The AllianceBernstein Global High Income Fund (AWF, Financial) will be going ex-dividend on June 7. The Fund had a closing day value of $11.67 on Friday, June 1. It is a top performer among AllianceBernstein’s closed-end funds. On June 7, the AllianceBernstein National Municipal Income Fund (AFB, Financial) and Alliance California Municipal Income Fund (AKP, Financial) will also be reporting ex-dividends. All three AllianceBernstein funds pay a monthly dividend. AWF will pay the highest dividend at $0.0699 per share. It also has the highest trailing 12-month dividend yield at 6.29%.
AllianceBernstein Global High Income Fund has been trading within a range of $11.60 to $13.12 over the past 52 weeks. It has a market cap of $1.01 billion with 86.23 million shares outstanding.
The Global High Income Fund includes holdings across a broad universe of fixed-income investments, investing in securities from all fixed-income sectors. Its primary benchmark is the Bloomberg Barclays Global High Yield Index (USD Hedged), as the fund has a heavy weight in high-yield investments. As of April 30, the Fund held 31.17% of its holdings in BB rated securities and 27.82% of its holdings in B-rated securities. The fund is also broadly diversified across countries with 65 countries represented in the portfolio. Though broadly diversified globally, U.S. holdings comprise the majority of the investments in the portfolio at 61.19%.
The broad diversification allows for the Fund to capitalize on a wide range of high income-paying securities. However, the fixed-rate payments of the majority of its holdings have been a factor affecting the performance negatively as rates have been moving higher in the fixed-income market. Over the past three years the fund is reporting a total annualized return including dividends of 6.12%. Yea- to-date performance in 2018 is -5.88% as of June 1.
Source: Morningstar
The AllianceBernstein Global High Income Fund has a long performance track record with an inception date of July 28, 1993. The fund offers a relatively low net expense ratio at 1.03%. As of June 1, 2018 it is trading at a discount to its net asset value of $13.34.
Disclosure: I own shares of the AllianceBernstein Global High Income Fund.
