PAI

Western Asset Investment Grade Income Fund
PAI
Market cap $118M

12.40 USD

-0.07

0.56%

At close Jun 13, 4:00 PM EDT

1 day

-0.56%

5 days

0.73%

1 month

0.24%

3 months

-1.67%

6 months

-1.59%

Year to date

0.81%

1 year

2.31%

5 years

-19.69%

10 years

-5.63%

About: Western Asset Investment Grade Income Fund Inc is a closed-end diversified investment company. The company designed as a long-term investment and not as a trading vehicle. The fund seeks a high level of current income, consistent with prudent investment risk, through investment in a diversified portfolio of debt securities. Its portfolio is invested in securities which may be convertible into or exchangeable for, or carry warrants to purchase, common stock or other equity interests; and preferred stock.

Financials Asset Management

0

Funds holding %

of 7,296 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

0% more capital invested

Capital invested by funds: $26.9M [Q4 2024] → $26.9M (+$3.91K) [Q1 2025]

0% more repeat investments, than reductions

Existing positions increased: 11 | Existing positions reduced: 11

0.58% less ownership

Funds ownership: 22.57% [Q4 2024] → 21.99% (-0.58%) [Q1 2025]

6% less funds holding

Funds holding: 35 [Q4 2024] → 33 (-2) [Q1 2025]

67% less first-time investments, than exits

New positions opened: 1 | Existing positions closed: 3

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Research analyst outlook

We haven’t received any recent analyst ratings for PAI.

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Financial journalist opinion

Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of March 31, 2025

NEW YORK--(BUSINESS WIRE)--Category: Financials.

Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of March 31, 2025

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of June, July and August 2025

NEW YORK--(BUSINESS WIRE)--Category: Distribution Related.

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of June, July and August 2025

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of March, April and May 2025

NEW YORK--(BUSINESS WIRE)--Category: Distribution Related.

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of March, April and May 2025

PAI: Robust Corporate Bond CEF, But Spreads Are Too Low

Western Asset Inv Grade Income Fund is a closed-end fund focused on investment-grade corporate bonds, emphasizing high current income and capital appreciation. PAI's portfolio is heavily weighted towards BBB-rated bonds, which have low default rates but are vulnerable to downgrades in a risk-off environment. Historically, PAI has outperformed passive ETFs, but its current valuation is unattractive due to narrow credit spreads and a flat discount to NAV.

PAI: Robust Corporate Bond CEF, But Spreads Are Too Low

Western Asset Investment Grade Income Fund (NYSE: PAI) or (the “Fund”) Announces Portfolio Management Team Update

NEW YORK--(BUSINESS WIRE)--Category: Fund Announcement.

Western Asset Investment Grade Income Fund (NYSE: PAI) or (the “Fund”) Announces Portfolio Management Team Update

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of December 2024, January and February 2025

NEW YORK--(BUSINESS WIRE)--Category: Distribution Related.

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of December 2024, January and February 2025

Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of September 30, 2024

NEW YORK--(BUSINESS WIRE)--Category: Financials.

Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of September 30, 2024

PAI: Discount Narrows But Continuing To Hold

The Western Asset Investment Grade Income Fund has been benefiting from a narrowing discount to NAV to help boost total returns. With this occurring, PAI's appeal has declined, but it still isn't necessarily overvalued and can still benefit from the current interest rate environment. Given the investment-grade fixed-income focus, the fund is quite interest rate sensitive, which means lower risk-free rates could see further upside potential.

PAI: Discount Narrows But Continuing To Hold

PAI: Fed Turns Dovish, What's Next For This Bond Fund?

The Western Asset Inv Grade Income Fund Inc primarily invests in safe investment-grade bonds, offering a lower yield of 4.83% compared to junk bond funds. Despite its lower yield, the PAI closed-end fund delivered a strong six-month performance, appreciating by 6.76% and outperforming key bond indices. The Fed turned very dovish yesterday, but this does not seem likely to have an outsized positive impact on bonds because the market already priced for the new projections.

PAI: Fed Turns Dovish, What's Next For This Bond Fund?

My Top 10 Closed-End Fund Holdings: August 2024

Closed-end funds overall have seen discounts narrow since the start of the year, but opportunities still exist in certain areas of the market. With increased market volatility more recently, that may lead to discounts widening back out, which could create even more opportunities in this structure. I hold 42 positions in my CEF portfolio, with the top 10 positions making up 37.40% of the portfolio—here's a review of those top 10 names.

My Top 10 Closed-End Fund Holdings: August 2024

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