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An investment in the securities referred to herein and on the pages that follow are only suitable for institutional investors and professionally-advised private investors who understand and are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses (which may equal to whole amount of amount invested) that may result from such an investment.
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We reviewed RMDL in detail in our initiation report, Predictable revenue streams generating high yield, published on 5 June 2019. RMDL offers investors an ongoing ca.6.5% dividend yield, supported by multi-year assets, a rising revenue yield and economies of scale. We outlined how credit is well controlled, gearing levels are appropriate, the investment manager’s interests are aligned to shareholders, and that any discount will be actively managed. There are risks when the cycle turns; and its book has shown a propensity to turn over, which, in the future, could see more external refinancing. The shares trade at a 2% premium to NAV.
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