Barings Corporate Investors Hold October 2020 Board Meeting

Rhea-AI Summary

On October 21, 2020, Barings Corporate Investors announced a quarterly dividend of $0.24 per share, payable on November 13, 2020. The Trust's net asset value (NAV) as of September 30, 2020, was $298.5 million or $14.73 per share, a decline from $309.7 million or $15.34 per share a year earlier. Net investment income decreased to $4.27 million or $0.21 per share, down from $5.74 million or $0.28 per share in the same quarter of 2019. The Trust also realized net capital losses of $3.69 million during this period. MCI shares traded at $12.50, reflecting a 15.14% discount to NAV.

Positive

• Declared a quarterly dividend of $0.24 per share, consistent with the previous quarter.

Negative

• Net asset value decreased from $15.34 per share a year ago to $14.73 per share.
• Net investment income declined to $0.21 per share from $0.28 per share year-over-year.
• Realized net capital losses of $3.69 million, significantly higher than $0.75 million losses in the same quarter of 2019.

CHARLOTTE, N.C., Oct. 21, 2020 /PRNewswire/ -- The Board of Trustees of Barings Corporate Investors (the "Trust") met on October 21, 2020.  The Trust's Trustees declared a quarterly dividend of $0.24 per share payable on November 13, 2020 to shareholders of record on November 2, 2020.  The Trust paid a dividend of $0.24 per share in the preceding quarter.

The Trust's Trustees determined that the Trust's September 30, 2020 net asset value ("NAV") is $298,454,711 or $14.73 per share based on 20,261,719 shares outstanding.  The Trust's September 30, 2019 NAV was $309,723,333 or $15.34 per share based on 20,192,015 shares outstanding.  The Trust reported a NAV $290,410,387 or $14.33 per share as of June 30, 2020, based on 20,261,719 shares outstanding.

The Trust's net investment income for the quarter ended September 30, 2020 was $4,273,018 or $0.21 per share, compared to $5,736,288 or $0.28 per share for the quarter ended September 30, 2019. For the previous quarter ended June 30, 2020, net investment income was $4,217,661 or $0.21 per share.  Net investment income for the nine months ended September 30, 2020 was $14,953,083 or $0.74 per share, compared with $17,885,443 or $0.89 per share for the comparable period in 2019.

During the quarter ended September 30, 2020 net capital losses of $3,693,016 or $0.18 per share were realized by the Trust, compared to net capital losses of $749,100 or $0.04 per share for the quarter ended September 30, 2019. For the previous quarter ended June 30, 2020, net capital gains were $106,182 or $0.01 per share. The final determination of the source and tax characteristics of these distributions will depend upon the Trust's investment experience during its fiscal year and will be made after the Trust's year end.

The market price of Barings Corporate Investors as of September 30, 2020 was $12.50, which equates to a 15.14% discount to the September 30, 2020 NAV per share.  The Trust's average quarter-end premium/discount for the 3, 5 and 10-year periods was -1.13%, 4.07% and 9.95%, 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.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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.                       

Media Contact:
Cheryl Krauss, Media Relations, Barings, 980-417-5858, cheryl.krauss@barings.com

20-1375443

View original content to download multimedia:http://www.prnewswire.com/news-releases/barings-corporate-investors-hold-october-2020-board-meeting-301157369.html

SOURCE Barings

FAQ

What is the dividend declared by Barings Corporate Investors (MCI) in October 2020?

Barings Corporate Investors declared a quarterly dividend of $0.24 per share on October 21, 2020.

What was the net asset value (NAV) for Barings Corporate Investors as of September 30, 2020?

As of September 30, 2020, the net asset value (NAV) of Barings Corporate Investors was $298,454,711 or $14.73 per share.

How did the net investment income for Barings Corporate Investors change in Q3 2020?

The net investment income for Barings Corporate Investors in the quarter ended September 30, 2020, was $4.27 million or $0.21 per share, down from $5.74 million or $0.28 per share in Q3 2019.

What were the realized capital losses for Barings Corporate Investors in Q3 2020?

In the quarter ended September 30, 2020, Barings Corporate Investors realized net capital losses of $3.69 million.

What is the current market price of Barings Corporate Investors (MCI) compared to its NAV?

As of September 30, 2020, the market price of Barings Corporate Investors was $12.50, reflecting a 15.14% discount to the NAV.