In plain terms — Lazard Global Total Return & Income Fund
Shares currently cost about 8.3% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.9% discount, so today's level is somewhat wide for this fund (Z-score -1.7). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 11.1% a year of the share price (10.1% 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 $1.09 of assets — a ReinvestCapture™ rate of 12.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 11.3% 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 | -2.48% | 2.64% | -1.85 | 64 |
| 6 months | -1.25% | 2.54% | -2.41 | 126 |
| 1 year | -1.90% | 3.23% | -1.70 | 250 |
| 3 years | -6.91% | — | — | — |
| 5 years | -7.19% | — | — | — |
Current contemporaneous premium/discount -7.38% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -7.53% to +6.55%. 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 | -4.38% | -9.70% | -4.93% | -2.81% | +6.90% | -3.81% |
| Market price total return | -3.51% | -7.30% | +3.54% | +7.66% | +18.05% | +6.19% |
| NAV return | +0.39% | +0.50% | -1.20% | +0.72% | +4.46% | -3.21% |
| NAV total return | +1.23% | +3.05% | +7.48% | +11.32% | +14.62% | +6.13% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Managed by Lazard Asset Management LLC, the Lazard Global Total Return and Income Fund, Inc. operates as a closed-end, balanced mutual fund. Its investment mandate spans public equity and fixed income securities across global markets. A significant portion of its equity holdings consists of shares from large-capitalization companies, specifically those exceeding a $5 billion market value. For its fixed income allocation, the fund targets short-duration market forward currency contracts and various other market-based debt instruments. Portfolio construction relies on a combination of its global equity and emerging income strategies, employing fundamental analysis and a bottom-up stock-picking methodology. In evaluating individual securities, the management team assesses numerous criteria, including a company's financial health, cash flow generation, balance sheet robustness, return consistency, management caliber, competitive standing, susceptibility to economic and market fluctuations, profit margins, sales trajectories, brand recognition, geographic exposure, and the broader macroeconomic climate. Its portfolio performance is measured against the MSCI World Index. Established on January 27, 2004, the Lazard Global Total Return and Income Fund, Inc. is based in the United States.
CEF Explorer research page for Lazard Global Total Return & Income 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.