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% | 1M | 3M | 12M |
---|---|---|---|
Actual | (0.2) | (0.6) | (3.4) |
Relative | (4.2) | (9.7) | (4.8) |
52 week high/low | US$1.0/US$0.9 |
BioPharma Credit (BPCR) is on track to deliver a strong (possibly record-high) annual NAV total return (TR) in FY22 on the back of a high investment level in H122, rising interest rates benefiting its floating rate loans, as well as healthy prepayment and make-whole fees from the early loan repayments in recent months. This has allowed BPCR to announce a US$0.045 special dividend, which implies a 12.0% dividend yield for FY22 on the current share price. The above-mentioned fees also provide BPCR with a good income runway for the re-deployment of prepayment proceeds. Since being fully invested in August 2018, BPCR achieved a net NAV TR of c 8% per year.