Verdicts genuinely change. Free email alert the moment HGLB's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Highland Global Allocation Fund · HIGHLAND GLOBAL ALLOCATION FUND
57 holdings
This fund holds short positions, so exposure is counted gross — long and short both count as exposure rather than netting off, and the weights below therefore sum to 113% of net assets rather than 100%. Shares of the portfolio are shown as shares of that gross exposure.
NON-COMPLIANT At least 26.61% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 84% turns out to be. Matching more holdings can only raise this share, never lower it.
0.24% of that is conventional interest-bearing debt, identified from the fund's own filing rather than by screening an issuer. Sukuk are deliberately excluded from this test and are never counted here.
57 holdings, 25 matched (26% of weight). Portfolio as of 2026-06-30, filed 2026-09-02. Source: SEC Form N-PORT.
9.50% of this portfolio’s income is non-permissible — weighted across holdings, computed over 22% of portfolio weight (20 of 57 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| N/A | UNSCREENED | 24.74% | no in-house ratios for this holding |
| MIDWAVE WIRELESS | UNSCREENED | 10.95% | no in-house ratios for this holding |
| HIGHLAND OPPORTUNITIES AND INCOME FUND | UNSCREENED | 7.71% | no in-house ratios for this holding |
| Fermi Inc | UNSCREENED | 6.54% | no in-house ratios for this holding |
| N/A | UNSCREENED | 6.16% | no in-house ratios for this holding |
| NREF NEXPOINT REAL ESTATE FINANCE, INC. | NON_COMPLIANT | 4.85% | AAOIFI921.3% Usmani68.8% Dow Jones Islamic1543.1% S&P Shariah1667.2% MSCI Islamic68.8% MSCI Islamic M-Series1667.2% FTSE Shariah68.8% |
| ET ENERGY TRANSFER LP | NON_COMPLIANT | 4.16% | AAOIFI94.8% Usmani47.4% Dow Jones Islamic120.8% S&P Shariah134.5% MSCI Islamic47.4% MSCI Islamic M-Series134.5% FTSE Shariah46.2% |
| N/A | UNSCREENED | 3.81% | no in-house ratios for this holding |
| TSAT Telesat Corporation | NON_COMPLIANT | 3.34% | AAOIFI114.5% Usmani52.9% Dow Jones Islamic183.3% S&P Shariah231.4% MSCI Islamic52.9% MSCI Islamic M-Series231.4% FTSE Shariah52.9% |
| N/A | UNSCREENED | 3.16% | no in-house ratios for this holding |
| N/A | UNSCREENED | 2.89% | no in-house ratios for this holding |
| Republica Argentina | UNSCREENED | 2.61% | no in-house ratios for this holding |
| N/A | UNSCREENED | 2.41% | no in-house ratios for this holding |
| N/A | UNSCREENED | 2.32% | no in-house ratios for this holding |
| APTV APTIV PLC | NON_COMPLIANT | 2.16% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| NXRT NEXPOINT RESIDENTIAL TRUST, INC. | NON_COMPLIANT | 1.89% | AAOIFI266.0% Usmani86.4% Dow Jones Islamic202.1% S&P Shariah205.1% MSCI Islamic86.4% MSCI Islamic M-Series205.1% FTSE Shariah86.4% |
| JAMES HARDIE INDUSTRIES PUBLIC LIMITED COMPANY | UNSCREENED | 1.71% | no in-house ratios for this holding |
| N/A | UNSCREENED | 1.69% | no in-house ratios for this holding |
| TALO TALOS ENERGY INC. | NON_COMPLIANT | 1.60% | AAOIFI44.2% Usmani24.7% Dow Jones Islamic64.3% S&P Shariah63.8% MSCI Islamic22.9% MSCI Islamic M-Series63.8% FTSE Shariah22.6% |
| N/A | UNSCREENED | 1.37% | no in-house ratios for this holding |
| NRG NRG ENERGY, INC. | NON_COMPLIANT | 1.34% | AAOIFI85.9% Usmani53.8% Dow Jones Islamic81.4% S&P Shariah98.7% MSCI Islamic53.8% MSCI Islamic M-Series98.7% FTSE Shariah53.3% |
