Middlefield Canadian Income: Exposure To High-Yielding North America
Edison | Apr 27, 2017 02:15AM ET
Middlefield Can Global REIT Income Fund (TO:RCO_u) is listed on the Main Market of the London Stock Exchange. It aims to invest in a diversified portfolio of Canadian and selected US companies that are able to pay high sustainable or growing dividends and have the potential to generate long-term capital growth. On a sector basis, the trust currently has high exposure to the pipelines, power & utility and real estate sectors. MCT is benchmarked against the S&P/TSX Composite High Dividend Total Return Index, which it has outperformed over one, three and five years. MCT currently pays a regular quarterly dividend of 1.25p, although the board has recently proposed a modest increase to 1.275p; its current dividend yield is 4.7%.
Investment strategy: Top-down and bottom-up
MCT is an actively managed fund; managers Dean Orrico and Rob Lauzon select stocks on a bottom-up basis, taking account of the macro environment. They seek to outperform the benchmark by investing in companies with good fundamentals, strong management teams and attractive valuations offering a good level of income with the potential for dividend growth. While the majority of the portfolio is invested in Canada, currently c 20% is invested in US equities to allow the managers to access attractive areas that are unavailable in Canada. MCT’s currency exposure is unhedged and gearing of up to 25% of gross assets is permitted.
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