AllianceBernstein Global High Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE
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Insights
The AllianceBernstein Global High Income Fund's portfolio update provides a comprehensive overview of its asset allocation, which is critical for investors assessing the fund's risk profile and diversification strategy. The fund's significant exposure to non-investment grade corporates, particularly in the communications and energy sectors, suggests a higher yield strategy but also carries increased credit risk. The average coupon rate of 7.60% is indicative of the income-generating focus of the fund, while the average bond price of 94.1 suggests that the bonds are generally trading below par, potentially offering capital appreciation opportunities if the market's assessment of credit risk improves.
The fund's leverage level, at 17.96% of gross assets, is within a range that is common for high-income funds, but it is a factor that can amplify both gains and losses. It is also worth noting the average maturity of 6.04 years and an effective duration of 3.74 years, which provide insight into the fund's interest rate risk exposure. A shorter duration indicates less sensitivity to interest rate changes, which is particularly relevant in the current environment of potential rate fluctuations.
The fund's country breakdown shows a heavy concentration in the United States, with 70.31% of the portfolio invested there. This concentration could be a double-edged sword, offering stability from investing in the world's largest economy but also limiting geographic diversification that could mitigate region-specific risks. The exposure to emerging markets sovereigns and corporate bonds is modest but important for diversification and reaching higher yields, though it comes with additional sovereign and currency risks.
Notably, the fund's credit rating breakdown reveals a substantial allocation to BB and B rated securities, which are considered speculative and carry a higher risk of default compared to investment-grade securities. This strategy aligns with the fund's high-income mandate but requires continuous monitoring of credit conditions. The portfolio's turnover rate of 40.00% suggests an active management approach, which could lead to higher transaction costs but also offers the potential to capitalize on market opportunities.
The fund's exposure to interest rate futures, at 9.73% of the portfolio, is a strategic move to hedge against interest rate risk or to take advantage of anticipated movements in interest rates. This is especially pertinent given the current global economic climate where central banks are navigating inflation concerns and adjusting monetary policies accordingly. The fund's net currency exposure, predominantly in US dollars, reflects a conservative approach to currency risk, which is prudent given the volatility in foreign exchange markets.
Additionally, the fund's investment in collateralized loan obligations (CLOs) and mortgage-backed securities (MBS) suggests a search for yield in structured credit markets. However, these instruments can be complex and require specialized knowledge to assess risk properly. The net asset value (NAV) of $11.13 and total net assets of $959.34 million provide a snapshot of the fund's size and per-share value, which are key metrics for investors evaluating investment funds.
AllianceBernstein Global High Income Fund, Inc. | ||
Top 10 Fixed-Income Holdings | Portfolio % | |
1) | 1.07 % | |
2) CCO Holdings | 0.67 % | |
3) CCO Holdings | 0.63 % | |
4) Dominican Republic Intl Bond | 0.62 % | |
5) Sirius XM Radio, Inc. | 0.54 % | |