| NXDT NEXPOINT DIVERSIFIED REAL ESTATE TRUST | NON_COMPLIANT | 1.24% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| BHR BRAEMAR HOTELS & RESORTS INC. | NON_COMPLIANT | 1.14% | AAOIFI571.6% Usmani45.0% Dow Jones Islamic438.1% S&P Shariah456.9% MSCI Islamic45.0% MSCI Islamic M-Series456.9% FTSE Shariah45.0% |
| Maplebear Inc | UNSCREENED | 1.10% | no in-house ratios for this holding |
| CEPU Central Puerto S.A. | NON_COMPLIANT | 1.04% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| N/A | UNSCREENED | 0.92% | no in-house ratios for this holding |
| PRIM PRIMORIS SERVICES CORPORATION | COMPLIANT | 0.83% | AAOIFI31.5% Usmani27.6% Dow Jones Islamic23.7% S&P Shariah29.6% MSCI Islamic27.6% MSCI Islamic M-Series29.6% FTSE Shariah17.2% |
| GLO.PA GL EVENTS SA | NON_COMPLIANT | 0.81% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| N/A | UNSCREENED | 0.80% | no in-house ratios for this holding |
| BWA BORGWARNER INC. | NON_COMPLIANT | 0.77% | AAOIFI30.1% Usmani29.2% Dow Jones Islamic43.9% S&P Shariah46.5% MSCI Islamic29.2% MSCI Islamic M-Series46.5% FTSE Shariah27.7% |
| MG.TO MAGNA INTERNATIONAL INC. | NON_COMPLIANT | 0.73% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| LEA LEAR CORPORATION | NON_COMPLIANT | 0.69% | AAOIFI55.2% Usmani22.4% Dow Jones Islamic62.9% S&P Shariah58.1% MSCI Islamic22.4% MSCI Islamic M-Series58.1% FTSE Shariah17.5% |
| N/A | UNSCREENED | 0.68% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.65% | no in-house ratios for this holding |
| TREX TREX COMPANY, INC. | COMPLIANT | 0.57% | AAOIFI1.1% Usmani3.1% Dow Jones Islamic0.9% S&P Shariah0.8% MSCI Islamic3.1% MSCI Islamic M-Series0.8% FTSE Shariah0.0% |
| MAS MASCO CORPORATION | COMPLIANT | 0.56% | AAOIFI23.0% Usmani61.8% Dow Jones Islamic22.1% S&P Shariah22.3% MSCI Islamic61.5% MSCI Islamic M-Series22.3% FTSE Shariah56.3% |
| N/A | UNSCREENED | 0.51% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.46% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.45% | no in-house ratios for this holding |
| SRG-PA SERITAGE GROWTH PROPERTIES | NON_COMPLIANT | 0.38% | AAOIFI0.0% Usmani0.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.0% MSCI Islamic M-Seriesfail FTSE Shariah0.0% |
| WDFC WD-40 COMPANY | COMPLIANT | 0.34% | AAOIFI3.7% Usmani22.9% Dow Jones Islamic3.8% S&P Shariah3.8% MSCI Islamic22.9% MSCI Islamic M-Series3.8% FTSE Shariah20.1% |
| N/A | NON_COMPLIANT | 0.24% | no in-house ratios for this holding |
| MidWave Wireless, Inc. Tranche J Loan | UNSCREENED | 0.22% | no in-house ratios for this holding |
| IHEARTCOMMUNICATIONS, INC. | UNSCREENED | 0.14% | no in-house ratios for this holding |
| IHEARTCOMMUNICATIONS, INC. | UNSCREENED | 0.10% | no in-house ratios for this holding |
| Grupo Clarin S.A. | UNSCREENED | 0.08% | no in-house ratios for this holding |
| SUPV GRUPO SUPERVIELLE S.A. | NON_COMPLIANT | 0.08% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| CFCRE COMMERCIAL MORTGAGE TRUST | UNSCREENED | 0.08% | no in-house ratios for this holding |
| RC READY CAPITAL CORPORATION | NON_COMPLIANT | 0.07% | AAOIFI413.1% Usmani19.1% Dow Jones Islamic194.3% S&P Shariah143.8% MSCI Islamic19.1% MSCI Islamic M-Series143.8% FTSE Shariah19.1% |
| NXDT NEXPOINT DIVERSIFIED REAL ESTATE TRUST | NON_COMPLIANT | 0.06% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| N/A | UNSCREENED | 0.06% | no in-house ratios for this holding |
| HERON THERAPEUTICS, INC. | UNSCREENED | 0.03% | no in-house ratios for this holding |
| Republica Argentina | UNSCREENED | 0.02% | no in-house ratios for this holding |
| StoneCo Ltd. | UNSCREENED | 0.02% | no in-house ratios for this holding |
