Western Asset High Income Fund

Western Asset High Income Fund II, Inc. is a closed-end management investment company, which seeks to maximize current income by investing in high yield debt securities. It also intends to seek capital appreciation to maximize current income. The company was founded on March 19, 1998 and is headquartered in New York, NY.

HIX, a high-leverage fixed-income CEF, blends U.S. high-yield and emerging market bonds, making it a high beta play in the fixed-income space. With credit spreads at historic lows, leveraging up is imprudent; HIX's high beta nature magnifies risks in market downturns. HIX experienced a -36% drawdown in 2022. HIX's distribution is unsustainable, relying heavily on the return of capital, which erodes NAV and heightens vulnerability in market sell-offs.

HIX: More Downside Than Upside For This CEF

NEW YORK--(BUSINESS WIRE)--Category: Fund Announcement.

Western Asset High Income Fund II Inc. Announces Results of Annual Meeting of Stockholders

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In recent years, many conservative investors relying on fixed-income securities for their income needs have found their buying power cut anywhere from 15% to over 100% on some items, due to inflation.

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NEW YORK--(BUSINESS WIRE)--Category: Financials.

Western Asset High Income Fund II Inc. Announces Financial Position as of July 31, 2024

Western Asset High Income Fund II offers a high 13.42% yield but has a concerning performance trend, with a 50.11% share price decline over ten years. The HIX closed-end fund's high leverage (32.28%) and unsustainable distribution strategy pose significant risks, despite its attractive yield compared to peers. The fund's global bond focus, including emerging markets, is appealing as it could offer a degree of protection against the long term U.S. dollar decline.

HIX: Some Good Characteristics, But Distribution Is Destructive

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Six years ago, I wrote my first article on investing, in which I outlined the criteria that had guided me when constructing my first income portfolio. I have tried to retrace here the steps leading up to that article and then subsequent developments in creating my current portfolio. Today, I favor CEFs and ETFs that, in addition to providing regular income, show a positive NAV performance since inception, thereby demonstrating their ability to also generate value over time.

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It's finally happening: Management fees on our favorite 8%+ paying assets—closed-end funds (CEFs)—are falling. And some are sending their already soaring dividends even higher, too.

Weird Circumstance Makes These 8% Dividends An Urgent Buy

Western Asset High Income Fund II has a current yield of 13.27%, outperforming its peers in terms of yield. The HIX closed-end fund's share price has declined by 34.90% over the past three years, underperforming the Bloomberg High Yield Very Liquid Index. The fund has consistently paid out a larger distribution than the junk bond index, which may be appealing to income-focused investors.

HIX: Global Exposure Is Nice, But Underperformance And NAV Destruction Suggests Caution

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According to a February 2, 2024 article in The Washington Post, grocery prices have jumped 25% since Joe Biden took office. This outpaced overall inflation, which was 19% in the same time period. The price of beef and baby food soared the most, followed by sugar and citrus fruits.

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5 out of 22 closed-end fund sectors positive on price and 1 out of 22 sectors positive on NAV. Saba targets BSTZ, while PDX moves to a monthly distribution. First Trust MLP CEF mergers are approved by shareholders.

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Markets were flat, but upcoming events like the jobs report, PMIs, and ECB meeting are important.

Weekly CEF Commentary | March 3, 2024 | PDX Makes The Change

NEW YORK--(BUSINESS WIRE)--Effective March 1, 2024, the named portfolio management team responsible for the day-to-day oversight of the Fund is as follows:

Western Asset High Income Fund II Inc. (NYSE: HIX) Announces Portfolio Management Team Update

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The Western Asset High Income Fund II is undergoing a rights offering, which has pushed the fund to a deep discount.

HIX: Better Valuation After Rights Offering, But Questionable Track Record

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NEW YORK--(BUSINESS WIRE)--Category: Distribution Related.

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of March, April and May 2024

Western Asset High Income Fund II has utilized rights offerings in the past to raise new capital. The 2022 rights offering raised approximately $31 million, which was deployed into purchasing new assets. HIX has announced yet another rights offering that can offer existing shareholders a discounted price to the current market value for the CEF's shares.

HIX: Yet Another Rights Offering

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Stocks were up slightly as the jobs report shifted the narrative towards 'higher for longer.' The payroll report came in stronger than expected, but the narrative was that it was a hawkish report, meaning higher rates for longer. Discounts for CEFs continue to tread water, with real estate and interest rate-sensitive bond sectors performing well, while emerging market equity and convertibles performed poorly.

CEF Weekly Commentary | December 10, 2023 | High Quality Opportunities

Western Asset High Income Fund II offers exposure to a globally diversified portfolio focused on high-yield fixed income. The HIX closed-end fund currently trades at a small discount, and that is part of what makes it unappealing at this time even despite trading closer to its longer-term average level. There are alternative funds within the Western Asset family, such as HYI and WDI, that may be more attractive options due to their better valuations.

HIX: High Income Fund, But Not Quite Appealing

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Only funds with coverage >100% are considered. Top lists of discount, yield, DxY, and DxYxZ are given.

Quality Closed-End Fund Report, November 2022

HIX is a fixed income CEF with a broad investment mandate in the fixed income space. The fund contains a mix of corporate and sovereign bonds, with an allocation that can switch weightings between investment grade and high-yield debentures.

HIX: Broad Mandate Fixed Income CEF, 12% Yield

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The Board of each Fund announced today the appointment of Eileen Kamerick as Lead Independent Director, effective November 8, 2022. Ms. Kamerick replaces William Hutchinson, the former Lead Independent Director of the Funds, who recently passed away. The Boards also announced that Nisha Kumar will succeed Ms. Kamerick as Chair of each Fund's Audit Committee.

Certain Closed End Funds Advised by Legg Mason Partners Fund Advisor, LLC Announce Appointment of New Lead Independent Director

NEW YORK--(BUSINESS WIRE)--Category: Financials

Western Asset High Income Fund II Inc. Announces Financial Position as of July 31, 2022

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Only funds with yields over 6.5%, coverage higher than 85%, and trading at under a +5% premium are considered. Top lists of discount, yield, DxY and DxYxZ are given.

The 'High-High-Low' Closed-End Fund Report, August 2022

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Only funds with yields over 6.5%, coverage higher than 85% and trading at under a +5% premium are considered. Top lists of discount, yield, DxY and DxYxZ are given.

The 'High-High-Low' Closed-End Fund Report, July 2022

NEW YORK--(BUSINESS WIRE)--Category: Distribution Related

Legg Mason Partners Fund Advisor, LLC Announces Distributions for the Months of September, October, and November 2022

News for Western Asset High Income Fund ETF (HIX)