Highland Capital Management Further Raises Stake in Nexpoint Credit Strategies Fund (NHF)

James Dondero‘s Highland Capital Management has reported purchasing additional shares of Nexpoint Credit Strategies Fund (NYSE:NHF) in a series of filings. Dondero’s fund acquired a total of 233,949 shares raising its stake to 350,198 shares.

The first of the two filings, from January 6th, reported Highland Capital Management purchased 33,675 shares of the non-diversified, closed-end management investment company at an average price of $9.39 per share. On January 13th, Dondero and company purchased an additional 200,274 shares of the stock at an average price of $9.97 per share.

Highland Capital Management

Last week, Highland reported about acquiring just around 2,450 shares of Nexpoint. In addition to that, the manager of Highland, James Dondero, disclosed buying 139,867 shares, and raising his stake to over 2.75 million shares.

Earlier this month, Nexpoint Credit Strategies Fund (NYSE:NHF) announced that it would pay its traditional monthly dividend of $.050 per share on the last business day of January. The dividend will be paid to shareholders of record as of the end of business January 24, 2014. According to reports, NHF is in possession of an estimated undistributed net investment income of nearly $8.0 million.

Nexpoint Credit Strategies Fund (NYSE:NHF) is managed by NexPoint Advisors, L.P., which is an affiliate of Highland Capital Management. Nexpoint is primarily concerned with investing in “below investment grade debt and equity and has the ability to hedge risk,” and it’s the fund manager’s objective to deliver returns in excess of the Credit Suisse Hedge Fund index. Additionally, the fund endeavors to pay a monthly dividend.

NHF invests 25& of its capital in U.S. Senior Loans, an amount totaling $146 million. Additionally, the fund invests $162 million, or 28.5% of its portfolio in asset-backed securities.

In the previous quarter, Highland Capital reported a new stake in Affinity Gaming, a casino company, in which it now holds a stake of 8.2% of the stock. In its latest 13F, the fund disclosed its largest holding in Loral Space & Communications Ltd. (NASDAQ:LORL), the position amassing 1.8 million shares, with a reported value of $121.94 million. The holding amasses almost 8% of the Highland’s $1.55 billion equity portfolio.

Disclosure: none

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