In plain terms — Western Asset Global Corporate Opportunity Fund
Shares currently cost about 6.9% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 5.9% discount, so today's level is not wide for this fund (Z-score -0.9). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 15.0% a year of the share price (14.0% 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 $1.07 of assets — a ReinvestCapture™ rate of 16.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 2.9% 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 | -8.61% | 1.06% | +0.81 | 64 |
| 6 months | -7.38% | 1.57% | -0.23 | 126 |
| 1 year | -5.88% | 2.15% | -0.86 | 250 |
| 3 years | -4.32% | — | — | — |
| 5 years | -3.90% | — | — | — |
Current contemporaneous premium/discount -7.74% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.08% to -1.25%. 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 | -2.23% | -9.06% | -18.37% | -18.58% | -5.79% | -12.17% |
| Market price total return | -0.99% | -5.68% | -9.56% | -6.92% | +6.41% | -2.07% |
| NAV return | -4.39% | -7.68% | -13.05% | -14.40% | -5.10% | -10.52% |
| NAV total return | -3.30% | -4.57% | -4.33% | -2.93% | +6.62% | -0.68% |
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 Western Asset Global Corporate Defined Opportunity Fund Inc. is a U.S.-domiciled, closed-end mutual fund that primarily invests in global fixed income markets. Established on September 17, 2009, its primary management is handled by Legg Mason Partners Fund Advisor, LLC. The fund also benefits from the co-management expertise of several Western Asset Management entities, specifically Western Asset Management Company, Western Asset Management Company Pte. Ltd., Western Asset Management Company Ltd., and Western Asset Management Company Limited. This fund strategically allocates capital to high-quality, investment-grade debt securities, constructing its portfolio through rigorous proprietary research. To assess its performance, the fund benchmarks its returns against the Barclays Capital Global Aggregate Corporate Index. It was previously known as Western Asset Global Credit Defined Opportunity Fund Inc.
CEF Explorer research page for Western Asset Global Corporate Opportunity 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.