Income Portfolio – Amendments

This listed investment trust trades at a discount to NTA which is not ideal, however it is very much exposed to a large cross section of US Junk Bonds. As spreads hit record lows, the backdrop for NBI is as good as it gets in MM’s view

Wesfarmers has been a strong performer in the portfolio however like many retailers, it is now stretched on valuation. We are using prevailing strength and our desire to increase cash as primary reasons to cut the position, although we suspect it won’t be the last time we hold WES.