In plain terms — AllianceBernstein Global High Income Fund
Shares currently cost about 11.8% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 8.6% discount, so today's level is somewhat wide for this fund (Z-score -1.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.2% a year of the share price (7.2% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.13 of assets — a ReinvestCapture™ rate of 9.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 2.7% over the past year including distributions (NAV total return).
Guided view hides the statistical panels. Switch to Expert view in the grey bar to see them. Nothing here is advice.
Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -10.65% | 0.87% | -1.99 | 64 |
| 6 months | -10.13% | 1.05% | -2.14 | 126 |
| 1 year | -8.59% | 2.11% | -1.79 | 250 |
| 3 years | -6.15% | — | — | — |
| 5 years | -6.73% | — | — | — |
Current contemporaneous premium/discount -12.37% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.03% to -3.32%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -5.03% | -7.36% | -11.69% | -14.03% | +0.04% | -5.06% |
| Market price total return | -4.38% | -5.51% | -6.27% | -7.22% | +7.88% | +2.64% |
| NAV return | -1.98% | -3.28% | -4.55% | -4.21% | +1.67% | -3.30% |
| NAV total return | -1.39% | -1.56% | +0.72% | +2.68% | +9.15% | +4.02% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The AllianceBernstein Global High Income Fund, managed by AllianceBernstein L.P., functions as a closed-end mutual fund dedicated to fixed-income investments. It seeks opportunities across global fixed-income markets, primarily allocating capital to lower-rated corporate debt securities and government bonds. The fund constructs its portfolio using a blend of fundamental and quantitative analytical approaches. For performance evaluation, it benchmarks against a composite index made up of the JPMorgan Government Bond Index-Emerging Markets, the JPMorgan Emerging Markets Bond Index Global, and the Barclays U.S. Corporate High Yield 2% Issuer Capped Index. This entity, formerly known as Alliance World Dollar Government Fund II, Inc., was established on May 20, 1993, and is headquartered in the United States.
CEF Explorer research page for AllianceBernstein Global High Income Fund Inc. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.