Western Asset Global Corporate Defined Opportunity Fund Inc. : Portfolio Composition as of December 31, 2018
January 31, 2019 at 04:02 am IST
Share
Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE: GDO)
announces its portfolio composition as of December 31, 2018.
Investment Objective: The Fund’s investment objective is to
provide current income and then to liquidate and distribute
substantially all of the Fund’s net assets to stockholders on or about
December 2, 2024. As a secondary investment objective, the Fund will
seek capital appreciation.
Investment Strategy: The Fund seeks to achieve its investment
objective by investing, under normal market conditions, at least 80% of
its managed assets in a portfolio of U.S. and foreign corporate
fixed-income securities of varying maturities; at least 40% of which
will be invested in fixed-income securities of foreign issuers organized
or having a principal place of business outside of the U.S., including
in emerging market countries. In addition, the Fund may invest up to 35%
of its managed assets in fixed-income securities below investment grade
quality.
Portfolio Composition*:
Asset Allocation
Investment Grade Corporate Bonds
43.4%
High Yield Corporate Bonds
24.3%
Emerging Market
18.1%
Sovereign Debt External Currency
3.9%
Sovereign Debt Local Currency
1.4%
Corporates External Currency
12.9%
Bank Loans
8.3%
Government
3.1%
Asset-Backed Securities
1.0%
Mortgage-Backed Securities
0.4%
Cash & Other Securities
1.4%
Credit Quality Allocation**
AAA
2.8%
AA
2.0%
A
12.7%
BBB
49.7%
BB
20.1%
B
10.8%
CCC
0.2%
Not Rated
1.6%
Top Five Industries***
Banking
18.6%
Communications
16.5%
Energy
12.2%
Consumer Non Cyclical
8.1%
Basic Industry
6.9%
Top Five Countries
United States
52.8%
United Kingdom
11.8%
Brazil
4.5%
France
2.7%
Italy
2.5%
Currency of Issue
US Dollar
89.3%
British Pound
4.7%
Euro
3.9%
Russian Ruble
0.6%
Canadian Dollar
0.6%
Brazilian Real
0.5%
Mexican Peso
0.2%
Peruvian Nuevo Sol
0.1%
Argentine Peso
0.1%
Currency Exposure (includes currency
hedging)
US Dollar
84.9%
Euro
8.1%
British Pound
4.1%
Canadian Dollar
1.7%
Russian Ruble
0.6%
Mexican Peso
0.2%
Peruvian Nuevo Sol
0.1%
Argentine Peso
0.1%
Brazilian Real
0.1%
Polish Zloty
0.1%
Average Life (years)
6.5
Effective Duration (years)
6.0
Average Coupon (%)
5.6
Portfolio Statistics:
Inception Date
November 24, 2009
Inception Price
$20.00
Total Assets****
$347,824,250
Net Assets
$251,800,500
Loans*****
25.30%
Preferred Shares*****
0.00%
Reverse Repos*****
2.31%
Market Price
$14.98
NAV
$16.85
(Daily NAV is available on market quotation systems using the symbol
XGDOX.)
Distribution Rate
$0.1010 per share
Frequency
Monthly (Declared quarterly, paid monthly)
*
Portfolio holdings and weightings are historical and are presented
here for informational purposes only. They are subject to change at
any time. Negative allocations and allocations in excess of 100%, if
any, are primarily due to the Fund's unsettled trade activity.
**
Credit quality is a measure of a bond issuer's ability to repay
interest and principal in a timely manner. The credit ratings shown
are based on each portfolio security’s rating as provided by
Standard and Poor’s, Moody’s Investors Service and/or Fitch Ratings,
Ltd. and typically range from AAA (highest) to D (lowest), or an
equivalent and/or similar rating. For this purpose, when two or more
of the agencies have assigned differing ratings to a security, the
highest rating is used. Securities that are unrated by all three
agencies are reflected as such. The credit quality of the
investments in the Fund's portfolio does not apply to the stability
or safety of the Fund. These ratings are updated monthly and may
change over time. Please note, the Fund itself has not been rated
by an independent rating agency.
***
Industry breakdown includes High Yield, Investment Grade, Bank Loans
and Emerging Markets allocations.
****
The difference between total assets and net assets, if any, is due
primarily to the Fund’s use of borrowings; net assets do not include
borrowings. The Fund may employ leverage in the form of loans,
preferred stock, reverse repurchase agreements and/or other
instruments. When the Fund engages in transactions that have a
leveraging effect on the Fund’s portfolio, the value of the Fund
will be more volatile and all other risks will tend to be compounded.
*****
Percentages are based on total assets. If the Fund employs leverage,
the Effective Duration is based on net assets.
Western Asset Global Corporate Defined Opportunity Fund Inc., a
non-diversified closed-end investment management company traded on the
New York Stock Exchange under the symbol “GDO”, is advised by Legg Mason
Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason,
Inc., and is sub-advised by Western Asset Management Company, an
affiliate of the advisor.
An investment in the Fund involves risk, including loss of principal.
Investment return and the value of shares will fluctuate. Fixed income
securities are subject to credit risk, inflation risk, call risk, and
interest rate risks. As interest rates rise, bond prices fall, reducing
the value of the Fund's share price. International investing is subject
to additional risks. These risks are greater in emerging markets.
Data and commentary provided in this press release are for informational
purposes only. Legg Mason and its affiliates do not engage in selling
shares of the Fund.
For more information, please call Fund Investor Services at
1-888-777-0102, or consult the Fund’s web site at http://www.lmcef.com.
Hard copies of the Fund’s complete audited financial statements are
available free of charge upon request.
FN1112204
View source version on businesswire.com: https://www.businesswire.com/news/home/20190130005754/en/
Western Asset Global Corporate Defined Opportunity Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fundâs primary investment objective is to provide current income and then to liquidate and distribute substantially all of the Fundâs net assets to stockholders. The Fund will seek capital appreciation. The Fund also seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its managed assets in a portfolio of United States and foreign corporate fixed-income securities of varying maturities. It has investments in the sectors such as communication services, entertainment, interactive media and services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. Legg Mason Partners Fund Advisor, LLC (LMPFA) is the Fundâs investment manager.