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RMDL offers investors i) a high dividend yield (ca.7%), ii) a proven record in downside risk management, and iii) a non-correlated share price. Its monthly NAV growth has proved very stable, driven by predictable net interest income, rather than capital movements. As noted in our initiation report, RMDL delivers its returns via high skill and service levels, assessing, monitoring and collecting credit in line with best practice. It exploits a chosen niche, rather than taking on incremental risk. February 2020’s 2% share price fall, moving the shares to a small discount to NAV, was on minimal volumes, and we believe reflects the illiquidity in the shares, rather than anything more fundamental.

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