Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced an increase in the distribution rate on five funds: Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA), Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD), Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE), Voya Asia Pacific High Dividend Equity Income Fund (NYSE: IAE), and Voya Emerging Markets High Dividend Equity Fund (NYSE: IHD).
The increase is intended to address demand in the market for higher distribution rates given the increase in market yields and competition from alternative sources of regular cashflows. Voya previously announced a change to the distribution frequency from quarterly to monthly for four of the funds; therefore, all five funds will make monthly distributions. The combination of monthly payments with higher distribution rates, including, potentially, returning capital to investors at net asset value, aims to have the funds serve as an attractive regular source of cashflow for investors.