The Active Investment Company Alliance (AICA) is the premier 501(c)(6) non-profit trade association for the listed closed-end fund (CEF), business development company (BDC), interval fund, and tender-offer fund industries. AICA brings together fund sponsors, product sponsors, and institutional investors to advance education, advocacy, data transparency, and professional development across the alternative investment landscape.
Our membership spans the global fund community — from firms that manage listed closed-end investment companies and BDCs to those offering investment products where closed-ended structures and business development companies form the underlying strategy. Members include some of the most recognized names in asset management, including Aberdeen, Ares, Brookfield, Carlyle, and Nuveen, alongside specialist firms, legal advisors, and data providers that shape how this industry operates.
AICA provides members with access to live CEF and BDC market data, a weekly industry podcast (TheNAVigator), exclusive roundtables and forums, and a curated stream of member research and news. Whether you represent a fund sponsor, an advisory firm, or an institutional allocator, AICA is where the closed-end fund industry connects, informs, and grows.
Current CEF Universe Data and Performance Metrics
| #Funds | Current Disc/Prm | 10 Yr Avg Disc/Prm | Market Yield | 3 Yr Div Growth | 3 Yr RoC % | Leverage | Net Assets (MM) | 1 Yr Price St. Dev | 3 Yr NAV St. Dev | 90 Day $ Liquidity (M) | 90 Day Volume Trend | 90 Day Price/Nav Corr | Corr to 12 Sectors Index | Beta to S&P 500 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US / Global Equity CEFs | 82 | -9.61% | -9.28% | 8.29% | 38.84% | 24.95% | 8.48% | $799 | 19.35 | 16.13 | 2632 | -2.42% | 67.78% | 60.54% | 0.75 |
| Sector Equity CEFs | 80 | -4.45% | -3.97% | 8.30% | 27.64% | 27.44% | 15.24% | $1376 | 16.91 | 14.99 | 6121 | 4.09% | 71.75% | 56.48% | 0.56 |
| Taxable Bond CEFs | 124 | -6.78% | -3.74% | 11.30% | 1.87% | 21.35% | 25.32% | $519 | 13.27 | 6.86 | 2043 | -0.68% | 58.08% | 59.77% | 0.50 |
| Debt Focused BDCs | 48 | -26.06% | -6.89% | 14.43% | -16.96% | 0.90% | 52.19% | $1644 | 29.40 | 6.17 | 10616 | -1.91% | N/A | 37.27% | 0.64 |
| Municipal (tax-free) CEFs | 72 | -1.78% | -5.60% | 6.04% | 46.69% | 23.57% | 31.84% | $661 | 9.89 | 7.02 | 1602 | -1.47% | 60.13% | 48.62% | 0.77 |
| All Listed CEFs/BDCs | 409 | -8.44% | -5.76% | 9.50% | 20.01% | 21.10% | 24.31% | $897 | 16.75 | 10.44 | 3880 | -0.51% | 56.01% | 54.17% | 0.58 |
| 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | 10 Year(%) | QTD(%) | YTD(%) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price | NAV | Price | NAV | Price | NAV | Price | NAV | Price | NAV | Price | NAV | Price | NAV | Price | NAV | Price | NAV | Price | NAV | |
| US / Global Equity CEFs | -0.91% | -0.96% | -2.12% | -2.30% | 2.92% | 2.07% | 6.90% | 6.98% | 21.71% | 20.97% | 17.74% | 15.39% | 7.54% | 7.51% | 10.60% | 9.64% | -1.92% | -2.34% | 10.43% | 10.83% |
| Sector Equity CEFs | -0.23% | -0.38% | 1.83% | 0.67% | 1.34% | 0.81% | 5.57% | 5.66% | 18.90% | 19.53% | 16.21% | 14.72% | 8.12% | 8.38% | 8.51% | 8.12% | 0.19% | 0.06% | 8.44% | 8.87% |
| Taxable Bond CEFs | -0.34% | 0.05% | 0.44% | -0.61% | 0.22% | 1.23% | -1.66% | 0.58% | 2.09% | 5.61% | 8.87% | 8.67% | 2.41% | 3.31% | 5.63% | 5.55% | -0.69% | -0.34% | 0.00% | 1.81% |
| Debt Focused BDCs | -0.75% | 0.20% | -0.32% | 0.93% | -8.32% | 2.39% | -12.71% | 1.63% | -19.01% | 3.50% | -1.64% | 5.93% | 0.07% | 6.10% | 5.09% | 6.91% | -1.84% | 0.26% | -11.24% | 1.86% |
| Municipal (tax-free) CEFs | -0.21% | -0.57% | 0.45% | -0.49% | 2.19% | 0.75% | 3.86% | 1.67% | 14.48% | 11.45% | 6.96% | 3.26% | -0.74% | -0.96% | 1.77% | 1.72% | -0.64% | -1.13% | 5.85% | 2.54% |
| All Listed CEFs/BDCs | -0.48% | -0.33% | 0.04% | -0.49% | 0.20% | 1.36% | 1.07% | 3.40% | 8.79% | 12.12% | 10.66% | 9.89% | 3.69% | 4.60% | 6.41% | 6.25% | -0.95% | -0.73% | 3.37% | 5.33% |
Screen Closed-End Funds and BDCs with Live Data
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