Fri Sep 20 06:00:00 UTC 2024: ## Middlefield Canadian Income Trust Reports Strong Half-Year Performance
**LONDON, ENGLAND** – Middlefield Canadian Income PCC (MCT), a closed-ended investment company focused on Canadian equities, has reported positive results for the first half of 2024. The Fund, which invests primarily in dividend-paying Canadian companies, generated total returns of 4.6% on its share price and 1.9% on net assets, outperforming its benchmark by a significant margin.
The strong performance was driven by positive contributions from the Financials, Energy, and Utilities sectors, benefiting from sector allocation and stock selection gains. The Investment Manager, Middlefield Limited, believes these results represent the early stages of a sustained period of outperformance following challenging market conditions for the Fund’s core sectors.
The Board remains confident in the Investment Manager’s strategy, highlighting its 40 years of experience in the Canadian market and its actively managed approach. The Board also supports the Investment Manager’s decision to maintain a significant geographic exposure to Canada, citing the attractive levels of cash flow and dividends offered by Canadian equities.
**Key Highlights:**
* **Strong Performance:** The Fund generated a total return of 4.6% on its share price and 1.9% on net assets in the first half of 2024, outperforming its benchmark by a significant margin.
* **Dividend Growth:** The Board approved a 0.1p increase in the annual dividend target in early 2024, resulting in two quarterly interim dividends of 1.325p per share, a 2% increase compared to the previous year.
* **Share Price Discount Narrowing:** The Fund’s share price discount to net asset value (NAV) narrowed from 16.8% at the end of 2023 to 12.4% as of September 18, 2024.
* **Share Buybacks:** The Company has repurchased 40,000 Fund Shares for cash since August 28, 2024, reflecting a positive outlook for the portfolio’s holdings.
* **Positive Outlook:** The Investment Manager anticipates continued strong performance from North American equity markets, particularly benefiting from lower interest rates and a supportive macroeconomic environment.
The Board and Investment Manager remain optimistic about the Fund’s future performance, emphasizing the attractive valuation discount embedded in Canadian equities and the potential for growth within the country’s key sectors, including Real Estate, Energy, and Utilities.
First Piper 