#United States #New York #AllianceBernstein #High Income Fund #Portfolio Update

AllianceBernstein Global High Income Fund's Monthly Portfolio Update

On December 29, 2025, the AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) released its monthly portfolio report as of November 30, 2025. This update brings critical insights not only on the fund's holdings but also on its investment strategies and market positioning.

Key Holdings Overview

The update highlights the top ten fixed-income assets held by the fund. The most significant holding is the U.S. Treasury Notes with a 2.25% coupon rate, maturing on February 15, 2027, comprising 1.08% of the total portfolio. Other notable holdings include:

• - Bausch Health Cos., Inc.: 11.00% notes maturing on September 30, 2028 (0.53%)
• - DaVita, Inc.: 4.625% bonds maturing on June 1, 2030 (0.46%)
• - WarnerMedia Holdings: 5.05% bonds due March 15, 2042 (0.46%)

These securities reflect the fund's strategy of aiming for steady income through a diverse array of fixed-income investments.

Investment Types Distribution

The portfolio consists of various asset types, with a significant emphasis on corporates categorized as non-investment grade. The breakdown of investment types shows the following:

• - Corporates - Non-Investment Grade: 55.37%
• - Credit Default Swaps: 13.31%
• - Utility Bonds: 1.41%

The fund's diversification strategy is visible, with allocations across several sectors including industrial, communication, energy, capital goods, and consumer cyclical industries.

Country Exposures

Significantly, the portfolio reveals a varied geographical focus with 67.44% of its assets invested in U.S. entities, while the remaining portion includes holdings in countries like the United Kingdom (3.09%), France (2.97%), and Canada (2.89%). This allocation highlights the fund’s domestic bias while still managing exposure to international markets.

Credit Ratings and Risk

The portfolio shows a healthy distribution of credit ratings, with 46.65% rated as BB, which indicates speculative elements but also potential for higher returns. Additionally, the fund has managed its risks with average bond prices nearing 97.86 and an effective duration of 2.94 years. This means the portfolio is positioned to respond effectively to both credit conditions and interest rate movements.

Conclusion

As of the end of November 2025, the AllianceBernstein Global High Income Fund has showcased a well-curated portfolio that reflects a strategic blend of risk and return opportunities. Investors and analysts alike will benefit from keenly observing the ongoing market conditions and the fund's adjustments in strategy to optimize returns while mitigating risks associated with credit and interest rate fluctuations. This monthly update serves as a vital tool for stakeholders seeking to understand the fund's performance and future trajectory.