In plain terms — Sprott Focus Trust
Shares currently cost about 10.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.4% discount, so today's level is not high for this fund (Z-score +0.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 6.2% a year of the share price (5.5% 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 $1.11 of assets — a ReinvestCapture™ rate of 6.9%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 23.7% 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 | -9.99% | 0.77% | -0.06 | 55 |
| 6 months | -10.07% | 0.73% | +0.05 | 106 |
| 1 year | -10.42% | 0.74% | +0.51 | 203 |
| 3 years | -11.16% | — | — | — |
| 5 years | -8.99% | — | — | — |
Current contemporaneous premium/discount -10.04% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.88% to -8.32%. 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 | -6.45% | -0.82% | +11.87% | +16.99% | +9.71% | +2.36% |
| Market price total return | -5.08% | +0.64% | +16.75% | +24.81% | +17.67% | +10.19% |
| NAV return | -5.24% | +0.74% | +13.01% | +16.77% | +10.17% | +3.11% |
| NAV total return | -3.98% | +2.08% | +17.42% | +23.75% | +17.24% | +10.29% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Sprott Focus Trust, Inc. functions as a closed-end investment vehicle, concentrating its holdings within the public equity markets of the United States. Established and overseen by Sprott Asset Management, LP, the fund also benefits from the co-management expertise of Sprott Asset Management USA Inc. Its investment strategy primarily targets undervalued companies across a diverse array of sectors and market capitalizations. To assess its performance, the trust measures its results against the Russell 3000 Index. Founded on March 2, 1988, and domiciled in the U.S., it was formerly recognized as Royce Focus Trust, Inc.
CEF Explorer research page for Sprott Focus Trust Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.