In plain terms — PIMCO High Income Fund
Shares currently cost about 4.2% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 2.8% 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 14.1% a year of the share price (13.5% 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 $1.04 of assets — a ReinvestCapture™ rate of 14.7%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 4.7% over the past year including distributions (NAV total return).
Annual costs are 1.78% 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 | +0.66% | 3.35% | -1.18 | 55 |
| 6 months | +1.38% | 2.61% | -1.79 | 108 |
| 1 year | +2.83% | 2.67% | -2.29 | 206 |
| 3 years | +4.28% | — | — | — |
| 5 years | +5.32% | — | — | — |
Current contemporaneous premium/discount -3.29% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -5.80% to +6.93%. 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 | -7.37% | -13.36% | -17.28% | -18.13% | -1.99% | -8.54% |
| Market price total return | -6.29% | -10.47% | -8.23% | -7.34% | +10.51% | +2.75% |
| NAV return | -2.52% | -4.91% | -8.78% | -7.79% | -0.23% | -6.12% |
| NAV total return | -1.42% | -1.74% | +1.47% | +4.70% | +13.09% | +6.13% |
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 High Income Fund operates as a closed-end mutual fund dedicated to fixed-income investments. Its primary management is overseen by Allianz Global Investors Fund Management LLC, with Pacific Investment Management Company LLC also holding co-management responsibilities. The fund's strategy involves allocating capital across public fixed-income markets worldwide. It specifically targets U.S. dollar-denominated high-yield corporate debt obligations. To inform its investment decisions, the fund employs a combination of thorough fundamental analysis and a top-down approach to security selection. This fund was established on April 30, 2003, and is legally domiciled in the United States.
CEF Explorer research page for PIMCO High 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.