REG-M&G Credit Income Investment Trust plc Annual Financial Report
30/03/2026 07:02
============
M&G Credit Income Investment Trust plc (MGCI)
Annual Financial Report
30-March-2026 / 07:00 GMT/BST
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LEI: 549300E9W63X1E5A3N24
M&G CREDIT INCOME INVESTMENT TRUST PLC
ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
AND
NOTICE OF ANNUAL GENERAL MEETING
M&G Credit Income Investment Trust plc announces its annual results for
the year ended 31 December 2025 and the publication of its annual report
and accounts for the same period, which includes the notice of Annual
General Meeting.
Chairman’s statement
“Investor demand enabled your Company to issue 58.6 million Ordinary
Shares between 1 January 2025 and 28 February 2026. We have subsequently
resumed buybacks to protect the share price following the outbreak of war
in the Middle East. The portfolio has proved extremely resilient and is
well placed to benefit from future volatility.”
Performance
Your Company’s opening NAV on 1 January 2025 (adjusted for the last
dividend for 2024) was 93.02p per Ordinary Share and its NAV on 31
December 2025 (adjusted for the last dividend for 2025) was 91.06p per
Ordinary Share. Including dividends paid, the NAV total return for the
year to 31 December 2025 was 6.21%, compared to our benchmark return of
8.54%.
The Investment Manager kept the portfolio defensively positioned
throughout the year as it continues to believe (as it has for some time
now), that credit spreads are not compensating investors for longer term
corporate risk. Adding risk when it is expensive can significantly erode
long-term portfolio gains. Your board supports the Investment Manager’s
stance that it is essential to resist over-exuberance and herd mentality,
focusing instead on credit fundamentals and rational, long-term value. In
the short-term this strategic decision has seen portfolio activity
concentrate on improving credit quality rather than chasing yield, which
has contributed to underperformance relative to the SONIA+4% pa benchmark.
The Company’s NAV total return underperformed when compared with
investment grade indices such as the ICE BofA Sterling Corporate and
Collateralised Index (+7.10%) and the ICE BofA 1-3 Year BBB Sterling
Corporate & Collateralized Index (+6.72%), whilst outperforming the ICE
BofA European Currency Non-Financial High Yield 2% Constrained Index
(+5.54%). (Please note: the Company’s NAV total return is calculated net
of fees: on a gross basis the Company’s portfolio delivered higher returns
than each of these comparable indices.)
Your Company’s portfolio (including irrevocable commitments) at year end
was 46% invested in private (not listed) assets, with an additional
approximately 8% invested in illiquid publicly listed assets which are
intended to be held to maturity. The reduction in the private asset
portion of the portfolio (as compared with 52% prior year-end) was driven
by our share issuance outpacing private asset deployment. The Investment
Manager was pleased with the diverse range of opportunities it saw during
the year and expects to continue to grow the private asset portion of the
portfolio over time, in line with the Company’s strategy. Having the
flexibility to invest across all areas of the fixed income market is
important to achieve the most attractive risk-adjusted returns for
shareholders.
Share issues and discount management
During the year, your Company increased its market capitalisation by
£47.75 million as sustained demand for share issuance continued to support
its growth. This helps to improve liquidity in your Company’s shares as
well as reducing the ongoing charges ratio. Share issuance at an
appropriate premium to NAV also underpins our Zero Discount Policy which
seeks to ensure that Ordinary Shares trade close to NAV in normal market
conditions.
Investor demand for new Ordinary Shares over the year was so great that it
exceeded the authorities granted at the prior AGM. Accordingly, the board
convened two additional general meetings during the year at which the
necessary issuance authorities were renewed. The Company was also required
to publish a new prospectus.
In March, the Company issued 6,647,969 new Ordinary Shares via a placing
and retail offer, whilst an additional 46.1 million new Ordinary Shares
were sold through follow-on tap issues over the period to 31 December
2025.
In accordance with the Board’s policy, issues of Ordinary Shares were made
at prices not less than the then prevailing published NAV together with a
premium intended to cover the costs of the relevant issue and to
contribute to the costs of publishing the prospectus mentioned above.
