In plain terms — Morgan Stanley Emerging Markets Debt Fund
Shares currently cost about 11.2% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.6% discount, so today's level is unusually wide for this fund (Z-score -2.0). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.6% a year of the share price (7.7% 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 $1.13 of assets — a ReinvestCapture™ rate of 9.7%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 6.1% 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 | -9.02% | 1.36% | -1.71 | 55 |
| 6 months | -8.82% | 1.23% | -2.06 | 108 |
| 1 year | -7.56% | 1.90% | -2.00 | 206 |
| 3 years | -4.41% | — | — | — |
| 5 years | -7.71% | — | — | — |
Current contemporaneous premium/discount -11.36% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.86% to -2.94%. 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 | -6.63% | -9.44% | -10.42% | -9.07% | +1.77% | -6.23% |
| Market price total return | -4.62% | -7.49% | -4.75% | -1.33% | +12.64% | +3.09% |
| NAV return | -4.06% | -4.54% | -3.93% | -1.56% | +2.45% | -5.57% |
| NAV total return | -2.21% | -2.70% | +1.56% | +6.06% | +12.97% | +3.15% |
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 Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) is a closed-end investment vehicle specializing in fixed income, managed by Morgan Stanley Investment Management Inc. Its core objective is to invest in debt instruments across global emerging market economies. The fund's portfolio predominantly comprises debt securities issued by sovereign governments, government-related entities, and corporations domiciled in or operating within these emerging nations. Additionally, it allocates capital to debt from organizations specifically formed to restructure the outstanding obligations of such issuers. The fund's performance is gauged against the JP Morgan Emerging Markets Bond Global Index. MSD was established in the United States on May 6, 1993.
CEF Explorer research page for Morgan Stanley Emerging Markets Debt 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.