NML: Valuation Is Getting Too Expensive

Impact · against what's priced in

NML is facing valuation headwinds as it trades at a premium to NAV while relying on unsustainable distribution methods. While AI data center growth provides a fundamental tailwind, the fund's concentration in midstream holdings and reliance on realized gains create a risk of price correction.

NML−0.30

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In context

The fund is trading at a premium to NAV and utilizes net realized gains to support an 8.3% dividend yield, which suggests the current valuation is unsustainable relative to organic earnings.

Read from the article alone

• valuation▲4%
• NML
• ai data centers
• dividend yield
• energy infra
• lng
• midstream
• nav premium

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