Printer Friendly

THE GLOBAL YIELD FUND PORTFOLIO UPDATE

 THE GLOBAL YIELD FUND PORTFOLIO UPDATE
 NEW YORK, Sept. 2 /PRNewswire/ -- The board of directors of the


Global Yield Fund, Inc. (NYSE: PGY), at a regularly scheduled meeting held today, declared a quarterly dividend of 20 cents per share. The dividend is payable on Sept. 30, 1992 to shareholders of record as of Sept. 16, 1992.
 Investment Adviser Commentary
 The world economic environment is one of very low inflation and anemic growth. Interest rates in the U.S. and other "dollar bloc" nations of Canada, Australia, and New Zealand have fallen dramatically this year in an effort to spur economic resurgence. Currently, only New Zealand has shown signs of economic revival. In Europe, economic growth is equally as weak. However, despite the need to lower interest rates, the European countries have been forced to keep their interest rates firm to help support their currencies in the face of high German interest rates and a strong deutshemark.
 The interest rate differential between the U.S. and Germany is historically wide. As a result, the U.S. dollar has weakened steadily since March of this year. Currently, the U.S. dollar is at historic lows versus the deutschemark. The U.S. dollar will probably not strengthen until evidence surfaces which will narrow the interest rate differential between the U.S. and Germany. The interest rate differential may have peaked, however, and the U.S. dollar may be approaching its bottom. U.S. economic growth remains very weak with unemployment high, consumer demand sluggish and inflation under control. Therefore, U.S. interest rates will remain low for the time being. Conversely, signs of economic slowdown have surfaced in Germany. Industrial production has fallen off considerably and unemployment is rising. More importantly, inflation has started to decline. The peak in German interest rates has probably been reached and an easing of German interest rates may be expected if inflation falls further.
 We have moved some money out of the U.S. and Australian bond markets in favor of the hard core European bond markets of France, Denmark, and Germany, where yields have risen to very high levels in recent weeks. We have become more conservative with our currency exposure since the dollar has fallen to very low levels and the interest rate differential will probably not widen further.
 THE GLOBAL YIELD FUND, INC.
 Portfolio Composition (As of Aug. 19, 1992)
 Country Security Position Currency Exposure
 United States 10.4 pct. 45.7 pct.
 Canada 8.1 14.9
 Japan 0.0 -6.4
 United Kingdom 6.0 8.5
 Germany 1.4 -24.7
 Switzerland 0.0 -24.1
 France 4.2 1.6
 Denmark 4.8 4.8
 Italy 7.2 14.1
 Spain 10.7 6.7
 Mexico 9.6 9.6
 Norway 2.0 2.0
 Sweden 9.7 9.7
 Finland 8.9 8.9
 Portugal 0.0 6.8
 Australia 10.5 14.3
 New Zealand 6.5 7.6
 Total 100.0 pct. 100.0 pct.
 Performance Update
 June 30 July 31 August 28
 NAV per share $8.85 8.91 8.78
 Price per share $8.50 8.875 9.00
 General Overview
 The Global Yield Fund, Inc. is a closed-end management investment company whose investment objective is to achieve high current yield relative to current yields available from U.S. dollar debt securities by investment in debt securities denominated in other specified currencies expected by the investment adviser to be stable or to appreciate relative to the U.S. dollar. The Fund's manager is Prudential Mutual Fund Management, Inc. and investment advisory services are provided by the Prudential Investment Corporation, a wholly-owned subsidiary of The Prudential Insurance Company of America. Additional information on the Fund' assets and performance is contained in the semi-annual report for the six month period ended June 30, 1992. For further information on the Fund call 212-214-3334.
 -0- 9/2/92
 /CONTACT: Carol Turner of Prudential Securities, 212-214-3957, for Global Yield Fund/
 (PGY) CO: Global Yield Fund, Inc. ST: New York IN: FIN SU:


TM-AH -- NY071 -- 6165 09/02/92 18:35 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 2, 1992
Words:681
Previous Article:STERLING WINTHROP'S U.S. CONSUMER HEALTH PRODUCTS DIVISION -- STERLING HEALTH -- LAUNCHES NEW BAYER SELECT; SYMPTOM-SPECIFIC NON-ASPIRIN LINE
Next Article:STERLING WINTHROP PROGRESS AS GLOBAL CONSUMER HEALTH PRODUCTS LEADER OUTLINED; NEW BAYER SELECT NON-ASPIRIN LINE IN U.S. ANNOUNCED
Topics:


Related Articles
Salomon Brothers Asset Management's Global Partners Income Fund (NYSE: GDF) November 1997 Quarterly Update
Additional Monthly Information.
Delaware Investments Announces Quarterly Updates for Ten Closed-End Funds.
Salomon Brothers Global Partners Income Fund Inc. as of September 30, 2003.
Northern Funds Portfolio Manager Eric Misenheimer Advocates 'Cash Up Front'.
Salomon Brothers Global Partners Income Fund Inc. as of June 30, 2003 (Formerly Global Partners Income Fund Inc).
Salomon Brothers Global Partners Income Fund Inc. as of March 31, 2003 (Formerly Global Partners Income Fund Inc).
Scudder Global High Income Fund, Inc. Announces Dividend.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters