In plain terms — LMP Capital & Income Fund
Shares currently cost about 12.3% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 9.9% discount, so today's level is somewhat wide for this fund (Z-score -1.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 9.7% a year of the share price (8.5% 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 $1.14 of assets — a ReinvestCapture™ rate of 11.0%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 11.3% 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 | -11.44% | 0.51% | -0.48 | 64 |
| 6 months | -10.97% | 0.78% | -0.92 | 126 |
| 1 year | -9.93% | 1.47% | -1.20 | 250 |
| 3 years | -7.75% | — | — | — |
| 5 years | -9.52% | — | — | — |
Current contemporaneous premium/discount -11.69% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.74% to -6.66%. 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 | -3.20% | -4.13% | +0.20% | -4.63% | +6.62% | +0.63% |
| Market price total return | -2.42% | -1.86% | +7.51% | +4.88% | +16.87% | +10.04% |
| NAV return | -1.57% | -2.48% | +3.74% | +2.17% | +6.08% | +1.31% |
| NAV total return | -0.87% | -0.43% | +10.51% | +11.28% | +15.41% | +9.80% |
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 LMP Capital and Income Fund Inc. operates as a closed-end balanced mutual fund, primarily overseen by Legg Mason Partners Fund Advisor, LLC. Additional management responsibilities are shared with Clearbridge Investments, LLC, Western Asset Management Company Limited, and Western Asset Management Company. Its investment mandate extends globally, encompassing both public equity and fixed-income securities from businesses spanning various sectors. Key holdings include shares of large-capitalization firms, corporate bonds and notes of intermediate maturity with a minimum A- rating, both energy and non-energy master limited partnerships (MLPs), and real estate investment trusts (REITs). Portfolio construction is heavily influenced by a rigorous analysis of economic, market, and political landscapes, as well as fiscal and monetary policies, alongside thorough security valuation. Its performance is measured against two standard benchmarks: the U.S. Aggregate Index and the S&P 500 Index. Established in the United States on November 12, 2003, it was previously recognized as the Salomon Brothers Capital and Income Fund Inc.
CEF Explorer research page for LMP Capital & Income 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.