For a long time now, it seems like the stock market has had a “theme of the year.” Clearly in 2024 it was AI, while 2023 was the year of recovery from 2022, which was a year of panic over a recession that never came.
The PGIM Global High Yield Fund offers a 9.86% yield, outperforming major bond indices, but underperforming some peers with double-digit yields. Despite strong recent performance, driven by market anticipation of monetary easing, future gains may be limited due to potential overpricing of bonds. The fund appears to be hedging its currency exposure, and the emerging market exposure that it has is largely hard currency bonds.
GHY is a global high-yield fixed-income CEF with a diverse geographic reach and credit spectrum composition. The fund's discount to NAV is near historic highs, credit spreads are tight, and distribution relies heavily on the return of capital. The fund leans towards BB and B-rated bonds, with a not-insignificant portion in CCC debt.
The PGIM Global High Yield Fund provides an appealing opportunity for investors looking to generate a substantial income. With a yield of 11.22%, the fund stands out compared to other options available. It has shown consistent performance and has surpassed global bond indices in terms of total return.
The PGIM Global High Yield Fund offers income-focused investors a way to diversify their portfolio with foreign fixed-income securities. The fund's performance has been respectable, with shares up 6.69% since October. The fund's net asset value per share is up 5.27% over the past two months, indicating strong gains and the ability to cover distributions in those two months.
The PGIM Global High Yield Fund offers a high current yield of 11.85%, higher than many other options in the market. The fund's performance has been disappointing, with shares down 29.42% since the start of last year. The fund's diverse portfolio includes below-investment-grade securities from around the world, providing potential for diversification and capital gains.
PGIM Global High Yield Fund, Inc. is a closed-end fund that aims to offer a high level of current income primarily by investing in below investment-grade fixed income. The fund's investment portfolio is diversified across different geographies and industries, with the United States accounting for the largest single country exposure. While the annualized results might appear modest, it's important to remember that bond investing can certainly see sizable declines.
GHY is a high yield bond fund with a global focus. The fund continues to remain at a deep and attractive discount.