In plain terms — PCM Fund
Shares currently cost about 5.9% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.4% premium, so today's level is unusually wide for this fund (Z-score -2.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 15.6% a year of the share price (14.7% 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 $1.06 of assets — a ReinvestCapture™ rate of 16.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 1.8% 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 | -1.86% | 3.82% | -1.11 | 55 |
| 6 months | -0.22% | 3.35% | -1.75 | 108 |
| 1 year | +1.45% | 3.35% | -2.25 | 206 |
| 3 years | +13.90% | — | — | — |
| 5 years | +18.83% | — | — | — |
Current contemporaneous premium/discount -6.08% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -7.69% to +11.30%. 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 | -3.75% | -14.56% | -20.68% | -26.21% | -15.06% | -15.48% |
| Market price total return | -2.50% | -11.37% | -11.15% | -15.62% | -3.86% | -5.25% |
| NAV return | -1.87% | -4.71% | -11.15% | -11.15% | -5.48% | -11.01% |
| NAV total return | -0.67% | -1.25% | -0.37% | +1.80% | +8.67% | +1.82% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
PCM Fund Inc. is a closed ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Pacific Investment Management Company LLC. It seeks to invest in fixed income markets. The fund invests primarily in commercial mortgage-backed securities. It employs fundamental analysis with a focus on top down stock picking approach to create its portfolio. The fund benchmarks the performance of its portfolio against Barclay’s CMBS Investment Grade Index. PCM Fund Inc was formed on September 2, 1993 and is domiciled in the United States.
CEF Explorer research page for PCM 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.