In plain terms — Western Asset Global High Income Fund
Shares currently cost about 11.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.5% discount, so today's level is somewhat wide for this fund (Z-score -1.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 15.7% a year of the share price (13.9% 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 17.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.9% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -10.20% | 1.13% | -0.48 | 64 |
| 6 months | -9.26% | 1.38% | -1.07 | 126 |
| 1 year | -7.50% | 2.22% | -1.46 | 250 |
| 3 years | -5.01% | — | — | — |
| 5 years | -5.28% | — | — | — |
Current contemporaneous premium/discount -10.74% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.52% to -2.96%. 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 | -4.67% | -10.61% | -17.16% | -17.67% | -5.73% | -12.60% |
| Market price total return | -3.44% | -7.23% | -7.97% | -5.47% | +7.12% | -1.56% |
| NAV return | -3.82% | -6.92% | -9.84% | -11.16% | -4.74% | -10.53% |
| NAV total return | -2.73% | -3.79% | -0.69% | +0.94% | +7.55% | +0.13% |
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 Western Asset Global High Income Fund Inc., a closed-end mutual fund specializing in fixed-income assets, was initially launched and managed by Legg Mason Partners Fund Advisor, LLC. Its ongoing oversight is a collaborative effort involving Western Asset Management Company, Western Asset Management Company Limited, and Western Asset Management Company Pte. Ltd. The fund actively seeks investment opportunities across global fixed income markets, with a particular focus on acquiring undervalued bonds from companies spanning diverse sectors. Its strategic portfolio construction incorporates a variety of fixed income securities, including those classified as investment grade, below investment grade, and emerging market debt. To build and maintain its holdings, the fund utilizes rigorous quantitative analysis. On average, its fixed income securities maintain an S&P credit quality rating of BB and have an average duration of 3.8 years. For performance evaluation, the fund benchmarks itself against the Barclays Capital U.S. Aggregate Index, the Barclays Capital U.S. Corporate High Yield 2% Issuer Cap Index, and the JPMorgan Emerging Markets Bond Index Global. Established on July 28, 2003, and domiciled in the United States, this fund was previously identified as Salomon Brothers Global High Income Fund Inc.
CEF Explorer research page for Western Asset 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.