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Barings Corporate Investors

MCI
57
Asset Management · Financial Services
Price
$16.68
-0.02 (-0.09%)
Market Cap
$342.8M
Exchange
New York Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Jul 28, 2026 · filings through Dec 31, 2025

Barings Corporate Investors is a closed-end investment fund that lends money to private, mid-sized companies in the United States. Instead of buying stocks, it mostly makes loans and takes small ownership stakes in businesses that cannot easily borrow from big banks. It is managed by Barings LLC, a large global asset management firm.

The fund makes money by collecting interest payments on those loans and occasionally earning gains when it sells its ownership stakes. It trades on the New York Stock Exchange like a regular stock, but its value is tied to the performance of its private loan portfolio. Because it focuses on less liquid, privately negotiated loans, it can earn higher interest rates than public bond funds — that is its main competitive edge. The key risk is that if the economy slows down and borrowers struggle to repay their loans, the fund's income and asset values could fall meaningfully.

Winston Score History

Share count broadly stable

+0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 20.3M (2021) → 20.5M (2025)

Score breakdown

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Quality

Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Operating Margin
84.3%
Excellent — 84.3% operating margin
ROCE
1.8%
Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-16.0%
Shrinking sales (-16.0% YoY)
EPS YoY
-21.6%
Earnings shrinking (-21.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
66%
Modest — 66% of profit becomes cash
FCF Margin
51.1%
Converts sales into free cash efficiently (51.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
0.22
Conservative — low debt load (0.22)
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
12.1x
Attractive valuation — P/E 12.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
9.60%
Healthy income — 9.60% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
-5.9%
Dividend cut (-5.9% YoY) — warning sign

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