GHY: Deep Discount, But Distribution Coverage Has Declined

Mar. 25, 2022 3:59 PM ETPGIM Global High Yield Fund (GHY)CHK, F, ISD23 Comments

Summary

  • GHY is a high yield bond fund with a tilt towards global positioning, roughly 55% of the portfolio is outside the U.S.
  • Russia and Ukraine's exposure combined, as of January 31st, 2022, had been rather minimal.
  • The fund has been declining, but its share price has been outpacing the NAV price creating a deep discount.
  • The distribution coverage has been lacking and getting worse since we last touched on the fund.
  • Looking for a portfolio of ideas like this one? Members of CEF/ETF Income Laboratory get exclusive access to our model portfolio. Learn More »

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Written by Nick Ackerman, co-produced by Stanford Chemist. This article was originally posted to members of the CEF/ETF Income Laboratory on March 24th, 2022.

PGIM Global High Yield Fund (NYSE:GHY) first comes up

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GHY Distribution History

GHY Distribution History (CEFConnect)

PGIM Coverage Report

PGIM Coverage Report (PGIM)

GHY Semi-Annual Report

GHY Semi-Annual Report (PGIM)

GHY Credit Quality

GHY Credit Quality (PGIM)

GHY Geographic Allocation

GHY Geographic Allocation (PGIM)

GHY Largest Holdings

GHY Largest Holdings (PGIM)

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This article was written by

Nick Ackerman profile picture
11.43K Followers
CEF/ETF income and arbitrage strategies, 8%+ portfolio yields
Nick Ackerman is an avid student of the markets and has been investing in his own accounts for over 14 years. He is a former Financial Advisor and has previously qualified for holding Series 7 and Series 66 licenses. These licenses also specifically qualified him for the role of Registered Investment Adviser (RIA), i.e., he was registered as a fiduciary and could manage assets for a fee and give advice. Since then he has continued with his passion for investing through writing for Seeking Alpha, providing his knowledge, opinions, and insights of the investing world. His specific focus is on closed-end funds as an attractive way to achieve income as well as general financial planning strategies towards achieving one’s long term financial goals.

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I provide my work regularly to CEF/ETF Income Laboratory with articles that have an exclusivity period, this is noted in such articles. CEF/ETF Income Laboratory is a Marketplace Service provided by Stanford Chemist, right here on Seeking Alpha.

Disclosure: I/we have a beneficial long position in the shares of F, SHORT F PUTS AND CALLS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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