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08. Discount CEF/BDC Index

Data as of

About the Index

(1) Traditional closed-end funds (CEFs) according to CEFdata.com with $250K+ 90-day average trading dollar $ liquidity. The funds also meet the following criteria: Discount wider than -6.5%, 1-year Discount Range under 65%, 6-month Relative Z-stat under -0.25 and Comp Discount under 0. Rank the remaining funds by the 50 largest (smallest/lowest) discounts. (2) Business Development Companies (BDCs): Equity or Debt-Focused BDCs with -6.5% or lower Discounts, Comp Discount under 0 and below average 6-month Relative Z-Stats. Rank the remaining lowest 10 3-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. 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 1,656.69 -0.39 0.20 -8.38 -12.93 -14.05 -12.54 9.04 8.73 8.41 0.35 0.35 -13.87
NAV 1,204.16 -0.14 -0.19 -7.46 -10.79 -10.95 -14.09 0.57 2.82 4.57 0.10 0.10 -11.25
Difference 0.24 -0.39 0.92 2.15 3.10 -1.55 -8.47 -5.91 -3.84 -0.26 -0.26 2.63
* 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 -1.06 -1.52 1.29 -1.31 -6.05 0.88 -8.24 -13.03 -14.18 - - - - - - - - - -
NAV -1.56 0.21 0.65 -0.71 -4.81 0.98 -7.09 -10.69 -11.33 - - - - - - - - - -
Difference -0.50 1.73 -0.63 0.60 1.24 0.10 1.15 2.34 2.84 - - - - - - - - - -
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 3.28 5.05 4.22 13.07 6.24 3.97 1.66 12.29 26.97 -0.29 0.96 -0.58 0.09 3.57 -2.35 0.96 2.11 2.20 29.77
NAV 1.56 2.46 1.98 6.11 2.71 2.63 0.98 6.44 12.94 -2.47 0.57 -1.70 -3.58 1.99 -2.47 0.84 0.30 -3.29 9.22
Difference -1.72 -2.59 -2.24 -6.96 -3.53 -1.34 -0.68 -5.85 -14.03 -2.18 -0.39 -1.12 -3.67 -1.59 -0.12 -0.13 -1.81 -5.50 -20.54
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 0.53 -8.09 -26.99 -32.54 22.93 7.09 -1.31 29.93 -12.35 3.89 2.90 -2.97 3.74 -1.17 17.51 5.40 22.41 26.99 11.30
NAV -1.05 -4.85 -18.75 -23.50 14.76 2.78 -0.97 16.81 -10.64 3.75 1.49 -2.23 2.95 -0.23 8.34 3.06 11.40 14.69 2.48
Difference -1.58 3.24 8.24 9.04 -8.17 -4.31 0.34 -13.12 1.71 -0.14 -1.41 0.74 -0.79 0.93 -9.16 -2.34 -11.01 -12.30 -8.82
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.18 2.19 1.40 15.20 2.11 -2.58 3.67 3.13 18.81 1.03 -2.01 1.71 0.69 -0.90 0.39 4.95 4.41 5.13 24.90
NAV 4.80 1.14 1.71 7.81 0.92 -1.70 2.97 2.15 10.13 -0.21 -1.11 0.83 -0.50 -0.03 -0.01 3.81 3.76 3.24 13.70
Difference -6.38 -1.05 0.31 -7.40 -1.19 0.88 -0.70 -0.98 -8.68 -1.24 0.90 -0.88 -1.19 0.88 -0.41 -1.14 -0.64 -1.89 -11.20
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.63 -3.14 0.02 -1.54 0.68 0.27 -0.30 0.66 -0.89 1.33 0.78 -1.19 0.90 -3.67 1.69 -2.86 -4.84 -3.98 -4.84
