MCI: Not An Outright Buy, But Worth Accumulating - Solid 8.9% Income

seekingalpha09-08

Khanchit Khirisutchalual Introduction: Barings Corporate Investors (NYSE:MCI) is a closed-end fund that went public in August 1971. The fund is one of the few CEFs that are more than 50 years old and ...

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The fund is one of the few CEFs that are more than 50 years old and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4719497-mci-not-outright-buy-worth-accumulating-attractive-percent-income\">Source Link</a>\n\n</div>\n","source":"seekingalpha_fund","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>MCI: Not An Outright Buy, But Worth Accumulating - Solid 8.9% Income</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMCI: Not An Outright Buy, But Worth Accumulating - Solid 8.9% Income\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-08 21:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4719497-mci-not-outright-buy-worth-accumulating-attractive-percent-income><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Khanchit Khirisutchalual Introduction: Barings Corporate Investors (NYSE:MCI) is a closed-end fund that went public in August 1971. The fund is one of the few CEFs that are more than 50 years old and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4719497-mci-not-outright-buy-worth-accumulating-attractive-percent-income\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://seekingalpha.com/article/4719497-mci-not-outright-buy-worth-accumulating-attractive-percent-income","article_id":"2465925257","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1469387313/image_1469387313.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2465925257","pubTimestamp":1725800400,"columns":[],"sourceInfo":{"source_id":"seekingalpha_fund","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Khanchit Khirisutchalual Introduction: Barings Corporate Investors (NYSE:MCI) is a closed-end fund that went public in August 1971. The fund is one of the few CEFs that are more than 50 years old and ","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","BK4550":"红杉资本持仓","SPY.AU":"SPDR® S&P 500® ETF Trust","SPXU":"三倍做空标普500ETF","SSO":"两倍做多标普500ETF","BK4581":"高盛持仓","OEF":"标普100指数ETF-iShares","MCI":"Babson Capital Corporate Investors","BK4504":"桥水持仓","SPY":"标普500ETF","SDS":"两倍做空标普500ETF","MPV":"万通金融","OEX":"标普100",".SPX":"S&P 500 Index","SH":"标普500反向ETF","BK4534":"瑞士信贷持仓","IVV":"标普500指数ETF","BK4585":"ETF&股票定投概念","HYG":"债券指数ETF-iShares iBoxx高收益公司债","JNK":"债券指数ETF-SPDR Barclays高收益债","UPRO":"三倍做多标普500ETF","PTY":"PIMCO企债收益机会基金","BK4559":"巴菲特持仓"},"translate_title":"MCI：不是直接购买，但值得积累——8.9%的稳定收入","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SPY":1,"SPY.AU":1,"PTY":1,"MPV":1,"MCI":1,"JNK":1,"HYG":1,"US2Y.BOND":0.9,"US10Y.BOND":0.9,"US12M.BOND":0.9,"US30Y.BOND":0.9,"US3Y.BOND":0.9,"US5Y.BOND":0.9,"US6M.BOND":0.9,"US7Y.BOND":0.9,"SDS":0.6,"US912797GL51.BOND":0.6,"UPRO":0.6,"SSO":0.6,"US912797GW17.BOND":0.6,"US912797HE00.BOND":0.6,"SPXU":0.6,"SH":0.6,".SPX":0.6,"OEX":0.6,"OEF":0.6,"IVV":0.6,"ESmain":0.6},"content_text":"Khanchit Khirisutchalual Introduction: Barings Corporate Investors (NYSE:MCI) is a closed-end fund that went public in August 1971. The fund is one of the few CEFs that are more than 50 years old and have a very strong record of performance. The fund primarily invests in privately placed, below-investment grade, long-term debt obligations. More often than not, these debt investments are accompanied by equity features directly purchased from their issuers. The fund takes advantage of Barings' extensive deal network of private equity sponsors. The debt investments provide the fund with the income, while the equity feature provides scope for capital appreciation. As per the fund's literature, \"First offered to the public in 1971, Barings Corporate Investors seeks to provide a consistent yield while at the same time offering an opportunity for capital gains. MCI's principal investments are in the privately placed, below-investment grade, long-term debt obligations of companies primarily domiciled in the U.S. These direct placement securities may, in some cases, be accompanied by equity features such as warrants, conversion rights, and occasionally preferred stocks. We typically purchase these investments directly from their issuers, who tend to be smaller companies and may also temporarily invest in marketable investment-grade and other debt securities (including high yield) and common stocks. MCI is managed on a total return basis and distributes substantially all of its net income each year in the form of quarterly dividends.\" Note: We provided a review for this fund back in January’2024, and this is what we had concluded at that time, \"If you are a new buyer, you could buy the first lot of shares as a placeholder to monitor. Eventually, the premium should come down, and that may be a good time to add more shares. The existing owners should hold the shares, as we consider this to be a long-term holding that should serve its owners well.