In plain terms — Saba Capital Income & Opportunities Fund
Shares currently cost about 17.0% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 11.4% discount, so today's level is unusually wide for this fund (Z-score -2.7). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 17.3% a year of the share price (14.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.20 of assets — a ReinvestCapture™ rate of 20.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 2.5% over the past year including distributions (NAV total return).
Annual costs are 6.93% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -12.22% | 2.58% | -1.85 | 61 |
| 6 months | -11.36% | 2.10% | -2.69 | 123 |
| 1 year | -11.44% | 2.07% | -2.69 | 240 |
| 3 years | -8.90% | — | — | — |
| 5 years | -8.55% | — | — | — |
Current contemporaneous premium/discount -16.99% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -17.23% to -7.87%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -7.02% | -12.99% | -16.83% | -22.06% | -8.00% | -8.88% |
| Market price total return | -5.68% | -9.40% | -5.36% | -9.19% | +6.34% | +3.87% |
| NAV return | -1.79% | -4.17% | -7.89% | -14.83% | -4.94% | -6.27% |
| NAV total return | -0.61% | -0.74% | +3.20% | -2.53% | +8.49% | +5.67% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Saba Capital Income & Opportunities Fund functions as a U.S.-domiciled, closed-end mutual fund, concentrating its investments in the fixed-income sector. Established on December 2, 1987, and initially launched by Voya Investment Management LLC, the fund is currently overseen by Saba Capital Management, L.P. It strategically allocates capital within the United States' fixed income markets, targeting securities from a wide array of companies spanning diverse industries. A significant portion of its portfolio is dedicated to floating-rate secured senior loans, with a particular focus on high-quality, non-investment grade senior debt. These loans typically feature maturities ranging from one to ten years. The fund measures its performance against the S&P/LSTA Leveraged Loan Index and was previously known as the Voya Prime Rate Trust.
CEF Explorer research page for Saba Capital Income & Opportunities Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.