Western Asset High Income Fund II Inc
HIX
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- Western Asset High Income Fund II Inc. (NYSE: HIX) is a diversified, closed-end management investment company that seeks to maximize current income, with capital appreciation as a secondary objective. Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in high-yield debt securities issued by U.S. and non-U.S. corporations and foreign governments; it may allocate up to 35% of total assets to emerging market debt securities, up to 30% to zero-coupon securities, payment-in-kind bonds, and deferred payment securities, and up to 20% to equity securities. The Fund also employs derivatives such as options, futures contracts, swap agreements including credit default swaps, and currency forwards for investment or risk management; it utilizes leverage through loans and reverse repurchase agreements to enhance returns. Portfolio management emphasizes a team-based, actively managed approach integrating top-down macroeconomic views, industry sector insights, and bottom-up credit research to position the Fund across high-yield sectors like consumer discretionary, communication services, industrials, energy, and financials. Launched in 1995 and headquartered in New York, NY, the Fund operates globally across fixed income markets, targeting diversified sectors with a focus on non-investment grade credits; it is managed by Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) and subadvised by Western Asset Management Company, LLC and its affiliates. The Fund trades on the New York Stock Exchange and maintains a dividend reinvestment plan, with distributions aimed at stability despite potential NAV impacts. In recent developments, stockholders approved an increase in authorized common shares from 100 million to 200 million at the annual meeting on September 19, 2025, potentially supporting future capital raises. The Fund conducted a transferable rights offering authorized in January 2024 to issue additional common stock, raising capital for high-yield investments and liquidity enhancement, following a similar 2022 offering that raised approximately $31 million. As of July 31, 2025, total assets stood at $595.2 million with net assets of $392.5 million, reflecting leverage via $157 million in loans and $29.1 million in reverse repurchase agreements; portfolio managers include Walter E. Kilcullen, Christopher F. Kilpatrick, and Michael Buchanan. The Fund reported a net asset value total return of 8.11% for the twelve months ended April 30, 2025, with sector allocations adjusted toward high-quality high-yield corporates and collateralized loan obligations amid market volatility.