A Sell Signal For CEF BIT: Its Historic High Premium (Downgrade) [Seeking Alpha]
BlackRock Multi-Sector Income Trust Common Shares of Beneficial Interest (BIT)
US:NYSE Investor Relations:
blackrock.com/investing/products/249839/blackrock-multisector-income-trust-fund
Company Research
Source: Seeking Alpha
The composition of BIT's portfolio follows a bar-belled approach, with high-yield exposure balanced by AAA assets. However, this methodology has encountered trouble in the current inflationary environment. BIT is currently trading at a generational high premium to NAV. Additionally, the fund is a chronic over-distributor, with a high percentage of its distribution coming from the return of capital. In the past decade, we have seen BIT usually trade at a -10% discount to NAV, but we expect it to balance at flat to NAV going forward. Thesis Even for buy and hold instruments there are times to overweight exposures and there are times to lighten up on them. BlackRock Multi-Sector Income Trust ( NYSE: BIT ) is a name which we have been covering for a long time and we own it as well. We were very impressed with this CEF during the recent monetary tightening regime when we witnessed the fund management team immunize the fund from duration via interest rate swaps, thus outperforming
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Sec Filings
- 3/14/24 - Form N-CEN
- 3/6/24 - Form N-CSR
- 2/26/24 - Form NPORT-P
- BIT's page on the SEC website