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Posted by
Two Blokes Jun 30 -
Filed in
Stock
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6 views
MSD is not a good hedge against a weaker dollar, as it primarily holds USD-denominated emerging market debt. The fund now trades at a rare premium to NAV, with stretched valuations and historically tight EM credit spreads, making upside limited. Distribution currently exceeds yield-to-maturity, and while not a chronic over-distributor, the payout is not fully supported by earnings.
