In plain terms — Western Asset Emerging Markets Debt Fund
Shares currently cost about 10.9% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 5.3% discount, so today's level is unusually wide for this fund (Z-score -2.9). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 12.3% a year of the share price (10.9% 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 $1.12 of assets — a ReinvestCapture™ rate of 13.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 5.1% over the past year including distributions (NAV total return).
Annual costs are 2.91% of assets, and the fund borrows: about 0% of what it holds is financed with leverage, which magnifies both gains and losses.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -5.77% | 2.69% | -2.02 | 64 |
| 6 months | -5.29% | 2.17% | -2.72 | 126 |
| 1 year | -5.27% | 2.03% | -2.93 | 250 |
| 3 years | -7.84% | — | — | — |
| 5 years | -9.16% | — | — | — |
Current contemporaneous premium/discount -11.21% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.32% to -1.65%. 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 | -9.59% | -14.74% | -14.02% | -10.74% | +4.54% | -7.72% |
| Market price total return | -8.71% | -12.33% | -6.72% | -0.53% | +16.56% | +2.58% |
| NAV return | -3.06% | -6.12% | -7.12% | -5.18% | +3.27% | -6.02% |
| NAV total return | -2.20% | -3.62% | +0.34% | +5.08% | +14.18% | +3.47% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Operated by Legg Mason Partners Fund Advisor, LLC, the Western Asset Emerging Markets Debt Fund Inc. is an open-end mutual fund dedicated to fixed-income investments. Additional management support is provided by Western Asset Management Company, Western Asset Management Company Limited, and Western Asset Management Company Pte. Ltd. The fund's primary objective is to invest in debt instruments from emerging market countries across the globe, including fixed income securities issued by governments, government-related entities, and corporate entities, irrespective of their maturity or credit quality. Its portfolio construction relies on a combination of fundamental analysis and a top-down selection methodology. This process considers a range of factors such as currency movements, inflation and interest rate trends, economic growth forecasts, the liquidity of a nation's debt markets, its political landscape, and tax policies. The fund benchmarks its performance against the JPMorgan Emerging Markets Bond Index Global. Established in the United States on December 1, 2003, it was previously known as Salomon Brothers Emerging Markets Debt Fund Inc.
CEF Explorer research page for Western Asset Emerging Markets Debt Fund Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.