Welcome to our dedicated page for Western Asset High Fund II SEC filings (Ticker: HIX), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Western Asset High Income Fund II Inc. (NYSE: HIX) 鈥� Fiscal year ended 30 April 2025
The closed-end fund, sub-advised by Western Asset Management, pursues maximum current income with secondary capital appreciation, investing predominantly in non-investment-grade debt. During the 12-month reporting period:
- Total return: +8.11% on net asset value (NAV) and +7.52% on market price, trailing the 80% Bloomberg U.S. Corporate High Yield / 20% JPM EMBI Global composite benchmark (+8.72%).
- Income distribution: $0.59 per share was paid; $0.19 is classified as return of capital.
- Leverage: Utilised tactically, rising to ~33 % of total assets from ~29 %, boosting results as spread sectors rallied.
- Asset mix: High-yield corporates remain core; the five largest sector weights at period-end were consumer discretionary (26.1%), communication services (20.4%), industrials (17.8%), energy (16.0%) and financials (14.1%). Up to 35% of assets may be in emerging-market debt; the fund also employs derivatives for risk management.
- Market backdrop: Resilient U.S. growth, sticky inflation and three Fed rate cuts in 2H-2024 lowered two-year Treasury yields from 5.04 % to 3.60 %. High-yield and EM debt outperformed the broad Bloomberg Aggregate (8.69% and 8.82% vs 8.02%).
- Portfolio actions: Managers swapped into higher-yielding BB-rated bonds and added collateralised loan obligations when spreads widened in April 2025; EM exposure was trimmed.
- Key contributors: Overweights in communications issuers (EchoStar, Altice France, Virgin Media, Telecom Italia), cruise lines (Carnival, Royal Caribbean, Norwegian) and select EM names (Petrobras, Ecopetrol, YPF, Argentine provincials).
- Main detractors: Credit Suisse AT1 escrow receipt became valueless; positions in Venture Global LNG, Bausch Health, Spirit Airlines and a Weight Watchers bank loan underperformed. Currency forwards and index CDS also detracted.
The fund continues to employ a team-based, top-down/bottom-up credit process, reviews risk bands regularly and provides daily NAV (symbol XHGIX) plus quarterly press releases for investors.
Western Asset High Income Fund II (NYSE:HIX) submitted a routine NPORT-P monthly portfolio report dated June 29 2025. The filing largely consists of blank template fields with no portfolio holdings, risk metrics, or financial figures disclosed. It contains only standard form headers for assets, liabilities, securities-lending and return information, but the data cells remain empty. No material events, transactions, or strategic updates are reported.
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