Highland Global Allocation Fund

NYSE:HGLB 주식 리포트

시가총액: US$177.6m

Highland Global Allocation Fund 향후 성장

Future 기준 점검 0/6

현재 Highland Global Allocation Fund 의 성장과 수익을 예측할 만큼 분석가의 범위가 충분하지 않습니다.

핵심 정보

n/a

이익 성장률

n/a

EPS 성장률

Capital Markets 이익 성장12.4%
매출 성장률n/a
향후 자기자본이익률n/a
애널리스트 커버리지

None

마지막 업데이트n/a

최근 향후 성장 업데이트

업데이트 없음

Recent updates

Seeking Alpha • Jan 12

HGLB: Flawed Portfolio Structure Limits Appeal

Summary Highland Global Allocation Fund remains a hold due to concentration risks and sensitivity to interest rate changes. HGLB trades at a 27% discount to NAV, but its income generation relies heavily on positive net realized gains rather than stable net investment income. The fund's high 11.4% yield is attractive, yet dividend sustainability is questionable if rates fall or markets turn negative. Exposure to real estate, floating-rate debt, and a large private holding increases vulnerability to adverse market or rate shifts. Read the full article on Seeking Alpha
Seeking Alpha • Mar 28

HGLB: 12%-Plus Yield, 33% Discount

Summary The Highland Global Allocation Fund is a closed-end fund investing in U.S. and international equities, fixed income, and select alternative investments for long-term growth. HGLB offers a 12.69% yield with monthly dividends but has a low 5-year dividend growth rate due to past reductions. The fund's heavy concentration in MidWave Wireless (34%) and significant exposure to real estate and energy sectors pose diversification and economic risks. Despite a 33.71% discount to NAV, HGLB's historical performance and current overbought status suggest a "Hold Off" rating. Read the full article on Seeking Alpha
Seeking Alpha • Aug 02

HGLB: Tempting 12.5% Yield, Trading At A Substantial Discount To NAV

Summary Highland Global Allocation Fund offers a monthly dividend with an annual yield of 12.5% at a current market price of $7.80. Managed by James Dondero, HGLB seeks above-average risk-adjusted total returns by investing in U.S. and foreign equities, fixed-income securities, and alternative investments. HGLB trades at a substantial discount to NAV, has a concentrated portfolio, and relies heavily on a single private company, posing potential risks for investors. Read the full article on Seeking Alpha
Seeking Alpha • Jan 12