The Company’s Ordinary Share price traded at an average premium to NAV of
1.9% during the year ended 31 December 2025. On 31 December 2025 the
Ordinary Share price was 95.0p, representing a 2.2% premium to NAV as at
that date. Issuance continued during January and February 2026, during
which a further 5,850,000 Ordinary Shares were issued. Following the
commencement of war against Iran and the consequent market turmoil, the
Ordinary Share price moved to a discount and your Company recommenced its
buyback programme in order to honour the Zero Discount Policy. 250,000
Ordinary Shares have been repurchased as at 27 March 2026.
NAV Total Return and Dividends
While the SONIA + 4% benchmark provides a consistent reference point for
assessing NAV total return, it has been rarely achieved by the Company in
recent years. This reflects both the prevailing market environment and the
Company’s investment approach, which prioritises income generation and
lower asset value volatility over the pursuit of benchmark-matching total
returns in all conditions.
Your Company paid four, quarterly interim dividends in respect of the year
ended 31 December 2025 at the target annual rate of SONIA plus 4%,
calculated by reference to the adjusted opening NAV as at 1 January 2025.
These totalled 7.62p per Ordinary Share, which represented a trailing
dividend yield of 8.02% on the Ordinary Share price as at 31 December
2025. Dividends paid exceeded the Company’s NAV total return, resulting in
a small diminution in the NAV over the year.
This outcome reflects the mechanics of the Company’s dividend target. The
Board’s policy is to distribute an annual dividend equivalent to SONIA
plus 4%, calculated on the adjusted opening NAV. For 2025, this target
translated into total dividends of 7.62p per Ordinary Share. While the
portfolio generated a solid NAV total return of 6.21% for the year, this
was modestly below the dividend target. As a result, the dividend
distribution exceeded the total return generated, leading to a small
reduction in the Company’s NAV over the period. This dynamic is consistent
with the Company’s policy, which allows dividends to be paid from capital
when appropriate.
Board changes
Three of your directors have served on the board since the Company’s IPO
in 2018 and we wish to ensure an orderly change over the next two years as
we each approach our nine-year term limit. As a result, Barbara Powley has
decided not to seek re-election at the AGM in May. She will be sorely
missed.
I am delighted, however, to say that Christiane Elsenbach joined the board
on 26 February 2026. She spent her executive career in structured finance
and private credit and serves on several charity boards. I encourage
shareholders to come to our AGM, where you will be able to meet her as
well as the rest of your board and your portfolio manager.
Barbara Powley’s role as Senior Independent Director will be assumed by
Jane Routledge, and her role as chair of the Management Engagement
Committee will be assumed by Richard Boléat.
Outlook
Markets have been volatile in the past weeks, driven by the Iran conflict,
wider geopolitical concerns, the artificial-Intelligence related sell-off
in software companies and adverse news around private credit in the US.
Perhaps surprisingly, we have not yet seen a sell-off in public credit;
and the Company’s portfolio has been insulated by its low duration from
the effects of interest rate volatility.
The overall portfolio maintains a solid investment-grade profile with only
approximately 20% in high-yield credit. The private portion of the
portfolio has no direct software exposure, and software-related holdings
across the remainder of the portfolio represent less than 2% of the
portfolio. The portfolio continues to be invested principally in Europe
and the UK with only a small exposure to the US. Recent events are
expected to have had an immaterial impact upon the value of the Company’s
portfolio.
Under these market conditions, and where credit valuations remain
stretched, the Investment Manager believes it is more important than ever
to maintain a patient and disciplined investment approach. The portfolio
is shaped to be a net beneficiary of any future credit spread widening and
market volatility and, while this may mean foregoing portfolio greater
returns in the short term, in the Investment Manager’s opinion it is
fundamental to driving strong performance over a longer term investment
horizon. Should further market volatility give rise to attractive
opportunities, we have access to a £40 million credit facility and a
further £40 million invested in daily dealing ABS funds of AAA/AA
underlying credit quality, which is ready to be reallocated.
