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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Fair Oaks Income Limited | LSE:FAIR | London | Ordinary Share | GG00BNNLWT35 | 2021 SHS NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.56 | 15,313 | 08:00:14 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 0.55 | 0.57 | 0.565 | 0.56 | 0.56 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 369k | -687k | -0.0017 | -329.41 | 227.26M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 08:32:45 | O | 15,313 | 45.71 | USD |
| Date | Time | Source | Headline |
|---|---|---|---|
| 04/4/2024 | 07:00 | UK RNS | Fair Oaks Income Limited Transaction in Own Shares |
| 03/4/2024 | 07:00 | UK RNS | Fair Oaks Income Limited Transaction in Own Shares |
| 02/4/2024 | 09:54 | UK RNS | Fair Oaks Income Limited Total Voting Rights |
| 02/4/2024 | 07:00 | UK RNS | Fair Oaks Income Limited Transaction in Own Shares |
| 28/3/2024 | 07:00 | UK RNS | Fair Oaks Income Limited Transaction in Own Shares |
| 27/3/2024 | 07:00 | UK RNS | Fair Oaks Income Limited Transaction in Own Shares |
| 26/3/2024 | 07:00 | UK RNS | Fair Oaks Income Limited Transaction in Own Shares |
| 25/3/2024 | 07:00 | UK RNS | Fair Oaks Income Limited Transaction in Own Shares |
| 22/3/2024 | 07:00 | UK RNS | Fair Oaks Income Limited Transaction in Own Shares |
| 15/3/2024 | 11:00 | UK RNS | Fair Oaks Income Limited Dividend Currency Election |
Fair Oaks Income (FAIR) Share Charts1 Year Fair Oaks Income Chart |
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1 Month Fair Oaks Income Chart |
Intraday Fair Oaks Income Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 22/2/2024 | 16:20 | Fair Oaks Income Fund | 340 |
| 13/11/2011 | 23:36 | Undervalued Natural Resources Stocks | 171 |
| 02/11/2011 | 10:37 | Undervalued AIM stocks discussion thread | 11 |
| 22/11/2010 | 09:52 | Exploration stocks still to break out | 3 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-04-15 07:32:47 | 45.71 | 15,313 | 0.00 | O |
| Top Posts |
|---|
Posted at 15/4/2024 09:20 by Fair Oaks Income Daily Update Fair Oaks Income Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker FAIR. The last closing price for Fair Oaks Income was US$0.56.Fair Oaks Income currently has 405,815,477 shares in issue. The market capitalisation of Fair Oaks Income is £227,256,667. Fair Oaks Income has a price to earnings ratio (PE ratio) of -329.41. This morning FAIR shares opened at US$0.56 |
Posted at 22/1/2024 10:30 by euameus Liberum on Fair Oaks IncomeInvestment case remains compelling despite discount closing Analyst: Shonil Chande Mkt Cap £177m | Share price $0.56 | Prem/(disc) -1.6% | Div yield 14.4% Event Fair Oaks Income’s NAV per share of $0.564, as at 31 December 2023, represented a 0.14% monthly increase and a 12.9% NAV total return in the calendar year. Default levels firmly lower than forecast a year ago The European loan default rate increased from 1.42% to 1.62%, and the US loan default rate increased from 1.48% to 1.53% in December. These levels are significantly below market forecasts at the end of 2022. The forward-looking distress ratio decreased from 4.79% to 4.32% in Europe and from 7.30% to 6.36% in the US. Liberum view FAIR has performed very well over the past year, with the underlying performance of the CLO equity and debt portfolios very well supported by corporate measures, particularly the share repurchase programme. In the context of the near outright closure of FAIR’s discount, it may be tempting to view FAIR as relatively less attractive. We make a few key points to counter this. Firstly, At NAV (ie no discount), FAIR’s dividend yield is c.4 percentage points higher than the second highest-yielding alternative fund (market caps above £150m). Secondly, with respect to increases in default rates and the impact this can have on CLO equity valuation, as opposed to distributions given that a far more punitive environment (overacollaterlisati The two charts below show 1) the downward trend in the core USD CLO equity valuations in particular, mitigating risk, and 2) the potential positive impact on NAV from upward moves in valuation. If the market has modelled overly pessimistic assumptions for USD CLO equity, the prices of some of the