In plain terms — Eaton Vance Tax-Managed Diversified Equity Income Fund
Shares currently cost about 13.0% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 5.2% discount, so today's level is somewhat wide for this fund (Z-score -1.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.5% 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 $1.15 of assets — a ReinvestCapture™ rate of 9.7%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 13.2% 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 | -9.46% | 1.29% | -1.61 | 55 |
| 6 months | -7.78% | 2.10% | -1.78 | 107 |
| 1 year | -5.21% | 3.43% | -1.84 | 208 |
| 3 years | -3.18% | — | — | — |
| 5 years | -1.34% | — | — | — |
Current contemporaneous premium/discount -11.53% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.11% to +1.63%. 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 | -0.64% | -3.43% | -8.34% | -10.33% | +6.95% | -0.31% |
| Market price total return | +0.07% | -1.42% | -2.57% | -2.82% | +15.95% | +8.23% |
| NAV return | +3.27% | +2.09% | +3.07% | +4.88% | +10.11% | +2.83% |
| NAV total return | +3.93% | +4.03% | +9.14% | +13.22% | +19.07% | +11.52% |
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 Diversified Equity Income Fund is a closed-end equity fund, overseen by Eaton Vance Management. Its investment strategy focuses on public equity markets worldwide, targeting companies across a variety of sectors, with a particular emphasis on those that pay dividends. To generate additional current income, the fund also sells S&P 500 Index call options on a portion of its common stock holdings, profiting from the premiums collected. Geographically, it typically allocates capital to issuers in a minimum of three countries, including the United States. Furthermore, derivatives are utilized as part of its investment toolkit. Its performance is measured against a composite benchmark, consisting of 80% S&P 500 Index and 20% FTSE Eurotop 100 Index. Established on November 30, 2006, the fund is domiciled in the United States.
CEF Explorer research page for Eaton Vance Tax-Managed Diversified Equity 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.