David Simpson
Chairman
27 March 2026
Financial highlights
Key data
As at As at
31 December 31 December
2025 2024
Net assets (£’000) 185,767 139,995
Net asset value (NAV) per Ordinary Share 92.91p 95.11p
Ordinary Share price (mid-market) 95.0p 96.6p
Premium to NAVa 2.2% 1.6%
Ongoing charges figurea 1.18% 1.28%
Return and dividends per Ordinary Share
Year ended Year ended
31 December 31 December
2025 2024
Capital return 0.6p 1.5p
Revenue return 5.3p 6.0p
NAV total returna 6.2% 8.1%
Share price total returna 6.7% 14.6%
Total dividends declaredb 7.62p 8.53p
a Alternative performance measure. Further information can be found on
pages 117 to 118 of the full Annual Report and Accounts.
b The total dividends declared in respect of each financial year equated
to a dividend yield of SONIA +4% on the adjusted opening NAV.
Investment manager’s report
Market review
Early 2025 was marked by significant volatility and geopolitical
uncertainty, driven primarily by the Trump administration’s aggressive
trade policies. On 2 April, the ‘Liberation Day’ tariff announcement
imposed a 10% baseline tariff on all imports, leading to fears of a global
recession and a widening in credit spreads. This window of opportunity to
add risk at what we considered more attractive levels was short lived,
with tariffs temporarily suspended to allow for bilateral negotiations,
which saw credit spreads retrace entirely. Economic growth slowed
considerably, reflecting the impact of uncertain global trade policies and
fluctuating market conditions. In another notable deviation from
traditional policy, Germany announced an historic fiscal package and debt
brake change to allow for higher defence and infrastructure spending.
The latter part of the year was largely positive for financial markets.
Global stock markets continued to recover from the tariff-induced sell-off
as trade tensions subsided, with gains also fuelled by strong corporate
earnings, anticipation of Federal Reserve rate cuts, and continued
enthusiasm around Artificial Intelligence (AI) and technology innovation.
Despite the dramatic shift in trade relations, US growth remained
resilient, with tariff-related inflation largely failing to materialise.
Longer-term structural obstacles to growth continued to persist in the UK
and Europe. Inflation generally cooled across the US, Europe, and UK from
post-pandemic highs, driven by falling energy costs and slower goods price
increases, though services inflation remained sticky. This allowed central
banks to cut interest rates to varying degrees. Policy rate decisions from
the Bank of England and Federal Reserve proved to be contested as
inflation in the UK and US remained uncomfortably above targets. In spite
of macro headwinds, sentiment was constructive to end the year, anchored
by expectations of continued policy support and a gradual normalisation of
inflation.
Despite the temporary, tariff-induced weakness, both investment grade and
high yield credit spreads tightened meaningfully over the course of the
year and the technical backdrop in fixed income remained robust. A
combination of relatively high bond yields, a benign outlook for
inflation, and the likelihood of lower interest rates remained appealing
to both income and total return investors. As a result, demand for
corporate bonds significantly exceeded supply, which kept volatility
contained and credit spreads well-anchored with a bias to tightening.
Portfolio positioning
We entered the year defensively positioned (as we have been for some time
on relative value concerns), and our primary focus remained on deploying
capital into private assets, investing approximately £28 million across 20
new and existing facilities during the period. We continued to find
attractive relative value in Regulatory Capital transactions and were also
pleased to close two investment grade transactions in parts of the private
market where we are often less active due to tighter pricing:
Infrastructure and Private Placements. Other private transactions saw us
allocate additional capital to existing securitisations in the portfolio
and transact on a number of Direct Lending opportunities across a broad
range of underlying sectors, including air pollution control, hospitality,
and packaging solutions. As the Company raised capital via the issue of
new Ordinary Shares (as detailed in the Chairman’s Statement), we invested
proceeds into the M&G European Loan Fund, a cornerstone investment of the
portfolio since launch, as well as the M&G Investment Grade ABS Fund,
which has an underlying credit quality of AA. In the public market, we
invested selectively in new issues where there was still what we
considered to be a ‘decent’ credit spread on offer within the context of
very expensive credit markets. Often, what we considered to be more
attractive relative value was found by identifying expected survivors in
embattled sectors such as UK water (SWS Finance), EU chemicals (Ineos),
and Autos (Ford).
