Bell Potter LIC Weekly: SEC Buyback, Metrics Credit Upgraded

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SEC buyback and other initiatives

Spheria Emerging Companies Limited (SEC) provided an update on the LIC’s share buyback and other initiatives aimed at reducing the NTA discount of the Company. SEC previously implemented a $5m buyback program in June 2019 that is nearing the end, with $4.5m having being bought back as at the most recent company disclosure.

Metrics Credit Partners fund upgraded by S&P

On 31 March the Metrics Credit Partners Diversified Australian Senior Loan Fund (DASLF) was upgraded from BBB+ to A- by S&P Global Ratings. Approximately 60% of capital invested in MCP Master Income Trust (MXT) is invested into the unlisted DASLF. In the announcement, S&P highlighted the “very strong risk-adjusted leverage and low under-lying credit risk profile relative to peers and solid franchise among target investors”. S&P also noted that since DASLF’s inception in June 2013, the fund hasn’t experienced any materially impairments to the portfolio.

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William Gormly

About William Gormly

William Gormly is an ETF/LIC Specialist at Bell Potter Securities. Will provides comprehensive coverage of the ETF and LIC sectors, producing a range of highly regarded reports covering investment fundamentals, asset class structure and cost, and the role of managed investments in portfolios.

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