PGIM Global High Yield Fund, Inc. reports unaudited earnings and financial position for quarter ended July 31, 2019
September 04 2019 - 4:10PM
Business Wire
PGIM Global High Yield Fund, Inc. (NYSE: GHY), (the “Fund”), a
diversified, closed-end management investment company, announced
today its unaudited investment results for the quarter ended July
31, 2019.
As of July 31, 2019
As of April 30, 2019
As of July 31, 2018
Net Assets
$680,904,116
$668,636,010
$661,571,989
Loan Outstanding
$284,000,000
$259,000,000
$258,000,000
Shares Outstanding
40,923,879
40,923,879
40,923,879
Net Asset Value (“NAV”) Per Share (a)
$16.64
$16.34
$16.17
Market Price Per Share (b)
$14.52
$14.20
$13.63
Premium / (Discount) to NAV (c)
-12.7%
-13.1%
-15.7%
Undistributed / (Overdistributed) Net
Investment Income
$5,569,839
($1,649,440)
($1,269,899)
(d)
Undistributed / (Overdistributed) Net
Investment Income
$0.14
($0.04)
($0.03)
Per Share (e)
Quarter Ended
July 31,
2019
Quarter Ended
April
30, 2019
Quarter Ended
July 31,
2018
Quarterly
Earnings
Net Investment Income
$12,103,555
$10,960,629
$9,622,382
Net Realized and Unrealized Gain
(Loss)
$12,441,715
$17,424,170
$185,361
Net Increase / (Decrease) in Net Assets
From Operations
$24,545,270
$28,384,799
$9,807,743
Quarterly Earnings
Per Common Share Outstanding
Net Investment Income
$0.30
$0.27
$0.24
Net Realized and Unrealized Gain /
(Loss)
$0.30
$0.42
$0.00
Net Increase / (Decrease) in Net Assets
From Operations
$0.60
$0.69
$0.24
This financial data is unaudited. Amounts do not reflect
adjustments for Generally Accepted Accounting Principles, including
those relating to amortization of premiums on securities held, and
may be updated periodically.
Notes:
- Net Asset Value (“NAV”) Per Share is total assets less total
liabilities divided by the number of shares outstanding.
- Market Price Per Share is the closing price on the New York
Stock Exchange.
- Premium / (Discount) to NAV is the % difference between the
market price and the NAV price.
- Overdistributed amounts may be funded by capital gains on
portfolio securities or through return of stockholders’ capital.
Undistributed / (Overdistributed) Net Investment Income (“UNII”)
(“ONII”) represents the balance to date of a fund’s net investment
income less its distributions. Includes prior year UNII of
$5,569,839 for the fiscal year ended 7/31/19 and the ONII of
($1,269,899) for the fiscal year ended 7/31/18.
- The UNII information provided treats amounts relating to
foreign currency transactions as net realized and unrealized gain
(loss). However, these amounts are treated as net investment income
(loss) for federal income tax purposes. In accordance with federal
income tax treatment, the UNII balances would have been $12,568,881
($0.31 per share), $5,706,546 ($0.14 per share), and $0 ($0.00 per
share), as of the current quarter, prior quarter, and year-ago
quarter, respectively. While not required to do so, the Fund may
attempt to hedge its foreign currency exposure, which may offset
all or a portion of the foreign currency exposure included in the
table above. As of the date of this press release, the Fund
believes that it has significantly hedged its foreign currency
exposure.
The Fund files its annual and semiannual stockholders reports on
Form N-CSR with the Securities and Exchange Commission (the
“Commission”), which includes its complete schedule of investments.
The Fund also files Form N-PORT with the Commission within 60 days
of the end of each fiscal quarter, including the Fund’s complete
schedule of investments as of its first and third fiscal quarters.
The Fund’s schedule of portfolio holdings is also available on the
Fund’s website as of the end of each month no sooner than 15 days
after the end of the month. The Fund’s filings on Form N-PORT and
stockholder reports on Form N-CSR are available on the Commission’s
website at sec.gov. To obtain additional information or to make
other inquiries pertaining to the Fund, stockholders can call (800)
451-6788 (toll-free).
About PGIM and Prudential Financial, Inc.
With 16 consecutive years of positive third-party institutional
net flows, PGIM, the global asset management business of Prudential
Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset
managers in the world1 with more than $1 trillion in assets under
management as of June 30, 2019. PGIM’s businesses offer a range of
investment solutions for retail and institutional investors around
the world across a broad range of asset classes, including
fundamental equity, quantitative equity, public fixed income,
private fixed income, real estate and commercial mortgages. Its
businesses have offices in 15 countries across four continents. For
more information about PGIM, visit pgim.com.
Prudential’s additional businesses offer a variety of products
and services, including life insurance, annuities and
retirement-related services. For more information about Prudential,
please visit news.prudential.com.
Data and commentary provided in this press release are for
informational purposes only. PGIM Investments LLC, the Investment
Manager of the Fund, and its affiliates do not engage in selling
shares of the Fund. The Fund is sub-advised by PGIM Fixed Income, a
business unit of PGIM, Inc. and an affiliate of the investment
manager.
Each Fund is a diversified, closed-end management investment
company managed by PGIM Investments LLC and sub-advised by PGIM
Fixed Income, a business unit of PGIM, Inc., and an affiliate of
the investment manager.
These Funds invest in high yield (“junk”) bonds, which
are subject to greater credit and market risks, including greater
risk of default; derivative securities, which may carry
market, credit, and liquidity risks; foreign securities,
which are subject to currency fluctuation and political
uncertainty; and emerging markets securities, which are
subject to greater volatility and price declines. Fixed income
investments are subject to interest rate risk, where their
value will decline as interest rates rise. There are fees and
expenses involved with investing in these Funds. Diversification
does not assure a profit or protect against a loss in declining
markets. There is no guarantee that dividends or distributions will
be paid.
An investment in closed-end fund’s common stock may be
speculative in that it involves a high degree of risk, should not
constitute a complete investment program, and may result in loss of
principal. Each closed-end fund will have its own unique investment
strategy, risks, charges and expenses that need to be considered
before investing.
This material is being provided for informational or educational
purposes only and does not take into account the investment
objectives or financial situation of any client or prospective
clients. The information is not intended as investment advice and
is not a recommendation about managing or investing your retirement
savings. Clients seeking information regarding their particular
investment needs should contact a financial professional. Please
consult with a qualified investment professional if you wish to
obtain investment advice.
PGIM Fixed Income is a unit of PGIM, Inc., which is a registered
investment advisor and Prudential Financial company. © 2019
Prudential Financial, Inc. and its related entities. PGIM and the
PGIM logo are service marks of Prudential Financial, Inc. and its
related entities, registered in many jurisdictions worldwide.
Investment products are not insured by the FDIC or any federal
government agency, may lose value, and are not a deposit of or
guaranteed by any bank or any bank affiliate.
1Pensions & Investments’ Top Money Managers list, May 27,
2019; based on Prudential Financial total worldwide institutional
assets under management as of Dec. 31, 2018. Assets under
management (AUM) are based on company estimates and are subject to
change.
1014200-00004-00 Expiration: 2/28/2021
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Lizzie Lowe (973)-802-8786 lizzie.lowe@prudential.com
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