Managed High Yield Plus Fund Inc. (the "Fund") (NYSE: HYF), a closed-end management investment company, today announced that the Fund's Board of Directors has declared a dividend from net investment income of $0.0150 per share. The dividend is payable on January 31, 2013 to shareholders of record as of January 24, 2013. The ex-dividend date is January 22, 2013.
Managed High Yield Plus Fund Inc. seeks high income and, secondarily, capital appreciation, primarily through investments in lower-rated, income producing debt and related equity securities.
Portfolio statistics as of December 31, 20121 | |||
Top ten corporate bonds, |
Percentage of total portfolio | ||
SquareTwo Financial Corp., 11.625%, 4/1/2017 | 1.3% | ||
International Lease Financial Corp., 7.125%, 9/1/2018 | 1.2% | ||
NRG Energy Inc, 8.500%, 6/15/2019 | 1.2% | ||
Ally Financial Inc. 8.000%, 3/15/2020 | 1.1% | ||
DISH DBS Corp., 7.875%, 9/1/2019 | 1.1% | ||
Ford Motor Credit Co LLC, 12.000%, 5/15/2015 | 1.0% | ||
Bank of America Corp., 5.650%, 5/1/2018 | 1.0% | ||
CIT Group Inc., 5.500%, 2/15/2019 | 1.0% | ||
MGM Resorts International, 10.000%, 11/1/2016 | 1.0% | ||
Nova Chemicals Corp., 8.625%, 11/1/2019 | 0.8% |
Top five industries |
Percentage of total portfolio | ||
Energy - exploration & production | 8.5% | ||
Banking | 5.6% | ||
Support services | 5.4% | ||
Media - cable | 4.9% | ||
Telecom - integrated/services | 4.8% | ||
Credit quality2 |
Percentage of total portfolio | ||
Ba/BB and higher | 34.4% | ||
B/B | 47.4% | ||
Caa/CCC and lower | 14.3% | ||
Cash equivalents | 3.2% | ||
Not Rated | 0.7% | ||
Total | 100.0% | ||
Other characteristics | |||
Net asset value per share3 | $2.24 | ||
Market price per share3 | $2.14 | ||
Weighted average life | 4.57 yrs | ||
Weighted average modified duration4 | 3.67 yrs | ||
Weighted average coupon5 | 7.41% | ||
Leverage6 | 27.75% | ||
Yields3 | |||
NAV yield | 8.04% | ||
Market yield | 8.41% |
1 The Fund is actively managed, and its portfolio composition will vary over time.
2 Credit quality ratings are from Moody's, unless that rating is unavailable. If so, the default credit quality rating will be from Standard & Poor's; if that is unavailable, an internal rating from UBS Global AM will be used if assigned. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc.
3 Net asset value (NAV), market price and yields will fluctuate. NAV yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end net asset value. Market yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end market price.
4 Modified duration is the change in the price of a security, expressed in years, expected in response to each 1% change in the yield to maturity of the portfolio's holdings.
5 Weighted by par.
6 As a percentage of adjusted net assets. Adjusted net assets equals total assets minus total liabilities, excluding liabilities for borrowed money.
UBS Global Asset Management
Closed-End Funds Desk: 888-793 8637
ubs.com