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Monthly Portfolio Update for October 2024

The AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) has recently shared its monthly portfolio update, reflecting its positions as of October 31, 2024. This update provides valuable insight into the fund's investment profile, including its major holdings and market strategies amid a dynamic financial landscape.

Overview of Portfolio Composition

As of the end of October, the fund's portfolio reveals a focus on a mix of fixed-income assets, with an emphasis on U.S. Treasury securities and corporate bonds. Notably, the following are outlined as the top 10 fixed-income holdings:
1. U.S. Treasury Notes 2.25% due 02/15/27 - 1.06%
2. CCO Holdings 4.50% due 08/15/30 - 06/01/33 - 0.78%
3. CCO Holdings 4.75% due 02/01/32 - 0.62%
4. Dominican Republic International Bond 8.625% due 04/20/27 - 0.60%
5. Royal Caribbean Cruises 5.50% due 08/31/26 - 04/01/28 - 0.53%
6. AMMC CLO 25 Ltd. 11.406% due 04/15/35 - 0.51%
7. DaVita, Inc. 4.625% due 06/01/30 - 0.45%
8. Altice France SA 5.125% due 01/15/29 - 07/15/29 - 0.43%
9. Allied Universal Holdco/Finance Corp. 4.625% due 06/01/28 - 0.43%
10. Palmer Square CLO Ltd. 11.068% due 01/15/35 - 0.42%

Sector Allocations and Risk Diversification

The fund’s investment strategy also prioritizes diversification across multiple sectors. The key allocations are as follows:

• - Corporates - Non-Investment Grade: 7.47% allocated to Consumer Non-Cyclical, 7.21% to Energy, and 6.49% to Communications - Media.
• - Additionally, holdings in Capital Goods and various Consumer Cyclical segments reflect a well-rounded approach.
• - The fund maintains a substantial exposure to Credit Default Swaps at 14.46%, allowing it to manage credit risk effectively.

Geographic Distribution

Geographically, the fund is predominantly invested in the United States, which represents 67.52% of the portfolio. Other notable allocations include the United Kingdom (3.23%) and Canada (2.44%). This geographic concentration underscores the fund's commitment to stability in familiar markets while cautiously exploring emerging opportunities elsewhere.

Credit Ratings and Maturity Distribution

In terms of credit ratings, the fund maintains a robust profile, with 15.55% of assets rated BBB and 45.83% rated BB, indicating a strategic focus on higher-yielding investments without veering into excessively risky territories. Furthermore, the maturity distribution highlights a significant tilt toward shorter durations, with 63.03% of bonds maturing within 1 to 5 years, helping mitigate interest rate risk.

Conclusion

The latest portfolio update from AllianceBernstein Global High Income Fund illustrates a carefully curated investment strategy, aimed at optimizing yield and managing risk. As market conditions evolve, the fund's diverse holdings and risk-management techniques will play a crucial role in navigating the complexities of the financial landscape in the forthcoming months. Investors should remain vigilant to these updates, as they reflect broader trends in the high-income investment arena.

This analysis reflects the fund's positions on October 31, 2024. While the portfolio characteristics provide a snapshot, ongoing adjustments and market movements will influence future allocations and performance.