In plain terms — Highland Global Allocation Fund
Shares currently cost about 39.0% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 31.4% discount, so today's level is somewhat wide for this fund (Z-score -1.6). 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 (9.6% 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 $1.64 of assets — a ReinvestCapture™ rate of 25.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 17.5% 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 | -36.76% | 1.46% | -1.30 | 64 |
| 6 months | -35.02% | 2.93% | -1.24 | 125 |
| 1 year | -31.40% | 4.43% | -1.64 | 249 |
| 3 years | -32.40% | — | — | — |
| 5 years | -28.10% | — | — | — |
Current contemporaneous premium/discount -38.66% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -40.62% to -23.17%. 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 | -10.91% | -13.42% | -29.35% | -34.98% | -5.73% | -7.45% |
| Market price total return | -9.85% | -10.37% | -22.23% | -26.40% | +7.02% | +4.08% |
| NAV return | -7.16% | -10.30% | -11.93% | -24.23% | -1.52% | -2.56% |
| NAV total return | -6.45% | -8.29% | -6.05% | -17.49% | +7.26% | +5.96% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Highland Global Allocation Fund (HGLB) is structured as a closed-end investment vehicle. Its primary objective is to foster sustained capital appreciation and generate a steady stream of income over the long term. The fund accomplishes these goals by strategically deploying capital into a diverse portfolio comprising both domestic and international equities, fixed-income instruments, and money market assets. Established on April 9, 2013, its principal operations are based in Dallas, Texas.
CEF Explorer research page for Highland Global Allocation Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.