PAI

Western Asset Investment Grade Income Fund
PAI

$12.79

0%

Market Cap: $122M

About: Western Asset Investment Grade Income Fund Inc is a closed-end diversified investment company. The company designed primarily as a long-term investment and not as a trading vehicle. The fund seeks a high level of current income, consistent with prudent investment risk, through investment in a diversified portfolio of debt securities. Its portfolio is invested in securities which may be convertible into or exchangeable for, or carry warrants to purchase, common stock or other equity interests; and preferred stock.

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Funds holding %

of 6,710 funds

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Analysts bullish %

Fund manager confidence

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

60% more first-time investments, than exits

New positions opened: 8 | Existing positions closed: 5

10% more repeat investments, than reductions

Existing positions increased: 11 | Existing positions reduced: 10

8% more funds holding

Funds holding: 36 [Q1] → 39 (+3) [Q2]

0.15% more ownership

Funds ownership: 21.31% [Q1] → 21.46% (+0.15%) [Q2]

0% less capital invested

Capital invested by funds: $24.7M [Q1] → $24.7M (-$48.7K) [Q2]

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Research analyst outlook

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

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Financial journalist opinion

PAI: Fed Turns Dovish, What's Next For This Bond Fund?

The Western Asset Inv Grade Income Fund Inc primarily invests in safe investment-grade bonds, offering a lower yield of 4.83% compared to junk bond funds. Despite its lower yield, the PAI closed-end fund delivered a strong six-month performance, appreciating by 6.76% and outperforming key bond indices. The Fed turned very dovish yesterday, but this does not seem likely to have an outsized positive impact on bonds because the market already priced for the new projections.

PAI: Fed Turns Dovish, What's Next For This Bond Fund?

My Top 10 Closed-End Fund Holdings: August 2024

Closed-end funds overall have seen discounts narrow since the start of the year, but opportunities still exist in certain areas of the market. With increased market volatility more recently, that may lead to discounts widening back out, which could create even more opportunities in this structure. I hold 42 positions in my CEF portfolio, with the top 10 positions making up 37.40% of the portfolio—here's a review of those top 10 names.

My Top 10 Closed-End Fund Holdings: August 2024

5 Closed-End Fund Buys (And 2 Sells) In The Month Of June 2024

June was another month where we saw broader equities hitting new all-time highs. However, that participation was rather narrow as the mega-cap tech names led the way higher. This last month, I added to or initiated positions in five different closed-end fund names; I sold out of two positions this month.

5 Closed-End Fund Buys (And 2 Sells) In The Month Of June 2024

PAI: Conservative Way To Play Future Rate Cuts

Western Asset Inv Grade Income Fund Inc has been moving mostly sideways since our last update but continues to offer an attractive discount. The PAI closed-end fund is relatively conservative thanks to being a non-leveraged fund and investing primarily in investment-grade bonds. Potential upside opportunities could come from discount narrowing or rate cuts, though rate cut expectations have been being pushed back further and further.

PAI: Conservative Way To Play Future Rate Cuts

4 Closed-End Fund Buys In The Month Of May 2024

The overall broader indexes were heading higher after April's rather brief and shallow pullback. There was a bit more volatility toward the end of the month, which will be interesting to see if that develops into anything more material. Every month I make some purchases to compound and grow my monthly cash flow over time.

4 Closed-End Fund Buys In The Month Of May 2024

Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of March 31, 2024

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

Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of March 31, 2024

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of June, July and August 2024

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

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of June, July and August 2024

5 Closed-End Fund Buys In The Month Of April 2024

April turned out to be a little more exciting, with the broader equity market pulling back. This helped to create some added volatility that saw discounts widen in some closed-end funds. Every month I put some money to work in an effort to grow my monthly cash flow over time.

5 Closed-End Fund Buys In The Month Of April 2024

4 Closed-End Fund Buys In The Month Of March 2024

4 Closed-End Fund Buys In The Month Of March 2024

4 Closed-End Fund Buys In The Month Of March 2024

PAI: Bonds And The Fed May Still Be Too Optimistic

The Western Asset Investment Grade Income Fund has a lower yield than most fixed-income closed-end funds and money market funds. The fund has outperformed the Bloomberg U.S. Aggregate Bond Index over the past six months, but it was beaten by some other investment-grade CEFs. The fund's strategy primarily focuses on investing in long-dated investment-grade bonds, which exposes it to interest rate risk.

PAI: Bonds And The Fed May Still Be Too Optimistic

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