InvestSMART Hybrid Income Portfolio

We’ve trimmed our position in MQGPB. With no distributions due until March 2018, we feel spreads are tight when compared to the major banks.

We’ve also trimmed our position in NABPB. With 1.3 years to maturity, the spread is too tight when compared to other securities with longer maturities.

We’ve reinvested the proceeds of the above into WBCPG as it goes ex dividend on the 21^st December and is priced favourably against other major bank hybrids.