HGLB: High-Yielding Global Balanced CEF Beating The Broader Market

Summary Highland Global Allocation Fund has generated double-digit yield during the past years and has been able to generate a total return much higher than the broader market. The largest bet of HGLB is in a private enterprise, which I believe is quite hard to value. So, a deep discount of 21 percent is nothing to be excited. Generating strong yield should not be difficult for HGLB, due to performance of its public equity portfolio and high coupon on its fixed income portfolio. The majority of HGLB’s fixed income security portfolio possesses an investment grade credit rating, and a decent effective maturity of 6.77 years. By Snehasish Chaudhuri, MBA (Finance). Highland Global Allocation Fund (HGLB) is a closed-end balanced fund ("CEF") that invests its assets in equity markets around the globe and also in fixed-income securities. The fund has an expense ratio of 0.73 percent, and an asset under management ("AUM") of $271.25 million. Currently, it has invested 60 percent of its assets in U.S. stocks, and 20 percent in fixed income securities, mostly of investment grade. The fund bets on some private enterprises and relies heavily on three sectors - real estate, information and communication technology ((ICT)) and energy. These three sectors account for 85 percent of its entire portfolio. A big drawback about investing in private firms is that they are difficult to value and not highly sought after. As a result, investors have a tendency to undervalue this fund, as is exhibited by HGLB’s price of $9.62, which is a 21 percent discount to its net asset value ((NAV)). HGLB’s Top Investments in Public Equities Have Delivered Satisfactory Results The fund has a very concentrated portfolio. While it invests in 66 securities, the top ten holdings account for almost 60 percent of its total portfolio of investments. The fund bets big on TerreStar, a privately held firm, accounting for almost one-fourth of its entire assets. It invested 18.6 percent in its equity stock, and 6.2 percent in its term loan. Terrestar operates integrated satellite and terrestrial telecommunications systems, and a nationwide licensee of wireless spectrum. HGLB also invested almost 18 percent of its assets in energy and chemical firms such as Targa Resources Corp (TRGP), Energy Transfer LP (ET), and Western Midstream Partners LP (WES). Surprisingly these stocks recorded positive price growth, and TRGP & ET grew by more than 30 percent. HGLB’s other major equity holdings include a substantial number of real estate firms like NexPoint Real Estate Finance Inc (NREF), NexPoint Residential Trust Inc (NXRT), NexPoint Diversified Real Estate Trust (NXDT), Alexandria Real Estate Equities Inc (ARE), Whitestone REIT (WSR), Healthcare Realty Trust Inc (HR), GAF REIT, Gaf Reit Sub Ii Llc, and Braemar Hotels & Resorts Inc (BHR). 29 percent of its assets are invested in the real estate sector, including bonds. Although all these stocks recorded a negative price growth during the past one year, all of them barring NXDT recorded decent to high positive price growth over the past three months. If such trends sustain, that will be a good thing for investors of Highland Global Allocation Fund. HGLB’s Rated Fixed Income Portfolio Enables it to Generate Strong Yields GAF REIT and Gaf Reit Sub Ii Llc are private entities, not listed in the stock market, similar to that of Terrestar. Together, these three account for 1/3rd of HGLB’s assets. Its fixed income securities portfolio include Quarternorth Tranche 3, Txu Tceh Tra Rights, Sovereign bond of Argentina 3.5 percent, FREMF MORTGAGE TRUST 9.3 percent, Nexpoint Sfr Note, Nht Convertible Prom Note and Quarternorth Penny Warant. The fund also invests in funds like Teucrium Corn ETF (CORN), NexPoint Event Driven Z (HHCZX), and Highland Income Fund (HFRO). Due to its significant investments in fixed income securities, Highland Global Allocation Fund has been able to generate strong yields. It pays a monthly dividend, and during the past four years of its existence, the fund generated an annual average yield of 11.5 percent. Based on such a high yield, Highland Global Allocation Fund has been able to generate an annual average total return of 19 percent in between 2020 and 2022, which is outstanding considering the performance of the broader market during the same period. During the same period, the S&P500 Index (SP500) grew by an average of less than 10 percent. I am quite optimistic about strong returns in the coming years due to satisfactory performance of its top public equity portfolio and high average coupon of 8.22 percent earned on its fixed income portfolio. These fixed income securities also possess high credit ratings, and almost three-fourth of its bonds are rated investment grade. Average credit rating of the entire fixed income portfolio is rated A. This is encouraging, since 70 percent of its fixed income portfolio composes corporate bonds. Moreover, effective maturity of this fixed income portfolio is also decent at 6.77 years. Testing My "7 Factor Model for Evaluating Global Funds" on HGLB I find Highland Global Allocation Fund to be attractive according to my "7 Factor Model for Evaluating Global Funds." It qualifies for the minimum requirements with respect to assets under management ("AUM"), stock price, and generated double-digit yield during the past four years of its existence. Its top allocations in public equity stocks delivered satisfactory performance. Based on such high yield, HGLB has been able to generate an annual average total return much higher than the broader market. Moreover, the fund pays monthly dividends, and is trading at a deep discount. The majority of its fixed income security portfolio also possesses an investment grade credit rating and a decent effective maturity. HGLB thus becomes quite lucrative, provided that it can sustain its current level of yield.
Seeking Alpha • Jan 04

Highland Global Allocation Fund raises dividend by 4% to $0.084

Highland Global Allocation Fund (NYSE:HGLB) declares $0.084/share monthly dividend, 3.7% increase from prior dividend of $0.081. Forward yield 10.87% Payable Jan. 31; for shareholders of record Jan. 23; ex-div Jan. 21. Payable Feb. 28; for shareholders of record Feb. 21; ex-div Feb. 20. Payable Mar. 31; for shareholders of record Mar. 24; ex-div Mar. 23. See HGLB Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Oct 04

