In plain terms — Western Asset Inflation-Linked Opportunities & Income Fund
Shares currently cost about 11.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.7% discount, so today's level is unusually wide for this fund (Z-score -2.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 9.4% a year of the share price (8.3% 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 $1.13 of assets — a ReinvestCapture™ rate of 10.6%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 1.0% 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 | -11.05% | 0.60% | -2.46 | 64 |
| 6 months | -11.04% | 0.46% | -3.29 | 126 |
| 1 year | -10.70% | 0.65% | -2.81 | 250 |
| 3 years | -11.85% | — | — | — |
| 5 years | -11.92% | — | — | — |
Current contemporaneous premium/discount -12.54% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.56% to -8.88%. 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 | -4.02% | -6.09% | -8.38% | -12.07% | -1.36% | -10.26% |
| Market price total return | -3.27% | -3.92% | -2.05% | -3.95% | +7.51% | -0.12% |
| NAV return | -1.96% | -4.15% | -6.44% | -8.53% | -2.66% | -9.39% |
| NAV total return | -1.28% | -2.18% | -0.70% | -1.03% | +5.02% | -0.43% |
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 Western Asset Inflation-Linked Opportunities & Income Fund functions as a closed-ended mutual fund dedicated to fixed-income investments. It was originally launched and is overseen by Guggenheim Funds Investment Advisors, LLC, with additional management expertise provided by Western Asset Management Company and its international affiliates. This fund strategically invests in global fixed income markets, concentrating primarily on investment-grade inflation-linked securities. These holdings are characterized by an average effective duration ranging from zero to fifteen years. Its performance is measured against the Barclays U.S. Government Inflation-Linked 1-10 Year Index and the Barclays U.S. Government Inflation-Linked All Maturities Index. The fund, which is domiciled in the United States, commenced operations on February 24, 2004.
CEF Explorer research page for Western Asset Inflation-Linked Opportunities & 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.