In plain terms — BNY Mellon High Yield Strategies Fund
Shares currently cost about 14.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.3% discount, so today's level is unusually wide for this fund (Z-score -2.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 9.6% a year of the share price (8.2% 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 $1.16 of assets — a ReinvestCapture™ rate of 11.2%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.2% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -12.27% | 1.42% | -1.58 | 64 |
| 6 months | -11.43% | 1.37% | -2.25 | 126 |
| 1 year | -10.25% | 1.89% | -2.25 | 250 |
| 3 years | -9.52% | — | — | — |
| 5 years | -9.93% | — | — | — |
Current contemporaneous premium/discount -14.51% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -15.00% to -6.55%. 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 | -3.08% | -8.71% | -11.29% | -14.06% | +1.24% | -7.68% |
| Market price total return | -2.30% | -6.59% | -5.21% | -6.24% | +10.12% | +0.52% |
| NAV return | -3.04% | -4.85% | -7.27% | -7.27% | +0.66% | -4.86% |
| NAV total return | -2.38% | -2.93% | -1.67% | +0.22% | +8.62% | +2.72% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Managed by BNY Mellon Investment Adviser, Inc., the BNY Mellon High Yield Strategies Fund operates as a closed-end mutual fund focused on fixed income investments. Its strategy involves allocating capital primarily within the United States' fixed income markets. The fund predominantly invests in debt securities of below investment-grade quality, particularly those issued by nascent companies or businesses with highly leveraged financial structures. For performance evaluation, it benchmarks against the BofA Merrill Lynch U.S High Yield Master II Constrained Index. This U.S.-domiciled fund, established on April 29, 1998, was formerly known as the Dreyfus High Yield Strategies Fund.
CEF Explorer research page for BNY Mellon High Yield Strategies Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.