Fri, Sep 19, 2014, 6:37 PM EDT - U.S. Markets closed

Recent

% | $
Quotes you view appear here for quick access.

Alliancebernstein Global High I Message Board

  • goldinvestmentmanagement goldinvestmentmanagement Sep 16, 2008 9:36 PM Flag

    Thoughts on AWF

    Hello,

    Good to see a few people on this board! I tend to agree with lexi623 in that if this thing is non-essential it is getting dumped. After all, until 5 days ago, it was just cruising on auto pilot. I did check a few PIMCO high yield funds - same story. It appears that sovereign emerging spreads such as Turkey have exploded by 300 bps or so and as a result the debt is getting hammered. If GE is getting smoked - why should Turkey be spared.

    If you go back to a MAX CHART: http://finance.yahoo.com/echarts?s=AWF#c...

    you will see that AWF tends to trade like emerging equity in down markets. In that regard, it's not a great skew. However, if you compound out the 10% distribution I am willing to bet the total return is very attractive. (Does anyone have the numbers handy?)

    Where it gets interesting, not unlike the emerging equity, is if you load up at very depressed levels.

    Trading notes: the Fund has approx 100MM shares o/s. Even with today's unusually high volume. Most individuals and managers (such as myself) are sitting tight. I am nibbling away and purchased some for accounts at 10.20 and 10.05. Will continue buying on down days.

    From the website:

    Information as of: 7/31/2008
    Total Holdings in the Portfolio: 500

    Top 10 Holdings
    %
    1 Brazil 7.13% (01/20/37) 2.85
    2 Mexico 9.00% (12/20/12) 2.30
    3 Turkey 0.00% (11/26/08) 2.30
    4 Gaz Capital For Gazprom 6.51% (03/07/22) 2.12
    5 Peru 8.20% (08/12/26) 2.01
    6 Brazil 12.50% (01/05/22) 1.84
    7 Philippines 9.88% (01/15/19) 1.75
    8 Philippines 8.25% (01/15/14) 1.42
    9 Panama 8.88% (09/30/27) 1.27
    10 Venezuela 7.00% (12/01/18) 1.20

    Quality Breakdown
    %
    1 AAA 4.55
    2 AA 0.51
    3 A 9.04
    4 BBB 11.92
    5 BB 41.30
    6 B 25.54
    7 CCC 4.85
    8 CC 0.02
    9 C 0.25
    10 A-1+ 1.97
    11 NR 0.05

    Avg. Maturity
    Years
    Avg. Maturity 10.23


    Total Net Assets
    $MM
    Total Net Assets 1028.90

 
AWF
13.78+0.05(+0.36%)Sep 19 4:02 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.