The following is a summary of both a new entrant to the sector and a looming initiation. Ongoing coverage will be available in forthcoming weekly and quarterly reports as the fund deploys capital from the offer proceeds and ramps up to the prevailing model portfolio.
Investment Manager PIMCO is seeking to raise a target amount of $502.5m, with proceeds from the offer being deployed across their multi-sector approach focused on risk-adjusted returns rather than a adopting a credit-oriented or single-sector strategy. The Fund may invest in both Investment-Grade and Sub-Investment Grade Debt instruments, including Government Bonds (downside protection and predominantly the liquidity sleeve), Mortgage Credit, Corporate Credit, Emerging Market Debt and Speciality Finance. The Trust will seek to deliver investors with a Target Distribution Rate of between 4.75-5.75% p.a. net of fees and expenses paid monthly.
Bell Potter’s Indicative NTA tracks the ‘indicative’ movement of a LIC’s underlying NTA each month by monitoring the percentage movements of the disclosed holdings and using an index to track the movement of the remaining positions. The Indicative NTA works best with LICs that have a high percentage of investments concentrated in its Top 20, regular disclosure of its Top 20, lower turnover of investments, regular disclosure of its cash position and the absence of a performance fee. We have also included an adjusted indicative NTA and adjusted discount that removes the LIC distribution from the ex-dividend date until the receipt of the new NTA post the payment date. This report is published each Monday prior to the market open and is available on a daily basis. Intraday indicative NTAs will be available on request through your adviser.
For full details refer to the detailed report below or click here to download your copy.