In plain terms — Voya Emerging Markets High Dividend Equity Fund
Shares currently cost about 2.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 4.9% discount, so today's level is somewhat high for this fund (Z-score +1.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.9% a year of the share price (8.7% 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 9.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 23.0% 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 | -2.52% | 0.79% | +0.51 | 56 |
| 6 months | -3.22% | 1.52% | +0.73 | 108 |
| 1 year | -4.87% | 2.33% | +1.19 | 206 |
| 3 years | -9.81% | — | — | — |
| 5 years | -10.73% | — | — | — |
Current contemporaneous premium/discount -2.11% (close Oct 13, 2026 vs NAV Oct 13, 2026). 1-year range -8.99% to +0.13%. 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 | -3.39% | +0.14% | +18.18% | +19.71% | +15.33% | +0.08% |
| Market price total return | -2.68% | +2.36% | +26.51% | +31.54% | +28.62% | +11.95% |
| NAV return | -3.20% | +0.80% | +11.65% | +12.48% | +10.24% | -0.82% |
| NAV total return | -2.51% | +2.98% | +19.17% | +23.00% | +21.67% | +9.63% |
Through Oct 13, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Voya Emerging Markets High Dividend Equity Fund is a U.S.-domiciled, closed-end equity mutual fund. Established on April 26, 2011, it was launched by Voya Investment Management LLC and is currently co-managed by ING Investment Management Advisors B.V. and Voya Investments, LLC. The fund, previously known as the ING Emerging Markets High Dividend Equity Fund, primarily invests in publicly traded companies across diverse sectors within global emerging markets. Its core focus is on dividend-paying stocks, though it also utilizes derivatives, such as call options on selected ETFs or international equity indices, to achieve economic exposure similar to direct share ownership. Portfolio construction is driven by a meticulous bottom-up stock selection process, integrating both fundamental and quantitative analysis. The fund's performance is measured against the MSCI Emerging Markets Index.
CEF Explorer research page for Voya Emerging Markets High Dividend Equity Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.