Dur Incm Tr BlackRock 3.72 -7.05 9.40 12.69 35.51 481 1,209
VVR Invsc Sr Incm Tr Invesco 0.74 -9.45 12.86 21.34 32.61 615 3,445
JQC Nuv Cr Stgs Incm Fd Nuveen 0.76 -13.72 11.47 11.34 38.25 781 2,876
FSCO FS Cr Opp Corp FS/KKR 0.69 -33.23 14.20 0.00 36.35 1,242 2,245
BGB Blackstone Stgc Cr 2027 Trm Fd Blackstone 0.77 -12.96 10.08 0.00 36.78 538 1,486
JFR Nuv Flt Rt Incm Fd Nuveen 0.80 -10.32 11.06 9.65 38.63 513 1,890
FRA BR Flt Rt Incm Stgc Fd BlackRock 0.78 -12.08 11.87 0.00 22.29 452 1,504
JRO Nuv Flt Rt Incm Opp Fd Nuveen 0.78 -12.23 11.36 10.68 38.48 361 1,275
EFR EV Sr Flt-Rt Tr Eaton Vance 0.79 -10.61 11.01 7.57 35.30 363 872
EFT EV Flt-Rt Incm Tr Eaton Vance 0.79 -10.99 11.30 9.80 35.20 368 985
ARDC Ares Dyn Cr Alloc Fd Ares 0.81 -10.86 10.77 0.00 35.25 308 1,409
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 3.87 -12.73 14.30 59.51 34.80 226 1,756
BKT BR Incm Tr BlackRock 4.07 -4.15 8.18 50.09 29.06 288 815
PDI PIMCO Dyn Incm Fd PIMCO 0.86 3.88 14.75 0.00 40.66 4,368 22,874
PDO PIMCO Dyn Incm Opp Fd PIMCO 0.87 -2.09 12.15 0.00 44.74 1,426 7,057
GOF Gghm Stgc Opp Fd Guggenheim Funds 0.90 26.42 13.84 48.50 22.76 1,448 8,185
DSL DbLin Incm Solutions Fd Doubleline 0.86 -6.22 12.00 2.97 23.71 1,196 4,742
PAXS PIMCO Access Incm Fd PIMCO 0.86 -5.18 12.39 0.00 44.99 671 3,185
BTZ BR Cr Alloc Incm Tr BlackRock 0.87 -10.09 9.91 25.59 35.19 1,057 3,362
RA Brkf Real Ast Incm Fd Brookfield 0.88 7.81 14.66 43.13 26.59 840 4,131
WDI WA Divr Incm Fd Franklin Templeton 0.89 -12.59 11.95 0.00 33.02 773 1,977
BHK BR Core Bnd Tr BlackRock 0.89 -4.22 8.40 9.93 38.60 601 1,998
JPS Nuv Pref & Incm Sec Fd Nuveen 0.97 -12.57 8.13 0.00 37.25 1,407 3,800
PTA Tx-Adv Pref Sec Pref Sec & Incm Fd Cohen&Steers 1.04 -8.52 9.72 34.73 38.10 999 3,164
FPF FT Imd Dur Pref & Incm Fd First Trust 0.97 -10.44 8.79 1.94 35.51 997 2,633
LDP C&S Ltd Dur Pref & Incm Fd Cohen&Steers 1.00 -6.82 9.49 18.15 34.30 533 1,869
NPFD Nuv Var Rt Pref & Incm Fd Nuveen 0.95 -13.53 7.67 0.00 35.61 420 1,673
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 0.97 -7.68 8.52 0.00 38.20 682 1,917
JPC Nuv Pref & Incm Opp Fd Nuveen 0.92 -10.09 9.31 0.00 36.28 708 2,226
WIW WA Inf-Lnk Opp & Incm Fd Franklin Templeton 3.87 -14.55 7.98 0.00 37.43 652 1,833
WIA WA Inf-Lnk Incm Fd Franklin Templeton 3.88 -13.37 6.96 0.00 38.70 232 474
ARCC Ares Capital Corp Ares 0.38 -4.67 10.95 0.00 54.51 9,777 61,867
ORCC Owl Rock Capital Corp Owl Rock 0.44 -17.68 10.70 0.00 53.60 5,860 25,159
FSK FS KKR Capital Corp FS/KKR 0.43 -27.28 15.47 0.00 54.15 6,998 20,490
BXSL Blackstone Secur Lending Fd Blackstone Cr BDC Advis 0.46 -3.74 11.22 0.00 55.78 4,164 25,804
HTGC Hercules Capital Hercules 0.39 18.33 12.52 0.00 51.98 1,437 18,364
MAIN Main Street Cap Corp Main Street Capital 0.44 46.24 6.87 0.00 47.13 2,137 13,156
GBDC Golub Capital BDC Golub Capital 0.40 -11.62 10.15 0.00 54.72 2,514 10,345
PSEC Prospect Capital Corp Prospect Capital 0.41 -31.09 10.51 0.00 48.20 3,970 9,946
GSBD Goldman Sachs BDC Goldman Sachs 0.41 -6.23 13.14 0.00 56.04 1,504 9,099
TSLX Sixth St Splty Lending Sixth St Splty Lending 0.40 6.86 10.45 0.00 50.82 1,338 8,802
OCSL Oaktree Splty Lending Oaktree Capital 0.36 -6.72 12.02 0.00 52.89 1,513 11,063
CSWC Cap Southwest Corp Capital Southwest 0.41 5.91 12.32 0.00 50.88 562 4,993
NMFC New Mountain Fin Corp New Mountain Capital 0.39 -7.22 10.60 0.00 59.55 1,314 4,143
CGBD TCG BDC Carlyle 0.40 -19.89 10.87 0.00 55.21 863 3,618
BBDC Barings BDC Barings 0.40 -29.77 12.89 0.00 53.44 1,192 4,155
TRIN Trinity Capital Trinity Capital 0.53 3.73 13.78 0.00 54.21 459 4,484
SLRC SLR Inv Corp SLR Capital 0.44 -19.69 11.14 0.00 42.79 1,000 3,161
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 0.44 -4.55 14.11 0.00 55.89 420 3,191
CION CION Inv Corp CION Inv Mgmt 0.41 -39.11 13.98 0.00 58.42 879 1,811

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 %