In plain terms — ClearBridge Energy Midstream Opportunity 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 9.8% discount, so today's level is not wide for this fund (Z-score -0.7). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 9.9% a year of the share price (8.5% 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 11.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 34.7% 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 | -9.93% | 1.46% | -0.92 | 64 |
| 6 months | -11.09% | 1.70% | -0.11 | 126 |
| 1 year | -9.82% | 1.98% | -0.73 | 250 |
| 3 years | -9.51% | — | — | — |
| 5 years | -12.41% | — | — | — |
Current contemporaneous premium/discount -11.27% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.88% to -5.52%. 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 | -7.97% | -3.97% | +12.56% | +17.10% | +16.02% | +15.42% |
| Market price total return | -7.25% | -1.92% | +20.00% | +27.94% | +26.32% | +24.96% |
| NAV return | -2.68% | -1.98% | +19.07% | +24.31% | +16.04% | +13.67% |
| NAV total return | -1.98% | -0.08% | +26.14% | +34.71% | +25.32% | +21.90% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The ClearBridge Energy MLP Opportunity Fund Inc. is a U.S.-domiciled, closed-end equity mutual fund, established on April 5, 2011. It operates under the primary management of Legg Mason Partners Fund Advisor, LLC, with ClearBridge Investments, LLC serving as co-manager. The fund directs its investments towards the public equity markets of the United States, concentrating on the energy sector. Its core strategy involves acquiring equity securities of Master Limited Partnerships (MLPs) that operate within the infrastructure of crude oil, natural gas liquids, and refined products. To build its portfolio, the fund prioritizes companies exhibiting long-lasting assets, consistent cash flow generation, and limited direct exposure to commodity price volatility.
CEF Explorer research page for ClearBridge Energy Midstream Opportunity 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.