In plain terms — Virtus Stone Harbor Emerging Markets Income Fund
Shares currently cost about 5.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 2.8% premium, so today's level is somewhat wide for this fund (Z-score -1.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 16.1% a year of the share price (15.2% 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 $1.06 of assets — a ReinvestCapture™ rate of 17.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 14.8% 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 | +4.46% | 2.38% | -2.50 | 64 |
| 6 months | +5.31% | 3.13% | -2.17 | 126 |
| 1 year | +2.77% | 3.68% | -1.15 | 250 |
| 3 years | +5.60% | — | — | — |
| 5 years | +6.02% | — | — | — |
Current contemporaneous premium/discount -1.48% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -3.65% to +12.18%. 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 | -16.54% | -15.91% | -10.66% | -11.73% | +4.32% | -10.22% |
| Market price total return | -15.47% | -12.89% | +0.29% | +1.56% | +20.41% | +3.82% |
| NAV return | -3.67% | -5.40% | -4.64% | -0.63% | +6.10% | -7.12% |
| NAV total return | -2.44% | -1.86% | +7.51% | +14.79% | +23.46% | +8.37% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Virtus Stone Harbor Emerging Markets Income Fund is a closed-ended fixed income mutual fund launched and managed by Stone Harbor Investment Partners LP. The fund invests in the fixed income markets of emerging market countries across the globe. It primarily invests in sovereign debt obligations, corporate debt securities, structured notes, convertible securities, securities issued by supranational organizations, floating rate commercial loans, and securitized loan participations. The fund focuses on factors such as liquidity, volatility, tax implications, interest rate sensitivity, counterparty risks, economic factors, currency exchange rates, and technical market considerations to create its portfolio. It benchmarks the performance of its portfolios against the JP Morgan EMBI Global Diversified TR Index, the JPMorgan CEMBI Broad Diversified Index, and the JPMorgan GBI-EM Global Diversified Composite TR Index. Virtus Stone Harbor Emerging Markets Income Fund was formed on December 22, 2010 and is domiciled in the United States.
CEF Explorer research page for Virtus Stone Harbor Emerging Markets Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.