TIDMNBMI
RNS Number : 0178Z
NB Global Monthly Income Fund Ltd
20 January 2022
20 January 2022
NB Global Monthly Income Fund Limited ("NBMI")
2022 Target Distribution, Portfolio Update and Dividend
Declaration
The board of NB Global Monthly Income Fund ("NBMI") is pleased
to provide an update on the Company's investment portfolio and
details of the target dividend for 2022, together with the monthly
dividend declaration for the calendar month to January 2022.
Highlights
-- 2022 target monthly distribution set at GBP0.00415 per share,
equating to GBP0.0498 per share, per annum:
o Representing a yield of 5.25% of NAV (1) , and
o 5.57% yield on the current share price of 89.40 pence (2)
-- Strong 2021 portfolio return of 7.76%
-- Portfolio Positioning:
o Alternative credit ended 2021 at 36% up from 25% at the start
of the year
o Floating rate exposure maintained at 70%
-- Portfolio Yield 6.58% as at 31(st) December 2021
Note: (1) as of 4 January 2022; (2) as at market close on 19
January 2022
Performance Update (as of 31 December 2021)
NB Global Monthly
Income Fund (Net
of Fees) %
--------------------- ------------------
6 months to 31 Dec
2021 1.77
--------------------- ------------------
Calendar Year 2021 7.76
--------------------- ------------------
Since Inception (30
Sep 2020) 10.71
- Issuer fundamentals across non-investment grade credit markets
improved significantly throughout 2021 - driving the positive
performance - and remain solid with default rates below or near
all-time lows, EBITDA growth healthy and net leverage ratios
trending down.
- The portfolio return, since inception, of 10.71% benefitted
from allocations to both traditional and alternative credit with
notable above average contributions from Private Debt and CLO
Mezzanine as the year progressed. Other credit segments that were
additive to performance included U.S. and European senior floating
rates loans and high yield.
Portfolio statistics (as of 31 December 2021 with 31 December
2020 for comparison)
2021 2020
------ ------
Asset allocation:
Global High Yield: 28.1% 26.4%
Global Floating Rate
Loans: 35.4% 49.1%
Total Traditional
Credit: 63.6% 75.4%
------ ------
Private Debt: 22.5% 11.5%
CLO Mezzanine Debt: 11.0% 7.0%
Special Situations:* 3.0% 6.1%
Total Alternative
Credit: 36.4% 24.6%
------ ------
* Tradeable but less liquid debt securities, such as
stressed credit and CLO debt tranches
Asset allocation:
Floating Rate: 70.0% 71.0%
Fixed Rate: 30.0% 29.0%
2022 Dividend Payment Dates
The Board is pleased to announce a Target Distribution (3) for
the financial year 2022 at a rate of 5.25% of Net Asset Value per
annum (net of fees and expenses) which equates to a dividend per
share of GBP0.00415 paid monthly. This distribution represents a
6.41% increase on the total dividend for the 12 months ended 31
December 2021.
2022 dividends will be paid on or around the 10th business day
of the following month in arrears. The full schedule of record,
ex-dividend, and payment dates for 2022 is available at
www.nbgmif.com under 'Fund Analysis'.
The Board would like to take the opportunity to remind our
shareholders that the Company became an "offshore fund" for the
purposes of the UK's offshore fund tax rules. The Company applied
to HMRC to treat the Company as a "reporting fund" for these
purposes, details of which can be found in the EGM circular
available at www.nbgmif.com . Shareholders who are in any doubt as
to their tax position should consult an independent professional
adviser.
Note: (3) This is only a target distribution and may not be
achieved. Actual distributions will be monitored against the Target
Distribution. The Target Distribution will be reviewed at least
annually (at the end of each financial year) and any amendment to
the target will be announced via RNS as required.
Dividend Declaration
The Board of the Company is pleased to announce an interim
dividend of GBP0.00415 per Sterling ordinary share for the period 1
January 2022 to 31 January 2022. The dividend will be payable on 11
February 2022 to ordinary shareholders on the register as at close
of business on 28 January 2022.
As notified in previous announcements, dividends declared by the
Company are no longer being paid by cheque and will only be paid to
shareholders electronically. Dividend confirmations are available
on the Link Share Portal, at www.signalshares.com.
The dividend timetable is set out below:
Ex-dividend date 27 January 2022
Dividend record date 28 January 2022
-----------------
Ordinary Shareholders dividend payment date 11 February 2022
-----------------
For further information, please contact:
Neuberger Berman Europe Limited (Manager)
Elizabeth Papadopoulos +44 (0) 20 3214 9078
Numis Securities Limited (Broker)
Hugh Jonathan
Matt Goss +44 (0) 20 7260 1000
Sanne Fund Services (Guernsey) Limited
(Company Secretary)
Matt Falla
Gemma Woods +44 (0) 1481 737 600
KL Communications (PR)
Charles Gorman
Will Sanderson +44 (0) 20 7995 6673
About NBMI
The Company is a registered closed-ended investment company
incorporated in Guernsey. It is managed by Neuberger Berman Europe
Limited, which has delegated certain of its responsibilities and
functions to the AIFM, Neuberger Berman Investment Advisers LLC,
both of which are indirect wholly owned subsidiaries of Neuberger
Berman Group LLC.
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages a range of
strategies-including equity, fixed income, quantitative and
multi-asset class, private equity, real estate and hedge funds-on
behalf of institutions, advisors and individual investors globally.
With offices in 25 countries, Neuberger Berman's diverse team has
over 2,400 professionals.
For seven consecutive years, Neuberger Berman has been named
first or second in Pensions & Investments Best Places to Work
in Money Management survey (among those with 1,000 employees or
more). In 2020, the PRI named Neuberger Berman a Leader, a
designation awarded to fewer than 1% of investment firms for
excellence in Environmental, Social and Governance (ESG) practices.
The PRI also awarded Neuberger Berman an A+ in every eligible
category for our approach to ESG integration across asset classes.
The firm manages $437 billion in client assets as of December 31,
2021. For more information, please visit our website at www.nb.com
.
LEI: 549300P4FSBHZFALLG04
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END
DIVBLMLTMTIBBTT
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