In plain terms — PIMCO Corporate & Income Opportunity Fund
Shares currently cost about 0.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 6.4% premium, so today's level is somewhat wide for this fund (Z-score -1.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 13.2% a year of the share price (13.1% 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 $1.01 of assets — a ReinvestCapture™ rate of 13.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 4.5% over the past year including distributions (NAV total return).
Annual costs are 1.52% 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 | +1.95% | 1.93% | -1.67 | 55 |
| 6 months | +3.21% | 2.07% | -2.18 | 108 |
| 1 year | +6.36% | 4.30% | -1.78 | 206 |
| 3 years | +18.42% | — | — | — |
| 5 years | +18.76% | — | — | — |
Current contemporaneous premium/discount -1.29% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -2.36% to +20.41%. 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 | -5.69% | -10.25% | -17.83% | -26.08% | -5.16% | -10.27% |
| Market price total return | -4.65% | -7.38% | -9.31% | -16.94% | +5.44% | -0.34% |
| NAV return | -2.33% | -4.47% | -8.64% | -7.63% | +1.74% | -5.19% |
| NAV total return | -1.27% | -1.39% | +1.33% | +4.51% | +15.18% | +7.32% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The PIMCO Corporate & Income Opportunity Fund (PTY) operates as a closed-ended fixed income mutual fund. It is overseen by Allianz Global Investors Fund Management LLC, with Pacific Investment Management Company LLC acting as co-manager. This fund strategically allocates capital within global fixed income markets, emphasizing corporate debt obligations. Its portfolio targets a specific credit profile, encompassing bonds rated at the lowest investment grade (Baa or BBB) and the highest non-investment grade (Ba or BB). Key investments include intermediate-maturity bonds, diversified across numerous industries and sectors. Investment selection is driven by a meticulous combination of fundamental analysis and a top-down approach, underpinned by the firm's in-house research capabilities. Established on December 27, 2002, the fund is domiciled in the United States.
CEF Explorer research page for PIMCO Corporate & Income Opportunity Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.