We prudently monitor the portfolio for signs of credit stress and have
independent internal committees that oversee and approve amendments to
private asset pricing where the credit profile of an investment may have
changed. During the year, there were valuation adjustments to loans from
two different private issuers as a result of internal credit rating
downgrades, which are reflected in the Company’s latest published NAV. The
portfolio currently has exposure to three issuers, amounting to 0.57% of
the latest published NAV, which are either in technical default or at some
stage of a restructuring process. These assets are already
marked-to-market or, in respect of non-public market instruments, reserved
against in your Company’s latest published NAV.
Outlook
The war in Iran represents the biggest risk to global supply chains since
the Covid 19 pandemic, injecting a new and potentially long lasting shock
into the global economy and creating heightened volatility in financial
markets. Most global equity markets are either flirting with or have
breached technical correction territory, however we have not yet seen a
sell off in credit. Oil and natural gas prices have borne the brunt of
price action, spiking drastically, with the inflationary implications
causing a rout in government bond markets – at the time of writing UK
5-year gilts have just reached their highest level since 2008. Given the
portfolio’s low duration, it has been well-insulated from the direct
effects of this interest rate volatility. History suggests that
geopolitical shocks very rarely leave a lasting dent on asset prices and
are generally followed by rapid market recoveries, which perhaps explains
the market’s rather sanguine outlook. By comparison, the sell off in both
equity and credit post Liberation Day was far sharper and more panicked.
In fact, investors have begun to behave as though the war is already
approaching its end, despite there being no diplomatic agreement in sight.
Equity and credit markets are currently pricing in a short conflict, which
makes them particularly vulnerable to a longer term conflict that could
trigger a major stagflationary shock.
Some of the current market volatility can also be attributed to concerns
about private credit. Sectors with a high percentage of intangible assets
have been selling off, driven by fears of Artificial Intelligence (‘AI’)
as a disruptive technology-particularly in software-with credit and loan
markets now demanding a risk premium for issuers perceived as being
particularly vulnerable. Much of the volatility has been focussed on the
US sub investment grade loan market. The majority of our portfolio is held
in investment grade quality assets and continues to be invested
principally in Europe and the UK, with only a small exposure to the US.
The private portion of our portfolio has no direct software exposure, and
software related holdings across the remainder of the portfolio represent
less than 2% of portfolio value, including the indirect exposure via the
M&G European Loan Fund. It is worth noting that credit opportunities
frequently arise from sector specific cycles, even within broader economic
expansions or periods of stability. For example, during the Commercial
Real Estate Cycle (2022–2024), we achieved notable capital gains by
investing in heavily discounted REIT debt when shifts in post Covid
working trends caused distress in certain property types. Consequently, we
view sector-specific weaknesses as potentially offering compelling
opportunities to increase portfolio exposure at valuations significantly
more attractive than those observed in the recent past.
Despite the global macro volatility and heightened risk environment,
credit spreads remain anchored and still screen as expensive when viewed
through an historical lens. Investors certainly are not being compensated
for the myriad short and medium term uncertainties they must consider, or
for the plausible scenario of a sustained energy supply disruption. Given
the current market backdrop, we feel it is pertinent to re emphasise once
again our investment approach: we allocate capital based on our assessment
of relative value, backed by fundamental credit research and in depth
analysis provided by a team of over 100 analysts. When we view credit as
expensive (ie, spreads are tight-as they remain now), we position the
portfolio to be a net beneficiary of any future credit spread widening or
market volatility by maintaining a cautious stance and improving overall
credit quality. We then remain patient and disciplined as we wait for
attractive entry points to take on additional credit risk, which typically
occur during periods of macro driven market volatility where dislocations
emerge between credit fundamentals and valuations. This strategy has
historically benefited portfolio performance. We currently have a
significant amount of capital invested in AAA/AA ABS funds ready to be
reallocated, as well as a £40 million credit facility, should this period
of heightened volatility provide opportunities to add risk and enhance
portfolio yield.
