In plain terms — Nuveen Core Equity Alpha Fund
Shares currently cost about 5.8% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 6.6% discount, so today's level is not high for this fund (Z-score +0.3). 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 (8.0% 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 $1.06 of assets — a ReinvestCapture™ rate of 9.0%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 20.9% 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 | -6.36% | 0.59% | -0.01 | 62 |
| 6 months | -6.74% | 0.77% | +0.48 | 117 |
| 1 year | -6.56% | 0.74% | +0.26 | 223 |
| 3 years | -2.94% | — | — | — |
| 5 years | -1.46% | — | — | — |
Current contemporaneous premium/discount -6.37% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -8.59% to -4.88%. 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 | 0.00% | +3.28% | +6.71% | +9.04% | +11.70% | +0.04% |
| Market price total return | +2.19% | +5.54% | +14.03% | +18.90% | +21.78% | +11.80% |
| NAV return | +0.77% | +2.77% | +7.62% | +11.51% | +13.21% | +1.28% |
| NAV total return | +2.85% | +4.89% | +14.49% | +20.89% | +23.12% | +13.27% |
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 Nuveen Core Equity Alpha Fund (JCE) is a specialized closed-end equity fund. Orchestrated by Nuveen Investments Inc., its operational oversight is a collaborative effort involving Nuveen Fund Advisors LLC, Nuveen Asset Management, LLC, and INTECH Investment Management. It directs its primary investments towards public equities within the United States. Additionally, a portion of its assets may be allocated to derivatives, specifically futures and options. The fund diversifies its holdings across a broad spectrum of industries. A significant emphasis is placed on large-capitalization companies, typically those whose market values align with constituents of the S&P 500 Index. Portfolio construction is guided by a rigorous quantitative analysis methodology. Its performance benchmark is the S&P 500 Index. Established on March 23, 2007, the fund is domiciled in the United States.
CEF Explorer research page for Nuveen Core Equity Alpha Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.