In plain terms — UBS Asset Management High Yield Credit Fund
Shares currently cost about 14.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 86.4% discount, so today's level is unusually high for this fund (Z-score +4.1). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 1.2% a year of the share price (1.0% 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 $1.17 of assets — a ReinvestCapture™ rate of 1.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 11.8% over the past year including distributions (NAV total return).
Annual costs are 3.16% 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 | -74.15% | 32.19% | +1.89 | 64 |
| 6 months | -82.32% | 24.55% | +2.81 | 124 |
| 1 year | -86.39% | 17.83% | +4.09 | 247 |
| 3 years | -89.11% | — | — | — |
| 5 years | -89.81% | — | — | — |
Current contemporaneous premium/discount -13.37% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -91.47% to -13.29%. 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 | +878.79% | +822.86% | +707.50% | +676.44% | +104.64% | +45.23% |
| Market price total return | +888.15% | +848.46% | +772.17% | +757.89% | +124.64% | +63.17% |
| NAV return | -2.60% | -3.11% | -11.79% | -12.62% | -3.33% | -6.09% |
| NAV total return | -2.52% | -2.87% | -11.17% | -11.81% | -2.48% | -5.07% |
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 Credit Suisse Asset Management, LLC, the Credit Suisse High Yield Bond Fund, Inc. is a closed-end mutual fund focused on fixed income investments. It primarily allocates capital within the U.S. fixed income markets, acquiring securities from companies across diverse sectors. A significant portion of its portfolio comprises below-investment-grade corporate bonds, characterized by an average credit quality lower than BBB as rated by Standard & Poor's, and an average duration of 5.07 years. The fund's investment selection process involves a thorough evaluation of factors including financial condition, cash flow generation, borrowing requirements, the value of assets relative to their cost, the strength of its management team, responsiveness to prevailing business conditions, overall credit standing, and anticipated operational results. Its performance is measured against the BofA Merrill Lynch High Yield Master II Constrained Index. The fund was established in the United States on July 31, 1998.
CEF Explorer research page for UBS Asset Management High Yield Credit Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.