In plain terms — Gabelli Convertible & Income Securities Fund
Shares currently cost about 4.9% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.0% discount, so today's level is not wide for this fund (Z-score -0.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 11.9% a year of the share price (11.3% 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 $1.05 of assets — a ReinvestCapture™ rate of 12.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 4.1% 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 | -0.08% | 2.60% | -1.24 | 64 |
| 6 months | -1.21% | 2.61% | -0.80 | 126 |
| 1 year | -1.01% | 2.80% | -0.81 | 250 |
| 3 years | -1.82% | — | — | — |
| 5 years | +2.86% | — | — | — |
Current contemporaneous premium/discount -3.29% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -6.18% to +5.77%. 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 | -12.53% | -15.14% | -4.10% | -7.23% | +3.11% | -8.86% |
| Market price total return | -10.14% | -12.82% | +3.94% | +3.47% | +16.17% | +1.93% |
| NAV return | -5.13% | -7.61% | +2.16% | -6.59% | +4.35% | -8.73% |
| NAV total return | -2.51% | -5.05% | +10.69% | +4.07% | +17.53% | +2.44% |
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 Gabelli Convertible and Income Securities Fund Inc., identified by the symbol GCV, functions as a balanced, closed-end mutual fund, initially launched by GAMCO Investors, Inc. Its operations are managed by Gabelli Funds, LLC. This fund strategically invests in both public equity and fixed-income markets. Its investment objective is to acquire shares in companies spanning a diverse array of sectors, with a primary emphasis on convertible securities, complemented by other debt and equity holdings. To evaluate its performance, the fund's portfolio is benchmarked against the Standard & Poor's 500 Index, the Barclays Government/Credit Bond Index, and the Lipper Convertible Securities Fund Average. The fund was previously known as Gabelli Convertible Securities Fund Inc. Established on December 19, 1988, it is domiciled in the United States.
CEF Explorer research page for Gabelli Convertible & 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.