Western Asset High Yield Defined Opportunity Fund Inc

Western Asset High Yield Defined Opportunity Fund, Inc. is a non-diversified, limited-term, closed-end management fund, which engages in the investment activities focusing on fixed securities. It seeks high income, with a capital appreciation as a secondary objective. The company was founded on July 20, 2010 and is headquartered in New York, NY.

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Western Asset High Yield Defined Opportunity Fund, Inc. is a closed-end management investment company. It engages in the business of investing in a portfolio of high-yield corporate fixed income securities with varying maturities. The company was founded on July 20, 2010 and is headquartered in New York, NY.

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

Western Asset High Yield Defined Opportunity Fund Inc. Announces Financial Position as of August 31, 2024

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Volatility in the closed-end fund, or CEF, market has recently increased, while tight discounts create a point of vulnerability for the market. We discuss various strategies investors can use to make their CEF portfolios more resilient to take advantage of future draw-downs. These strategies include focusing on likely CEF distribution changes, seeking funds with wide discounts, considering term CEFs, and riding sidecar with CEF activists.

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With market valuations back to expensive levels, we are looking at a number of alpha strategies in the CEF space. These include interval and term funds, relative value as well as leaning against investor flows. We highlight a number of attractive funds such as RSF, PFO, BGH and others.

Current Alpha Opportunities In The CEF Space

Western Asset High Yield Defined Opportunity Fund is a term-structured, non-leveraged high-yield fund that is expected to liquidate in 2025. As the termination date approaches, the HYI fund's discount becomes more important in potentially generating alpha. HYI has a distribution yield of 9.96% and offers diversified exposure with meaningful allocations outside the U.S.

HYI: Discounted High Yield Term Fund

Western Asset High Yield Defined Opportunity Fund is a fixed-income CEF with a term maturity date of September 30, 2025. The fund's holdings do not match the maturity profile, leading to significant market risk as it approaches liquidation. Performance of HYI is in line with ETF peers, but with higher fees and risks, investors are advised to switch to other options.

HYI: Term CEF Lacking A Matched Collateral Base

Western Asset High Yield Defined Opportunity Fund Inc. Announces Financial Position as of February 29, 2024

Western Asset High Yield Defined Opportunity Fund is a closed-end fund scheduled to be liquidated in 18 months. The fund's current yield of 9.52% compares well to similar options in the market. HYI's performance has been disappointing, but investors purchasing it today should realize some gains upon liquidation unless interest rates do not fall at all.

HYI: This High-Yielding Junk Bond Fund Could Be A Decent Holding

NEW YORK--(BUSINESS WIRE)--Category: Fund Announcement.

Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) Announces Portfolio Management Team Update

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

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of March, April and May 2024

The Western Asset High Yield Defined Opportunity Fund offers investors exposure to high-yield corporate debt. The fund provides a respectable yield with relatively strong distribution coverage despite using no borrowings. The fund's current discount is fairly attractive but has narrowed since our prior update.

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Stocks were up slightly as the jobs report shifted the narrative towards 'higher for longer.' The payroll report came in stronger than expected, but the narrative was that it was a hawkish report, meaning higher rates for longer. Discounts for CEFs continue to tread water, with real estate and interest rate-sensitive bond sectors performing well, while emerging market equity and convertibles performed poorly.

CEF Weekly Commentary | December 10, 2023 | High Quality Opportunities

Leveraged closed-end funds are facing headwinds of rising costs associated with leverage in a higher interest rate environment. The Western Asset High Yield Defined Opportunity Fund offers exposure to a high-yield bond portfolio with an attractive discount while being a term fund. HYI's income has been growing with rising yields, and the fund recently increased its distribution, making it a potentially attractive investment.

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The Board of each Fund announced today the appointment of Eileen Kamerick as Lead Independent Director, effective November 8, 2022. Ms. Kamerick replaces William Hutchinson, the former Lead Independent Director of the Funds, who recently passed away. The Boards also announced that Nisha Kumar will succeed Ms. Kamerick as Chair of each Fund's Audit Committee.

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HYI is a fixed-income closed-end fund. What makes HYI stand out is its term structure, with the fund set to terminate on or about September 30, 2025.

HYI: When High Returns Are Not Forever

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

Western Asset High Yield Defined Opportunity Fund Inc. Announces Financial Position as of August 31, 2022

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The market environment of high volatility and rising short-term rates has lowered the income-generating capacity of most CEFs. In this article, we highlight the five types of CEFs whose incomes have either been unaffected or have actually improved this year.

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HYI is a non-leveraged fund that operates in the high-yield space. During times of volatility and higher interest rates, no leverage can be a benefit.

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

Legg Mason Partners Fund Advisor, LLC Announces Distributions for the Months of September, October, and November 2022

NEW YORK--(BUSINESS WIRE)--Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) today announced the financial position of the Fund as of February 28, 2022.   Current Q Previous Q Prior Yr Q February 28, 2022 November 30, 2021 February 28, 2021 Total Net Assets $ 332,241,601   $ 347,420,888   $ 359,595,556   NAV Per Share of Common Stock (a) $ 14.66   $ 15.33   $ 15.88   Market Price Per Share $ 14.18   $ 15.31   $ 15.40   Premium / (Discount)   (3.27 )%   (0.13 )%   (3.02 )% Outst

Western Asset High Yield Defined Opportunity Fund Inc. Announces Financial Position as of February 28, 2022

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HYI and HYB both offer exposure to a portfolio in the high yield space; high yield bonds provide reduced interest rate sensitivity. One of the primary differences is that HYB is leveraged while HYI is non-leveraged and term structured.

HYI And HYB: 2 High Yield Bond Funds Worth A Look

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HYI and UTF are prime example of why discounts/premiums matter with closed-end funds. Sometimes the valuations take longer to play out than others; HYI's example happened quite quickly.

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News for Western Asset High Yield Defined Opportunity Fund Inc ETF (HYI)