Western Asset High Income Fund II
Western Asset High Income Fund II (HIX) is a NYSE-listed closed-end fund managed by Western Asset Management (Franklin Templeton) that invests in high-yield fixed-income securities. It targets income-focused investors with a 14.74% distribution yield while currently trading at a 4.31% discount to NAV.
- Company typePublic
- Founded-
- HeadquartersNew York, United States
- Headcount—
- GTM typeB2C
- OfferingServices
What Western Asset High Income Fund II does
Western Asset High Income Fund II (ticker: HIX) is a closed-end fund that invests primarily in high-yield fixed-income securities, including corporate high-yield bonds, emerging market debt, and distressed debt positions. The fund is managed by Western Asset Management Company, a subsidiary operating under Franklin Templeton, which itself is a division of Franklin Resources, Inc. — a diversified global investment management conglomerate. The fund's shares are listed on the New York Stock Exchange, where they trade on a continuous basis at a market price determined by investor supply and demand rather than by NAV; HIX currently trades at a 4.31% discount to net asset value while offering a 14.74% distribution yield.
The fund generates cash income from its underlying portfolio of high-yield credit instruments and passes that income — together with, in recent periods, amounts drawn from unrealized gains and capital — through to shareholders as monthly distributions. Investor demand is concentrated among income-focused retail and institutional buyers seeking yield above investment-grade fixed income and diversification into below-investment-grade credit. The portfolio carries material exposure to distressed issuers, including positions affected by the Spirit Airlines bankruptcy proceedings, which represents a notable idiosyncratic credit risk and a likely contributor to ongoing NAV erosion.
From a business model perspective, HIX is a single-product closed-end vehicle with no traditional revenue line. Its economics are driven by AUM-based management fees accruing to the parent manager (Western Asset / Franklin Templeton) and by market-clearing share prices on the NYSE. Distribution is purely capital-markets based: shares are bought and sold through any brokerage platform that supports NYSE-listed securities, with no direct sales force, no disclosed pricing tiers, and no enterprise customer relationships. The fund's value proposition is yield and high-yield credit access, while its key risks are NAV erosion, distribution sustainability in the absence of fully covered NII, and concentrated distressed-debt exposure.
Western Asset High Income Fund II firmographics
Firmographics- Name
- Western Asset High Income Fund II
- Legal name
- Western Asset High Income Fund II
- Website
- https://franklintempleton.com
- Company type
- Public
- Operating status
- Operating
- Short description
- Western Asset High Income Fund II (HIX) is a NYSE-listed closed-end fund managed by Western Asset Management (Franklin Templeton) that invests in high-yield fixed-income securities. It targets income-focused investors with a 14.74% distribution yield while currently trading at a 4.31% discount to NAV.
- Ownership category
- akta.pro rank
Western Asset High Income Fund II industry classification
Industry- Product category
- Closed-End Fixed Income Fund
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)
- akta.pro primary industry
- Fixed Income Mutual Funds (FSAAAEAB)
- akta.pro secondary industry
- Credit & High Yield / Bank Loan ETFs (FSAAAFAE)
Keywords
Where Western Asset High Income Fund II is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Markets served
Western Asset High Income Fund II business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Personnel
Distribution channels1 record
Western Asset High Income Fund II product offering
Product offeringCore offering
Western Asset High Income Fund II (ticker: HIX) is a closed-end fund that invests primarily in high-yield fixed-income securities, including corporate bonds, emerging market debt, and distressed debt positions. The fund distributes monthly dividends to shareholders and is actively managed by Western Asset Management Company, a division of Franklin Templeton.
Product overview
Western Asset High Income Fund II (HIX) is a single closed-end fund offering, not a multi-product platform. It is a high-yield income fund that distributes monthly dividends to shareholders. The fund is part of the Franklin Templeton closed-end fund family and is managed by Western Asset Management. The fund's primary investment focus is on high-yield bonds and fixed income securities, with material exposure to distressed debt situations such as the Spirit Airlines bankruptcy proceedings.
Differentiator
Problem solved
Functional benefit
Products and services
- Western Asset High Income Fund II (HIX) A closed-end fund that invests primarily in high-yield fixed-income securities, including corporate bonds, emerging market debt, and distressed debt positions, offering investors a 14.74% distribution yield through monthly dividends. The fund is designed for income-focused investors and trades on the NYSE under ticker HIX.