NAV 1.58 -2.73 0.23 -0.97 0.29 0.09 -0.09 0.29 -0.69 1.14 -0.26 -0.01 0.87 -2.24 0.66 -0.75 -2.33 -1.49 -2.16
Difference -0.05 0.41 0.20 0.57 -0.40 -0.18 0.21 -0.37 0.21 -0.19 -1.04 1.18 -0.04 1.42 -1.03 2.11 2.50 2.49 2.67
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.12 1.93 0.42 6.58 1.74 0.14 0.46 2.36 9.10 2.50 -0.26 1.31 3.57 -1.80 -0.25 1.23 -0.85 2.70 12.04
NAV 2.01 1.68 0.45 4.19 0.48 0.10 0.26 0.84 5.06 1.63 0.29 0.57 2.50 -0.21 0.13 1.26 1.18 3.71 8.96
Difference -2.12 -0.25 0.02 -2.40 -1.26 -0.04 -0.21 -1.52 -4.03 -0.87 0.55 -0.74 -1.07 1.59 0.39 0.03 2.03 1.01 -3.08
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -4.86 0.96 8.62 4.33 4.78 0.74 2.87 8.59 13.29 4.60 1.81 1.40 7.99 -2.75 0.52 2.74 0.43 8.45 22.87
NAV -2.80 0.17 4.60 1.85 3.43 0.82 2.04 6.41 8.38 2.39 0.43 1.25 4.12 -1.64 -0.11 2.14 0.35 4.49 13.25
Difference 2.06 -0.78 -4.02 -2.48 -1.35 0.08 -0.83 -2.18 -4.91 -2.21 -1.38 -0.15 -3.87 1.11 -0.63 -0.60 -0.08 -3.96 -9.62
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 2.77 2.92 -0.12 5.65 2.09 -1.11 -3.29 -2.36 3.15 -2.06 -3.57 -3.71 -9.07 6.91 -1.58 -1.18 3.97 -5.46 -2.48
NAV 1.16 1.65 0.29 3.13 1.64 -0.26 -1.79 -0.45 2.67 -1.21 -3.32 -3.72 -8.03 3.35 -1.31 -3.14 -1.20 -9.14 -6.71
Difference -1.61 -1.27 0.41 -2.51 -0.46 0.84 1.50 1.91 -0.48 0.86 0.26 -0.01 1.03 -3.56 0.27 -1.95 -5.18 -3.68 -4.23
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 0.79 2.75 -0.28 3.28 1.60 2.33 2.15 6.19 9.67 -1.50 1.98 -3.60 -3.17 0.69 0.05 -3.64 -2.92 -5.99 3.10
NAV 0.57 2.64 0.55 3.79 1.25 2.03 1.54 4.89 8.87 -0.45 1.63 -1.96 -0.82 0.66 -0.07 -0.64 -0.05 -0.88 7.91
Difference -0.22 -0.11 0.82 0.52 -0.35 -0.30 -0.61 -1.30 -0.81 1.04 -0.35 1.64 2.34 -0.03 -0.12 3.00 2.87 5.12 4.81
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 4.09 0.22 0.94 5.29 0.99 -2.61 -3.30 -4.88 0.15 -0.11 -2.17 3.69 1.33 2.35 -1.07 1.62 2.90 4.26 4.42
NAV 2.41 0.29 0.98 3.72 2.02 -1.08 -3.40 -2.51 1.12 1.52 -1.86 3.38 3.00 2.22 0.06 0.99 3.30 6.40 7.59
Difference -1.68 0.07 0.05 -1.57 1.03 1.53 -0.11 2.38 0.97 1.62 0.31 -0.31 1.67 -0.13 1.13 -0.62 0.40 2.13 3.16
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 6.93 2.71 -0.21 9.59 0.50 -4.31 2.17 -1.75 7.68 2.31 0.94 2.29 5.64 -0.27 -0.56 1.19 0.35 6.01 14.15
NAV 3.28 2.19 -0.09 5.44 0.83 -3.42 1.73 -0.92 4.47 1.79 0.82 1.77 4.45 0.03 0.60 1.38 2.02 6.56 11.32
Difference -3.66 -0.52 0.12 -4.15 0.33 0.90 -0.43 0.82 -3.22 -0.52 -0.11 -0.52 -1.19 0.29 1.16 0.20 1.67 0.55 -2.83

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-17.05%
