In plain terms — Flaherty & Crumrine Preferred & Income Opportunity Fund
Shares currently cost about 11.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 9.2% discount, so today's level is somewhat wide for this fund (Z-score -1.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 7.9% a year of the share price (7.0% of the assets). That is a payout rate, not a return: part of it may be capital being handed back, and a one-off special payment in the last year is excluded from the regular rate.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.12 of assets — a ReinvestCapture™ rate of 8.9%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 0.1% 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 | -10.52% | 0.75% | -0.99 | 64 |
| 6 months | -10.18% | 0.78% | -1.39 | 125 |
| 1 year | -9.15% | 1.43% | -1.48 | 249 |
| 3 years | -10.19% | — | — | — |
| 5 years | -7.96% | — | — | — |
Current contemporaneous premium/discount -11.26% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.38% to -5.41%. 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 | -4.40% | -8.13% | -10.37% | -12.95% | +6.20% | -7.94% |
| Market price total return | -3.79% | -6.39% | -5.36% | -6.24% | +13.97% | -1.09% |
| NAV return | -2.71% | -4.82% | -6.20% | -6.56% | +4.47% | -4.87% |
| NAV total return | -2.16% | -3.20% | -1.48% | -0.06% | +11.30% | +1.64% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Flaherty & Crumrine Preferred Income Opportunity Fund Inc. is a closed ended equity mutual fund launched and managed by Flaherty & Crumrine Incorporated. The fund invests in the public equity markets of the United States. It invests in stocks of companies operating in the financial services sector. The fund primarily invests in preferred securities. It benchmarks the performance of its portfolio against S&P 500 Index and Barclays Capital U.S. Aggregate Index. Flaherty & Crumrine Preferred Income Opportunity Fund Inc. was formed on December 10, 1991 and is domiciled in the United States.
CEF Explorer research page for Flaherty & Crumrine Preferred & Income Opportunity 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.