In plain terms — First Trust Enhanced Equity Income Fund
Shares currently cost about 11.8% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 9.4% 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 7.6% a year of the share price (6.7% 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 $1.13 of assets — a ReinvestCapture™ rate of 8.6%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 18.5% 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 | -10.02% | 0.93% | -1.22 | 55 |
| 6 months | -9.94% | 0.77% | -1.60 | 107 |
| 1 year | -9.40% | 0.98% | -1.79 | 205 |
| 3 years | -6.13% | — | — | — |
| 5 years | -4.77% | — | — | — |
Current contemporaneous premium/discount -11.16% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.54% to -6.61%. 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 | -2.44% | -0.97% | +1.63% | +4.24% | +9.37% | +1.86% |
| Market price total return | -0.62% | +0.88% | +7.39% | +12.13% | +17.39% | +9.43% |
| NAV return | -0.24% | +1.52% | +7.25% | +10.99% | +13.06% | +4.36% |
| NAV total return | +1.45% | +3.23% | +12.68% | +18.51% | +20.79% | +11.70% |
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 First Trust Enhanced Equity Income Fund functions as a closed-ended equity mutual fund, originally launched and primarily managed by First Trust Advisors L.P. Chartwell Investment Partners, L.P. additionally serves as a co-manager. This fund strategically allocates capital within the public equity markets of the United States, seeking investments in companies across a broad spectrum of sectors and diverse market capitalizations. A key aspect of its strategy involves the writing of covered call options. The fund's portfolio performance is measured against the S&P 500 Index. Established in the United States on August 26, 2004, it was previously recognized as the First Trust/Fiduciary Asset Management Covered Call Fund.
CEF Explorer research page for First Trust Enhanced 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.