US CLO equity tranches could rally significantly. We also note the manager’s comment in the factsheet: “Assuming the US default scenarios forecast by S&P Global Ratings, we estimate that the gross IRR for the Master Fund would be 33%, 26% and 15% in an optimistic, base and pessimistic scenario, respectively.” Alignment and repurchases FAIR has overseen a highly effective share repurchase programme since October 2022, with tangible impact across several metrics. A focus on CLO equity, which has historically delivered a double-digit cash yield, and CLO debt, meant that even after reducing its annual dividend, in 2022, from 9.5c to 8c to fund the repurchases, the dividend yield at NAV remained above 13%. Other initiatives include the fixed-life realisation share class and re-investing 25% of management fees whenever the shares trade at a discount. We are BUYers with a target price of $0.66. |
Posted at 02/1/2024 17:00 by grahamg8 And also VTA/VTAS. FAIR are priced in USD, and at the current exchange rate 56c = 44.37p. VTA is priced in Euros but you might as well buy the same animal VTAS in pence. TORO is also priced in Euros. They are pretty similar but FAIR stick mainly to USA debt, TORO mostly European and VTAS split roughly 50/50. Otherwise the principal difference is the discount to NAV. TORO is the highest, FAIR lowest virtually evens and VTAS somewhere in the middle. |
Posted at 27/12/2023 17:04 by grahamg8 SP at its highest for nearly 2 years. We are almost at the latest NAV of 56.3c. In a falling interest rate environment the huge yield could spell a rerating. If the dividend stayed the same and the risk appetite accepted 12% we would have a share price of 66c, or rise of 21%. High income and capital gain, I think I am having a wet dream. |
Posted at 28/9/2023 09:56 by davebowler Liberum-Half-year report confirms quality of investment portfolio Analyst: Joachim Klement Mkt Cap £176m | Share price $0.53 | Prem/(disc) -9.2% | Div yield 15.2% Event Fair Oaks Income released its interim report for the six months ended 30 June 2023. For the reporting period, the NAV total return was 9.0% compared to -5.3% in the same period 2022. The NAV total return for the realisation shares was 9.7% (vs. -5.0% in the same period 2022). The increase in Nav has continued in the months since June. The August NAV was $0.581 for the 2021 shares for an additional 3% appreciation in NAV in the last two months. Over the period, the Master Fund received total distributions of $33.2m (H1 22: $45.0m). Distributions in January were negatively impacted by large movements in Libor and Euribor which affected the CLO assets and liabilities differently due to timing issues. Distributions recovered in April. The focus on originating and controlling CLO subordinated notes has resulted in fundamental performance above the market average. Origination and control allowed the Master Funds to veto specific loans when the transactions were launched and to monitor and influence the CLOs over time. Lower fees in primary investments also allowed CLO managers to construct more conservative portfolios with no need to reach for yield. As a result, the Master Funds have benefitted from underexposure to sectors such as retail or energy. Liberum view In our in-depth note in August (Fair Oaks Income (BUY, TP $0.7) - Attractive CLO equity return outlook (43 pgs)) we emphasised the opportunity in CLO markets at the moment. As FAIR is marking its CLOs to market rather than mark-to-model, the downside is already reflected in the price and the ongoing recovery in loan markets leads to a significant pull on NAV higher. Add tot hat the sector-leading dividend yield of 15.4% and we recommend BUYing the fund with a TP of $0.66. |
