DJ 2023 Interim Results M&G Credit Income Investment Trust plc (MGCI) 2023 Interim Results 21-Sep-2023 / 07:00 GMT/BST=----------------------------------------------------------------------------------------------------------------------
M&G Credit Income Investment Trust plc 2023 Interim Results 21-Sep-2023 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- LEI: 549300E9W63X1E5A3N24 M&G Credit Income Investment Trust plc Half Year Report and unaudited Condensed Financial Statements for the six months ended 30 June 2023 The full version of the Half Year Report and unaudited Condensed Financial Statements can be obtained from the...
In the first half of 2023 investors were forced to navigate volatile market conditions as central banks pressed ahead with the sharpest and most aggressive interest rate hiking cycles seen since the 1980s. The year started positively, with optimism about China's reopening and hopes that inflation might be slowing fuelling a market rally. Into this strength, we sold investment grade bonds which had been purchased at significantly wider spreads, many in the wake of the mini-budget crisis.
Early summer optimism from a swifter than expected deceleration in inflation has now given way to concerns over the length of time it will take to return to the two percent average targeted by central banks. This has led to a growing acceptance by the market that interest rates will remain higher for longer and pushed out investor expectations for rate cuts. Recent key data points to divergent economic performance between Europe and the US.
We believe that the Company's investment strategy is well suited to the wider regime shift in financial conditions that we are witnessing. Sharp increases in interest rates retain the ability to hinder performance, hence we mitigate this risk by maintaining low portfolio duration. Furthermore, the additional yield that private assets have provided to our portfolio has boosted income returns.
As at 30 June 2023 % Unrated 0.32 Derivatives 0.32 Cash and investment grade 77.46 Cash on deposit 2.49 AAA 2.83 AA+ 0.14 AA 4.94 AA- 0.28 A+ 1.37 A 1.47 A- 3.63 BBB+ 12.25 BBB 15.83 BBB- 23.46 M&G European Loan Fund 8.77 Sub-investment grade 22.22 BB+ 5.31 BB 2.63 BB- 4.14 B+ 3.34 B 3.94 B- 0.12 CCC+ - CCC - CCC- - CC 0.03 D 0.23 M&G European Loan Fund 2.48 Total 100.00 Source: State Street.
The full Half Year Report and unaudited Condensed Financial Statements can be obtained from the Company's website at www.mandg.co.uk/creditincomeinvestmenttrust or by contacting the Company Secretary at [email protected].
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