In plain terms — Western Asset High Yield Opportunity Fund
Shares currently cost about 11.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.6% discount, so today's level is unusually wide for this fund (Z-score -2.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 11.8% a year of the share price (10.4% 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 $1.13 of assets — a ReinvestCapture™ rate of 13.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.5% over the past year including distributions (NAV total return).
Annual costs are 1.27% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -9.24% | 1.13% | -2.01 | 64 |
| 6 months | -8.75% | 1.04% | -2.65 | 126 |
| 1 year | -7.63% | 1.53% | -2.55 | 250 |
| 3 years | -4.11% | — | — | — |
| 5 years | -4.19% | — | — | — |
Current contemporaneous premium/discount -11.52% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.59% to -4.48%. 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 | -5.41% | -9.08% | -13.89% | -16.29% | -5.08% | -9.62% |
| Market price total return | -4.51% | -6.53% | -6.69% | -6.94% | +4.81% | -0.57% |
| NAV return | -2.84% | -5.03% | -7.52% | -8.83% | -3.33% | -7.06% |
| NAV total return | -2.01% | -2.62% | -0.45% | +0.52% | +6.31% | +1.82% |
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 High Yield Defined Opportunity Fund Inc. functions as a closed-end investment vehicle, concentrating its portfolio on fixed-income assets. Its inception and primary oversight are managed by Legg Mason Partners Fund Advisor, LLC. Additionally, a collective of entities including Western Asset Management Company, Western Asset Management Company Pte. Ltd., Western Asset Management Company Ltd, and Western Asset Management Company Limited contribute to its co-management. The fund strategically allocates capital across global fixed-income markets, with a particular focus on high-yielding corporate debt instruments. These securities often possess diverse maturity profiles and are typically categorized as below investment grade. Established on July 20, 2010, the fund is legally based in the United States.
CEF Explorer research page for Western Asset High Yield 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.