In plain terms — PIMCO Access Income Fund
Shares currently cost about 6.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 0.9% discount, so today's level is somewhat wide for this fund (Z-score -1.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 13.7% a year of the share price (12.8% 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 14.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 2.8% over the past year including distributions (NAV total return).
Annual costs are 5.03% of assets.
Guided view hides the statistical panels. Switch to Expert view in the grey bar to see them. Nothing here is advice.
Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -4.20% | 1.93% | -0.86 | 55 |
| 6 months | -3.00% | 2.14% | -1.34 | 107 |
| 1 year | -0.92% | 3.11% | -1.59 | 204 |
| 3 years | +1.25% | — | — | — |
| 5 years | -0.99% | — | — | — |
Current contemporaneous premium/discount -5.87% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -7.90% to +4.82%. 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 | -3.07% | -10.44% | -15.29% | -19.65% | -0.58% | — |
| Market price total return | -1.97% | -7.48% | -6.11% | -9.23% | +11.83% | — |
| NAV return | -2.03% | -4.58% | -9.17% | -8.93% | -0.45% | — |
| NAV total return | -0.99% | -1.55% | +0.54% | +2.77% | +12.17% | — |
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 PIMCO Access Income Fund (PAXS) is a closed-end mutual fund specializing in fixed-income investments, actively managed by Pacific Investment Management Company LLC. This fund focuses on global fixed income markets, building a portfolio primarily from a diverse range of debt instruments. These include corporate bonds, mortgage-backed and other asset-backed securities, government and sovereign obligations, as well as taxable municipal bonds. The fund also allocates capital to various floating-rate, income-generating securities across different maturities. To identify these investments, PIMCO employs a robust security selection methodology that integrates both bottom-up and top-down fundamental analysis. The PIMCO Access Income Fund is legally established in the United States.
CEF Explorer research page for PIMCO Access Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.