Business & Finance
Business and Finance
Business and Finance
Wed, October 27, 2010
Tue, October 26, 2010 Western Asset Global Corporate Defined Opportunity Fund Inc. as of September 30, 2010
NEW YORK--([ BUSINESS WIRE ])--Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE: GDO) announces its portfolio composition as of September 30, 2010.
Investment Objective: The Funda™s investment objective is to provide current income and then to liquidate on or about December 2, 2024. As a secondary investment objective, the Fund will seek capital appreciation.
Investment Strategy: The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its managed assets in a portfolio of U.S. and foreign corporate fixed-income securitiesof varying maturities; at least 40% of which will be invested in fixed-income securities of foreign issuersorganized or having a principal place of business outside of the U.S., including in emerging market countries.
Portfolio Composition*: | ||
Asset Allocation | ||
Investment Grade Corporate Bonds | 60.9% | |
High Yield Corporate Bonds | 26.4% | |
Mortgage-Backed Securities | 6.0% | |
Emerging Market Debt | 3.6% | |
Sovereign Debt External Currency | 2.0% | |
Corporates External Currency | 1.6% | |
Asset-Backed Securities | 1.5% | |
Government | 1.5% | |
Credit Quality Allocation** | ||
| AAA | 4.1% | |
| AA | 10.9% | |
| A | 22.2% | |
| BBB | 33.5% | |
| BB | 12.8% | |
| B | 13.6% | |
| CCC | 2.3% | |
| Not Rated | 0.6% | |
Top Five Industries | ||
| Banking | 24.5% | |
| Communications | 13.5% | |
| Basic Industry | 8.3% | |
| Consumer Non Cyclical | 7.7% | |
| Energy | 4.7% | |
Top Five Countries | ||
| United States | 43.7% | |
| United Kingdom | 12.5% | |
| Brazil | 4.3% | |
| Netherlands | 4.1% | |
| France | 3.6% | |
Currency of Issue | ||
| US Dollar | 62.4% | |
| Euro | 23.9% | |
| British Pound | 12.1% | |
| Brazil Real | 1.0% | |
| Canadian Dollar | 0.6% | |
Currency Exposure (includes currency hedging) | ||
| US Dollar | 86.1% | |
| Euro | 8.6% | |
| British Pound | 4.3% | |
| Brazil Reals | 1.0% | |
| Canadian Dollar | 0.1% | |
Average Life (years) | 7.73 | |
Effective Duration (years) | 5.14 | |
Average Coupon (%) 7.30 | ||
Portfolio Statistics: | ||
Inception Date | November 24, 2009 | |
Inception Price | $20.00 | |
Total Assets*** | $377,367,388 | |
Net Assets | $306,468,255 | |
Loans**** | 13.25% | |
Preferred Shares**** | 0.00% | |
Reverse Repos**** | 5.54% | |
Market Price | $18.92 | |
NAV | $20.14 | |
| (Daily NAV is available on market quotation systems using the symbol XGDOX.) | ||
Distribution Rate | $0.1300 per share | |
Frequency | Monthly (Declared quarterly, paid monthly) | |
| * | Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time. | |
| ** | Credit quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by Standard and Poor's, Moody's Investors Service and/or Fitch Ratings, Ltd. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the Fund's portfolio does not apply to the stability or safety of the Fund. These ratings are updated monthly and may change over time. Please note, the Fund itself has not been rated by an independent rating agency. | |
| *** | The difference between total assets and net assets, if any, is due primarily to the Funda™s use of borrowings; net assets do not include borrowings. The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Funda™s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded. | |
| **** | Percentages based on total assets. |
Western Asset Global Corporate Defined Opportunity Fund Inc., a non-diversified closed-end investment management company traded on the New York Stock Exchange under the symbol aGDOa, is advised by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and is sub-advised by Western Asset Management Company, an affiliate of the advisor.
An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Fixed income securities are subject to credit risk, inflation risk, call risk, and interest rate risks. As interest rates rise, bond prices fall, reducing the value of the Fund's share price. International investing is subject to additional risks. These risks are greater in emerging markets.
Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.
For more information, please call Fund Investor Services at 888-777-0102, or consult the Funda™s web site at [ www.leggmason.com/cef ].
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