Posted at 23/8/2023 11:17 by euameus Stifel comment below. Interesting given recent price action.Fair Oaks income - Is it really that different to TwentyFour Income? One of the vagaries of investment trusts are that some trade close to NAV largely based on historical reasons while others seem to be overly punished. TwentyFour Income is a well managed fund and while fundamentally the securities it invests in (UK residential mortgages and CLO debt) may be secure, there is clearly headline and pricing risk in residential mortgages - especially the residential equity book (c.17% of NAV). The share price is currently trading in line with the NAV with a dividend yield of 8%. Fair Oaks Income which invests in CLO equity and debt trades at a 12% discount to NAV with a 15% dividend yield. Both are well managed vehicles, but we would be far more comfortable investing in CLO equity with its diversified pool of leveraged loans that can be actively traded versus a UK residential portfolio that has a static pool. In addition, Fair Oaks Income has a limited life structure, which means (assuming a 1-year extension) that the fund enters run off in 2024/5 unless investors opt for a roll over. The question we are pondering is one of valuations. On a relative basis Fair Oaks Income appears cheap and likely better insulated from further macro pressure (on a NAV basis). There is also likely more potential for consolidation in the CLO sector with either of its peers (Volta Finance or Marble Point). |
Posted at 16/8/2023 10:11 by cwa1 davebowler16 Aug '23 - 09:57 - 647 of 6470 1 0 Liberum commentary on FAIR - Strong distribution momentum from second highest yielding AIC fund at NAV Analyst: Shonil Chande Mkt Cap £170m | Share price $0.53 | Prem/(disc) -11.4% | Div yield 15.0% Event Fair Oaks Income’s NAV per share increased by 2.5%, to $0.598, in July 2023. This represented a 2.5% increase in the month (+11.8% YTD). Quarterly distributions received by the Master Fund in July totalled $21.1m, reflecting a 21.6% annualised yield on NAV and a 24.4% yield on yesterday’s closing price. Distributions have been increasing over recent months, with the portfolio benefitting from an increasing arbitrage spread of the underlying loan pool over the cost of CLO financing. Based on July 2023 distributions, we calculate that the CLO equity portfolio was valued at a 4.0x multiple to cash flows, with the USD CLO equity portfolio valued at 2.9x and the EUR CLO equity valued at 4.9x. Default rates in the US increased by 0.4ppts to 1.75% and by 0.53ppts to 1.51% in Europe. The European increase was due to Casino defaulting on a €1.4bn of senior debt. The forward-looking distressed rate declined from 8.47% to 7.55% in the US and increased from 4.13% to 4.17% in Europe. This measures the proportion of loans trading below 80c, and a decline is a forward-looking indicator that suggests improving sentiment towards leveraged loans. FAIR’s July factsheet notes the potential impact on European and US leveraged loan indices from issues at Altice Group. Significant overcollateralisatio The overcollateralisatio FAIR’s ‘GFC scenario’ models a gross return of 6% based on NAV and 11% based on the share price, as at 31 July 2023. FAIR’s CLO equity assets have consistently demonstrated stronger credit performance than the broader CLO market, which in turn has significantly outperformed other corporate debt categories on returns and default rates. There is additional de-risking via a shareholder-friendly structure. Liberum view Distribution momentum is strong and leveraged loan indices have performed well over the past several weeks. Given that the US CLO equity portfolio’s mark-to-market valuation stands at a median 34%, de-risking is built into the valuation and there is potential for valuations to improve. FAIR’s shares have been amongst the best performers over the past year with the 27% share price TR ranking third amongst alternative funds (ex-3i). We believe the shares continue to present attractive value given the underlying strong distributions, and the potential for higher US CLO equity valuations. FAIR’s share repurchase programme, in place since last October, has driven a significant reduction in its bid-ask spread in absolute terms and relative to peers. We believe it is attractively positioned compared to most peers and that the relative discount is not justified, in most cases. |