6) Carnival Holdings Bermuda | 0.53 % | |
7) Royal Caribbean Cruises | 0.53 % | |
8) AMMC CLO 25 Ltd. | 0.52 % | |
9) Palmer Square CLO Ltd. | 0.43 % | |
10) Altice France SA/ | 0.40 % | |
Investment Type | Portfolio % | |
Corporates - Non-Investment Grade | ||
Industrial | ||
Communications - Media | 7.24 % | |
Energy | 6.85 % | |
Consumer Non-Cyclical | 6.49 % | |
Capital Goods | 4.66 % | |
Basic | 3.23 % | |
Consumer Cyclical - Other | 3.18 % | |
Services | 3.16 % | |
Consumer Cyclical - Entertainment | 2.67 % | |
Technology | 2.60 % | |
Communications - Telecommunications | 2.55 % | |
Consumer Cyclical - Automotive | 2.55 % | |
Consumer Cyclical - Retailers | 2.36 % | |
Transportation - Services | 1.10 % | |
Transportation - Airlines | 0.74 % | |
Other Industrial | 0.35 % | |
Consumer Cyclical - Restaurants | 0.28 % | |
SUBTOTAL | 50.01 % | |
Credit Default Swaps | 16.08 % | |
Financial Institutions | ||
Finance | 2.35 % | |
REITs | 1.17 % | |
Brokerage | 0.93 % | |
Insurance | 0.70 % | |
Other Finance | 0.36 % | |
Banking | 0.25 % | |
SUBTOTAL | 5.76 % | |
Utility | ||
Electric | 0.45 % | |
Other Utility | 0.14 % | |
Natural Gas | 0.03 % | |
SUBTOTAL | 0.62 % | |
SUBTOTAL | 72.47 % | |
Corporates - Investment Grade | ||
Industrial | ||
Consumer Cyclical - Automotive | 2.22 % | |
Energy | 1.89 % | |
Consumer Non-Cyclical | 1.12 % | |
Basic | 1.04 % | |
Consumer Cyclical - Other | 0.93 % | |
Communications - Media | 0.76 % | |
Transportation - Airlines | 0.30 % | |
Consumer Cyclical - Retailers | 0.29 % | |
Consumer Cyclical - Entertainment | 0.21 % | |
Services | 0.19 % | |
Technology | 0.13 % | |
Transportation - Services | 0.13 % | |
Communications - Telecommunications | 0.09 % | |
Capital Goods | 0.08 % | |
Transportation - Railroads | 0.04 % | |
SUBTOTAL | 9.42 % | |
Financial Institutions | ||
Banking | 6.83 % | |
Insurance | 1.02 % | |
Finance | 0.88 % | |
REITs | 0.19 % | |
Brokerage | 0.12 % | |
SUBTOTAL | 9.04 % | |
Utility | ||
Electric | 0.64 % | |
Other Utility | 0.05 % | |
SUBTOTAL | 0.69 % | |
SUBTOTAL | 19.15 % | |
Interest Rate Futures | 9.73 % | |
Emerging Markets - Corporate Bonds | ||
Industrial | ||
Basic | 1.20 % | |
Consumer Cyclical - Other | 1.08 % | |
Consumer Non-Cyclical | 0.82 % | |
Energy | 0.67 % | |
Capital Goods | 0.27 % | |
Technology | 0.20 % | |
Communications - Media | 0.15 % | |
Communications - Telecommunications | 0.13 % | |
Consumer Cyclical - Retailers | 0.09 % | |
Services | 0.04 % | |
Transportation - Services | 0.02 % | |
SUBTOTAL | 4.67 % | |
Utility | ||
Electric | 0.36 % | |
SUBTOTAL | 0.36 % | |
Financial Institutions | ||
Banking | 0.14 % | |
Other Finance | 0.02 % | |
SUBTOTAL | 0.16 % | |
SUBTOTAL | 5.19 % | |
Collateralized Loan Obligations | ||
CLO - Floating Rate | 4.24 % | |
SUBTOTAL | 4.24 % | |
Bank Loans | ||
Industrial | ||
Communications - Telecommunications | 0.78 % | |
Consumer Non-Cyclical | 0.55 % | |
Technology | 0.54 % | |
Energy | 0.37 % | |
Capital Goods | 0.31 % | |
Communications - Media | 0.30 % | |
Other Industrial | 0.22 % | |
Consumer Cyclical - Automotive | 0.09 % | |
Consumer Cyclical - Retailers | 0.05 % | |
Transportation - Airlines | 0.05 % | |
Consumer Cyclical - Restaurants | 0.02 % | |
SUBTOTAL | 3.28 % | |
Financial Institutions | ||
Insurance | 0.17 % | |
Finance | 0.02 % | |
SUBTOTAL | 0.19 % | |
Utility | ||
Electric | 0.18 % | |
SUBTOTAL | 0.18 % | |
SUBTOTAL | 3.65 % | |
Collateralized Mortgage Obligations | ||
Risk Share Floating Rate | 2.33 % | |
Non-Agency Fixed Rate | 0.34 % | |
Non-Agency Floating Rate | 0.30 % | |
Agency Fixed Rate | 0.25 % | |
SUBTOTAL | 3.22 % | |
Emerging Markets - Sovereigns | ||
Emerging Markets - Sovereigns | 2.27 % | |