1Yr Disc
-11.80%
3Yr Disc
-12.47%
5Yr Disc
-11.37%
Rel Disc Range (3yr)
43.14%
Mkt Yield
8.14%
Lev Adj NAV Yield
5.65%
After Tax Yield*
7.09%
Est Tax Friction*
1.05%
3Yr NAV Volatiliy
19.47
1 Yr RoC
36.77%
3 Yr Dest RoC
33.47%
Leverage
23.80%
Non Lev Exp Ratio
1.80%
Beta (2yr)
0.83
Equity Exposure
40.47%
Bond Exposure
57.02%
# Holdings
60
Cash Weighted Duration
3.43
Comp NAV TR
-1.36%
Comp Discount
-9.76%
Net Assets (M)
568
Liquidity - 90d (K)
2,036
* 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


60 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
DNIF Div & Incm Fd Bexil 1.72 -30.04 8.73 2.49 5.66 207 246
HFRO Highland Incm Fd Highland Capital 1.75 -26.27 8.19 38.13 13.84 1,040 2,520
SZC Cushing NextGen Infra Incm Fd Cushing 1.75 -23.23 6.87 87.33 24.50 126 292
KMF KA NextGen Nrg & Infra Kayne Anderson 1.68 -17.39 8.86 97.73 25.25 413 1,184
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.67 -19.95 6.56 42.36 9.16 216 782
MCI Barings Corp Invstr Barings 1.77 -19.24 7.06 0.00 10.89 341 330
TYG Tortoise Nrg Infra Corp Tortoise 1.68 -19.48 9.99 63.53 22.60 421 1,717
TTP Tortoise Pip & Nrg Fd Tortoise 1.69 -17.00 9.80 90.81 20.60 65 267
OCCI OFS Credit Company OFS Capital 1.73 -19.32 24.39 25.00 37.06 93 549
NBXG NB Nxt Gen Connectivity Fd Neuberger Berman 1.81 -16.15 11.67 81.66 0.00 966 3,660
TEAF Ecofin Susble & Soc Impact Trm Tortoise 1.71 -15.65 7.95 13.44 11.50 217 487
FAX abrdn Asia-Pacific Incm Fd abrdn 1.64 -18.21 12.04 43.95 34.88 830 2,578
NUO Nuv OH Qlty Muni Incm Fd Nuveen 1.77 -14.71 3.56 0.00 37.81 275 836
BIGZ BR Innovation & Gwth Tr BlackRock 1.83 -14.46 10.07 100.00 0.00 2,312 11,481
ASGI abrdn Glbl Infra Incm Fd abrdn 1.69 -14.50 8.22 0.00 0.00 181 357
CMU MFS Hi Yld Muni Tr MFS 1.78 -13.60 5.25 0.00 40.00 112 478
GNT GAMCO NtrRes Gd & Incm Gabelli 1.70 -13.58 7.86 97.67 20.00 100 254
MEGI MainStay CBRE Glbl Infra MTrnd New York Life 1.74 -12.82 8.20 0.00 28.00 909 2,466
NIE Virtus Eq & Convt Incm Fd Virtus 1.79 -12.69 9.41 0.00 0.00 675 2,228
AIF Apollo Tactical Incm Fd Apollo 1.78 -12.74 8.81 0.67 34.79 203 732
NCZ Virtus Convt & Incm Fd II Virtus 1.68 -14.08 14.75 80.77 42.79 270 1,888
ENX EV NY Muni Bnd Fd Eaton Vance 1.77 -14.23 4.19 2.69 35.40 200 471
ECF Ellsworth Gwth & Incm Fd Gabelli 1.77 -12.78 8.07 0.00 17.00 127 627
BSTZ BR Sci & Tech Tr II BlackRock 1.87 -9.69 10.98 0.00 0.00 1,824 6,007
WIA WA Inf-Lnk Incm Fd Franklin Templeton 1.78 -10.73 5.41 0.00 35.80 261 672
GDV Gabelli Div & Incm Tr Gabelli 1.76 -12.14 6.40 3.77 13.00 2,122 3,672
