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

Overview

In an important communication to investors and stakeholders, AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) has released its latest portfolio update, showcasing the financial health and strategic positioning of its fund as of October 31, 2025. The update not only sheds light on the fund's fixed-income holdings but also provides insights on its overall investment composition, credit ratings, and maturity structure.

Key Holdings

The report indicates a diversified approach in investment strategy, primarily focusing on top fixed-income securities that constitute the portfolio. Among the standout investments:

1. U.S. Treasury Notes 2.25%, maturing on 02/15/27 - Representing approximately 1.07% of the portfolio.
2. Bausch Health Cos., Inc. 11.00%, maturing on 09/30/28 - A significant holding at 0.53%.
3. Altice France SA 6.50%, maturing between 10/15/31 and 03/15/32 - A holding of 0.48%.

Further, it is noteworthy that these top investments reflect a mix between government securities and other corporate bonds, balancing reliability with yield potential.

Investment Composition

A closer examination of the portfolio reveals a diversified investment strategy across various sectors. The allocation includes:

• - Corporates - Non-Investment Grade: 54.12%
• - Credit Default Swaps: 13.22%
• - Corporates - Investment Grade: 13.71%
• - Bank Loans: 5.39%

Sector-wise, the highest allocations lie in non-cyclical consumer sectors and industrials, emphasizing a potential avenue for stability amidst market fluctuations. The relatively small proportions attributed to cyclical sectors depict a cautious stance towards economic uncertainties.

Geographic Allocation

Geographically, the fund has a predominant exposure to the United States at 65.77%, followed by investments in countries such as France, Canada, and the United Kingdom. This allocation strategy reflects a commitment to stability tied to U.S. assets and diversified risk by incorporating international bonds from robust economies.

Credit Quality

Considering credit ratings of holdings, a major portion of the portfolio is rated either BB (44.64%) or B (24.17%), suggesting a substantial focus on higher-risk, high-yield securities. While this raises the potential for higher returns, it also necessitates balanced risk management to navigate potential downturns.

Duration and Maturity Structure

The report notes that the average bond price sits at 97.82, complemented by an effective duration of 2.95 years and an average maturity of 4.14 years. This duration structure indicates that the fund is neither overly exposed to interest rate fluctuations for the long term nor concentrated on short-term volatility.

Conclusion

Overall, the AllianceBernstein Global High Income Fund continues to stand robust in its strategic investments, balancing between yield and safety. The portfolio update reflects a mindful approach towards maintaining a diverse and resilient holding while being responsive to market conditions. Investors can look forward to future developments as the fund navigates through the ever-evolving economic landscape, aiming to deliver consistent returns while managing risks responsibly.