In plain terms — Flaherty & Crumrine Total Return Fund
Shares currently cost about 12.3% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 8.9% discount, so today's level is somewhat wide for this fund (Z-score -1.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.2% a year of the share price (7.2% 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 9.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 0.1% over the past year including distributions (NAV total return).
Guided view hides the statistical panels. Switch to Expert view in the grey bar to see them. Nothing here is advice.
Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -10.53% | 1.24% | -0.66 | 64 |
| 6 months | -10.02% | 1.14% | -1.16 | 125 |
| 1 year | -8.90% | 1.56% | -1.57 | 249 |
| 3 years | -9.86% | — | — | — |
| 5 years | -7.90% | — | — | — |
Current contemporaneous premium/discount -11.34% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.95% to -5.56%. 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 | -4.10% | -8.75% | -11.83% | -13.22% | +5.95% | -8.38% |
| Market price total return | -3.46% | -6.96% | -6.77% | -6.45% | +13.75% | -1.47% |
| NAV return | -2.69% | -4.94% | -6.54% | -6.69% | +4.56% | -4.97% |
| NAV total return | -2.12% | -3.27% | -1.69% | -0.09% | +11.47% | +1.63% |
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 Total Return Fund Inc. is a U.S.-domiciled, closed-end balanced mutual fund overseen by Flaherty & Crumrine Incorporated. Formed on August 26, 2003, and previously operating under the name Flaherty & Crumrine/Claymore Total Return Fund, Inc., its investment strategy encompasses both public equity and fixed-income markets within the United States. The fund specifically seeks out common stocks of companies active in the utility and banking industries. A substantial portion of its holdings consists of investment-grade preferred securities, alongside a variety of other income-generating debt instruments. To evaluate its performance, the fund benchmarks against both the Barclays Capital U.S. Aggregate Index and the S&P 500 Index.
CEF Explorer research page for Flaherty & Crumrine Total Return 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.