15/06/2023 09:57

Active Income Portfolio – Amendment

MM is selling MXT and increasing other fixed income holdings.

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14/06/2023 09:26

Metrics Master Income Trust (MXT) $1.88

MXT has been held in the Active Income Portfolio since it was listed in October 2017 and they’ve exceeded their objective (RBA cash rate +3.25%), with our position up ~18%. As a refresher, MXT is a listed trust that provides exposure to a diversified portfolio of direct loans to Australian corporates, managed by Metrics, which has around $13bn of funds under management (FUM).

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17/08/2022 09:13

Active Income Portfolio

The portfolio was up +0.73% for the week with cash now at 6% following the sale of APA Group (APA). The portfolio is up 3.76% for the financial year to date, well ahead of its absolute return benchmark (RBA cash rate +4%).  Service Stream (SSM) +4.57% and BHP Group +4.35% were both strong while Centuria (CNI) +3.23% bounced back from recent...

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06/07/2022 09:34

Active Income Portfolio

The portfolio was down -1.39% for the week with cash at 1%.  Magellan (MFG) fell ~10% although position size is small, BHP was off -6.93% and Insignia (IFL) declined by -5.21%, a stock that we are now likely to exit. On the flip side, our targeted pullback in bond yields (rise in bond prices) has started to play out with our Government Bond (GSBG25) +1.43% for the week while the Betashares Australian Composite Bond...

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22/06/2022 09:28

MCP Master Income Trust (MXT) $1.87

We hold this security in the Income Portfolio as a high yielding, defensive fixed-income position that has provided consistent returns since we invested at $2 in the initial listing back in 2017. Recently, there has been some selling pressure pushing the price of the trust down to $1.70, which equates to a ~15% discount to its underlying net asset value of ~$2. Metrics collectively manages around ~$7bn, with around $1.8bn...

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15/06/2022 09:29

Active Income Portfolio

The portfolio was down -4.14% for the week with cash at 1%.  The banks weighed with Bank of QLD (BOQ) down -11.26%, Commonwealth Bank (CBA) off -10.55% while G8 Education (GEM) also fell -9.57%. It was slim pickings on the other side of the ledger with only APA Group (APA) +2.68%, Woodside (WDS) +0.30% and the Crown Hybrid (CWNHB) +0.20% printing positive returns. Hybrids fell during the week as the market...

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19/01/2022 09:35

Metrics Credit Partners (MXT) $2.09

We have owned MXT in the Income Portfolio since they listed on the ASX in 2017. When they listed, they were the first sort of listed vehicle tapping an alternative style income market, in this case being domestic corporate loans, so sitting alongside, or in place of banks, lending to Australian corporates. Over that time, MXT has been a consistent performer, have stayed...

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