The Highland Global Allocation Fund (NASDAQ: HGLB) announced a monthly dividend of $0.09 per share, set to be paid to shareholders later this month. The declaration was made on January 2, 2024, and the dividend will be distributed on February 27, 2024 to those recorded as shareholders on February 20, 2024. This new dividend reflects an annualized rate that results in a yield of 11.5%.
Investors will note that the ex-dividend date is also February 20, 2024, meaning that shares must be purchased before this date to qualify for the upcoming payment.
Current Performance of HGLB Shares
On Wednesday, shares of Highland Global Allocation Fund opened at $8.87. The fund has experienced fluctuations, with a fifty-day simple moving average of $8.98 and a 200-day simple moving average of $9.19. Over the past year, HGLB’s stock has seen a low of $6.62 and a high of $10.64, indicating the volatility typical in the closed-end fund market.
Fund Overview and Investment Strategy
Managed by Highland Capital Management, the Highland Global Allocation Fund is a diversified, closed-end interval fund. Its primary objective is to achieve total return through a blend of current income and capital appreciation. The fund employs a multi-asset strategy, investing across global equities, fixed income instruments, and alternative investments.
This investment approach allows the portfolio team to adapt to changing market conditions by reallocating assets between different regions and asset classes. The emphasis on risk management and diversification is designed to protect investor capital while pursuing growth opportunities.
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