Perhaps someone understands this fund better than me. Based on the latest Investment Update, the weighted average interest rate on the portfolio is 6.86% (excluding the much smaller SME portfolio, which doesn't have a specified interest rate). The management expense ratio is 0.72%. So, underlying earnings is 6.14%. However, the annualised distribution is equal to 17.52c (1.46c * 12) or 8.76% yield (17.52c / 200c (NTA)). What can account for the difference between the underlying earnings rate of 6.14% and the distribution yield of 8.76%? According to the PDS, they don't use leverage. Also, the NTA has remained steady at $2.00 since listing, so they're not returning capital.
The only thing I can think of is that they're trading within the portfolio of RMBS securities, and returning capital gains to shareholders, but I don't think they're doing that.
Any ideas?
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- Ann: Investment Update - June 2023
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gryphon capital income trust
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Ann: Investment Update - June 2023, page-2
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Last
$2.06 |
Change
0.000(0.00%) |
Mkt cap ! $1.080B |
Open | High | Low | Value | Volume |
$2.06 | $2.07 | $2.06 | $1.703M | 825.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
11 | 224589 | $2.06 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.07 | 190028 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
11 | 224589 | 2.060 |
34 | 720428 | 2.050 |
31 | 672788 | 2.040 |
41 | 921591 | 2.030 |
27 | 1106914 | 2.020 |
Price($) | Vol. | No. |
---|---|---|
2.070 | 190028 | 6 |
2.080 | 181465 | 9 |
2.090 | 3386 | 2 |
2.100 | 26012 | 1 |
2.110 | 20000 | 1 |
Last trade - 16.10pm 23/07/2025 (20 minute delay) ? |
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