2022 Monthly Dividend and Portfolio Update

RNS Number : 0178Z

NB Global Monthly Income Fund Ltd

20 January 2022

 

20 January 2022

NB Global Monthly Income Fund Limited ("NBMI")

2022 Target Distribution, Portfolio Update and Dividend Declaration

The board of NB Global Monthly Income Fund ("NBMI") is pleased to provide an update on the Company's investment portfolio and details of the target dividend for 2022, together with the monthly dividend declaration for the calendar month to January 2022.

Highlights

· 2022 target monthly distribution set at £0.00415 per share, equating to £0.0498 per share, per annum:

o  Representing a yield of 5.25% of NAV ¹ , and

o  5.57% yield on the current share price of 89.40 pence ²

· Strong 2021 portfolio return of 7.76%

· Portfolio Positioning:

o  Alternative credit ended 2021 at 36% up from 25% at the start of the year

o  Floating rate exposure maintained at 70%

· Portfolio Yield 6.58% as at 31^st December 2021

Note: (1) as of 4 January 2022; (2) as at market close on 19 January 2022

Performance Update (as of 31 December 2021)

	NB Global Monthly Income Fund (Net of Fees) %
6 months to 31 Dec 2021	1.77
Calendar Year 2021	7.76
Since Inception (30 Sep 2020)	10.71

-  Issuer fundamentals across non-investment grade credit markets improved significantly throughout 2021 - driving the positive performance - and remain solid with default rates below or near all-time lows, EBITDA growth healthy and net leverage ratios trending down.

-  The portfolio return, since inception, of 10.71% benefitted from allocations to both traditional and alternative credit with notable above average contributions from Private Debt and CLO Mezzanine as the year progressed. Other credit segments that were additive to performance included U.S. and European senior floating rates loans and high yield.

Portfolio statistics (as of 31 December 2021 with 31 December 2020 for comparison)

		2021	2020
Asset allocation:
	Global High Yield:	28.1%	26.4%
	Global Floating Rate Loans:	35.4%	49.1%
Total Traditional Credit:		63.6%	75.4%
	Private Debt:	22.5%	11.5%
	CLO Mezzanine Debt:	11.0%	7.0%
	Special Situations:*	3.0%	6.1%
Total Alternative Credit:		36.4%	24.6%
* Tradeable but less liquid debt securities, such as stressed credit and CLO debt tranches
Asset allocation:
	Floating Rate:	70.0%	71.0%
	Fixed Rate:	30.0%	29.0%

2022 Dividend Payment Dates

The Board is pleased to announce a Target Distribution ³  for the financial year 2022 at a rate of 5.25% of Net Asset Value per annum (net of fees and expenses) which equates to a dividend per share of £0.00415 paid monthly. This distribution represents a 6.41% increase on the total dividend for the 12 months ended 31 December 2021.

2022 dividends will be paid on or around the 10th business day of the following month in arrears. The full schedule of record, ex-dividend, and payment dates for 2022 is available at  www.nbgmif.com  under 'Fund Analysis'.

The Board would like to take the opportunity to remind our shareholders that the Company became an "offshore fund" for the purposes of the UK's offshore fund tax rules. The Company applied to HMRC to treat the Company as a "reporting fund" for these purposes, details of which can be found in the EGM circular available at  www.nbgmif.com . Shareholders who are in any doubt as to their tax position should consult an independent professional adviser.

Note: (3) This is only a target distribution and may not be achieved. Actual distributions will be monitored against the Target Distribution. The Target Distribution will be reviewed at least annually (at the end of each financial year) and any amendment to the target will be announced via RNS as required.

Dividend Declaration

The Board of the Company is pleased to announce an interim dividend of £0.00415 per Sterling ordinary share for the period 1 January 2022 to 31 January 2022. The dividend will be payable on 11 February 2022 to ordinary shareholders on the register as at close of business on 28 January 2022.

As notified in previous announcements, dividends declared by the Company are no longer being paid by cheque and will only be paid to shareholders electronically. Dividend confirmations are available on the Link Share Portal, at www.signalshares.com.

The dividend timetable is set out below:

Ex-dividend date	27 January 2022
Dividend record date	28 January 2022
Ordinary Shareholders dividend payment date	11 February 2022

For further information, please contact:

Neuberger Berman Europe Limited (Manager) Elizabeth Papadopoulos	[phone]
Numis Securities Limited (Broker) Hugh Jonathan Matt Goss	[phone]
Sanne Fund Services (Guernsey) Limited (Company Secretary) Matt Falla Gemma Woods	[phone]
KL Communications (PR) Charles Gorman Will Sanderson	[phone]

About NBMI

The Company is a registered closed-ended investment company incorporated in Guernsey. It is managed by Neuberger Berman Europe Limited, which has delegated certain of its responsibilities and functions to the AIFM, Neuberger Berman Investment Advisers LLC, both of which are indirect wholly owned subsidiaries of Neuberger Berman Group LLC.

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies-including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds-on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman's diverse team has over 2,400 professionals.

For seven consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $437 billion in client assets as of December 31, 2021. For more information, please visit our website at  www.nb.com .

LEI: 549300P4FSBHZFALLG04

 

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