Posted at 23/6/2023 22:44 by cerrito I see that Moodys has issued a warning about the private credit market signalling funds managed by Ares and Owl Rock.The name Ares rang a bell and I checked on the latest FAIR fact sheet. It has USD18m of a 2015 Ares deal with an equity position with a 30pc valuation. Moodys were mainly concerned about loans made in 2020 /1 but I guess some of these may have been inserted into the 2015 deal. Interestingly the cushion on this deal at 1.09, a big detioriation from the 2.27 at end February and 1.38 at end of March. There does seem to be something odd here as the total weighted average cushion for the whole FAIR portfolio has detioriated far less since February - from 4.46pc to 4.12pc. They have a small mezzanine position in an Owl Rock deal. I feel we are about to enter into a storm despite the upbeat comments on defaults by the managers of VTA, which I also hold, as well as FAIR. I note the comment from FAIR in recent months that CLO:s are underpriced as well as the discount, which despite the buybacks are at a high level compared to the last 3/4 years. I also note that this April's quarterly distributions were 3.3pc per share ie a 26.7 pc dividend yield based on the share price. All in all I am not buying more FAIR or VTA but not selling either. Any of you more adventurous?? |
Posted at 21/5/2023 16:01 by cerrito cbscbSorry I do not have that anymore. I hope you enjoy reading him as much as I do. I do not have the courage to buy more here and a 60c share price this year or next would be a very pleasant surprise. Both VTA and Fair note defaults are lower than expected, which is correct. That said defaults are a lagging indicator and we need to see what happens in the famous recession as well as any repercussions of tightening landing standards. . I do not understand what the impact will be of tighter lending. I note Fair have said so far no impact. I do not see myself selling either. Ps For those looking to get into Fair and needing a CLO 101 there is a good introductory 15 minute video on the Oaktree site. Pps Too bad FAIR do not do investor webinars. |
Posted at 17/5/2023 10:12 by cwa1 Courtesy of davebowler on the VTA board...Liberum on FAIR- Default rates remain below expectations Analyst: Shonil Chande Mkt Cap £156m | Share price $0.48 | Prem/(disc) -17.9% | Div yield 16.7% Event Fair Oaks Income's NAV per share at 30 April 2023 was $0.5847, representing a total return of 1.1% in the month (+5.7% YTD). Default rates continue to be significantly lower than the forecasts for 2023 issued at the end of 2022. The default rate in the US remained stable at 1.3% while in Europe it rose from 0.4% to 0.6% in April. The distressed ratio in the US remained at 8.7% and in Europe it dropped from 6.4% to 6.1%. CLO valuations continue to lag other assets, potentially as a result of investors modelling unduly negative market scenarios. Liberum view The resilience in default rates is notable and challenges the assumptions made in company models to calculate the NAV. The company points out that in early 2020, the median price of the Master Fund's US CLO equity investments fell from 67 cents to 30 cents based on predictions of increasing loan defaults due to the pandemic. However, the median price recovered to 63 cents by spring 2021 when it became clear that default rates would not increase as expected. Today, the median price of the same investments is 32 cents, indicating once again a substantial recovery potential in the NAV if default rates continue to remain below projections. We continue to be Buyers of the fund with a target price of $0.60 (+25% upside from current share price) |
Posted at 20/9/2022 17:54 by grahamg8 Oh dear gloom gloom gloom. Even at 2cps the yield was 17%, are you really moaning that this isn't enough? All companies treat share buy backs as part of distribution to shareholders. The problem is that you don't usually see the effect immediately. Although in this case we have. If the share price goes up by 5% that has exactly the same effect as a 5% dividend and no increase in share price. The problem is not dividend yield it is share price discount. Traditionally FAIR trade close to the asset value and the managers are trying (with some degree of initial success) to restore that link. They have identified that there is insufficient liquidity, the buy back is aimed at solving that. They are also aiming to provide predictability of income from a rather lumpy revenue stream. Presumably this is what the ii's are looking for. If we can get a stable share price and the income then I'm all for it. |
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