\" The new buyers did get that opportunity to add on the dip in the month of April and then again for a short window in early June; obviously, it required some monitoring. The price has declined slightly since our last review. The forward yield was 8.4% at that time, while it is higher now at 8.85%, also because of the two small increases in the payout since then. Other salient features of this fund are as follows:  The fund is managed by the Barings Group. According to Barings publications, it is a $400 Billion plus global asset management firm and is a subsidiary of MassMutual. The fund is focused on privately placed long-term debt or loan obligations to small and medium companies, with 65% of them being first-lien senior secured loans. Approximately 14% of the fund's market value was derived from equity positions (as of Jun. 30, 2024). The fund uses roughly 10-11% leverage to enhance the potential for generating income. The leverage is reasonably low, which makes the fund that much safer. Generally, the leverage can make a fund more volatile than it would be otherwise. Longer term, as of Jun. 30, 2024, the fund returned 10.9%, 9.7%, 9.8%, 9.6%, and 11.1% for the 1, 3, 5, 10, and 25-year periods, respectively, on the NAV (net asset values) basis. These results assume that all distributions were reinvested. These are impressive returns considering the fact that this is a high-yield bond fund. The fund pays a quarterly distribution, with a policy of paying nearly all of its net investment income to shareholders. As a result, the distribution amount can vary from year to year. In fact, it has increased the payout in the last eight consecutive quarters; as a result, the payout has gone up from $0.24 a share in Aug. 2022 to $0.40 in Aug.2024, a nearly 66% increase over the last two years. However, it reduced the payout by 20% in 2020 during the pandemic and then kept it at the same rate for the next two years. The fund is mostly invested in U.S.-based companies, with only minor investments in Canada and the U.K. It is invested 87% in debt obligations and 13% in equity. It is a highly diversified fund and has a total of 172 assets/clients (as of Jun. 30, 2024). The top 10 holdings accounted for 18.2% of the total assets. As of Jun. 30, 2024, the fund under its management had roughly $382.5 million in total assets and $350 million in net assets. The fund is an actively managed fund and has a management advisory fee of 1.25% on the net assets. In addition, the fund has to pay interest on the leverage. The total expenses as of Jun. 30, 2024, stood at 2.0% on total assets. As of Sep. 3, 2024, its distribution yield on the market price was 8.85% and 9.29% on the NAV (NAV as of Jun. 30, 2024). As of Sep. 3, 2024, MCI's market price commanded a premium of 7.37% to its NAV (NAV dated Jun.30, 2024). However, on a 3-year average basis, it has traded at a discount of -6.57%.  Financial Outlook: Let's look at the Fund's Financial health and performance. The most recent detailed report that is available to investors is the 6-month report for the period of Jan. 2024 – Jun. 30, 2024. For comparison, we also include data from the previous annual report, the period ending Dec. 31, 2023. Net Investment Income: The net investment income (or NII in short) is the net income that a fund earns from its investment in the form of dividends, distributions, and interests or derivatives like options, minus all of the fund's expenses, including management fees, operating expenses, commissions, and interest on leverage. For equity-based funds, especially in high-growth sectors like technology, the NII is not very relevant. However, for fixed-income or bond funds like MCI, it is quite relevant. The fund has nearly 90% of its investments in debt securities and only about 10% in equity portion. So, the fund must earn enough of NII (net investment income) to be able to pay distributions without resorting to return of capital. If we look at the most recent semi-annual report, the fund earned roughly $16.7 million in NII, while it paid $15.6 million in distributions. So, it fully covered the distributions. Here is what it looks like in terms of NII, Expenses, Distributions, and Net Assets at the beginning and end of the statement period. (all amounts are in US $ (except Shares Outstanding) for the 6-month period; negative amounts are shown inside parentheses, per the Semi-annual report, nine months ending Jun. 30, 2024, and the Annual report, 12-months ending Dec. 2023). However, we recognize that it is not a one-to-one comparison because of the asymmetry in the two reporting periods. However, per share data, the period is not relevant. Table-1: Data source: MCI's 2024 6-Months Report and 2023 Annual Report. Distributions: MCI currently provides a quarterly distribution of $0.40 per share, which has been increased for the last eight