Highland Global Allocation Fund declares $0.081 dividend

Highland Global Allocation Fund (NYSE:HGLB) declares $0.081/share monthly dividend, in line with previous. Forward yield 10.53% Payable Oct. 31; for shareholders of record Oct. 24; ex-div Oct. 21. Payable Nov. 30; for shareholders of record Nov. 23; ex-div Nov. 22. Payable Dec. 30; for shareholders of record Dec. 23; ex-div Dec. 22. See HGLB Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Sep 21

Highland Global Allocation Fund goes ex-dividend tomorrow

Highland Global Allocation Fund (NYSE:HGLB) had declared $0.081/share monthly dividend, in line with previous. Payable Sept. 30; for shareholders of record Sept. 23; ex-div Sept. 22. See HGLB Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 29

HGLB: Global CEF With A 9.4% Yield But High Single Name Concentration

Summary Highland Global Allocation Fund is a multi-asset global allocation CEF. The fund takes very concentrated positions with the top five names representing more than 45% of the CEF. Two of the top three names in the portfolio are private companies, with the top name TerreStar accounting for roughly 24% of the fund. The vehicle is up over 20% year to date, handily beating most market indices. This article covers CEFs from our suite of products - we focus on CEFs, yield-generating options strategies, and macro portfolio allocation, targeting overall yearly portfolio returns of 9%+. Thesis Highland Global Allocation Fund (HGLB) is a multi-asset global allocation fund. Per its literature: The Fund seeks above-average risk-adjusted total returns by investing in U.S. and foreign equities and fixed income securities, along with select alternative investments in the pursuit of long-term capital growth and future income. Currently over 75% of the fund is invested in equities, followed by floating rate loans (roughly 10% of the fund) and MLPs (also with around 10% allocation). The fund switched from an open-end structure to a CEF format in 2019: DALLAS – Feb. 14, 2019 – Highland Capital Management Fund Advisors, L.P. (together with its affiliates, “Highland”) announced today that the Highland Global Allocation Fund, a series of Highland Funds II (the “Fund”) effected a reverse stock split of Class A, Class C and Class Y shares of the Fund and combined such shares into a single class of common shares under the CUSIP 43010T104 in connection with the Fund’s conversion from an open-end fund to a closed-end fund (the “Conversion”). Since its conversion the CEF has always traded at a sizable discount to NAV due to the illiquidity of its top investment, namely Terrestar Corp. The CEF is now priced at a -19.8% discount to NAV. We expect the discount to always persist as long as Terrestar is in the portfolio. The fund has a very concentrated portfolio. While the fund has 70 holdings, the top five names represent more than 45% of the CEF. Two of the top 3 names in the portfolio are private companies, with the top name TerreStar accounting for roughly 24% of the fund (via the equity and debt holdings). Terrestar is a privately held, nationwide licensee of wireless spectrum. HGLB is a global CEF with a very broad mandate that allows the portfolio manager (Mr. Jim Dondero) to pretty much take risk as he sees fit from an allocation perspective. The fund takes very concentrated positions that include illiquid and private companies. By definition these type of investments are harder to value and exit, hence the significant discounts to NAV that the fund exhibits. In our view this is not an appropriate vehicle for a retail investor since the risk factors can change substantially, and in effect an investor is underwriting the Highland platform and Mr. Dondero's investing acumen. Expect highly concentrated illiquid investments. Holdings The fund contains a mix of debt and equities: Fund Composition (Fact Sheet) We can see that over 75% of the fund is invested in equities, followed by floating rate loans and MLPs. The fund has a global geographic distribution: Allocation (fund fact sheet) While the U.S. represents the largest exposure, the fund has a global mandate across debt and equity and can invest in a plethora of markets. We feel this broad mandate is not beneficial to shareholders because the risk factors can change swiftly and at the fund manager's discretion. We would much rather see a global fund with a specific risk factor track record. The vehicle is extremely concentrated in its top holdings: Top 5 Exposures (Fund Fact Sheet) We can see that the top five holdings represent more than 45% of the fund portfolio. This is fairly significant. It means that the fund performance is largely driven by a handful of names. We can see that historically this has been the theme for this fund: 2021 Top Names (Fund Fact Sheet) We can see from the Q1 2021 Fact Sheet that at the time the fund was running a similar concentration. In fact in Q1 2021 the top-5 names portfolio weighting represented more than 60% of the fund! Let us have a closer look at the top names in the fund where the majority of the exposure lies. From the Annual Report we can find a little more about TerreStar: TerreStar, the Fund’s largest position, was a positive contributor to performance during the year. Terrestar is a privately held, nationwide licensee of wireless spectrum, an asset that most people use every day. Spectrum is the radio frequency that carries all wireless communication signals. The Federal Communications Commission (the “FCC”), which has regulatory oversight in the space, administers spectrum for non-federal use. The FCC typically sells or assigns initial wireless spectrum licenses to market participants using an auction process. Access to spectrum may also be attained through the secondary market, which allows licensees like TerreStar to transfer, sell, or lease spectrum, in whole or in part. [...] TerreStar’s value is derived from two spectrum assets: a license for 1.7 GHz band spectrum covering 11 of the top 30 U.S. markets and approximately 19% of the population; and a license for 1.4 GHz band for use in wireless medical telemetry (“WMTS”), with the ability to expand into other areas. Dish owns the license covering the remaining 1.7 GHz band spectrum. TerreStar’s ownership of spectrum in key markets and with significant population coverage could make the company an attractive partner for other spectrum holders. Source: Annual Report
Seeking Alpha • Aug 22

