EN United States Individual

Barings Global Short Duration High Yield Fund

(Ticker:BGH)

Share Price
as of 06/21/2019
$17.89
Weighted Average Duration
as of 05/31/2019
2.40 yrs
Distribution Rate1
(Share Price)

as of 05/31/2019
10.13%

About the Fund

The Barings Global Short Duration High Yield Fund seeks to generate as high a level of current income as we determine is consistent with capital preservation, and seeks capital appreciation as a secondary objective. The Fund expects to maintain a weighted average portfolio duration of three years or less and a weighted average portfolio maturity of five years or less.

Barings' strength in fundamental credit analysis and deep expertise across the global fixed income spectrum underpins the Fund’s strategy, allowing portfolio managers to identify relative-value opportunities between geographies, primarily the North American and Western European high yield bond and loan markets. For example, the Fund will seek to take advantage of differences in pricing between bonds of an issuer denominated in U.S. dollars and substantially similar bonds of the same issuer denominated in euros, potentially allowing the Fund to achieve a higher relative return for the same credit risk exposure.

1The Distribution Rate is based on the Fund’s most recent monthly distribution, annualized and divided by the Fund’s month-end Share Price or NAV. 

Strategy

  • Fund will invest at least 80 percent of its managed assets2 in corporate bonds, loans and other income-producing instruments that are rated below investment grade
  • Fund may invest up to 50 percent of its managed assets in bonds and loans issued by foreign companies
  • Seek to maintain a weighted average portfolio duration of three years or less
     

2”Managed Assets” are the total assets of the Fund (including assets attributable to leverage) minus the sum of the Fund’s accrued liabilities (other than liabilities incurred for the purpose of leverage).

Fund Information

as of 05/31/2019
Total Assets $541
Inception Date 10/25/2012
Dividend Reinvestment Yes
Primary Exchange NYSE
Ticker BGH

Fund Data

as of 04/22/2019
Net Asset Value (NAV) $19.33
Total Net Assets $387,645,907
Premium / (Discount) to NAV -5.59%
Dividend Frequency N/A

The Fund strikes its net asset value (NAV) on a monthly basis at month-end. Intramonth NAV calculations are estimated.

Definitions: Net Asset Value (NAV) is total assets less total liabilities, divided by the number of shares outstanding. Share Price is the closing price of a closed-end fund on the New York Stock Exchange (NYSE), as of the trading day noted. Premium/Discount is the percent difference between the Share Price and the NAV. There is no guarantee that you will receive the stated Premium/Discount and additional fees may result from individual broker fees and transactions costs in the secondary market.

Performance

Fund Performance

June YTD 1 Year 3 Years 5 Years
NAV -0.01% 6.04% -0.99% 0.00% 0.00%
Share Price 2.77% 17.84% 5.39% 0.00% 0.00%

Since inception date: 10/26/2012

May YTD 1 Year 3 Years 5 Years Since Inception
NAV -3.40% 6.26% 0.71% 8.77% 4.32% 6.67%
Share Price -4.65% 14.60% 3.75% 10.06% 4.01% 4.89%

Since inception date: 10/26/2012

QTR YTD 1 Year 3 Years 5 Years Since Inception
NAV 7.57% 7.57% 4.03% 11.97% 4.91% 7.05%
Share Price 16.29% 16.29% 6.89% 13.05% 5.06% 5.26%

Since inception date: 10/26/2012

Share Price and NAV History

as of 05/31/2019

Data for the chart above reflects month-end.

Premium / Discount History

as of 05/31/2019

Data for the chart above reflects month-end.

Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses.

Distributions

Distribution History

Ex Date Record Date Payable Date Amount
05/21/2019 05/22/2019 06/03/2019 $0.1482
05/21/2019 05/22/2019 06/03/2019 $0.1482
04/18/2019 04/19/2019 05/01/2019 $0.1482
03/20/2019 03/21/2019 04/01/2019 $0.1482
02/19/2019 02/20/2019 03/01/2019 $0.1482
01/22/2019 01/23/2019 01/22/2019 $0.1482
12/19/2018 12/20/2018 01/02/2019 $0.1482
11/20/2018 11/21/2018 12/03/2018 $0.1482
10/22/2018 10/23/2018 11/01/2018 $0.1482
09/19/2018 09/20/2018 10/01/2018 $0.1482
08/22/2018 08/23/2018 09/04/2018 $0.1482
07/20/2018 07/23/2018 08/01/2018 $0.1482
06/20/2018 06/21/2018 07/02/2018 $0.1482

Download Distribution History

The Fund seeks to pay a distribution at a rate that reflects net investment income actually earned. A portion of each distribution may be treated as paid from sources other than net investment income, including but not limited to short-term capital gain, long-term capital gain or return of capital. The final determination of the source and tax characteristics of these distributions will depend upon the Fund’s investment experience during its fiscal year and will be made after the Fund’s year end. The Fund will send to investors a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes. For more information about a distribution’s composition, refer to the distribution’s press release or Section 19(a) notice.

