BGH - BGH: 8.3% Yielding Low Duration CEF With A Margin Of Safety

• We update our analysis of BGH on the back of its latest shareholder report.
• BGH is a limited-duration credit fund with a very high coverage level and a double-digit discount - two margin-of-safety features.
• The fund's low duration, attractive valuation and strong historic performance are the key positives.
• The fund's risks are its relatively cyclical exposure in energy and mining as well as a lower-quality allocation judging by the credit rating profile.

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