Highland Global Allocation Fund goes ex-dividend tomorrow

Highland Global Allocation Fund (NYSE:HGLB) had declared $0.081/share monthly dividend, in line with previous. Payable Aug. 31; for shareholders of record Aug. 24; ex-div Aug. 23. See HGLB Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 05

Highland Global Allocation Fund declares $0.081 dividend

Highland Global Allocation Fund (NYSE:HGLB) declares $0.081/share monthly dividend, in line with previous. Forward yield 10.06% Payable July 29; for shareholders of record July 22; ex-div July 21. Payable Aug. 31; for shareholders of record Aug. 24; ex-div Aug. 23. Payable Sept. 30; for shareholders of record Sept. 23; ex-div Sept. 22. See HGLB Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 26

HGLB Is An Interesting Global Allocation CEF, But Not My Cup Of Tea

The Highland Global Allocation Fund formed in 1998 as an Open-End Fund, but shareholders approved conversion to a Closed-End Fund in early 2019. This affected some of the data available. As the name implies, their investment strategy includes both equities and debt across the globe. They are also permitted to own assets not classified within those categories. Due to the poor performance and highly concentrated portfolio risk, I am giving HGLB a Bearish rating at this time.

이 섹션에서는 일반적으로 전문 애널리스트들의 컨센서스 추정치를 기반으로 매출 및 이익 성장 전망을 제시하여 투자자들이 회사의 수익 창출 능력을 이해하도록 돕습니다. 그러나 Highland Global Allocation Fund는 과거 데이터가 충분하지 않고 애널리스트 예측도 없어, 과거 데이터를 단순히 외삽하거나 애널리스트 전망을 사용하여 향후 이익을 신뢰할 수 있게 계산할 수 없습니다.

Simply Wall St가 다루는 기업 중 97%는 과거 재무 데이터를 보유하고 있기 때문에, 이는 상당히 드문 상황입니다.

이익 및 매출 성장 예측

NYSE:HGLB - 애널리스트 향후 추정치 및 과거 재무 데이터 (USD Millions)
날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수

애널리스트 향후 성장 전망

수입 대 저축률: HGLB 의 예상 수익 증가율이 절약률(3.7%)보다 높은지 판단하기에는 데이터가 부족합니다.

수익 vs 시장: HGLB 의 수익이 US 시장보다 빠르게 성장할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.

고성장 수익: HGLB 의 수익이 향후 3년 동안 상당히 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.

수익 대 시장: HGLB 의 수익이 US 시장보다 빠르게 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.

고성장 매출: HGLB 의 수익이 연간 20%보다 빠르게 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.

주당순이익 성장 예측

향후 자기자본이익률

미래 ROE: HGLB의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/08/20 16:18
종가2026/08/20 00:00
수익N/A
연간 수익N/A

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

Highland Global Allocation Fund는 0명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.