In plain terms — PIMCO New York Municipal Income Fund II
Shares currently cost about 10.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.9% discount, so today's level is not wide for this fund (Z-score -0.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 5.7% a year of the share price (5.1% 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 $1.12 of assets — a ReinvestCapture™ rate of 6.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 7.2% 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 | -10.48% | 0.70% | -1.44 | 55 |
| 6 months | -10.57% | 0.64% | -1.43 | 108 |
| 1 year | -10.89% | 0.77% | -0.79 | 206 |
| 3 years | -11.62% | — | — | — |
| 5 years | -9.21% | — | — | — |
Current contemporaneous premium/discount -11.49% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.34% to -9.02%. 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 | -6.01% | -13.35% | -11.47% | -12.61% | -1.53% | -12.60% |
| Market price total return | -5.56% | -12.17% | -7.58% | -7.99% | +3.51% | -8.13% |
| NAV return | -4.13% | -11.34% | -11.00% | -11.34% | -3.14% | -9.51% |
| NAV total return | -3.73% | -10.26% | -7.51% | -7.18% | +1.24% | -5.32% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
PIMCO New York Municipal Income Fund II is a closed-ended fixed income mutual fund launched and managed by Pacific Investment Management Company LLC. It invests in the fixed income markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily invests in municipal bonds that pay interest that is exempt from federal, New York State, and New York City income tax. It also invests in New York variable rate notes, New York variable rate demand notes, and U.S. treasury bills. The fund employs proprietary analytical models to make its investments. PIMCO New York Municipal Income Fund II was formed on March 29, 2002 and is domiciled in the United States.
CEF Explorer research page for PIMCO New York Municipal Income Fund II. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.