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CIFU Carador Income Fund Plc

0.18
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Carador Income Fund Plc LSE:CIFU London Ordinary Share IE00BL8C5Z40 ORD NPV (USD)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.18 0.13 0.23 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Carador Income Share Discussion Threads

Showing 226 to 249 of 625 messages
Chat Pages: Latest  13  12  11  10  9  8  7  6  5  4  3  2  Older
DateSubjectAuthorDiscuss
24/8/2013
09:06
That is true, you need to put all the pieces together to et the story. At least all the pieces are on the site though
pejaten
23/8/2013
06:30
Actually my thought was a bit contrary - Carador themselves don't explain *anything* in their RNSs, but brief analysts afterwards. At least we get the analyst reports!

RECI's monthly factsheets actually contain everything you need to know, and the analyst commentary doesn't actually add much.

jonwig
23/8/2013
00:45
I do like the way that Carador (and RECI) take the trouble to explain what they are trying to do over and above the basic RNS announcement. I thought the monthly fact sheet this month was very informative as it gave both a proper breakdown on CLO equity and a clearer statement on strategy in the coming months. These monthly comments from the analysts tend to add even more colour, which is just great
ibarty
22/8/2013
18:01
News updated on Carador website:

N+1 Singer, 21 August 2013, "NAV Flat, Cashflows Showing the Expected Volatility - Corporate"

The July NAV was effectively flat MoM when adjusted for the payment of the dividend. Like for like gross cashflows on the income note portfolio fell 28.1% largely due to temporary diversions to pay CLO manager incentive fees (2 positions, 62% of the reduction) and the pace of debt note paydown for those CLOs post their reinvestment phase. Much of the fall was offset by reductions in amortisation and distributable cashflows from the income notes were down just 13%. Higher Mezz income and lower costs left distributable cashflows down 12.3% to US$1.52¢. We expect a partial reversal of this fall in August as ING II completes the incentive fee payments and returns to full distribution.
Please contact Ian Wild, +44 20 7496 3073, ian.wild@n1singer.com for a copy of this report.


Liberum Capital, 21 August 2013, "CIFU - July NAV"
The additional colour on the CLO equity investments is useful and the strong cash on cash payments received in July (33.5% & 22.3% of nominal amount for CLO equity positions pre and post reinvestment periods) should reassure investors.
Please contact Conor Finn, + 44 20 3100 2257, conor.finn@liberumcapital.com for a copy of this report.


Dexion Capital, 21 August 2013, "Carador Income - July 2013 NAV and dividend"
Monthly performance this year has proved to be mixed for Carador, so a flat month is actually quite welcome and shows some stabilisation of the market. Following shareholder approval, the company can now look to take advantage of the opportunities in primary income notes, while still benefitting from the strong cash flow on the older and maturing secondary CLO notes. We believe that Carador is now increasingly well positioned to deliver steadier returns in the near term and to take advantage of the next phase of growth of CLO primary issuance.
Please contact Tom Skinner, +44 20 7832 0953, tom.skinner@dexioncapital.com for a copy of this report

dendria
21/8/2013
11:09
Cheers for that j. Will have a look at it when time permits. Thanks.
cwa1
21/8/2013
10:42
CWA - there's a thread for the GBP shares:



but I bought the USD ones as most of the activity is in USD securities, so I avoid the currency risks - I think.

It's a long-short activist hedge fund run by Daniel Loeb (he's the name to google for some history). Yahoo, Sony and now Disney are some of the stocks he's bought into heavily.
Performance on the long side has been well ahead of indices, I think, but the fund was well down when the market dipped recently.
What's attractive is that there seems to be a biggish discount: share price of $15.00 against latest NAV of $16.27.

Maybe I should start a thread for TPOU - will try to find time this week.

EDIT: forgot to say they are moving from occasional special dividends to target paying 5% of NAV annually.

jonwig
21/8/2013
09:58
Morning jonwig

Apologies, first of all, to all others but might I ask if you could give a very brief introduction to TPOU and its attractions? No worries if too big an ask.

I will obviously DMOR but always useful for someone that knows the stock to start the ball rolling I feel.....

cwa1
21/8/2013
08:45
I've just revisited the Edison note of 17/06 which explains the lower expected income.

To over-simplify, when loans are re-financed, this is happening at tighter spreads (ie. lower interest rates) owing to greater demand. This means that money flows to the income notes are reduced. Because the income notes are valued on future cashflows, their asset value is reduced too.