Quantifiable outcome
- 14.74% distribution yield
- +1 more outcomes
Companies that use Western Asset High Income Fund II
Customer profileSegments1 record
Ideal customer profiles1 record
Western Asset High Income Fund II technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Western Asset High Income Fund II partnerships and signals
Strategic signalScale indicators2 records
Western Asset High Income Fund II competitors and assessment
Company assessmentDirect peers
- PIMCO Income Strategy Fund: A PIMCO-managed closed-end fund (PFL) investing across global fixed income with a high-income orientation. Directly comparable as a CEF emphasizing current distributions to income investors, though with a broader global mandate.
- abrdn Income Credit Strategies Fund: A closed-end fund (ACP) managed by abrdn focused on higher-yielding credit securities. Comparable structure (CEF) and mandate (income-oriented credit) make it a direct competitor for yield-focused investors.
- Eaton Vance High Income Fund: An Eaton Vance-managed fund focused on high-yield bonds, serving the same income-investor segment. Direct peer given overlapping high-yield bond mandate and target customer base.
- Western Asset High Income Opportunity Fund: Another Western Asset-managed closed-end fund (HIO) focused on high-yield fixed income. It is a direct peer given the same sub-adviser, similar high-yield mandate, and overlapping investor base within the Franklin Templeton CEF family.
- Nuveen High Income 2023 Target Term Fund: A high-yield-focused closed-end fund from Nuveen targeting income investors. Directly comparable on structure (CEF), asset class (high-yield bonds), and target customer (yield-seeking retail and advisor-channel investors).
- BlackRock Credit Allocation Income Trust: A BlackRock-managed CEF that allocates across credit sectors to generate income. It is directly comparable to HIX in structure (CEF) and target outcome (high distribution yield from credit markets).
Broad incumbents
- Templeton Income Fund: A sister fund within Franklin Templeton focused on income generation across global fixed income. Comparable as a sibling-brand income product, though with a broader multi-sector mandate and open-end structure.
- SPDR Bloomberg High Yield Bond ETF: A large, liquid high-yield bond ETF (JNK) from State Street. A broad incumbent passive alternative that competes with active CEFs like HIX for yield-seeking investors prioritizing liquidity and low cost over distribution rate.
- iShares iBoxx $ High Yield Corporate Bond ETF: A major high-yield corporate bond ETF (HYG) that competes for the same income-investor dollar. Broad incumbent offering passive liquid high-yield exposure at a much lower yield, pressuring active CEFs on cost and liquidity.
Emerging players
- DoubleLine Income Solutions Fund: A DoubleLine-managed CEF focused on multi-sector credit income. Comparable structure and credit-income mandate, with DoubleLine's growth-oriented brand making it an emerging competitor in the CEF income space.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Western Asset High Income Fund II financial estimates
Financial estimateRevenue estimate
Valuation estimate
Western Asset High Income Fund II leadership team
Management profileNumber of profiles
Western Asset High Income Fund II funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Western Asset High Income Fund II M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Western Asset High Income Fund II
What does Western Asset High Income Fund II do?
Western Asset High Income Fund II (ticker: HIX) is a closed-end fund that invests primarily in high-yield fixed-income securities, including corporate bonds, emerging market debt, and distressed debt positions. The fund distributes monthly dividends to shareholders and is actively managed by Western Asset Management Company, a division of Franklin Templeton.
Is Western Asset High Income Fund II a public or private company?
Western Asset High Income Fund II is a public company. It is classified as public and is currently operating.
When was Western Asset High Income Fund II founded?
Western Asset High Income Fund II was founded in -1.
Where is Western Asset High Income Fund II based?
Western Asset High Income Fund II is headquartered in New York, United States, in the North America region.
Who are Western Asset High Income Fund II's main competitors?
Direct peers on record are PIMCO Income Strategy Fund, abrdn Income Credit Strategies Fund, Eaton Vance High Income Fund, Western Asset High Income Opportunity Fund, Nuveen High Income 2023 Target Term Fund and BlackRock Credit Allocation Income Trust. Broad incumbents are Templeton Income Fund, SPDR Bloomberg High Yield Bond ETF and iShares iBoxx $ High Yield Corporate Bond ETF. DoubleLine Income Solutions Fund is listed as an emerging player.
Does Western Asset High Income Fund II have an API?
No public API is recorded for Western Asset High Income Fund II.
What industry is Western Asset High Income Fund II in?
Western Asset High Income Fund II's product category is Closed-End Fixed Income Fund. Its primary akta.pro industry code is FSAAAEAB, Fixed Income Mutual Funds, with a secondary code of FSAAAFAE, Credit & High Yield / Bank Loan ETFs. Its NAICS code is 525.