In plain terms — Eaton Vance Enhanced Equity Income Fund II
Shares currently cost about 14.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 8.2% discount, so today's level is unusually wide for this fund (Z-score -2.1). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.7% a year of the share price (7.4% 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 10.2%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 9.3% 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 | -10.34% | 1.38% | -1.48 | 64 |
| 6 months | -9.68% | 1.33% | -2.04 | 126 |
| 1 year | -8.21% | 2.00% | -2.09 | 250 |
| 3 years | -4.20% | — | — | — |
| 5 years | -2.52% | — | — | — |
Current contemporaneous premium/discount -12.39% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.86% to -2.56%. 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 | -0.09% | -4.67% | -9.40% | -10.84% | +7.23% | -2.25% |
| Market price total return | +0.63% | -2.65% | -3.58% | -3.22% | +16.19% | +6.03% |
| NAV return | +4.19% | +1.78% | +0.70% | +1.32% | +10.57% | +1.20% |
| NAV total return | +4.87% | +3.73% | +6.60% | +9.29% | +19.44% | +9.59% |
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 Eaton Vance Enhanced Equity Income Fund II is a closed-end mutual fund dedicated to equity investments, overseen by Eaton Vance Management. Established on January 31, 2005, and based in the United States, its primary objective is to invest in publicly traded U.S. companies. The fund strategically allocates capital across a range of industry sectors, specifically targeting growth-oriented stocks of mid-sized and large corporations. A core component of its strategy for generating consistent income involves earning premiums by selling covered call options on a significant portion of its holdings. The fund measures its performance against the Russell 1000 Growth Index, the CBOE S&P 500 BuyWrite Index, and the CBOE NASDAQ-100 BuyWrite Index.
CEF Explorer research page for Eaton Vance Enhanced Equity Income Fund II. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.