Iron Mountain (IRM, Financial), a leader in the North America storage and information management market, has a large base of recurring storage rental revenues that, in our view, make it an attractively stable and predictable business. The company has been cutting costs and working to rationalize its data storage properties, and it is also partnering with other investors to expand into digital data storage. As spreads tighten, long-duration bonds like this appreciate more in value than do shorter-term bonds.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund third-quarter 2020 commentary.
