| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 103.87 | -27 |
| Intrinsic value (DCF) | 72.22 | -49 |
| Graham-Dodd Method | 1.44 | -99 |
| Graham Formula | 21.42 | -85 |
Middlefield Canadian Income PCC - Middlefield Canadian Income - GBP PC (MCT.L) is a close-ended equity mutual fund listed on the London Stock Exchange, specializing in Canadian public equities and real estate investment trusts (REITs). Managed by Middlefield International Limited and co-managed by Middlefield Capital Corporation, the fund targets income-focused investors by investing in high-yield Canadian assets, benchmarked against the S&P/TSX Equity Income Index. Established in 2006 and domiciled in the UK, the fund provides exposure to Canada’s robust dividend-paying sectors, including energy, financials, and REITs. With a market cap of approximately £130 million, MCT.L appeals to investors seeking diversified Canadian income streams with a GBP-denominated structure. Its strategy emphasizes stable distributions, reflected in a dividend yield of 5.4p per share, making it a niche option for UK-based investors looking for North American income exposure.
Middlefield Canadian Income PCC offers a specialized play on Canadian income-generating assets, with a focus on high-dividend equities and REITs. The fund’s appeal lies in its GBP-denominated structure, providing UK investors with currency-hedged exposure to Canada’s stable dividend markets. However, risks include concentration in Canadian markets, sensitivity to commodity cycles (given Canada’s energy-heavy index), and reliance on REIT performance. The fund’s low beta (0.94) suggests relative stability, but negative operating cash flow (-£6 million) raises questions about sustainability if dividend coverage weakens. The absence of debt is a positive, but the fund’s small size (~£130 million) may limit liquidity. Attractive for income seekers, but requires monitoring of Canadian economic trends and dividend coverage metrics.
Middlefield Canadian Income PCC (MCT.L) competes in the niche of UK-listed, Canada-focused income funds. Its primary competitive edge is its specialized mandate—few LSE-listed funds offer concentrated exposure to Canadian dividend stocks and REITs. The fund’s GBP share class is a differentiator for UK investors seeking currency convenience. However, its small scale (~£130 million AUM) limits economies of scale compared to larger global income funds. Performance is tied to the S&P/TSX Equity Income Index, which is heavily weighted in financials and energy—a double-edged sword given Canada’s cyclical sectors. The fund’s co-management by Middlefield Capital Corporation provides local expertise, but its passive-like approach (benchmark-hugging) may lack the alpha potential of active strategies. Competitors include broader global income funds and Canada-specific ETFs, which often offer lower fees. MCT.L’s 5.4p dividend is competitive, but sustainability depends on Canadian corporate payout ratios, which face pressure in rising-rate environments. Its closed-end structure avoids liquidity mismatches but can trade at discounts to NAV.