Distribution Rate

as of 05/31/2019
Share Price 10.13%
NAV 9.52%

IPO Information

Date 10/26/2012
Share Price $25.00
NAV $23.83
CUSIP 05617T100
Ticker BGH

1The Distribution Rate is based on the Fund’s most recent monthly distribution, annualized and divided by the Fund’s month-end Share Price or NAV. 

Source: Barings and U.S. Bancorp Fund Services, LLC. 
 
Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses.

Portfolio as of 05/31/2019

Portfolio Assets Composition

Quality Distribution

Ratings % of Assets
BBB 0.15%
BB 17.17%
B 62.55%
CCC AND BELOW 16.27%
NR 3.86%
Total 100.00%

Percentages of assets are expressed by market value including cash, short-term instruments and accrued income, and will vary over time. Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found at www.standardandpoors.com,www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings categories used by S&P and Fitch; BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s; Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

Top 5 Countries

Country % of Assets
UNITED STATES 73.19%
UNITED KINGDOM 11.63%
CANADA 2.90%
NETHERLANDS 2.72%
GERMANY 2.11%
Total 92.55%

Capital Structure

Total Net Assets $375
Total Assets $541
Total Leveraged Assets $155,200,000
Leveraged 28.71%

Weighted Averages

Market Price ($) $92.85
Duration (Yrs) 2.40 yrs

Top 10 Holdings

Holding % of Assets
BAUSCH HEALTH COMPANIES (F.K.A. VALEANT PHARMACEUTICALS) 3.43%
FIELDWOOD ENERGY LLC 3.37%
ENVISION HEALTHCARE 3.00%
VERITAS 2.84%
FINASTRA (FKA MISYS) 2.60%
VINE OIL & GAS 2.25%
CITGO HOLDING, INC. 2.23%
LIFEPOINT HEALTH 2.03%
CONSOL ENERGY INC 1.93%
APEX TOOL GROUP, LLC. 1.88%
Total 25.56%

Holdings are subject to change.

Top 10 Moody's Industries

Industry % of Assets
OIL AND GAS 17.14%
HEALTHCARE, EDUCATION AND CHILDCARE 14.02%
MINING, STEEL, IRON AND NON PRECIOUS METALS 10.70%
CHEMICALS, PLASTICS AND RUBBER 6.27%
BROADCASTING AND ENTERTAINMENT 5.76%
DIVERSIFIED / CONGLOMERATE SERVICE 5.01%
ELECTRONICS 5.53%
TELECOMMUNICATIONS 4.54%
CARGO TRANSPORT 2.90%
INSURANCE 2.49%
Total 74.36%

Percentage of assets are expressed by market value including cash and accrued income, and will vary over time.

Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses. 

Documents

Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses.  

Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. The market value and net asset value (NAV) will fluctuate with market conditions. Shares of closed-end investment companies frequently trade at a discount from their net asset value. All returns one year or less are cumulative. 
 
Definitions: Net Asset Value (NAV) is total assets less total liabilities, divided by the number of shares outstanding. Share Price is the closing price of a closed-end fund on the New York Stock Exchange (NYSE), as of the trading day noted. Premium/Discount is the percent difference between the Share Price and the NAV. There is no guarantee that you will receive the stated Premium/Discount and additional fees may result from individual broker fees and transactions costs in the secondary market. Weighted Average Market Price is the weighted average market price, including the effects of leverage, of the Fund’s bonds and loans. Weighted Average Duration is the weighted average duration, including the effects of leverage, of the Fund’s bonds and loans, which is a measure of the Fund’s price sensitivity expressed in years.
 
*Percentage of assets are expressed by market value including cash and accrued income, and will vary over time. 
 
Ratings are based on Moody’s and S&P. If securities are rated differently by the rating agencies, the higher rating is applied and all ratings are converted to the equivalent Moody’s major rating category for purposes of the category shown. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Ratings of Baa3 or higher by Moody’s and BBB- or higher by S&P are considered to be investment grade quality. 
 
An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. 
 
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. The Fund invests in high yield bonds, commonly referred to as “junk bonds”, including distressed securities, which are subject to greater credit risk (the risk that an issuer won’t make timely payments of principal and interest) and market risk (the risk that the value of the Fund’s investments may fall, sometimes rapidly or unpredictably, as a result of increasing interest rates or otherwise); loans and derivative securities, which may carry market, credit and liquidity risk (the risk that the Fund’s investments may be difficult to sell at an advantageous time or price); foreign securities, which are subject to additional risks including political and economic risks. The Fund employs leveraging techniques, which may magnify losses, increase portfolio expenses, and cause the Fund’s NAV and distributions to be more volatile. The Fund may trade at a discount to its net asset value and is subject to anti-takeover provisions that may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of Fund shareholders. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Before investing you should consider carefully the Fund’s investment objectives, risks, charges and expenses. 
 
Investment products are not insured by FDIC or any federal government agency, may lose value, and are not a deposit or guaranteed by any bank or any bank affiliate.
 
Click here to review a Reporting Person's Section 16 filings. The link will take you to the SEC ‘s web site.

 

Click here to report Complaints or Concerns Regarding Accounting or Auditing Matters via the service provider’s website. Additional reporting options can be found under Fund Documents.

 

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