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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 2,044.11 -0.06 -0.34 -0.36 4.54 11.57 16.64 3.02 10.24 8.83 0.62 2.90 10.81
NAV 1,395.01 0.14 0.06 -0.06 2.66 6.82 11.01 0.06 3.59 3.94 0.80 1.54 5.90
Difference 0.20 0.39 0.30 -1.88 -4.75 -5.62 -2.96 -6.65 -4.89 0.18 -1.36 -4.91
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2024 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2024
Price 1.83 2.04 3.65 7.69 -1.08 3.38 - - - - - - - - - - - - -
NAV 0.05 1.58 2.62 4.30 -0.99 1.74 - - - - - - - - - - - - -
Difference -1.78 -0.45 -1.03 -3.40 0.08 -1.63 - - - - - - - - - - - - -
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 10.13 -2.22 -0.74 6.88 0.82 -2.08 5.20 3.86 11.01 3.22 -2.07 -9.11 -8.13 -3.60 12.59 3.99 12.86 3.69 15.10
NAV 5.19 -3.06 0.98 2.97 1.09 -2.37 3.68 2.34 5.37 1.88 -2.39 -5.44 -5.96 -2.75 9.22 3.90 10.36 3.78 9.35
Difference -4.94 -0.84 1.72 -3.92 0.27 -0.29 -1.52 -1.53 -5.64 -1.33 -0.32 3.68 2.17 0.86 -3.37 -0.09 -2.51 0.09 -5.75
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 6.82 -1.07 -11.76 -6.74 4.92 7.69 -7.87 4.10 -2.92 -16.68
NAV -1.56 0.21 0.65 -0.71 -4.81 0.98 -7.09 -10.69 -11.33 4.70 -2.99 -7.34 -5.89 1.90 4.81 -0.37 6.40 0.14 -11.21
Difference -0.50 1.73 -0.63 0.60 1.24 0.10 1.15 2.34 2.84 -2.12 -1.92 4.42 0.86 -3.02 -2.88 7.49 2.30 3.05 5.47
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
-14.83%
1Yr Disc
-14.67%
3Yr Disc
-10.36%
5Yr Disc
-10.51%
Rel Disc Range (3yr)
27.89%
Mkt Yield
8.01%
Lev Adj NAV Yield
5.65%
After Tax Yield*
7.17%
Est Tax Friction*
0.84%
3Yr NAV Volatiliy
12.78
1 Yr RoC
47.24%
3 Yr Dest RoC
25.61%
Leverage
21.26%
Non Lev Exp Ratio
2.02%
Beta (2yr)
0.80
Equity Exposure
47.81%
Bond Exposure
48.65%
# Holdings
60
Cash Weighted Duration
3.28
Comp NAV TR
-0.03%
Comp Discount
-6.96%
Net Assets (M)
634
Liquidity - 90d (K)
1,516
* 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)
HFRO Highland Opp & Incm Fd NexPoint 1.49 -52.58 7.61 24.59 16.14 874 1,367
HGLB Highland Glbl Alloc Fd NexPoint 1.66 -34.76 13.28 18.78 4.63 256 511
STEW SRH Tot Rtn Fd Paralel Advisors 1.64 -22.47 3.81 16.77 11.11 1,805 1,023
TYG Tortoise Nrg Infra Corp Tortoise 1.87 -17.59 8.55 54.05 20.90 434 1,414
IIF MS India Inv Fd Morgan Stanley 1.91 -19.10 6.34 0.00 0.00 313 910
NTG Tortoise Midstream Nrg Fd Tortoise 1.82 -17.54 7.64 57.47 18.60 249 468
GAM General American Invstr General American Inv 1.80 -18.38 5.39 0.00 12.38 1,420 1,097
TTP Tortoise Pip & Nrg Fd Tortoise 1.88 -13.33 6.86 62.26 17.30 80 213
GLO Clough Glbl Opp Fd Clough 1.80 -17.27 10.93 99.90 28.66 273 743
PEO Adams Ntr Res Fd Adams Funds 1.70 -14.29 1.75 0.00 0.00 682 882
CAF MS China A Shr Fd Morgan Stanley 1.66 -18.92 1.04 0.00 0.00 251 402
GLV Clough Glbl Div & Incm Fd Clough 1.76 -16.86 11.13 94.04 28.43 85 327
GLQ Clough Glbl Eq Fd Clough 1.84 -15.75 10.49 99.48 28.69 154 451
ASA ASA Gd & Prcs Mtl Merk Investments 1.95 -13.84 0.17 0.00 0.00 393 1,093
ECF Ellsworth Gwth & Incm Fd Gabelli 1.70 -13.82 6.41 13.35 24.00 130 360
AEF abrdn Emrg Mkt Eq Incm Fd abrdn 1.78 -15.25 7.58 88.02 10.20 316 516
HQL abrdn Life Sci Invstr abrdn 1.71 -12.75 14.02 41.44 0.00 429 1,070
