Head to Head Review: AllianceBernstein Global High Income Fund vs. Oxford Square Capital

This article presents a comparative review of the AllianceBernstein Global High Income Fund (NYSE:AWF) and Oxford Square Capital (NASDAQ:OXSQ), focusing on various financial metrics to help investors evaluate these two investment options.

Earnings & Valuation

The following table provides a comparison of revenue, earnings per share, and valuation for both funds.

	Gross Revenue	Price/Sales Ratio	Net Income	Earnings Per Share	Price/Earnings Ratio
AllianceBernstein Global High Income Fund	N/A	N/A	N/A	N/A	N/A
Oxford Square Capital	$51.82 million	3.46	$17.24 million	($0.10)	-26.40

From the data, it is evident that Oxford Square Capital demonstrates higher revenue and earnings in comparison to AllianceBernstein Global High Income Fund.

Dividends

Regarding dividends, the AllianceBernstein Global High Income Fund distributes an annual dividend of $0.79 per share, boasting a dividend yield of 7.3%. Meanwhile, Oxford Square Capital offers an annual dividend of $0.42 per share with a significantly higher dividend yield of 15.9%. However, it's notable that Oxford Square Capital's dividend payout exceeds its earnings by 420%, highlighting a potentially unsustainable dividend distribution policy.

Institutional and Insider Ownership

Examining ownership structures, approximately 6.4% of Oxford Square Capital shares are held by institutional investors, whereas only 1.0% of AllianceBernstein Global High Income Fund shares are owned by insiders. On the other hand, insider ownership for Oxford Square Capital stands at 10.4%. The presence of substantial institutional ownership often signals confidence in a stock's potential to yield favorable long-term returns.

Profitability

The following table compares important profitability metrics such as net margins, return on equity, and return on assets for both funds.

	Net Margins	Return on Equity	Return on Assets
AllianceBernstein Global High Income Fund	N/A	N/A	N/A
Oxford Square Capital	-10.48%	18.58%	9.76%

Risk & Volatility

In terms of risk and volatility, AllianceBernstein Global High Income Fund has a beta of 0.8, indicating it is 20% less volatile than the S&P 500 index. In contrast, Oxford Square Capital has a beta of 1.07, suggesting a 7% higher volatility compared to the S&P 500.

Summary

Overall, based on the comparison, Oxford Square Capital outperforms AllianceBernstein Global High Income Fund in 8 of the 9 evaluated parameters, indicating a stronger financial position overall.

About AllianceBernstein Global High Income Fund

AllianceBernstein Global High Income Fund is a closed-end fixed income mutual fund, managed by AllianceBernstein L.P. This fund primarily invests in global fixed income markets, with a focus on lower-rated corporate debt securities and government bonds. The investment strategy combines both fundamental and quantitative analysis. It benchmarks its performance against a composite index that includes various international bond indices.

About Oxford Square Capital

Oxford Square Capital Corp. is a business development company and operates as a closed-end, non-diversified management investment entity. The firm specializes in private equity and mezzanine financing, investing in both public and private companies. Its investment focus includes a variety of debt and equity securities, particularly within technology sectors. Founded in 2003, the firm is based in Greenwich, Connecticut.

Earnings, Valuation, Dividends, Ownership, Profitability, Risk