CHARLOTTE, N.C., April 24, 2019 /PRNewswire/ -- The Board of Trustees of Barings Corporate Investors (the "Trust") met on April 24, 2019. The Trust also conducted its 2019 Annual Meeting of Shareholders.
The Trust's Trustees determined that the Trust's March 31, 2019 net asset value ("NAV") is $301,722,472 or $15.00 per share based on 20,120,306 shares outstanding. The Trust's March 31, 2018 NAV was $304,788,145 or $15.26 per share based on 19,975,363 shares outstanding. The Trust reported a NAV of $291,237,445 or $14.50 per share as of December 31, 2018, based on 20,082,869 shares outstanding. All figures other than December 31, 2018 figures are unaudited.
The Trust's net investment income for the quarter ended March 31, 2019 was $6,291,539 or $0.31 per share, compared to $6,173,533 or $0.31 per share for the quarter ended March 31, 2018. For the previous year ended December 31, 2018, net investment income was $24,718,024 or $1.23 per share.
The Trust declared a quarterly dividend of 30 cents per share payable on May 17, 2019 to shareholders of record on May 6, 2019. The Trust had previously paid a 30 cent-per-share dividend for the preceding quarter. The Board of Trustees also approved the continuance of the Trust's current Investment Services Contract with Barings LLC.
During the quarter ended March 31, 2019 net capital gains of $836,315 or $0.04 per share were realized by the Trust, compared to net capital gains of $4,756,310 or $0.24 per share for the quarter ended March 31, 2018. For the previous quarter ended December 31, 2018, net capital gains of $7,832,311 or $0.39 per share.
At the Annual Meeting, shareholders elected Robert E. Joyal as a Trustee for a two-year term and Susan B. Sweeney as a Trustee for a three-year term.
The market price of Barings Corporate Investors as of March 31, 2019 was $15.46, which equates to a 3.07% premium over the March 31, 2019 NAV per share. The Trust's average quarter-end premium for the 3, 5 and 10-year periods was 4.80%, 6.94% and 11.95%, 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").
Barings is a $317+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of March 31, 2019
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.
The name Barings Participation Investors is the designation of the Trustees under a Declaration of Trust dated April 7, 1988, as amended from time to time. The name Barings Corporate Investors is the designation of the Trustees under a Declaration of Trust dated September 13, 1985, as amended from time to time. The obligations of such Trusts are not binding upon, nor shall resort be had to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trusts Individually, but the Trusts' assets and property only shall be bound.
For further information, contact Shareholder Relations (413) 226 - 1516