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AWF: The Recent Distribution Cut Has Created An Attractive Entry Point
- AWF cut its distribution by 19% on May 23rd.
- The discount to NAV has expanded to 8.09%, much wider than the 3-year average of 0.10%.
- AWF has shown strong underlying NAV performance and still offers a 6.96% distribution.
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Today, 2:01 PM| Comment!
Wed, Oct. 22, 1:12 PM
- The high-yield market "rebounded spectacularly" between last Wednesday's panicky action and the start of this week, says Martin Fridson. If one were to annualize the 1.32% total return from this period, it would work out to a 160.9% gain.
- Some more numbers: The average yield in the BAML high-yield index topped 6.4% last week, and has dropped back to 5.9%, bringing the spread to Treasurys down more than 50 bps to 4.5%.
- Barron's Michael Aneiro continues to see value in a number of sizable closed-end funds still trading at around double-digit discounts to NAV, notably the BlakcRock Corporate High Yield Fund (HYT +1.2%), the AllianceBernstein Global High Income Fund (AWF +0.2%), and the Wells Fargo Advantage Income Opportunities Fund (EAD +0.7%).
- ETFs: HYG, JNK, BKLN, HYLD, PHB, SJB, SRLN, SNLN, IHY, ANGL, HYLS, FTSL, HYXU, PGHY, UJB, XOVR, QLTC, IJNK
Fri, Aug. 22, 4:20 PM| Comment!
Mon, Aug. 11, 11:53 AM
- The average yield has jumped to 5.77% today from 4.85% on June 24, and Barron's Michael Aneiro notes the two most popular ETFs - JNK and HYG - briefly traded at up to 2% discounts to NAV last week, though these disappeared pretty quickly.
- Not disappearing - and in fact growing - are discount to NAVs in some high-yield closed-end funds, with many now trading at double-digit discounts. Among some of the larger funds, writes Aneiro, the BlackRock Corporate High Yield Fund (HYT +1.7%) trades at a 10.2% discount to NAV and the AllianceBernstein Global High Income Fund (AWF +0.8%) sells for a 9.9% discount. The Western Asset High Income Fund II (HIX +1.1%) offers a 2.7% discount.
- ETFs: HYG, JNK, HYLD, SJB, IHY, ANGL, HYLS, PGHY, HYXU, UJB, XOVR, QLTC, IJNK
Nov. 14, 2012, 11:31 AM
AWF vs. ETF Alternatives
The Funds primary objective is to seek high current income and its secondary objective is to achieve capital appreciation. To achieve this objective it invests primarily in high yielding, high risk sovereign and US corporate fixed income obligations that a
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