In plain terms — Western Asset Investment Grade Opportunity Trust
Shares currently cost about 7.2% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 6.9% discount, so today's level is somewhat wide for this fund (Z-score -1.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 5.5% a year of the share price (5.1% 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 $1.08 of assets — a ReinvestCapture™ rate of 6.0%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 2.2% 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 | -6.83% | 1.26% | -1.05 | 64 |
| 6 months | -7.06% | 0.98% | -1.11 | 126 |
| 1 year | -6.93% | 0.78% | -1.57 | 250 |
| 3 years | -4.57% | — | — | — |
| 5 years | -4.19% | — | — | — |
Current contemporaneous premium/discount -8.15% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -9.09% to -3.88%. 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 | -0.13% | -4.85% | -7.27% | -8.05% | -0.39% | -6.75% |
| Market price total return | +0.31% | -3.57% | -3.52% | -3.09% | +4.83% | -2.06% |
| NAV return | -1.72% | -3.72% | -5.91% | -6.91% | +0.30% | -5.24% |
| NAV total return | -1.30% | -2.50% | -2.37% | -2.24% | +5.32% | -0.67% |
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 Investment Grade Defined Opportunity Trust Inc. operates as a closed-end mutual fund concentrating on fixed income, initially established and overseen by Legg Mason Partners Fund Advisor, LLC. Its management is shared among several entities, including Western Asset Management Company, Western Asset Management Company Pte. Ltd, Western Asset Management Company Ltd., and Western Asset Management Company Limited. This U.S.-domiciled trust, formed on June 26, 2009, allocates its capital specifically within the fixed income markets of the United States. Its investment objective is to acquire securities from companies spanning a broad range of diversified sectors, with a primary focus on investment-grade corporate debt instruments possessing various maturity dates. All investment decisions are informed by the fund's proprietary in-house research. The trust is scheduled to liquidate on or around December 2, 2024.
CEF Explorer research page for Western Asset Investment Grade Opportunity Trust Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.