NPCT Nuv Core Plus Impact Fd Nuveen 1.76 -13.58 10.56 43.68 38.74 390 1,134
MHI Pioneer Muni Hi Incm Fd Amundi Asset Mgmt 1.80 -12.30 5.03 1.44 36.90 248 818
VPV Invsc PA Val Muni Incm Tr Invesco 1.77 -12.73 5.25 1.23 38.47 290 603
DMO WA Mortg Opp Fd Franklin Templeton 1.78 -11.28 10.17 21.63 33.20 152 535
NFJ Virtus Div Int & Prm Stgy Fd Virtus 1.79 -12.27 8.26 0.00 0.00 1,283 3,421
MFM MFS Muni Incm Tr MFS 1.80 -10.26 4.39 0.00 30.00 257 1,015
FDEU FT Dyn Euro Eq Incm Fd First Trust 1.68 -11.96 6.70 21.41 24.00 210 416
FMN Fed Prmr Muni Incm Fd Federated 1.80 -11.96 4.34 0.00 42.77 148 543
EMF Tmp Emrg Mkt Fd Franklin Templeton 1.73 -11.59 9.33 0.00 8.41 214 318
TBLD Thornburg Incm Bldr Opp Tr Thornburg Inv Mgmt 1.73 -11.96 8.71 0.00 0.00 523 1,264
AGD abrdn Glbl Dyn Div Fd abrdn 1.74 -12.03 8.33 25.92 1.07 134 417
AIO Virtus AI & Tech Opp Fd Virtus 1.81 -11.61 10.79 0.00 13.68 648 2,165
IVH Dlw Ivy Hi Incm Opp Fd Delaware 1.75 -11.71 8.55 0.00 27.27 192 701
CXE MFS Hi Incm Muni Tr MFS 1.82 -10.50 5.05 0.00 41.00 138 666
AOD abrdn Tot Dyn Div Fd abrdn 1.74 -11.33 8.56 20.74 0.00 958 3,025
BOE BR Enh Glbl DivTr BlackRock 1.75 -11.80 7.72 9.06 0.00 707 1,674
DLY DbLin Yld Opp Fd Doubleline 1.75 -10.95 9.73 3.95 24.78 775 2,453
BCV Bancroft Fund Gabelli 1.77 -10.70 8.32 0.00 19.00 105 317
EVM EV CA Muni Bnd Fd Eaton Vance 1.75 -12.24 4.58 0.00 42.60 265 769
SBI WA Imd Muni Fd Franklin Templeton 1.76 -11.68 3.49 0.00 26.30 129 262
IGA Voya Glbl Adv & Prm Opp Fd Voya 1.73 -10.57 8.71 68.10 0.00 164 405
MAV Pioneer Muni Hi Incm Adv Fd Amundi Asset Mgmt 1.80 -10.34 5.32 0.78 42.70 241 642
WDI WA Divr Incm Fd Franklin Templeton 1.73 -11.54 10.55 2.72 27.90 799 2,300
DMF BNY Mellon Muni Incm BNY Mellon 1.78 -10.78 5.07 0.00 35.26 160 449
SVVC Firsthand Tech Val Fd Firsthand Capital 1.23 -85.73 0.00 N/A 0.00 87 35
CION CION Inv Corp CION Inv Mgmt 1.16 -50.06 13.84 0.00 48.48 923 1,621
RWAY Runway Gwth Fin Corp Runway Gwth Cap 1.30 -18.55 10.20 0.00 20.47 597 980
LRFC Logan Ridge Fin Corpn Mount Logan 1.22 -60.67 0.00 N/A 52.56 106 153
SSSS SuRo Capital Corp SuRo Capital Corp 1.27 -46.48 0.00 0.00 15.91 375 1,479
ORCC Owl Rock Capital Corp Owl Rock 1.27 -15.79 9.90 0.00 53.27 5,871 34,765
GBDC Golub Capital BDC Golub Capital 1.27 -14.14 9.10 0.00 53.00 2,623 14,986
OXSQ Oxford Square Cap Corp Oxford Lane 1.23 -22.58 11.67 9.39 43.66 231 741
FCRD First Eagle Alt Cap BDC First Eagle Alt Cr 1.20 -44.44 11.76 0.00 55.09 183 123
AINV Apollo Inv Corp Apollo 1.27 -30.21 11.25 0.00 59.82 1,003 3,774

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 %