In plain terms — PIMCO Dynamic Income Fund
Shares currently cost about 3.0% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 4.7% premium, so today's level is somewhat wide for this fund (Z-score -1.9). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 18.4% a year of the share price (17.9% 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 $1.03 of assets — a ReinvestCapture™ rate of 19.0%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 3.8% over the past year including distributions (NAV total return).
Annual costs are 3.79% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -1.83% | 3.76% | -0.77 | 55 |
| 6 months | +2.00% | 4.95% | -1.36 | 108 |
| 1 year | +4.72% | 4.86% | -1.94 | 206 |
| 3 years | +9.58% | — | — | — |
| 5 years | +8.15% | — | — | — |
Current contemporaneous premium/discount -4.72% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -8.33% to +16.11%. 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 | -3.12% | -13.97% | -21.06% | -28.49% | -5.56% | -12.23% |
| Market price total return | -1.61% | -10.09% | -9.89% | -16.34% | +9.12% | +1.18% |
| NAV return | -2.95% | -5.90% | -12.31% | -11.94% | -3.06% | -9.81% |
| NAV total return | -1.50% | -1.76% | +0.68% | +3.77% | +13.56% | +5.24% |
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 Dynamic Income Fund (PDI) is a closed-end mutual fund specializing in fixed-income investments. It was inaugurated and is managed by Allianz Global Investors Fund Management LLC, with Pacific Investment Management Company LLC also contributing to its oversight. The fund aims to capitalize on opportunities within a wide array of global fixed-income markets. Its diversified portfolio spans various fixed-income sectors, notably encompassing non-agency residential and commercial mortgage-backed securities, alongside lower-rated, below investment-grade debt instruments. The fund's primary allocations are concentrated in mortgage-backed securities, corporate bonds across both investment-grade and high-yield categories, corporate debt from established and emerging nations, and sovereign bonds. This U.S.-domiciled fund commenced operations on May 30, 2012.
CEF Explorer research page for PIMCO Dynamic 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.