HYI

Western Asset High Yield Defined Opportunity Fund
HYI

$12.31

0.4%

Market Cap: $279M

0

Funds holding %

of 6,728 funds

–

Analysts bullish %

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

5.28% less ownership

Funds ownership: 33.73% [Q1] → 28.45% (-5.28%) [Q2]

11% less funds holding

Funds holding: 56 [Q1] → 50 (-6) [Q2]

19% less capital invested

Capital invested by funds: $91.9M [Q1] → $74.8M (-$17.1M) [Q2]

22% less repeat investments, than reductions

Existing positions increased: 14 | Existing positions reduced: 18

55% less first-time investments, than exits

New positions opened: 5 | Existing positions closed: 11

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Research analyst outlook

We haven’t received any recent analyst ratings for HYI.

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Financial journalist opinion

Ideas For Managing CEF Discount Volatility

Volatility in the closed-end fund, or CEF, market has recently increased, while tight discounts create a point of vulnerability for the market. We discuss various strategies investors can use to make their CEF portfolios more resilient to take advantage of future draw-downs. These strategies include focusing on likely CEF distribution changes, seeking funds with wide discounts, considering term CEFs, and riding sidecar with CEF activists.

Ideas For Managing CEF Discount Volatility

Current Alpha Opportunities In The CEF Space

With market valuations back to expensive levels, we are looking at a number of alpha strategies in the CEF space. These include interval and term funds, relative value as well as leaning against investor flows. We highlight a number of attractive funds such as RSF, PFO, BGH and others.

Current Alpha Opportunities In The CEF Space

HYI: Discounted High Yield Term Fund

Western Asset High Yield Defined Opportunity Fund is a term-structured, non-leveraged high-yield fund that is expected to liquidate in 2025. As the termination date approaches, the HYI fund's discount becomes more important in potentially generating alpha. HYI has a distribution yield of 9.96% and offers diversified exposure with meaningful allocations outside the U.S.

HYI: Discounted High Yield Term Fund

HYI: Term CEF Lacking A Matched Collateral Base

Western Asset High Yield Defined Opportunity Fund is a fixed-income CEF with a term maturity date of September 30, 2025. The fund's holdings do not match the maturity profile, leading to significant market risk as it approaches liquidation. Performance of HYI is in line with ETF peers, but with higher fees and risks, investors are advised to switch to other options.

HYI: Term CEF Lacking A Matched Collateral Base

Western Asset High Yield Defined Opportunity Fund Inc. Announces Financial Position as of February 29, 2024

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

Western Asset High Yield Defined Opportunity Fund Inc. Announces Financial Position as of February 29, 2024

HYI: This High-Yielding Junk Bond Fund Could Be A Decent Holding

Western Asset High Yield Defined Opportunity Fund is a closed-end fund scheduled to be liquidated in 18 months. The fund's current yield of 9.52% compares well to similar options in the market. HYI's performance has been disappointing, but investors purchasing it today should realize some gains upon liquidation unless interest rates do not fall at all.

HYI: This High-Yielding Junk Bond Fund Could Be A Decent Holding

Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) Announces Portfolio Management Team Update

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

Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) Announces Portfolio Management Team Update

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

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

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

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

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

HYI: High Yield Fund With A ~9.6% Distribution Rate

The Western Asset High Yield Defined Opportunity Fund offers investors exposure to high-yield corporate debt. The fund provides a respectable yield with relatively strong distribution coverage despite using no borrowings. The fund's current discount is fairly attractive but has narrowed since our prior update.

HYI: High Yield Fund With A ~9.6% Distribution Rate

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