In plain terms — Destra Multi-Alternative Fund
Shares currently cost about 18.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 14.6% discount, so today's level is not wide for this fund (Z-score -0.0). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 19.3% a year of the share price (15.7% 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 $1.23 of assets — a ReinvestCapture™ rate of 23.6%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 2.0% 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 | -14.91% | 1.25% | +0.17 | 64 |
| 6 months | -15.80% | 1.75% | +0.64 | 126 |
| 1 year | -14.65% | 2.52% | -0.02 | 250 |
| 3 years | -22.79% | — | — | — |
| 5 years | -28.79% | — | — | — |
Current contemporaneous premium/discount -14.69% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -21.29% to -8.19%. 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 | -4.31% | -5.54% | -18.28% | -16.61% | +2.94% | — |
| Market price total return | -2.87% | -1.29% | -7.05% | -1.91% | +12.37% | — |
| NAV return | -1.90% | -2.66% | -12.64% | -14.59% | -5.70% | — |
| NAV total return | -0.65% | +1.07% | -2.61% | -1.97% | +1.40% | — |
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 Pinhook Capital, LLC, this closed-end balanced mutual fund, known as the Multi-Strategy Growth & Income Fund, strategically invests in U.S. public equity and fixed-income markets. For its equity component, the fund primarily targets companies within the real estate sector, including Real Estate Investment Trusts (REITs), utilizing direct investments, other funds, and derivatives such as options, across all market capitalization ranges. The fixed-income portion encompasses structured notes, notes, bonds, and asset-backed securities. Its investment methodology combines fundamental and quantitative analysis, emphasizing investments that offer the highest expected income, robust capital appreciation potential, and relatively low volatility. This U.S.-domiciled fund commenced operations on June 3, 2011.
CEF Explorer research page for Destra Multi-Alternative Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.