In plain terms — Virtus Total Return Fund
Shares currently cost about 10.2% 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 high for this fund (Z-score +0.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 10.6% a year of the share price (9.5% 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 $1.11 of assets — a ReinvestCapture™ rate of 11.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 5.2% 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 | -10.40% | 1.20% | +0.27 | 64 |
| 6 months | -10.95% | 1.10% | +0.80 | 126 |
| 1 year | -10.86% | 1.23% | +0.65 | 250 |
| 3 years | -11.71% | — | — | — |
| 5 years | -8.58% | — | — | — |
Current contemporaneous premium/discount -10.07% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.12% to -7.66%. 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 | -2.20% | -8.80% | -1.27% | -4.45% | +9.09% | -8.10% |
| Market price total return | -1.34% | -6.44% | +6.84% | +5.01% | +20.66% | +2.80% |
| NAV return | -2.11% | -9.62% | -1.70% | -3.34% | +6.71% | -5.52% |
| NAV total return | -1.34% | -7.53% | +5.45% | +5.17% | +16.66% | +4.68% |
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 Virtus Global Dividend & Income Fund Inc., originally established on September 30, 1988, by Virtus Investment Partners, Inc., operates as a balanced, closed-end investment vehicle. Formerly known as The Zweig Total Return Fund, Inc., its portfolio is currently managed through a collaborative effort involving Virtus Investment Advisers, Inc., Kayne Anderson Rudnick Investment Management LLC, and Newfleet Asset Management, LLC. This actively managed fund primarily allocates capital across the public stock and bond markets within the United States. It aims to invest in companies spanning a wide array of sectors, with a particular emphasis on large-capitalization firms that exhibit "growth at a reasonable price" (GARP) characteristics for its equity holdings. Complementing this, the fund also acquires investment-grade debt issued by both corporations and government entities. Its investment performance is measured against a composite benchmark, which is split 60% to the Russell Developed Large Cap Index and 40% to the Bloomberg Barclays U.S. Aggregate Bond Index. The fund is legally domiciled in the United States.
CEF Explorer research page for Virtus Total Return 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.