| HLS.TO HLS Therapeutics Inc. | NON_COMPLIANT | 0.01% | AAOIFI58.9% Usmani37.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic36.2% MSCI Islamic M-Seriesfail FTSE Shariah36.2% |
| RIG Transocean Ltd. | NON_COMPLIANT | 0.00% | AAOIFI78.3% Usmani33.8% Dow Jones Islamic118.5% S&P Shariah113.6% MSCI Islamic33.8% MSCI Islamic M-Series113.6% FTSE Shariah33.8% |
| UNITED DEVELOPMENT FUNDING - CVR | UNSCREENED | 0.00% | no in-house ratios for this holding |
The published standards disagree about this fund by 3 points of portfolio weight — 4.8% of it passes Usmani, 1.5% passes AAOIFI. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 1.5% ratios fail on 24.0% 87.9% not rated under AAOIFI
ratios pass on 4.8% ratios fail on 19.9% 88.7% not rated under Usmani
ratios pass on 2.3% ratios fail on 23.2% 87.9% not rated under Dow Jones Islamic
ratios pass on 2.3% ratios fail on 23.2% 87.9% not rated under S&P Shariah
ratios pass on 4.4% ratios fail on 20.2% 88.7% not rated under MSCI Islamic
ratios pass on 2.3% ratios fail on 23.2% 87.9% not rated under MSCI Islamic M-Series
ratios pass on 4.8% ratios fail on 19.9% 88.7% not rated under FTSE Shariah
23 of 57 listed holdings carry our own per-methodology verdicts (29% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 18 (24% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| NREF NEXPOINT REAL ESTATE FINANCE, INC. | 4.85% |
| ET ENERGY TRANSFER LP | 4.16% |
| TSAT Telesat Corporation | 3.34% |
| APTV APTIV PLC | 2.16% |
| NXRT NEXPOINT RESIDENTIAL TRUST, INC. | 1.89% |
| TALO TALOS ENERGY INC. | 1.60% |
| NRG NRG ENERGY, INC. | 1.34% |
| NXDT NEXPOINT DIVERSIFIED REAL ESTATE TRUST | 1.24% |
| BHR BRAEMAR HOTELS & RESORTS INC. | 1.14% |
| CEPU Central Puerto S.A. | 1.04% |
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Highland Global Allocation Fund (HGLB) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| N/Anot matched to a ticker | 24.74% | Not screened |
| MIDWAVE WIRELESSnot matched to a ticker | 10.95% | Not screened |
| HIGHLAND OPPORTUNITIES AND INCOME FUNDnot matched to a ticker | 7.71% | Not screened |
| Fermi Incnot matched to a ticker | 6.54% | Not screened |
| N/Anot matched to a ticker | 6.16% | Not screened |
| NREFNEXPOINT REAL ESTATE FINANCE, INC. | 4.85% | Non-compliant |
| ETENERGY TRANSFER LP | 4.16% | Non-compliant |
| N/Anot matched to a ticker | 3.81% | Not screened |
| TSATTelesat Corporation | 3.34% | Non-compliant |
| N/Anot matched to a ticker | 3.16% | Not screened |
Top 10 of 57 holdings, 75.4% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for HGLB. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
ℹ️ no compliance scan has run for 2 days - this is not a reading of today
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Classic floor-trader pivots from the last completed daily bar. Highlighted pills are the levels bracketing the current price.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 24.90 | BUY |
| Stochastic %K (14) | 6.38 | BUY |
| CCI (20) | -115.47 | BUY |
| Williams %R (14) | -93.62 | BUY |
| MACD (12,26,9) | -0.04 | SELL |
| ROC (10) | -7.27 | SELL |
| Momentum (10) | -0.50 | SELL |
| EMA (10) | 6.58 | SELL |
| SMA (10) | 6.56 | SELL |
| EMA (20) | 6.77 | SELL |
| SMA (20) | 6.84 | SELL |
| EMA (30) | 6.89 | SELL |
| SMA (30) | 7.00 | SELL |
| EMA (50) | 7.03 | SELL |
| SMA (50) | 7.15 | SELL |
| EMA (100) | 7.25 | SELL |
| SMA (100) | 7.27 | SELL |
| EMA (200) | 7.64 | SELL |
| SMA (200) | 7.59 | SELL |
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.