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AllianceBernstein Global High Income Fund Monthly Update

On January 26, 2026, the AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) shared its latest monthly portfolio update, encompassing data as of December 31, 2025. This update is crucial for investors keeping track of asset performance and investment strategies within the fund.

Key Highlights

The most recent portfolio update highlighted the fund's commitment to managing risks while pursuing high income. The top ten fixed-income holdings include a mix of U.S. Treasury notes and corporate bonds, signaling a strategy that balances safety with opportunities for yield. Notably, the top holding is U.S. Treasury Notes maturing in February 2027, accounting for 1.08% of the portfolio.

Other significant assets include:
1. 1261229 BC Ltd. 10.00% due April 2032 (0.58%)
2. DaVita Inc. 4.625% due June 2030 (0.47%)
3. Societe Generale SA 5.512% due May 2031 (0.44%)
4. Advance Auto Parts, Inc. 7.00% due August 2030 (0.43%)
5. Dominican Republic Intl Bond 8.625% due April 2027 (0.40%)

These selections reflect a diverse range of industries, including healthcare, energy, and automotive, showcasing the fund's strategic approach towards income generation.

Portfolio Composition Breakdown

The portfolio remains balanced across various sectors, with corporate non-investment grade holdings contributing to 7.67% in consumer non-cyclical and significant investments in the energy sector (6.35%). The consumer cyclical space also holds interest with various investments that total nearly 9.22% in retail and automotive combined.

Furthermore, the fund allocated 53.49% of its assets in corporates while leveraging options like credit default swaps (13.47%) to hedge against market volatility. This systematic approach indicates a dual focus on maximizing earnings while maintaining a robust defensive position.

Geographic Distribution

With a significant portion allocated to the United States (66.09%), the fund also diversifies its exposure internationally. Investments include countries like the United Kingdom (3.31%), France (2.96%), and Canada (2.89%), indicating a global outlook while primarily focusing on the U.S. market for stable income generation.

Credit Rating Insights

The portfolio’s credit rating distribution showcases a concentrated focus on higher-yielding, lower-rated bonds, with 45.40% rated BB and 23.55% rated B. This segment aims for elevated returns in exchange for assuming more credit risk. Only a minor portion is rated AAA, indicating a thoughtful risk assessment in seeking income-generating assets.

The overall average coupon currently rests at an attractive 7.24%, while the average maturity stands at 4.13 years, offering a balanced yield across varying maturities.

Conclusion

In summary, the AllianceBernstein Global High Income Fund’s December portfolio update reveals a well-structured investment strategy tailored to navigate today's economic landscape effectively. The careful selection of both fixed-income securities and corporate bonds presents a robust framework aimed at delivering strong returns to its investors. With the ongoing monitoring of economic indicators and credit ratings, stakeholders can anticipate informed adjustments aligned with market developments moving into 2026.