Like you, rat, I reduced my holding a while back. But I'm keen to keep USD exposure, so bought into Third Point Offshore [TPOU] which has made some headway.

jonwig
21/8/2013
08:11
I have been reducing my holding gradually over the last 6 months as the decline in nav and income coverage accelerates. The income from the leveraged assets is falling quicker than I expected and repricing is at a lower level. The sustainability of the high yielding dividend has to come into question now even if management believe that income is now levelling off at a more sustainable level. Previously GRY (assuming take up 2017 exit) tracked the dividend yield, but reducing now and while only knocking cira 1% off in 6 months this could accelerate and while 10-12% return pa is reasonable there may be better assets around. Sold some more this morning and holding is now at 50% of level 6 months ago. Noticed price up a tad after selling so maybe I am wrong!!
rat attack
21/8/2013
06:47
I wasn't expecting the asset value to grow, but this decline (assets and income) needs some explanation. They never comment in the announcement, but there may be some explanation from Edison or others in the next couple of days.

Rising bond yields?

jonwig
21/8/2013
06:37
Jul 13 NAV = USD 0.9597 (-3.45%).
dendria
15/8/2013
07:25
What Investment minor feature 13 Aug 13:

hxxp://www.whatinvestment.co.uk/comment-and-analysis/2389803/the-equity-being-snapped-up-by-bond-managers.thtml

dendria
09/8/2013
17:50
Looking at the recovery in the S&P/LSTA U.S. Leveraged Loan Index we should see this feed through to the CIFU NAV but I'm not sure when. I've been topping up at these levels anyway.
dendria
01/8/2013
17:04
Dividend received today (Thu 01 Aug) - 2.22p (IWeb)
dendria
29/7/2013
11:39
News items out on CIFU Website (dated 11 Jul but only just out):

N+1 Singer, 11 July 2013, "Carador Income Fund Volatile Markets Have Little Effect - Corporate"

Late May/June witnessed significant volatility in financial markets focused on fixed rate debt products. The high yield bond index fell 6.3% from its May 8 peak with the floating rate leverage loan index down only 1.8% from its May 22 peak. This naturally fed through into Carador's mark to market valuations with Mezz down 2.27% and Equity down 0.38% like for like. This resulted in the NAV falling 1.16% after the write back of most of the previously accrued performance fee. In line with the stable dividend policy a US$3.40¢ Q2 dividend has been declared which required the use of a small amount of the underpayment from Q1. Our forecasts are unchanged.
Please contact Ian Wild, +44 20 7496 3073, ian.wild@n1singer.com for a copy of this report.


Liberum Capital, 11 July 2013, "CIFU - Dividend maintained but June NAV declines"

CIFU's NAV decline in June takes YTD NAV total return to +1.76%. The shares have delivered share price total return YTD of -0.9%, Vs peers Volta Finance (+10.6%) and Tetragon Financial Group (+14.4%). Management provided guidance in the May update that they would still be able to maintain the Q1 distribution of $0.034, provided the recent rate of income note distributions did not prevail and they have successfully delivered on this guidance. The dividend was 0.98x covered by net income and we expect CIFU to maintain the $0.034 payout in Q3 and Q4.
Please contact Conor Finn, + 44 20 3100 2257, conor.finn@liberumcapital.com for a copy of this report.


Dexion Capital, 11 July 2013, "Carador Income - June 2013 NAV and dividend"

The NAV as at 30 June 2013 was $0.9940 per share, down 1.16% in the month, bringing the year-to-date total return to 1.76%. Two income notes in the portfolio pay coupons in the third month of each quarter, and both paid strong quarterly coupons during June (9.0% and 7.7%). The income note portfolio saw a weighted average decline in value, including cash flow, of 0.38%. Mezzanine notes, and the longer duration ones in particular, experienced a greater fall, with a weighted average decline of 2.27% for the month. The company declared a dividend of $0.034 per share for the period from 1 April to 30 June 2013, payable on 31 July 2013 with ex-dividend date 24 July 2013.
Please contact Tom Skinner, +44 20 7832 0953, tom.skinner@dexioncapital.com for a copy of this report.

dendria
25/7/2013
06:18
A surprising statement, rford.

Trades within a few cents of NAV, has a continuation vote in 2017 should preserve the rough parity.
Maturing CLOs will release cash and bolster the NAV, which looks to be steady.

Edison notes suggest the dividend should be maintained around 3c to 3.5c, so a yield of 12% to 14% is sustainable.

With that payout who needs capital gain?

jonwig
24/7/2013
17:05
Seems like CIFU is dead money or worse - treading a slow decline.

Anyone bidding for more CIFU given recent manager's monthly outlook ?

rford78
24/7/2013
12:24
Yes, assuming maintained quarterly.
jonwig
24/7/2013
11:53
Is the yield about 13.9% ?
solarno lopez
23/7/2013
14:19
Morgan Stanley are predicting a 7% slide in GBP against USD over next few months with rate reaching $1.41 by year end.
dendria
12/7/2013
13:58
Pay 31 July
eeza
12/7/2013
12:09
Ex-Div 24 July 2013
dendria
12/7/2013
12:04
When is the next ex-div date for CIFU ? Thanks.
rford788
11/7/2013
07:06
The change of adviser is within the same group - Im not sure what to read into that.
Anyway Div = $3.4c so we should receive around £2.25p
June NAV change = -1.16%

dendria
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