CEF Advisors AICA Event NAVigator Podcast

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

View All Indexes

09. Premium CEF/BDC Index

Data as of

About the Index

(1) Traditional CEFs with $250K+ 90-day average trading dollar $, a Discount narrower than -6.5% (above), 1-year Discount Range over 50%, 6 month Relative Z-Stat over 0 and Comp Discount over 0. The remaining funds ranked by 25 largest (highest) CEF premiums. Business Development Companies (BDC): Equity or Debt-Focused BDCs with -6.5% or higher Discounts, Comp Discount over 0 and above average 6-month Relative Z-Stats. The remaining funds are ranked by the highest 8 1-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. If no BDC funds meet the criteria, the allocation will be split between the qualifying traditional CEFs. 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 954.85 -0.06 -1.07 -0.63 0.75 3.95 11.87 -6.20 -3.71 -1.05 -0.25 -0.10 2.79
NAV 1,647.42 0.01 -0.34 0.33 2.42 6.10 14.16 2.49 5.87 5.69 0.27 1.40 4.94
Difference 0.07 0.73 0.96 1.67 2.15 2.29 8.69 9.58 6.75 0.53 1.49 2.14
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.13
2024 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2024
Price 0.66 1.04 1.16 2.89 -1.84 2.04 - - - - - - - - - - - - -
NAV 1.08 0.74 1.64 3.49 -0.50 1.63 - - - - - - - - - - - - -
Difference 0.41 -0.30 0.48 0.60 1.34 -0.41 - - - - - - - - - - - - -
2023 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2023
Price 3.62 -3.05 -0.88 -0.42 -0.80 -2.94 4.27 0.40 -0.02 4.86 -3.17 0.30 1.84 -6.10 7.78 3.39 4.64 6.57 6.55
NAV 5.38 -2.99 0.63 2.87 0.22 -0.81 3.18 2.57 5.51 2.42 -0.56 -3.42 -1.64 -1.64 6.59 3.98 9.02 7.23 13.14
Difference 1.76 0.05 1.51 3.29 1.02 2.13 -1.09 2.17 5.53 -2.44 2.61 -3.73 -3.48 4.46 -1.20 0.60 4.38 0.66 6.59
2022 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2022
Price -6.56 -3.13 0.22 -9.28 -8.57 -2.49 -8.03 -18.01 -25.62 6.56 -3.32 -11.57 -8.90 4.05 4.74 3.08 12.33 2.34 -23.88
NAV -2.81 -1.34 -0.13 -4.24 -6.37 -0.03 -7.02 -12.97 -16.66 5.62 -2.08 -6.71 -3.52 3.69 6.27 -3.32 6.54 2.79 -14.34
Difference 3.75 1.78 -0.35 5.04 2.20 2.47 1.01 5.04 8.96 -0.95 1.24 4.86 5.38 -0.36 1.54 -6.40 -5.80 0.45 9.54
2021 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2021
Price 0.50 1.51 3.08 5.15 2.30 0.91 2.12 5.42 10.85 -0.74 0.01 -4.01 -4.71 1.49 -0.83 1.31 1.97 -2.83 7.71
NAV 0.35 0.45 1.86 2.68 2.56 1.42 1.59 5.67 8.50 0.83 1.51 -1.38 0.94 1.92 -0.74 2.58 3.77 4.75 13.66
Difference -0.15 -1.05 -1.21 -2.47 0.26 0.51 -0.53 0.25 -2.35 1.57 1.50 2.63 5.65 0.43 0.09 1.26 1.80 7.59 5.95
2020 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2020
Price 1.20 -9.40 -21.67 -28.18 2.94 5.87 1.90 11.05 -20.25 2.00 2.37 -1.35 3.01 -1.99 9.31 3.65 11.05 14.39 -8.77
NAV 2.16 -2.29 -15.42 -15.57 3.55 5.74 3.35 13.16 -4.46 4.13 2.30 -0.32 6.18 0.72 5.74 2.59 9.25 16.01 10.84
Difference 0.96 7.11 6.25 12.61 0.61 -0.13 1.46 2.11 15.79 2.13 -0.08 1.04 3.17 2.71 -3.58 -1.06 -1.79 1.62 19.61
