In plain terms — Eaton Vance Tax-Managed Buy-Write Income Fund
Shares currently cost about 12.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.7% discount, so today's level is unusually wide for this fund (Z-score -2.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.3% a year of the share price (7.3% 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 $1.14 of assets — a ReinvestCapture™ rate of 9.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 16.9% 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 | -8.99% | 0.70% | -1.99 | 64 |
| 6 months | -8.37% | 0.93% | -2.17 | 126 |
| 1 year | -7.65% | 1.08% | -2.51 | 250 |
| 3 years | -7.20% | — | — | — |
| 5 years | -3.03% | — | — | — |
Current contemporaneous premium/discount -10.38% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -10.68% to -5.88%. 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 | -0.65% | -1.72% | +0.85% | +3.15% | +6.91% | -0.96% |
| Market price total return | +0.04% | +0.31% | +7.30% | +12.08% | +16.57% | +7.83% |
| NAV return | +2.12% | +2.06% | +5.99% | +8.24% | +7.91% | +1.55% |
| NAV total return | +2.76% | +3.98% | +12.22% | +16.88% | +16.93% | +10.25% |
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 Tax-Managed Buy-Write Income Fund operates as a closed-end equity investment vehicle, which was established and is overseen by Eaton Vance Management, with Parametric Portfolio Associates LLC sharing co-management duties. The fund's primary objective is to allocate capital to publicly traded stocks within the United States, specifically targeting large-capitalization companies across a diverse array of sectors. A distinctive aspect of its investment strategy involves selling call options on one or more U.S. market indices, covering a significant portion of its underlying common stock holdings. The fund's performance is benchmarked against the S&P 500 Index. It was founded on April 29, 2005, and is legally based in the United States.
CEF Explorer research page for Eaton Vance Tax-Managed Buy-Write 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.