UPDATE -- Barings Corporate Investors Holds April 2017 Board Meeting
April 24 2017 - 10:17AM
The Board of Trustees of Barings Corporate Investors (the "Trust")
met on April 21, 2017. The Trust also conducted its 2017 Annual
Meeting of Shareholders.
The Trust’s Trustees determined that the Trust’s
March 31, 2017 net asset value ("NAV") is $292,381,934 or $14.74
per share based on 19,830,088 shares outstanding. The Trust's March
31, 2016 NAV was $282,588,113 or $14.35 per share based on
19,694,642 shares outstanding. The Trust reported a NAV of
$281,570,891 or $14.02 per share as of December 31, 2016, based on
19,790,407 shares outstanding. All figures other than December 31,
2016 figures are unaudited.
The Trust’s net investment income for the
quarter ended March 31, 2017 was $6,473,792 or $0.33 per share, of
which approximately $810,935 or $0.04 per share represented income
due to nonrecurring items, compared to $4,808,831 or $0.24 per
share for the quarter ended March 31, 2016. For the previous year
ended December 31, 2016, net investment income was $22,423,839 or
$1.13 per share.
The Trust declared a quarterly dividend of 30
cents per share payable on May 12, 2017 to shareholders of record
on May 4, 2017. The Trust had previously paid a 30
cent-per-share dividend for the preceding quarter. The Board of
Trustees also approved the continuance of the Trust’s current
Investment Services Contract with Barings LLC.
During the quarter ended March 31, 2017 net
capital gains of $686,282 or $0.03 per share were realized by the
Trust, compared to net capital losses of $1,345,504 or $0.07 per
share for the quarter ended March 31, 2016. For the previous
quarter ended December 31, 2016, net capital gains of $3,514,203 or
$0.18 per share.
At the Annual Meeting, shareholders elected
Michael H. Brown, Barbara M. Ginader and Maleyne M. Syracuse as
Trustees for three-year terms.
The market price of Barings Corporate Investors
as of March 31, 2017 was $15.27, which equates to a 3.60% premium
over the March 31, 2017 NAV per share. The Trust’s average
quarter-end premium for the 3, 5 and 10-year periods was 10.59%,
14.28% and 12.81%, respectively.
Barings Corporate Investors is a closed-end
management investment company advised by Barings LLC. Its shares
are traded on the New York Stock Exchange under the trading symbol
("MCI").
Per share amounts are rounded to the nearest
cent.
Cautionary Notice: Certain statements contained
in this press release may be "forward looking" statements.
Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on
which they are made and which reflect management’s current
estimates, projections, expectations or beliefs, and which are
subject to risks and uncertainties that may cause actual results to
differ materially. These statements are subject to change at any
time based upon economic, market or other conditions and may not be
relied upon as investment advice or an indication of the fund's
trading intent. References to specific securities are not
recommendations of such securities, and may not be representative
of the fund's current or future investments. We undertake no
obligation to publicly update forward looking statements,
whether as a result of new information, future events, or
otherwise.
About Barings LLCBarings is a
$280+ billion* global asset management firm dedicated to meeting
the evolving investment and capital needs of our clients. We build
lasting partnerships that leverage our distinctive expertise across
traditional and alternative asset classes to deliver innovative
solutions and exceptional service. A member of the MassMutual
Financial Group, Barings maintains a strong global presence with
over 1,700 employees and 600 investment professionals across 41
offices in 17 countries. Learn more at www.barings.com.
*As of March 31, 2017
17/310
Brian Whelan, Head of Corporate Communications, 980.417.7700, brian.whelan@barings.com
Barings Corporate Invest... (NYSE:MCI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Barings Corporate Invest... (NYSE:MCI)
Historical Stock Chart
From Apr 2023 to Apr 2024