NMCO - Income Lessons Learned In 2020

• 2020 was an unforgettable year in markets, delivering a number of important lessons to income investors.
• We review some of these lessons such as ignoring CEF premiums, chasing yield, failing to keep dry powder handy and others.
• In the current market, we remain fully invested in our Income Portfolios with a margin-of-safety approach while tilting to more resilient securities.
• We also highlight a number of current holdings such as EAD, CMU, NCV, DX.PB, and others.

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