We hold the NBI Global Corporate Income Trust (NBI) in the Income Portfolio. 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.
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Buy Hold Sell: The best and worst performers of FY25
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Thursday 10th July – Dow up +217pts, SPI +41pts
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Wednesday 9th July – Dow off -165pts, SPI down -7pts
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MM plan to sell NBI to increase cash
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