M&G Alternatives Investment Management Limited
27 March 2026
Portfolio analysis
Geographical exposure
Percentage of portfolio of investments
as at 31 December 2025 (2024)*
Percentage of portfolio of investments
Europe 52.43% (41.80%)
United Kingdom 40.67% (50.90%)
United States 5.56% (4.24%)
Asia-Pacific 0.88% (1.97%)
Global 0.46% (1.09%)
* Excluding cash on deposit and derivatives.
Source: M&G and State Street as at 31 December 2025
Portfolio overview
As at 31 December 2025 2024
% %
Cash on deposit 3.00 0.97
Public 50.40 46.57
Asset-backed securities 12.42 24.62
Bonds 14.10 14.50
Investment funds 23.88 7.45
Private 46.42 52.38
Asset-backed securities 2.34 4.57
Bonds 1.37 2.06
Equities 0.01 -
Investment funds 13.52 11.40
Loans 16.26 23.06
Private placements 1.24 1.25
Subordinated debt 0.08 -
Other 11.60 10.04
Derivatives 0.18 0.08
Debt derivatives - 0.05
Forwards 0.18 0.03
Total 100.00 100.00
Source: State Street
Credit rating breakdown
As at 31 December 2025 2024
% %
Unrated 0.27 0.08
Cash and investment grade 78.80 76.40
Sub-investment grade 20.93 23.52
Total 100.00 100.00
Source: State Street
For the detailed breakdown of the credit ratings of the investment
portfolio, please refer to page 103 of the full Annual Report and Accounts
in note 13 to the Financial Statements.
Top 20 holdings
Percentage of portfolio
of investmentsa
Company description
As at 31 December 2025
(2024)
Open-ended fund managed by M&G which invests
M&G Investment Grade ABS primarily in high grade European ABS with on
Fund average AA risk. The fund seeks to find value in
credits which offer an attractive structure or
18.34% (8.50%) price for their risk profile. (Public)
Open-ended fund managed by M&G which invests in
leveraged loans issued by, generally, substantial
private companies located in the UK and
M&G European Loan Fund Continental Europe. The fund’s objective is to
create attractive levels of current income for
13.52% (11.40%) investors while maintaining relatively low
volatility of NAV. (Private)
Open-ended fund managed by M&G investing in a
diversified pool of investment grade ABS. In
M&G Senior Asset Backed usual market conditions, the fund will invest
Credit Fund predominantly in senior tranches of ABS, with 80%
expected to be of a credit rating of at least AA–
5.54% (7.45%) or higher. The latest average credit rating of
the underlying portfolio is AAA. The daily
dealing fund is used by the Investment Manager as
an alternative to holding cash. (Public)
Delamare Finance FRN Floating-rate, senior tranche of a CMBS secured
1.279% 19/02/2029 by the sale and leaseback of 33 Tesco superstores
and 2 distribution centres. (Public)
2.45% (1.77%)
Income Contingent Floating-rate, junior mezzanine tranche of a
Student Loans 14.95% portfolio comprised of income contingent
24/07/2058 repayment student loans originally advanced by
the UK Secretary of State for Education. (Public)
1.53% (2.00%)
Floating-rate, mezzanine tranche in a regulated
Salisbury III Securities capital securitisation where the underlying
FRN 1% 16/06/2027 portfolio is a diversified portfolio of UK small
and
1.49% (0.93%)
medium enterprise ('SME') loans originated by
Lloyds Bank. (Private)
Serenissima SPV 5.625% Fixed coupon, senior debt in an infrastructure
30/06/2036 securitisation backed by future receivables
payable to the O&M (Operations & Maintenance)
1.38% (n/a) contractor for an Italian road project in
North-East Italy. (Private)
Totem Aries-7M Floating-rate, mezzanine tranche in a regulated
Incorporated Cell 3.5% capital securitisation where the underlying
27/01/2034 portfolio is Asset Backed Lending and Super
Senior Facilities to US corporates. (Private)
1.06% (n/a)
Ford Motor Credit 6.184% Fixed-rate bond issued by Ford Motor Credit
29/08/2031 Company LLC providing automotive financing
services through Ford and Lincoln dealerships.