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 7.34 1.90 1.64 11.16 -0.09 -2.39 4.16 1.59 12.93 0.75 -3.03 1.25 -1.08 -0.39 -0.17 2.10 1.53 0.43 13.42
NAV 5.18 1.21 2.36 8.97 1.65 -1.43 3.11 3.32 12.58 0.23 -0.61 0.86 0.48 0.12 -0.31 2.94 2.74 3.23 16.21
Difference -2.16 -0.69 0.72 -2.20 1.75 0.96 -1.05 1.73 -0.34 -0.52 2.42 -0.39 1.56 0.51 -0.14 0.84 1.21 2.79 2.80
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price -2.63 -2.95 -0.80 -6.26 3.26 2.25 -1.18 4.33 -2.20 1.65 1.27 -0.94 1.98 -7.25 1.85 1.58 -4.05 -2.15 -4.31
NAV 1.18 -2.30 -0.61 -1.75 1.79 1.80 -0.03 3.60 1.79 1.29 0.66 0.63 2.61 -2.75 0.09 -2.02 -4.62 -2.14 -0.39
Difference 3.81 0.64 0.20 4.51 -1.46 -0.44 1.15 -0.73 3.99 -0.36 -0.61 1.57 0.63 4.50 -1.76 -3.60 -0.57 0.01 3.92
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.10 0.83 0.01 2.95 2.44 1.54 -0.01 4.00 7.07 0.49 -0.79 0.80 0.49 -0.46 -0.74 1.02 -0.19 0.30 7.39
NAV 1.46 1.56 0.52 3.58 1.36 1.27 0.17 2.83 6.51 1.25 0.53 0.47 2.27 0.62 0.66 0.66 1.95 4.26 11.06
Difference -0.64 0.73 0.51 0.63 -1.07 -0.27 0.18 -1.17 -0.56 0.76 1.32 -0.32 1.78 1.08 1.40 -0.36 2.14 3.97 3.67
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -2.61 1.39 3.81 2.51 4.47 -0.03 4.45 9.09 11.82 2.68 0.53 -1.61 1.56 -5.01 -1.71 0.69 -5.98 -4.52 6.77
NAV -1.37 0.13 2.09 0.82 4.51 1.22 3.13 9.09 9.98 1.18 0.47 1.69 3.38 -0.75 -2.50 2.04 -1.25 2.08 12.27
Difference 1.24 -1.26 -1.72 -1.68 0.04 1.24 -1.32 -0.00 -1.84 -1.49 -0.05 3.30 1.82 4.26 -0.79 1.35 4.73 6.60 5.50
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -2.05 1.51 -1.76 -2.31 0.74 -1.39 -5.22 -5.84 -8.02 -0.91 -4.17 -4.03 -8.87 6.68 -3.72 -0.92 1.76 -7.27 -14.70
NAV -0.62 2.22 -0.60 0.98 1.06 0.69 -1.96 -0.24 0.74 0.43 -3.16 -2.48 -5.15 4.95 -2.06 -3.15 -0.44 -5.57 -4.87
Difference 1.43 0.71 1.16 3.29 0.31 2.08 3.26 5.60 8.76 1.35 1.01 1.55 3.72 -1.72 1.66 -2.23 -2.20 1.69 9.83
2014 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2014
Price 1.89 2.54 0.28 4.76 1.67 3.08 2.03 6.93 12.02 -2.13 3.99 -2.36 -0.63 1.72 1.47 -0.74 2.45 1.80 14.04
NAV 1.46 2.29 0.55 4.36 1.42 2.03 2.61 6.19 10.82 -1.25 2.95 -1.29 0.35 -0.51 -0.40 -1.99 -2.87 -2.53 8.01
Difference -0.42 -0.25 0.27 -0.41 -0.25 -1.05 0.58 -0.74 -1.20 0.88 -1.04 1.07 0.98 -2.23 -1.86 -1.25 -5.32 -4.33 -6.03
2013 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2013
Price 6.40 1.67 0.48 8.70 2.11 -1.01 -1.75 -0.69 7.95 -0.44 -1.61 2.01 -0.07 2.47 0.10 2.17 4.81 4.74 13.06
NAV 3.84 0.45 2.02 6.42 2.00 -0.08 -2.17 -0.29 6.11 1.79 -1.68 2.59 2.67 2.00 0.78 1.01 3.84 6.61 13.12
Difference -2.56 -1.21 1.54 -2.28 -0.11 0.93 -0.42 0.40 -1.84 2.23 -0.07 0.57 2.74 -0.47 0.67 -1.16 -0.97 1.87 0.06
2012 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2012
Price 5.58 2.84 0.06 8.64 1.38 -2.44 3.24 2.11 10.94 2.83 0.97 2.39 6.31 -0.67 -1.12 -1.22 -2.98 3.14 14.42
NAV 4.00 2.55 0.19 6.85 0.91 -2.37 1.24 -0.27 6.56 2.14 1.54 1.84 5.62 0.59 0.64 -0.02 1.22 6.91 13.92
Difference -1.58 -0.30 0.13 -1.79 -0.47 0.06 -2.01 -2.39 -4.38 -0.69 0.57 -0.55 -0.68 1.26 1.77 1.20 4.20 3.78 -0.49

