In plain terms — John Hancock Tax-Advantaged Dividend Income Fund
Shares currently cost about 10.5% 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 somewhat wide for this fund (Z-score -2.0). 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 (7.6% 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 $1.12 of assets — a ReinvestCapture™ rate of 9.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 1.7% 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 | -4.96% | 2.48% | -1.91 | 55 |
| 6 months | -5.11% | 2.03% | -2.26 | 108 |
| 1 year | -5.92% | 1.90% | -1.99 | 206 |
| 3 years | -7.67% | — | — | — |
| 5 years | -5.81% | — | — | — |
Current contemporaneous premium/discount -9.69% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -10.11% to -2.34%. 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 | -8.37% | -14.05% | -6.13% | -10.08% | +9.14% | -1.42% |
| Market price total return | -7.73% | -12.35% | +0.01% | -2.95% | +17.98% | +6.40% |
| NAV return | -2.12% | -6.65% | -1.89% | -5.34% | +9.28% | -0.05% |
| NAV total return | -1.50% | -4.91% | +4.15% | +1.72% | +17.48% | +7.43% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
John Hancock Tax-Advantaged Dividend Income Fund is a closed ended equity mutual fund launched and managed by John Hancock Investment Management LLC. It is co-managed by John Hancock Asset Management and Analytic Investors, LLC. The fund invests in the public equity markets of the United States. It seeks to invest in stocks of companies operating across diversified sectors, with an emphasis on the utilities sector. The fund primarily invests in dividend-paying common and preferred stocks of companies which have dividends that qualify for a more favorable long-term capital gains tax rate. It invests in stocks of companies across diversified market capitalizations. The fund benchmarks the performance of its portfolio against a composite benchmark comprised of 55% Bank of America Merrill Lynch Preferred Stock DRD Eligible Index and 45% S&P 500 Utilities Index. John Hancock Tax-Advantaged Dividend Income Fund was formed on February 27, 2004 and is domiciled in the United States.
CEF Explorer research page for John Hancock Tax-Advantaged Dividend Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.