Credit Default Swaps | 0.27 % | |
SUBTOTAL | 2.54 % | |
Commercial Mortgage-Backed Securities | ||
Credit Default Swaps | 1.31 % | |
Non-Agency Fixed Rate CMBS | 0.40 % | |
Non-Agency Floating Rate CMBS | 0.03 % | |
SUBTOTAL | 1.74 % | |
1.67 % | ||
Total Return Swaps | 1.12 % | |
Quasi-Sovereigns | ||
Quasi-Sovereign Bonds | 1.12 % | |
SUBTOTAL | 1.12 % | |
Common Stocks | 0.47 % | |
Local Governments - US Municipal Bonds | 0.42 % | |
Inflation-Linked Securities | 0.22 % | |
EM Government Agencies | 0.20 % | |
Preferred Stocks | ||
Industrials | 0.10 % | |
SUBTOTAL | 0.10 % | |
Asset-Backed Securities | ||
Autos - Fixed Rate | 0.08 % | |
Other ABS - Floating Rate | 0.01 % | |
SUBTOTAL | 0.09 % | |
Forward Currency Exchange Contracts | ||
Currency Instruments | 0.08 % | |
SUBTOTAL | 0.08 % | |
Reverse Repurchase Agreements | -0.36 % | |
Cash & Cash Equivalents | ||
Funds and Investment Trusts | 0.64 % | |
Cash | -0.24 % | |
SUBTOTAL | 0.40 % | |
Derivative Offsets | ||
Futures Offsets | -9.50 % | |
Swap Offsets | -17.96 % | |
SUBTOTAL | -27.46 % | |
TOTAL | 100.00 % | |
Country Breakdown | Portfolio % | |
70.31 % | ||
4.03 % | ||
2.63 % | ||
1.93 % | ||
1.87 % | ||
1.36 % | ||
1.33 % | ||
1.29 % | ||
Luxembourg | 1.28 % | |
0.97 % | ||
0.86 % | ||
0.81 % | ||
0.81 % | ||
0.65 % | ||
0.63 % | ||
0.60 % | ||
0.57 % | ||
0.54 % | ||
0.51 % | ||
0.49 % | ||
0.47 % | ||
0.36 % | ||
0.35 % | ||
0.34 % | ||
0.33 % | ||
0.32 % | ||
0.31 % | ||
0.30 % | ||
0.30 % | ||
0.26 % | ||
0.24 % | ||
0.21 % | ||
0.21 % | ||
0.19 % | ||
0.18 % | ||
0.17 % | ||
0.17 % | ||
0.16 % | ||
0.15 % | ||
0.11 % | ||
0.10 % | ||
0.09 % | ||
0.09 % | ||
0.07 % | ||
Jersey ( | 0.06 % | |
0.05 % | ||
0.05 % | ||
0.05 % | ||
0.04 % | ||
0.04 % | ||
0.04 % | ||
0.04 % | ||
0.02 % | ||
0.02 % | ||
Cash & Cash Equivalents | 0.64 % | |
Total Investments | 100.00 % | |
Net Currency Exposure Breakdown | Portfolio % | |
US Dollar | 100.20 % | |
Canadian Dollar | 0.19 % | |
Pound Sterling | 0.09 % | |
Chilean Peso | 0.01 % | |
Indonesian Rupiah | 0.01 % | |
Norwegian Krone | 0.01 % | |
Polish Zloty | 0.01 % | |
Australian Dollar | -0.01 % | |
Swiss Franc | -0.01 % | |
Czech Koruna | -0.01 % | |
New Taiwan Dollar | -0.01 % | |
Colombian Peso | -0.14 % | |
Euro | -0.34 % | |
Total Net Assets | 100.00 % | |
Credit Rating | Portfolio % | |
AAA | 1.90 % | |
AA | 0.55 % | |
A | 2.94 % | |
BBB | 18.65 % | |
BB | 41.20 % | |
B | 23.25 % | |
CCC | 7.01 % | |
CC | 0.13 % | |
C | 0.09 % | |
Not Rated | 3.14 % | |
Short Term Investments | 0.64 % | |
Reverse Repurchase Agreements | -0.36 % | |
N/A | 0.86 % | |
Total | 100.00 % | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 2.74 % | |
1 To 5 Years | 59.84 % | |
5 To 10 Years | 31.06 % | |
10 To 20 Years | 2.94 % | |
20 To 30 Years | 1.06 % | |
More than 30 Years | 1.89 % | |
Other | 0.47 % | |
Total Net Assets | 100.00 % | |
Portfolio Statistics: | ||
Average Coupon: | 7.60 % | |
Average Bond Price: | 94.1 | |
Percentage of Leverage(based on gross assets): | ||
Bank Borrowing: | 0.00 % | |
Investment Operations:* | 17.96 % | |
Preferred Stock: | 0.00 % | |
Tender Option Bonds: | 0.00 % | |
VMTP Shares: | 0.00 % | |
Total Fund Leverage: | 17.96 % | |
Average Maturity: | 6.04 Years | |
Effective Duration: | 3.74 Years | |
Total Net Assets: | ||
Net Asset Value: | ||
Total Number of Holdings: | 1,364 | |
Portfolio Turnover: | 40.00 % |
* Investment Operations may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.
The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end
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SOURCE AllianceBernstein Global High Income Fund, Inc.
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