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AllianceBernstein Global High Income Fund's Monthly Portfolio Update

On August 25, 2025, the AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) published a detailed monthly update regarding its portfolio, providing insights as of July 31, 2025. This announcement is critical for investors seeking to understand the fund's current positioning and future outlook.

Overview of the Portfolio

The fund's portfolio is diversified across various asset classes, emphasizing fixed-income securities. As of the latest report, the fund highlights its top 10 fixed-income holdings, which collectively demonstrate a strategic mix aimed at balancing risk and yield. Here are the top holdings:

1. U.S. Treasury Notes (2.25%, due 02/15/2027) — 1.07%
2. CCO Holdings (4.50%, due 08/15/2030 - 06/01/2033) — 0.82%
3. CCO Holdings (4.75%, due 02/01/2032) — 0.66%
4. Altice France SA (5.125%, due 01/15/2029 - 07/15/2029) — 0.57%
5. AMMC CLO 25 Ltd. (11.068%, due 04/15/2035) — 0.50%
6. DaVita, Inc. (4.625%, due 06/01/2030) — 0.46%
7. WarnerMedia Holdings (4.279%, due 03/15/2032) — 0.44%
8. Bausch Health Cos., Inc. (11.00%, due 09/30/2028) — 0.43%
9. Societe Generale SA (5.512%, due 05/22/2031) — 0.43%
10. Millennium Escrow Corp. (6.625%, due 08/01/2026) — 0.42%

This lineup reflects the fund's focus on securities with varying maturities and credit ratings, aimed at maintaining a robust yield in fluctuating market conditions.

Investment Distribution

The report also includes a comprehensive breakdown of the investment types across sectors:

• - Non-Investment Grade Corporates: 54.10%
• - Credit Default Swaps: 13.19%
• - Investment Grade Corporates: 13.48%
• - Emerging Markets Corporate Bonds: 5.90%
• - Bank Loans: 5.72%

The high percentage of non-investment grade corporate bonds indicates a willingness to take on higher risk for potentially higher returns.

Geographic Exposure

Geographically, the fund has a significant exposure to the United States, accounting for 65.71% of its investments, followed by France (3.26%), the United Kingdom (3.18%), and other nations. This US-centric investment strategy aligns with the fund's objective of capitalizing on stable economic conditions often seen in major developed markets.

Credit Quality Assessment

An analysis of the credit ratings within the portfolio reveals a heavy investment in bonds rated 'BB' (44.71%) and 'B' (25.96%). This distribution suggests the fund's preference for sub-investment grade debt, which can offer high yield potential, albeit with associated risks. The overall average coupon for the portfolio stands at 7.48%, indicative of the yield the fund is prepared to accept for its investment strategy.

Maturity Insights

In terms of bond maturities, the fund maintains a proactive stance with 69.81% of its holdings maturing within 1 to 5 years. This focused duration helps manage interest rate risk while providing opportunities for reinvestment in a shifting yield environment.

Conclusion

The August update paints a comprehensive picture of the AllianceBernstein Global High Income Fund's strategy as of July 31, 2025. With its active management approach and a deliberate selection of diverse fixed-income securities, the fund positions itself to navigate the complexities of the financial landscape, offering a potentially attractive avenue for investors seeking high income through a balanced approach to risk and return. As always, keen investors should consider their risk tolerance and market conditions when looking at this fund for potential portfolio inclusion.