M&G Credit Income Investment Trust plc
MGCI.L
London Stock Exchange95.00
GBp
+0.40
(-0.21%)
M&G Credit Income Investment Trust plc
MGCI.L
(London Stock Exchange)
Recent
price
95.00
P/E
ratio
15.77
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- M&G Credit Income Investment Trust plc is a United Kingdom-based closed-ended investment company that seeks to generate a regular and attractive level of income with low net asset value volatility by investing in a diversified portfolio of public and private debt and debt-like instruments, of which at least 70% are investment grade; the portfolio includes senior and junior debt, leveraged loans, asset-backed securities such as UK residential mortgage-backed securities and auto loans, European commercial mortgage loans, collateralised loan obligations, direct lending loans, and unsecured corporate bonds, primarily denominated in Sterling with hedging for non-Sterling assets where applicable. Launched on 14 November 2018 and listed on the Main Market of the London Stock Exchange (ticker: MGCI.L), the trust is managed by M&G Alternatives Investment Management Limited and headquartered in London with operations focused on UK and European markets targeting institutional and retail fixed income investors. It maintains a target dividend of SONIA +4% paid quarterly, employs a zero discount policy through share buybacks and issuances to manage premium/discount to NAV, and has the capacity to gear up to 30% of NAV primarily for liquidity and tactical purposes, typically not exceeding 20%. In recent developments, the trust issued 2.45 million new ordinary shares at a premium to NAV during 2024 and an additional 13.3 million shares post-year-end including a March 2025 placing and WRAP retail offer of 6.65 million shares to meet strong investor demand; it resold all 4.13 million treasury shares in 2024 while achieving an average 0.7% discount to NAV; the portfolio shifted to 52% private assets by 31 December 2024 with increased sub-investment grade exposure to 23.5% through direct lending and repayments of investment grade facilities, alongside sales of public corporate bonds and European REITs for capital gains and reallocation to higher-yielding private credit and alternative fixed income for improved yield and credit quality; quarterly dividends for 2024 totalled 8.53 pence per share yielding 8.8%.