Portfolio Update - November 2020

RNS Number : 2507H

NB Global Monthly Income Fund Ltd

02 December 2020

 

2 December 2020

NB Global Monthly Income Fund Limited("NBMI")

Portfolio Update

Highlights

· Portfolio over 80% transitioned to date, ahead of schedule

· 6.7% yield¹

· Current allocation of 75% to traditional credit and 25% to alternative credit

The board of NB Global Monthly Income Fund ("NBMI") is pleased to further update shareholders on progress made since the EGM on 8 September 2020.

Over 80% of the portfolio has now transitioned to reflect the new strategy, as the Investment Manager implements the new investment policy. Once completed, the transitioned portfolio will comprise a wider range of credit assets, including traditional and alternative credit such as private corporate loans issued directly to borrowers.

The portfolio yield at present, on a yield-to-maturity basis, is 6.7% and on a current yield basis is 5.9%. Around 75% of the portfolio has been allocated to traditional credits and the remaining 25% to alternative credits, of which 11% is allocated to special situations, 9% to private debt and 5% to CLO debt tranches.

As previously indicated, NBMI began paying monthly dividends earlier this month. In January 2021, the Board will announce the target distribution and timetable for the coming calendar year.

Based on the portfolio yield-to-maturity of 6.7%, the Board continues to expect the dividend per share for November and December 2020 to be 0.34 pence per share (equating to an annualised dividend yield of approximately [5.1%] based on 27 November 2020 closing share price)  and for the monthly dividend per share to be increased from January 2021. NBMI will report portfolio developments on a monthly basis via its updated factsheets commencing 31 December 2020 and its website.

Further details of the current performance statistics and asset allocation can be found in a short presentation here 

http://www.rns-pdf.londonstockexchange.com/rns/2507H_1-2020-12-2.pdf

Website re-design and shareholder alerts

Further details and the above presentation and are also available on the re-designed NBMI website, www.nbgmif.com which has just been launched. Shareholders may register for email alerts, by contacting us at [e-mail] .

Notes:

1) Yield-to-maturity basis

- ENDS -

For further information, please contact:

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

LEI: 549300P4FSBHZFALLG04

About NBMI

NBMI's investment objective is to provide its shareholders with consistent levels of monthly income, while maintaining or increasing the Company's net asset value per share over time. To pursue its investment objective, the Company invests in traditional credit (high yield bonds, floating rate loans and investment grade corporate bonds) and alternative credit, including tradeable but less liquid debt securities (such as distressed credit and CLO debt tranches), mezzanine debt, and "club" loan transactions (being syndicated lending opportunities presented through the Company's or Investment Manager's relationship with loan arrangers and/or borrowers) and private corporate loans issued directly to borrowers.

NBMI 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.

About Neuberger Berman

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 24 countries, Neuberger Berman's diverse team has 2,300 professionals.

For six consecutive years, the company 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). The firm was awarded an A+ in every category in the latest 2020 Principles for Responsible Investment (PRI) report for our approach to ESG integration across asset classes. The firm manages $357 billion in client assets as of June 30, 2020. For more information, please visit our website at www.nb.com.

 

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