consecutive quarters. As stated earlier, the distribution payout has increased by 66% during the last two years. However, in the prior two years, it was kept constant. The current yield (with the increased payout) comes out to be a yield of 8.85% at current prices (as of 09/03/2024) and 9.29% on the NAV (as of 06/30/2023). Please note that this fund does not update its NAV on a regular basis (due to non-public investments), so the NAV that we have is quite outdated. We tend to think that the market price has been appreciating with expectations of increasing NAV. The fund will likely update the NAV at the end of Sep. 2024. As such, the fund's distribution policy is to distribute most of its NII. That means, it must adjust the distribution rate up or down as needed. So, is the distribution covered? MCI is a high-yield debt fund. For most fixed-income types of funds, it is very important that they earn enough (or nearly enough) in NII (net investment income) to pay most or all of their distribution obligations. They can also adjust the distribution amount up or down based on the NII, and that's what MCI does as well. However, it is a fact that most income investors don't like distribution cuts, so the management must navigate this carefully. Based on past data, we can see MCI's management has done a very good job managing the income and distributions over the years. Besides, distributions have not been destructive to the NAV. In fact, the management has done a fabulous job of consistently maintaining and increasing the NAV. The fund started with a NAV of $23 in 1971. Subsequently, in 1998 and then again in 2011, it underwent split on a two-for-one basis. So, with a split basis, the initial NAV was $5.75. Today, the NAV is over $17. This is in addition to the distributions it has paid all these years. The fund employs a reasonably low level of leverage, only about 10%. As stated earlier, as per the most recent semi-annual report (from Jan. to Jun. 2024), the fund generated roughly $16.7 million in net investment income, which is after it paid all expenses, including the management fees, interest, and other misc. expenses. For the two quarters, it paid roughly $15.6 million in distributions. That means its coverage ratio was 107%. Also, if we look at the distribution reports on the fund's website, we find no evidence of any ROC (return of capital) being paid. Discount/Premium: The fund is currently trading at a premium of +7.37% (to its NAV). However, the NAV is outdated as of Jun. 30, 2024. It is quite possible that NAV may have increased in the last two months, so the actual premium may be less than it appears. That said, we can't be certain of that. The fund spent the last three years (2021-23) in the discount area, and it has only moved to the premium area starting this year. However, we should always look at both the premium/discount and the overall valuation of the fund within its sector. Chart-1: MCI – Premium/Discount Chart CEFConnect.com Funds Holdings: The fund is fairly diverse, and as of Jun. 30, 2024, it was invested in 27 different industry segments across 172 assets/clients. As we already know, the fund is invested mostly in the U.S. based private companies. With over 172 assets/client holdings, it is highly diversified, and the top 10 holdings make up only 18.2% of the total assets. The top 10 holdings and asset composition as of Mar. 31, 2024 (taken from Barings.com) are presented below. Chart-2: Top10 Holdings and Asset Composition  Barings.com (Fund's website) Performance and Valuation: Why invest in a fund like MCI? Well, we think there are two reasons: First, MCI's fully covered, high income of 8.9% (current yield) makes it a great fund for income investors, and secondly, its outstanding long-term total returns, in spite of being a debt fund. As stated earlier, as of Jun. 30, 2024, the fund returned 10.9%, 9.7%, 9.8%, 9.6%, and 11.1% for the 1, 3, 5, 10, and 25-year periods, respectively, on an NAV basis. These are solid long-term returns for a debt fund. The fund uses the Bloomberg Barclays U.S. Corporate High Yield Index as its benchmark. In fact, the fund has a vastly superior performance compared to its benchmark. The chart below is as of Jun. 30, 2024. Chart-3: MCI Semi-annual report. We will compare the fund's performance with some index ETFs that hold similar assets and a couple of similar CEFs. We will include the following funds:  MCI Barings Participation Investors (MPV) -- MCI's sister fund. PIMCO Corporate and Income Opp. Fund (PTY). SPDR Bloomberg High Yield Bond ETF (JNK). iShares iBoxx $ High Yield Corporate Bond ETF (HYG). SPDR S&P 500 ETF Trust (SPY).  