Highland Global Allocation Fund
HGLB
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- Highland Global Allocation Fund (NYSE: HGLB) is a closed-end management investment company that seeks long-term growth of capital and future income through a diversified global portfolio of U.S. and foreign equity securities, fixed income securities, debt instruments, money market securities, and select alternative investments, including those deemed undervalued relative to the market, peers, historical valuations, or growth rates; the fund employs a global thematic investment style with a rigorous top-down allocation process, collaborative management across multiple disciplines, relative value discipline, and extensive analytical support to pursue above-average risk-adjusted total returns with low correlation to domestic equity markets. The fund targets undervalued securities with solid growth prospects across various sectors and geographies, serving investors seeking complementary exposure beyond traditional U.S.-focused stocks or fixed income portfolios. Founded in 1998 and headquartered in Dallas, Texas, the fund is managed by NexPoint Asset Management, L.P., with portfolio managers James Dondero and, effective October 7, 2025, Scott Johnson. Originally launched as an open-end fund, it converted to a closed-end structure on February 19, 2019, and was renamed from Highland Core America Equity Fund effective April 9, 2013, when Highland Capital Management Fund Advisors, L.P. (now NexPoint) became the sole adviser and investment strategies expanded beyond 80% domestic equities. Recent developments include a significant net asset value (NAV) increase of 18.86% or $2.24 on October 1, 2025, driven by the Fund's convertible preferred equity position in data center REIT Fermi, Inc. (Nasdaq: FRMI) converting to common stock following its successful IPO; ongoing monthly distributions of $0.088 per share through December 2025; and the addition of Scott Johnson to the portfolio management team on October 7, 2025, leveraging his expertise in corporate credit, equities, and private market opportunities sourced by NexPoint's team. The fund operates primarily from the United States with global investment reach and maintains total net assets of approximately $299 million as of early 2024 data, with an expense ratio of 1.51% and monthly distribution frequency.