Edison Investment Research - MedicX Fund Ltd (MXF) Update: Continuing to find opportunities

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Edison Investment Research

Update: Continuing to find opportunities

In H116 MedicX Fund continued to selectively add assets, despite a highly competitive UK investment market, and it maintains a strong investment pipeline in both the UK and Republic of Ireland. Profit progression during the period was limited by the time between drawing on funding and income generation from investment; as this unwinds, earnings growth should pick up, supported by the new management fee structure. As a long-term investor in modern primary care properties in the UK and the Republic of Ireland, the fund should benefit from growing demand to meet healthcare needs. Leases are long, substantially government backed, and funded by fixed rate debt (c 52% LTV) of similar duration, underpinning secure cash flows to support the 6.8% prospective yield.

07/06/2016 8 EN

Underlying

MedicX Fund Ltd

MedicX Fund is a closed-ended investment company and a U.K. Real Estate Investment Trust. Co. is the holding company of a number of subsidiaries. Co., together with its subsidiaries, is a primary healthcare infrastructure investor in purpose-built primary healthcare properties in the U.K. and Republic of Ireland. As of Sep 30 2017, Co. had 156 primary care properties across the U.K., including 151 completed properties and five properties under development. Octopus AIF Management Limited acts as Co.'s Alternative Investment Fund.

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GG00B1DVQL92 Guernsey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: Continuing to find opportunities

Form 8.3 - The Vanguard Group, Inc.: MedicX Fund Limited

Form 8.3 - The Vanguard Group, Inc.: MedicX Fund Limited

MedicX Fund - Quality portfolio, performing well

Regional REIT - Q124 DPS unchanged ahead of refinancing

4imprint Group - Solid start to the year

Dowlais Group - Margin expansion despite mixed auto markets

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