In plain terms — KKR Income Opportunities Fund
Shares currently cost about 12.2% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.1% discount, so today's level is unusually wide for this fund (Z-score -3.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 14.6% a year of the share price (12.9% 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 $1.14 of assets — a ReinvestCapture™ rate of 16.7%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 1.4% 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 | -8.51% | 1.87% | -1.91 | 63 |
| 6 months | -7.51% | 1.74% | -2.63 | 124 |
| 1 year | -7.12% | 1.57% | -3.17 | 246 |
| 3 years | -3.59% | — | — | — |
| 5 years | -5.65% | — | — | — |
Current contemporaneous premium/discount -12.08% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.33% to -4.41%. 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 | -9.22% | -12.52% | -15.01% | -17.99% | -5.86% | -9.87% |
| Market price total return | -8.13% | -9.51% | -5.22% | -6.62% | +5.93% | +0.96% |
| NAV return | -4.22% | -4.71% | -9.06% | -10.14% | -4.15% | -7.62% |
| NAV total return | -3.20% | -1.71% | +0.63% | +1.38% | +7.39% | +2.82% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
KKR Income Opportunities Fund is a close ended fixed income mutual fund launched by Kohlberg Kravis Roberts & Co. L.P. The fund is managed by KKR Asset Management LLC. It invests in fixed income markets and hedging markets across the globe. The fund primarily invests in first- and second-lien secured loans, unsecured loans and high yield corporate debt instruments. It employs fundamental analysis, with a focus on dynamic hedging strategies to create its portfolio. KKR Income Opportunities Fund was formed on March 17, 2011 and is domiciled in the United States.
CEF Explorer research page for KKR Income Opportunities Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.