Middlefield Canadian Inc PCC Results analysis from Kepler Trust Intelligence
21 Septiembre 2023 - 1:00AM
RNS Non-Regulatory
TIDMMCT
Middlefield Canadian Inc PCC
21 September 2023
Middlefield Canadian Income (MCT)
21/09/2023
Results analysis from Kepler Trust Intelligence
Middlefield Canadian Income (MCT) has published its results for
the half-year period ending 30/06/2023. The trust saw a total
return on net assets of -3.3%, compared to a 0.4% return on the
trust's benchmark, the S&P/TSX Composite High Dividend Index.
Since inception in 2006, MCT has produced an annualised NAV total
return of 6.9%, compared to the TSX Composite Index's return of
6.2% over the same period.
The trust has a large overweight position to real estate, which
was approximately 24% of NAV at the end of August, compared to c.
5% in the benchmark. Canadian REITs have been trading at some of
the widest discount levels of the past two decades, only reaching
the same level during the financial crisis and more recently during
the pandemic.
We see MCT's REIT holdings as a primary driver of performance.
Canada has seen comparatively lower levels of inflation, with the
most recent CPI print coming in at 3.3%. MCT manager Dean Orrico
has also argued that Canada is at the end of the rate hiking cycle.
Should that prove to be true, then the trust's REIT holdings are
well-positioned to benefit.
We think MCT is likely to appeal to anyone looking for stable,
reliable income, combined with capital growth. Assuming we do not
see any unexpected spikes in inflation, then this may ultimately
prove to be an attractive entry point, with REIT discounts
narrowing in the underlying portfolio and MCT shares providing some
additional upside by mirroring that process.
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