Let's see how it compares over the last 25, 10, 5, and 3 years with these funds. Please note that JNK and HYG have shorter histories, only going back to 2008. Table 4: (Data - period as specified, if not specified then as of Sep. 04, 2024)   Item Desc. MCI MPV PTY JNK HYG S&P 500   Dividend Yield% (as of 09/04/2024) 8.85% 9.11% 9.97% 6.53% 5.89% 1.24%   Discount / Premium (as of Sep. 4, 2024) +7.49% +3.80% 23.92% n/a n/a n/a   Inception 1971 1988 2002 2007 2007 -   Annualized Return [CAGR] From 1999-Aug. 2024 10.34% 9.89% N/A N/A N/A 7.99%   Annualized Return [CAGR] From 2003-Aug. 2024 11.19% 10.75% 11.75% N/A N/A 10.96%   Annualized Return [CAGR] From 2008-Aug. 2024 9.18% 9.13% 12.54% 4.77% 4.91% 10.45%   Max. Drawdown (2008-Aug. 2024) -38% -35% -47% -36% -30% -49%   Std. Deviation (2008-Aug. 2024) 18.66% 16.31% 24.58% 11.79% 10.75% 16.03%   10-Year CAGR 9.63% 9.66% 7.95% 3.28% 3.57% 12.83%   5-Year CAGR 10.44% 6.39% 5.47% 3.34% 3.32% 15.76%   3-Year CAGR 14.86% 13.83% -1.52% 1.76% 1.94% 9.22%   Fees (excluding interest) 1.04% 0.80% 0.80% 0.40% 0.49% 0.09%   Leverage 11% 11% 20% 0% 0% 0%   No. of holdings 172 168 696 1187 1253 504   Assets (Net) $342 Million $165 Million $1.9 Billion $7.9 Billion $16.7 Billion  $551Billion   Allocation Private-placed, below Inv-grade Debt Obligations, 10% private equity Private-placed, below Inv-grade Debt Obligations, 10% private equity Corporate debt, asset-backed securities, sovereign debt, income-producing securities Corporate High-Yield Liquid Bonds Corporate High Yield Bond Largest 500 US companies   Click to enlarge Note: Some of the data (e.g., number of holdings and leverage) may not be current as of Sep. 04, 2024. Now, the past performance looks very decent, especially long-term past performance. What about the future? After all, we will be investing today for the future performance. In the last two to three years, we have had high inflation and a high interest-rate regime. The high interest rates suppressed the valuation of all kinds of assets, but it was particularly hard on debt securities and bonds. Though MCI's NAV suffered in 2022, it rose in 2023. In 2024, so far, it has been mostly flat if we subtract the unpaid distributions (as of the close of the 2nd quarter). Throughout 2023 and 2024, the fund has been raising the distribution payout. That shows that the fund has been earning increasing amounts of income during this period. In all probability, this was the result of high interest rates (due to high exposure to floating-rate securities). However, as the interest rates start declining now, it will boost the valuations of the debt and bond assets as there will be less of a chance of client defaults. However, at the same time, their investment income may come under pressure to some extent. Risk Factors: Investors need to be aware of certain risk factors that are associated with this fund and CEFs in general. Risk factors could be summarized as follows:  MCI's near to mid-term future performance may be somewhat impacted by the movement of interest rates. As of now, all indicators and expectations are pointing to interest rates going down in 2024 and 2025. This will help boost the valuation of the fund's underlying assets, as lower rates would help small and medium-sized companies. Lower interest rates will also lower the interest expense on its leverage amount, though leverage is only about 10%. However, that may also negatively impact the fund's investment income. This is a fund that announces its NAV (net asset value) only once a quarter. So, it is more of a guessing game for the rest of the quarter. The premium/discount is also calculated based on a dated NAV. So, for example, it is trading at a 7%+ premium today based on the NAV as of Jun. 30, 2024. The general risks, such as the geopolitical situation. The possibility of the occurrence of a recession in 2024/2025 is low but cannot be ruled out. A deep recession can severely impact the underlying assets of this fund. However, most market participants expect the recession to be a shallow one, if that happens at all.  Concluding Thoughts: If you are a retiree or less than five years away from retirement, and you need your capital to earn you 8% or even 9%, then MCI can be a perfect income vehicle. Since its inception over 50 years ago, the fund has gone through many market conditions and upheavals. We can only judge the management from its record; it appears they have done a very good job over the years of paying high income and still growing the NAV. Sure, past records do not guarantee anything because the management can change or lose its focus or direction. However, if that happens, there will be enough indicators along the way. All we need to do is to analyze its semi-annual and annual reports to look for any cues.  Due to the moderate to high premium, we cannot rate the fund as an outright buy. Investors need to be on the lookout for any dips along the way, as we saw one recently in early August. We see some reasons to believe that the fund's NAV may have increased significantly since its last report as of Jun. 30, 2024, but we can't be sure, as the company only reports the NAV quarterly. One could also accumulate the shares using dollar-cost-averaging. 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