HQH abrdn Health Invstr abrdn 1.70 -13.00 13.99 42.49 0.00 982 2,470
TDF Tmp Dragon Fd Franklin Templeton 1.77 -14.79 0.00 N/A 0.00 243 364
AOD abrdn Tot Dyn Div Fd abrdn 1.74 -14.78 8.25 29.86 5.37 1,034 2,069
NML NB Nrg Infra & Incm Fd Neuberger Berman 1.79 -12.51 9.20 53.34 17.45 493 1,768
DMB BNY Mellon Muni Bnd Infra Fd BNY Mellon 1.74 -12.89 3.42 0.00 31.59 223 775
NPCT Nuv Core Plus Impact Fd Nuveen 1.83 -9.51 13.16 54.37 36.51 345 1,014
PCK PIMCO CA Muni Incm Fd II PIMCO 1.74 -13.24 4.43 46.97 41.34 217 416
VKI Invsc Adv Muni Incm Tr II Invesco 1.78 -10.00 7.61 11.32 41.00 435 1,504
IDE Voya Infra Ind & Matrls Fd Voya 1.75 -9.27 11.57 20.07 0.00 173 559
FT Frk Univ Tr Franklin Templeton 1.75 -13.05 7.58 19.84 23.93 195 315
BGR BR Nrg & Res Tr BlackRock 1.65 -12.42 6.18 55.42 0.00 400 956
RA Brkf Real Ast Incm Fd Brookfield 1.69 -13.68 11.22 45.26 19.80 808 2,776
SABA Saba Cap Incm & Opp Fd II Saba Capital 1.74 -11.81 9.13 100.00 0.00 244 891
NUW Nuv AMT-Fr Muni Val Fd Nuveen 1.73 -10.76 3.75 0.00 0.73 274 493
BTT BR Muni 2030 Tgt Trm Tr BlackRock 1.67 -13.29 2.71 0.00 34.91 1,556 2,728
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.70 -11.69 12.83 81.31 31.19 96 252
PMO Putnam Muni Opp Tr Putnam 1.73 -11.45 4.11 28.31 28.00 358 825
PMM Putnam Mgd Muni Incm Tr Putnam 1.79 -8.91 4.58 27.17 24.00 313 612
PCQ PIMCO CA Muni Incm Fd PIMCO 1.72 -11.10 4.61 51.24 41.32 200 506
NIE Virtus Eq & Convt Incm Fd Virtus 1.73 -9.05 8.77 57.29 0.00 695 1,459
NIM Nuv Sel Maturities Muni Fd Nuveen 1.72 -10.72 3.67 0.00 0.00 125 198
EOT EV Nat Muni Opp Tr Eaton Vance 1.73 -9.89 4.47 0.00 12.10 291 498
JPC Nuv Pref & Incm Opp Fd Nuveen 1.76 -8.05 10.92 0.00 38.83 2,540 5,474
NMCO Nuv Muni Cr Opp Fd Nuveen 1.80 -8.93 7.46 0.66 41.16 663 1,607
JHI JH Invstr Tr John Hancock 1.71 -9.20 6.73 0.00 40.72 127 249
BXMX Nuv S&P 500 By-Wrt Inc Fd Nuveen 1.73 -10.68 7.16 58.63 0.00 1,542 2,228
BRW Saba Cap Incm & Opp Fd Saba Capital 1.67 -8.51 14.59 68.19 20.98 325 843
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.81 -8.38 8.93 37.83 0.00 643 1,408
SPXX Nuv S&P 500 Dyn Owrt Fd Nuveen 1.78 -8.64 7.32 63.58 0.00 316 540
QQQX Nuv Nasdaq 100 Dyn Owrt Fd Nuveen 1.75 -11.33 6.90 47.77 0.00 1,341 2,456
DHY CS Hi Yld Bnd Fd Credit Suisse 1.75 -5.96 9.07 2.76 26.17 226 607
PPT Putnam Prmr Incm Tr Putnam 1.75 -7.33 8.81 29.29 0.00 366 599
MCR MFS Charter Incm Tr MFS 1.69 -8.68 8.74 33.89 25.00 288 364
EQS Equus Total Return Equus 1.07 -62.13 0.00 N/A 53.43 46 12
ICMB Investcorp Cr Mgmt BDC Investcorp 1.43 -39.16 14.37 0.00 58.34 79 146
PSBD Palmer Sq Cap BDC Palmer Sq BDC Advis 1.27 -3.55 10.15 0.00 56.29 559 439
PSEC Prospect Capital Corp Prospect Capital 1.27 -37.93 12.90 0.00 51.14 3,756 8,975
MRCC Monroe Capital Corp Monroe Capital 1.23 -21.40 13.68 0.00 60.99 201 488
TCPC BR TCP Capital Corp BlackRock 1.25 -3.59 12.66 0.00 57.21 953 5,091
SAR Saratoga Inv Corp Saratoga 1.19 -16.00 12.99 0.00 66.71 372 1,542
CION CION Inv Corp CION Inv Mgmt 1.42 -22.49 11.58 0.00 59.44 860 3,120
WHF WhiteHorse Finance H.I.G. Capital 1.25 -8.44 12.46 0.00 53.10 314 1,476
FSK FS KKR Capital Corp FS/KKR 1.30 -19.57 13.09 0.00 52.59 6,811 25,180

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 %