First Trust High Inc Long/Short:FSD

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    Overview

    As of 6/11/2021

     Share
    Price
    NAVPremium/
    Discount
    Current$15.37$16.52-6.96%
    52 Wk Avg$14.47$16.13-10.33%
    52 Wk High$15.48$16.61-5.98%
    52 Wk Low$13.10$15.10-14.11%
    Regular Distribution TypeIncome Only
    Distribution Rate8.59%
    Distribution Amount$0.1100
    Distribution FrequencyMonthly
    Past performance is no guarantee of future results.

    Basic Information

    Investment Objective

    The Funds primary investment objective is to provide current income. The Fund has a secondary objective of capital appreciation. There can be no assurance that the Funds investment objectives will be achieved. The Fund will seek to achieve its investment objectives by investing, under normal market conditions, a majority of its assets in a diversified portfolio of U.S. and foreign (including emerging markets) high-yield corporate fixed-income securities of varying maturities that are rated below-investment grade at the time of purchase. As part of its investment strategy, the Fund intends to maintain both long and short positions in securities under normal market conditions. The Fund will take long positions in securities that the High Yield Active Core investment team of the Sub-Advisor (the investment team) believes offer the potential for attractive returns. For long positions, the investment team seeks to identify securities that it considers in the aggregate to have the potential to outperform the Funds benchmark, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index. The Funds long positions, either directly or through derivatives, may total up to 130% of the Funds Managed Assets. The Fund will take short positions in securities, or invest in derivative instruments, that the Sub-Advisor believes in the aggregate will underperform the Index. These securities may consist of securities included in the Index or other securities, including U.S. Treasury securities or derivative instruments, that the Sub-Advisor believes in the aggregate will underperform the Index. The Funds short positions, either directly or through derivatives, may total up to 30% of the Funds Managed Assets, although initially, the Fund anticipates short positions totaling approximately 20% of the Funds Managed Assets.

    Capital Structure

    As of 6/11/2021

    Total Investment Exposure:$738.880M
    Total Common Assets:$555.772M
    Common Shares Outstanding:33,642,356
    Leverage

    As of 6/11/2021

    Preferred Share Assets:
    Total Debt (USD): $183.108M
    Regulatory Leverage (USD): $120.411M
    Effective Leverage (USD): $183.108M
    Effective Leverage (%): 24.78%
    Annual Expense Ratios

    As of 10/31/2020

      Per Common Share
    Management Fees1.00%
    Other Expenses:0.23%
    Baseline Expense: N/A
    Interest Expense:0.90%
    Total: 2.13%
    Fund Management

    Fund Sponsor
    First Trust Advisors L.P.

    Basics
    Category: Fixed Income - Taxable-High Yield
    Ticker: FSD
    NAV Ticker: XFSDX
    Average Daily Volume (shares): 81,964
    Average Daily Volume (USD): $1.184M
    Inception Date: 9/28/2010
    Inception Share Price: $20.00
    Inception NAV: $19.07
    Tender Offer: No
    Term: No
    Fiscal Year End: October 31
    Third Party Links & Reports

    Distributions

    As of 6/11/2021

    Past performance is no guarantee of future results.
    Distribution History

    Enter declared start and end dates to display distribution history below. Income, Long Gain, Short Gain and ROC breakdowns will only be shown for the past year.

    Declared Date Payable Date Ex Date Distrib Amount Income Long Gain Short Gain ROC

    *Indicates a Special Distribution: A distribution disbursed in addition to the normal distributions paid out by the company.

    Key Information Regarding Distributions
    Avg. Earnings Per Share:
    As of 10/31/2020
    $0.4667
    Annualized Distribution Rate on NAV:
    As of 6/11/2021
    7.99%
    Total Return on NAV (12 months):
    As of 6/11/2021
    17.69%
    Avg. Portfolio Coupon:
    As of 6/11/2021
    6.27%
    Total % Portfolio Effectively Leveraged:
    As of 6/11/2021
    24.78%

    Pricing Information

    Premium/Discount Information
    Past performance is no guarantee of future results.
    Premium/Discount Information

    As of 6/11/2021

    PeriodAvg Discount
    6 Month-8.62%
    1 Year-10.33%
    3 Year-11.61%
    5 Year-10.64%
    Z-Score

