In plain terms — Flaherty & Crumrine Preferred & Income Securities Fund
Shares currently cost about 12.0% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.3% discount, so today's level is somewhat wide for this fund (Z-score -2.0). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.6% a year of the share price (7.6% 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 9.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.3% 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 | -7.83% | 1.63% | -1.47 | 64 |
| 6 months | -7.87% | 1.31% | -1.80 | 125 |
| 1 year | -7.25% | 1.52% | -1.96 | 249 |
| 3 years | -8.19% | — | — | — |
| 5 years | -5.93% | — | — | — |
Current contemporaneous premium/discount -10.23% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.60% to -4.43%. 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 | -6.29% | -11.25% | -12.54% | -13.43% | +5.37% | -8.61% |
| Market price total return | -5.65% | -9.47% | -7.37% | -6.47% | +13.39% | -1.54% |
| NAV return | -2.71% | -4.89% | -6.40% | -6.61% | +4.66% | -5.03% |
| NAV total return | -2.11% | -3.15% | -1.31% | +0.31% | +11.94% | +1.87% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Flaherty & Crumrine Preferred Securities Income Fund Inc. is a closed-end balanced mutual fund, managed by Flaherty & Crumrine Incorporated and founded in the United States on May 23, 2002. Formerly operating as Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated, its investment strategy focuses on U.S. public equity and fixed-income markets. The fund aims to acquire securities from companies spanning various sectors, with a significant allocation to investment-grade preferred securities, specifically those classified as hybrid or taxable. Portfolio development is guided by rigorous quantitative analysis. Its performance is measured against industry benchmarks such as the Merrill Lynch 8% Capped DRD Preferred Stock Index, the Merrill Lynch Hybrid Preferred Securities Index, and the Merrill Lynch Adjustable Preferred Stock 7% Constrained Index.
CEF Explorer research page for Flaherty & Crumrine Preferred & Income Securities 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.