HYB: Buy The Wide 14% Discount [Seeking Alpha]
New America High Income Fund, Inc. (The) (HYB)
US:NYSE Investor Relations:
newamerica-hyb.com
Company Research
Source: Seeking Alpha
HYB follows a conservative strategy in managing leverage and collateral quality. It's willing to cut dividends to maintain sustainability, avoiding return of capital utilization. HYB has a long performance history since its inception in 1988. It aims to preserve NAV over the long term and has shown resilience through various credit cycles. The fund faced challenges due to the mismatch between its fixed-rate collateral and the floating-rate leverage obtained through a bank facility. This led to reduced net interest income amid rising rates but is expected to reverse when rates decrease. Despite its conservative approach and solid underlying performance, the market has undervalued HYB, leading to a substantial discount to NAV, currently at -14%. Thesis The New America High Income Fund ( HYB ) is a fixed income closed-end fund that we own and have covered before on the Seeking Alpha platform. The fund has a very long performance history, being in the market since 1988. The fun
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HYB
Sec Filings
- 3/18/24 - Form 40-17G
- 3/14/24 - Form N-CEN
- 3/7/24 - Form N-CSR
- HYB's page on the SEC website