Closed-End Fund Advisors (CEFA)

30th Anniversary
Closed-End Fund Advisors ("CEFA") is a fee-based Registered Investment Advisory firm founded in 1989. Closed-End Fund Advisors has its corporate headquarters in Richmond, Virginia.

CEFA's primary business is discretionary asset management. As a global manager of managers, we build portfolios for individual and institutional clients, through either direct work with clients or through financial advisors and planners. To learn more about our firm, download our firm's profile presentation.

SEC Form CRS: Relationship Summary
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CEFAdvisors is proud to be a Founding Member of The Active Investment Company Alliance.

Free CEF/BDC Fund Profile

CEFA's global investing utilizes a value approach of reasonable risk-taking, tempered by careful analysis of all the underlying factors before investing in potentially more than 40 markets worldwide.

CEF Advisors' Model Portfolio Offerings

Click to download CEFA's Models Overview

CEFA currently manages 15 investment portfolio composites styles:

Investor Presentation

  1. International Opportunities
  2. Diversified Equity
  3. Diversified Growth
  4. Hybrid (High) Income
  5. Discount Opportunity
  6. Alternative Income
  7. Foundation/Balanced
  8. Taxable Bond and BDC
  9. Dividend Confidence Model
  10. Diversified Low Beta
  11. Low Correlation
  12. Diversified Tax-Sensitive Income
  13. Business Development Company Select
  14. Municipal Bond Select
  15. CEFA Select "Six Pack" Income

To learn more about these models' investment strategies, visit our investment portfolio models page or contact us to request information about our managed accounts.

CEF Advisors' 30+ CEF/BDC Indexes: We recently launched 30+ indexes cover the entire closed-end fund (CEF) and business development company (BDC) universe. The indexes cover both bond and equity sector indexes as well as diversified portfolio objective indexes. The indexes are priced daily from our internally collected research system and database launched in 2012. Data will be available on the indexes for additional benchmarking purposes including weighted discount, yield, leverage, duration, beta and other metrics for the underlying constituent funds. The indexes will be rebalanced quarterly. The indexes were developed to help us monitor our client portfolios as well as help our research/data clients and peers better benchmark themselves.

The firm's index project can be monitored via: We offer a performance table and a data table webpage summarizing each index. Clicking on each indexes' name opens a detailed page containing the following information: 1. Index Methodology, 2. Market Price and Net Asset Value Performance, 3. Discounts, 4. Data Characteristics, 5. Holdings' Asset Allocation, 6. Constituent Funds, and 7. Daily index market price and net asset value pricing.

Data Tables for CEF Advisors' 30+ Indexes:

Performance Tables for CEF Advisors' 30+ Indexes:

Diversified Portfolio Indexes
1. 12 Major Sectors Index 7. Taxable Bond & BDC Index
2. High Income Index 8. Discount CEF/BDC Index
3. Equity Income Index 9. Premium CEF/BDC Index
4. 60/40 Balanced (w/BDCs) Index 10. All Sector Equity CEF Index
5. Tax-Advantaged Equity Dividend Index 11. Alternative Income Index
6. Tax-Sensitive Income Index
Equity Sector Indexes
1. International Equity Index 6. Utilities / Infrastructure Index
2. US Equity Index 7. Master Limited Partnership (MLP) Index
3. Global Equity Index 8. Preferred Equity Index
4. Covered Call / Option Funds Index 9. Hybrid / Balanced Fund Index
5. Global Real Estate, REIT & Real Asset Index
Taxable Bond Sector Indexes Tax-Free Bond Sector Indexes
1. Debt-Focused Business Development Companies (BDC) Index 1. National Municipal Bond Index
2. BDC Baby Bond/Leverage Index 2. High Yield Municipal Index
3. High Yield Bond Index 3. Term Municipal Fund Index
4. Senior Loan Index 4. California Municipal Index
5. Convertible Bond Index 5. New York Municipal Index
6. Investment Grade Bond Index 6. State Municipal Index (Non NY/CA)
7. Multisector Bond Index
8. US Bond Index
9. International Bond Index

CEFA's Closed-End Fund Universe provides weekly data on the complete closed-end fund and business development company universe. A sample copy is available for review as well as a 14-day, no-risk free trial.

CEFA's Free BDC Universe Data Page: providing the first central location that we know of, for key BDC data on all US listed public business development companies (BDCs). The data is updated weekly and we will be adding BDC educational resources to help educate investors on the sector and investment structure.

Please contact us for more information:

Direct: 804-288-2482
Toll-free: 800-356-3508 (U.S. and Canada)

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CEFA's 3Q 2021 CEF/BDC
Review/Outlook Research Replay

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The ABCs of BDCs and CEFs Replay

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The ABCs of BDCs
(Business Development Companies) Replay

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Visit CEFA's
BDC Universe

Recent News
November 2021
The NAVigator. John Cole Scott: The outlook for BDCs is strong heading into 2022, November 02, 2021.
October 2021
The NAVigator. John Cole Scott dispels the notion that closed-end funds are only suited for retirees, October 12, 2021.
August 2021
The NAVigator. John Cole Scott the right mix of closed-end funds creates a quasi-bond, August 27, 2021.
NASDAQ Trade Talks. John Cole Scott on Research, Data Analytics, and Consulting for Institutional Investors and Fund Sponsors, August 18, 2021.
July 2021
The NAVigator. John Cole Scott on discounts vs. dollars, the recovery and what's next, July 2, 2021.
June 2021
Fund Board Views. John Cole Scott in a Q&A about "Boulder letter, closed-end funds, and activist investors", June 15, 2021.
May 2021
The Wall Street Transcript. John Cole Scott "Closed End Funds are High Yielding Reliable Cash Flows", May 28, 2021.
The NAVigator. John Cole Scott says that finding big discounts is hard, but closed-end funds remain attractive, May 7, 2021.
April 2021
Kiplinger. John Cole Scott "35 Ways to Earn Up to 10% on Your Money", April 30, 2021.
WealthManagement. John Cole Scott "Redemption Requests Slow Inflows to Real Estate Interval Funds", April 23, 2021.
December 2020
The NAVigator. John Cole Scott compares 2020 to unusual years from the past and looks ahead at the opportunities of 2021, December 31, 2020.
The NAVigator. John Cole Scott discusses how closed-end funds can trade at big discounts yet still not be relatively cheap, December 4, 2020.
October 2020
The NAVigator. John Cole Scott answering three questions and giving 2 ticker symbols worth following in one wide-ranging interview, October 30, 2020.
September 2020
The NAVigator. John Cole Scott revisits a year of The NAVigator and looks ahead, September 25, 2020.
John Cole Scott Interview for Debtwire Municipals: "Nuveen muni closed-end fund IPO biggest in years; fund could seek some familiar names, expert says", September 10, 2020.
Closed-End Fund Advisors
In the News

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