    As of 6/11/2021

    PeriodZStat
    3 Month0.37
    6 Month1.00
    1 Year1.51
    Pricing History
    Date NAV Premium / Discount

    Performance

    Calendar Year Total Returns

    As of 5/31/2021
    Category: Morningstar US CEF High Yield

    Past 20 Years

    Return YearPriceNAVCategory - PriceCategory - NAV
    YTD7.74%2.46%10.46%4.01%
    20203.10%4.75%1.13%3.11%
    201929.44%18.43%21.79%13.91%
    2018-12.54%-5.86%-5.54%-2.01%
    201711.63%9.64%9.77%9.23%
    201623.48%15.56%19.94%16.22%
    2015-4.62%-6.12%-4.93%-4.43%
    2014-0.55%1.52%2.04%2.36%
    20132.56%8.70%2.61%9.80%
    201229.41%23.76%16.41%20.47%
    2011-7.87%-4.50%11.14%4.54%
    Past performance is no guarantee of future results.
    Annualized Total Returns

    Returns for periods less than one year are cumulative rather than annualized

    As of 5/31/2021
    Category: Morningstar US CEF High Yield

    Past performance is no guarantee of future results.

    Portfolio Characteristics

    Portfolio Characteristics
    Average Coupon:
    As of 6/11/2021
    6.27%
    Number of Holdings:
    As of 1/31/2021
    341
    Annual Portfolio Turnover:
    As of 10/31/2020
    63.00%
    Average Bond Price:
    As of 1/31/2021
    $106.43
    Asset Allocation

    As of 1/31/2021 reported by Fund Sponsor

    Top Sectors

    As of 1/31/2021 reported by Fund Sponsor

    Sector%Portfolio
    Corporate (Super Sector)131.06%
    Corporate Bond126.54%
    Bank Loan2.81%
    Convertible1.72%
    Securitized (Super Sector)1.44%
    Asset Backed1.43%
    Government Related0.54%
    Defensive (Super Sector)0.05%
    Utilities0.05%
    Energy0.01%
    Top Holdings

    As of 1/31/2021 reported by Fund Sponsor

    HoldingValue% Portfolio
    Bausch Health Companies Inc 7.25%$8.24M1.50%
    Altice France Holdings S A 10.5%$7.63M1.39%
    Dell International L.L.C. and EMC Corporation 8.35%$7.43M1.35%
    Tenet Healthcare Corporation 6.12%$7.35M1.34%
    Trugreen Lp Term Loan B$7.23M1.31%
    Altice France Holdings S A 6%$6.91M1.26%
    General Motors Financial Company Inc 5.75%$6.27M1.14%
    Level 3 Financing, Inc. 5.38%$6.10M1.11%
    United States Treasury Notes 2.88%$-26.61M-4.84%
    United States Treasury Notes 1.38%$-30.97M-5.63%
    Credit Quality

    As of 1/31/2021 reported by Fund Sponsor

    Maturity Breakdown

    As of 1/31/2021 reported by Fund Sponsor

    Country Allocation

    As of 1/31/2021 reported by Fund Sponsor

    Country% Portfolio
    United States - Fixed Income96.15%
    Canada - Fixed Income9.72%
    France - Fixed Income3.67%
    Brazil - Fixed Income1.64%
    Ireland - Fixed Income1.11%
    Mexico - Fixed Income0.98%
    Italy - Fixed Income0.91%
    Germany - Fixed Income0.87%
    Israel - Fixed Income0.77%
    Finland - Fixed Income0.55%
    Poland - Fixed Income0.41%
    United Kingdom - Fixed Income0.39%
    Denmark - Fixed Income0.35%
    Netherlands - Fixed Income0.35%
    Others - Fixed Income0.14%
    United States - Equity0.06%
    Invalid Country - Fixed Income0.00%
    Australia - Fixed Income-0.57%

    Closed-end fund historical distribution sources have included net investment income, realized gains, and return of capital. For more detailed information on the distributions of a specific fund, please visit the sponsor's website.

    NOTES:

    Distribution type sourced from Morningstar. For specific information about a fund's distribution sources, visit the fund sponsor's website.

    The following information applies to closed-end funds in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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