In plain terms — GAMCO Natural Resources, Gold & Income Trust
Shares currently cost about 1.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 3.3% discount, so today's level is not high for this fund (Z-score +0.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.5% a year of the share price (8.3% 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 $1.02 of assets — a ReinvestCapture™ rate of 8.6%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 20.3% 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 | +0.93% | 1.40% | -1.08 | 64 |
| 6 months | +0.32% | 2.48% | -0.36 | 126 |
| 1 year | -3.30% | 4.46% | +0.61 | 249 |
| 3 years | -9.05% | — | — | — |
| 5 years | -11.31% | — | — | — |
Current contemporaneous premium/discount -0.58% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.99% to +5.67%. 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 | -8.86% | +1.71% | +11.81% | +17.66% | +18.60% | +9.42% |
| Market price total return | -8.26% | +3.83% | +19.13% | +28.03% | +28.12% | +17.78% |
| NAV return | -2.81% | +7.45% | +4.72% | +10.90% | +13.92% | +7.38% |
| NAV total return | -2.14% | +9.77% | +11.48% | +20.30% | +22.24% | +14.66% |
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 GAMCO Natural Resources, Gold & Income Trust (GNT) operates as a closed-end equity fund, established by GAMCO Investors, Inc. and managed by Gabelli Funds, LLC. This fund primarily seeks investment opportunities in publicly traded companies across global markets. Its core focus lies in businesses engaged within the natural resources and gold sectors. To generate income, the Trust employs a strategy of selling covered call options on the equity securities it holds. When constructing its portfolio, the fund takes into account a range of valuation criteria, including recent pricing of comparable publicly listed securities, dependable valuations for privately held companies, the application of various financial models, insights from current analyst reports, and an assessment of the issuer's income or cash flow. Should these methods not apply, the acquisition cost becomes the determining factor. The fund's investments span companies of all sizes, from small to large market capitalizations. Its investment performance is benchmarked against several indices: the CBOE S&P 500 Buy/Write Index, the Philadelphia Gold & Silver Index, the Dow Jones U.S. Basic Materials Index, and the S&P Global Agribusiness Equity Index. Formed on January 27, 2011, and based in the United States, the fund was previously identified as Gabelli Natural Resources, Gold & Income Trust.
CEF Explorer research page for GAMCO Natural Resources, Gold & Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.