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
8.98%
1Yr Disc
5.63%
3Yr Disc
3.93%
5Yr Disc
3.72%
Rel Disc Range (3yr)
66.43%
Mkt Yield
10.65%
Lev Adj NAV Yield
8.94%
After Tax Yield*
8.72%
Est Tax Friction*
1.93%
3Yr NAV Volatiliy
9.47
1 Yr RoC
33.38%
3 Yr Dest RoC
20.45%
Leverage
30.41%
Non Lev Exp Ratio
1.96%
Beta (2yr)
0.69
Equity Exposure
16.82%
Bond Exposure
80.11%
# Holdings
33
Cash Weighted Duration
2.77
Comp NAV TR
3.59%
Comp Discount
12.53%
Net Assets (M)
1,276
Liquidity - 90d (K)
6,103
* 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


33 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
PTY PIMCO Corp & Incm Opp Fd PIMCO 3.43 27.53 10.03 19.48 18.80 1,797 8,743
PCN PIMCO Corp & Incm Stgy Fd PIMCO 3.37 14.94 10.32 19.67 13.79 649 3,351
GOF Gghm Stgc Opp Fd Guggenheim Funds 3.70 23.55 14.82 50.50 17.31 1,706 9,174
EDF Virtus SH Emrg Mkt Incm Fd Virtus 3.52 16.67 13.53 20.49 24.70 132 666
IFN India Fund abrdn 3.04 -9.66 10.13 0.00 0.00 738 4,785
EIC Eagle Point Incm Co Eagle Point 3.39 2.08 15.28 0.00 30.40 213 2,099
PDI PIMCO Dyn Incm Fd PIMCO 3.53 11.92 14.09 26.86 39.19 5,233 26,584
CHI Calamos Convt Opp & Incm Calamos 3.70 19.14 9.74 64.14 37.90 739 2,080
ACV Virtus Divr Incm & Convt Fd Virtus 3.07 -4.54 10.48 95.84 32.72 224 634
BIT BR Mlt-Sctr Incm Tr BlackRock 3.27 0.97 10.20 41.44 35.30 553 1,536
HPS JH Pref Incm Fd III John Hancock 3.58 8.51 8.49 18.49 37.86 458 897
THW abrdn Wld Health Fd abrdn 3.53 4.98 10.71 49.82 20.10 515 1,202
MPV Barings Partcp Invstr Barings 3.66 3.65 8.75 0.00 9.56 168 305
VVR Invsc Sr Incm Tr Invesco 3.58 6.72 12.03 15.51 32.12 615 3,057
PAXS PIMCO Access Incm Fd PIMCO 3.60 4.25 11.42 17.82 43.35 664 2,389
PDO PIMCO Dyn Incm Opp Fd PIMCO 3.61 4.19 11.65 22.47 41.08 1,453 5,141
GBAB Gghm Taxable Muni Bnd & Inv Grd Dbt Guggenheim Funds 3.52 2.75 9.40 44.22 23.47 388 879
UTF C&S Infra Fd Cohen&Steers 3.39 -1.01 8.28 20.12 30.00 2,187 4,421
HYT BR Corp Hi Yld Fd BlackRock 3.51 0.52 9.70 23.15 26.00 1,382 3,611
BGT BR Flt Rt Incm Fd BlackRock 3.53 0.94 11.25 11.27 23.70 287 1,241
SRV NXG Cushing Midstream Nrg Fd Cushing 3.63 1.51 12.93 94.17 25.86 119 1,105
BHK BR Core Bnd Tr BlackRock 3.52 0.85 8.36 37.49 33.30 574 1,448
EFT EV Flt-Rt Incm Tr Eaton Vance 3.62 1.50 10.48 0.00 37.00 348 1,206
BLW BR Ltd Dur Incm Tr BlackRock 3.50 -1.01 9.40 10.27 37.30 497 1,307
DLY DbLin Yld Opp Fd Doubleline 3.48 -2.50 8.97 1.33 19.34 768 2,003
ARCC Ares Capital Corp Ares 1.55 5.38 9.33 0.00 48.21 11,870 68,252
GBDC Golub Capital BDC Golub Capital 1.47 3.04 10.01 0.00 55.38 2,593 15,908
MAIN Main Street Cap Corp Main Street Capital 1.67 68.45 5.91 0.00 43.04 2,532 17,761
BXSL Blackstone Secur Lending Fd Blackstone 1.61 20.08 9.83 0.00 49.27 5,023 26,751
OXSQ Oxford Square Cap Corp Oxford Lane 1.49 22.31 14.19 0.00 44.73 145 741
OBDC Blue Owl Cap Corp Blue Owl 1.66 2.91 9.30 0.00 51.66 6,029 31,546
HTGC Hercules Capital Hercules 1.72 70.25 8.08 0.00 47.40 1,886 17,205
CSWC Cap Southwest Corp Capital Southwest 1.58 50.75 9.02 0.00 49.52 756 7,021

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 %