1.05% (n/a)
(Public)
Project Energy from Floating-rate, senior secured infrastructure loan
Waste UK Var. Rate funding the design, build, maintain, operate and
29/11/2041 finance contract of a residual waste treatment
facility. (Private)
1.04% (1.54%)
Income Contingent
Student Loans 1 Floating-rate, mezzanine tranche of a portfolio
2002-2006 FRN 2.76% comprised of income-contingent repayment student
24/07/2056 loans originally advanced by the UK Secretary of
State for Education. (Public)
0.98% (1.22%)
Millshaw SAMS No. 1 Var.
Rate 15/06/2054 Floating-rate, single tranche of an RMBS backed
by shared-appreciation mortgages. (Public)
0.94% (1.43%)
Signet Excipients Var. Fixed-rate loan secured against 2 large
Rate 28/11/2026 commercial premises in London, currently leased
to 2 FTSE listed UK corporations. (Public)
0.93% (1.27%)
Atlas 2020 1 Trust Var. Floating-rate, senior tranche of a bilateral RMBS
Rate 30/09/2050 transaction backed by a pool of Australian equity
release mortgages. (Private)
0.85% (1.19%)
Global Gender Smart Fund Floating rate, senior tranche in a microfinance
1% 31/12/2028 debt fund backed by DFIs (Development Finance
Institutions). (Private)
0.82% (n/a)
Floating-rate, senior secured term loan lending
Whistler Finco 1% to an outdoor media infrastructure owner which
30/11/2028 invests and manages a large billboard portfolio
in the UK, Netherlands, Spain, Ireland and
0.82% (1.10%) Germany. (Private)
STCHB 7 A Var. Rate Floating-rate, mezzanine tranche in a regulated
25/04/2031 capital securitisation where the portfolio
consists of 36 loans, secured on the undrawn
0.81% (1.15%) Limited Partner (LP) investor capital
commitments. (Private)
NewRiver REIT 3.5% NewRiver REIT PLC operates as a real estate
07/03/2028 investment trust investing in retail properties
throughout the United Kingdom. Fixed, callable
0.78% (1.03%) bond. Senior Unsecured. (Public)
The School Board Of Fixed coupon, senior secured Private Placement
Miami Dade County 1% note issued by a regional US school board,
15/10/2038 supported by future payments relating to wireless
spectrum licenses leased to a blue-chip tenant.
0.78% (n/a) (Private)
Fontwell II Securities Floating-rate, mezzanine tranche in a regulated
2020 9.2208% 18/12/2028 capital securitisation where the underlying
portfolio is long-term mortgages for farms and
0.74% (1.01%) rural businesses across the UK. (Private)
a Including cash on
deposit and derivatives.
Annual General Meeting
The Company's Annual General Meeting will be held at the offices of M&G
Alternatives Investment Management Limited, 10 Fenchurch Avenue, London
EC3M 5AG at 9:30am on Wednesday, 20 May 2026. The formal Notice of AGM can
be found within the Annual Report.
Further Information
The full Annual Report and Accounts can be obtained from the Company's
website at 1 www.mandg.co.uk/creditincomeinvestmenttrust or by contacting
the Company Secretary at 2 mandgcredit@cm.mpms.mufg.com.
A copy of the Annual Report and Accounts will be submitted shortly to the
National Storage Mechanism ("NSM") and will be available for inspection at
the NSM, which is situated at:
3 https://data.fca.org.uk/#/nsm/nationalstoragemechanism, in accordance
with DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
ENDS
Neither the contents of the Company's website nor the contents of any
website accessible from hyperlinks on this announcement (or any other
website) is incorporated into, or forms part of, this announcement.
══════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement, transmitted by 4 EQS Group.
The issuer is solely responsible for the content of this announcement.
View original content: 5 EQS News
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ISIN: GB00BFYYL325, GB00BFYYT831
Category Code: ACS
TIDM: MGCI
LEI Code: 549300E9W63X1E5A3N24
Sequence No.: 422432
EQS News ID: 2299658
End of Announcement EQS News Service
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