Carador Income Share Discussion Threads

[solarno lopez] 18/6/2014 15:29

What if anything will make this price rise and please serious answers as I have sat with this for sometime only to see my capital value erode

[fenners66] 22/5/2014 08:16

Market has not agreed with me so far - just as well as I hold too!

[dendria] 22/5/2014 08:06

CIFU is still in transition. Any of the newer transactions will take months to feed through. This is one for the long-term. I'm happy to hold but I'm not adding currently as it's already my 2nd largest holding.

[fenners66] 22/5/2014 07:55

Doesn't look so great then.

[dendria] 22/5/2014 07:40

April 14 NAV = USD 0.9209 (-2.00%).

[wirralowl] 12/5/2014 16:21

Got mine on the 8th too, from idealng.

[rat attack] 12/5/2014 15:49

Received my dividend on 8th.

[bodlan] 12/5/2014 15:43

Am I correct in thinking we should have had a divi on the 8th?

[dendria] 12/5/2014 14:20

Yes I recently exited GLIF after the share tipping but I still follow.

[atholl91] 12/5/2014 12:07

Thanks dendria for that as MRF I believe was highly rated at CIFU.Have a look at the GLIF post which has some interesting comments on the GLIF CLO portfolio.

[dendria] 10/5/2014 10:23

Fair Oaks Income Fund to launch early June 2014.

[dendria] 10/5/2014 09:49

Fair Oaks Capital (including Miguel Ramos Fuentenebro) to launch Fair Oaks Income Fund Ltd on LSE to invest in U.S. and European CLOs (primarily floating‐rate senior secured loans). The five-year fund will raise up to $200 million, and targets a net total return of 12-14% per annum. The fund is also acquiring GLI Finance's CLO portfolio.

hxxp://www.fairoakscap.com/#!income-fund/c12ln

[badtime] 28/4/2014 16:54

I would have expected these to gain a little ground recently to allow for exdiv

[jonwig] 28/4/2014 14:49

You don't have exchange rate risk in the short term if you have a broker which allows a USD account (eg. TDDirect).
The forex risk is then in converting between USD annd GBP (which the broker will screw you with), and if you keep a big enough USD float, it won't matter.
I've a fairly big parcel of USD-denominated shares and a USD cash account with TDD.
I'd have a forex problem if I wanted to buy lots of new USD stuff, of course.

[dendria] 28/4/2014 13:51

The $10c looks comfortably sustainable but exchange rate is a key factor - we have 'lost' around 13% since last summer - $ should regain ground in long term, maybe.

[langland] 28/4/2014 13:11

Has anyone bought these through Hargreaves lansdown?

[cwa1] 28/4/2014 12:53

Ex a 2.5c dividend in 2 days time I believe, so buying today is effectively the same as buying at about 91.25c or thereabouts. So on a 10c dividend, currently buying a yield of almost 11% IF it can be maintained/company performs satisfactorily/the currency exchange doesn't interfere too much :-)

[dendria] 23/4/2014 18:42

Analyst comments 23/04/14:

N+1 Singer, 23 April 2014, "Stable Month, Dividend in Line"

With stable financial markets and the quietest month of the quarter for income note payments then values were stable but activity high. The NAV rose by 0.33% to US$93.97¢ and the expected US$2.5¢ dividend was announced (shares ex on 30/04/14). This was well covered by cashflows (US$3.36¢ per share) and net income (US$2.92¢) - both in line with expectations. The fund invested circa US$61.5m in 5 acquisitions with all bar US$3m in primary deals. The primary deals will not settle until towards the end of April hence the negative cash position is just a timing issue. The fund continues to deliver exceptionally high levels of income as the portfolio transition continues into a CLO 2.0 portfolio.

Liberum Capital, 23 April 2014, "March NAV +0.3%"

NAV TR for Q1 2014 was +2.4% which is an improvement on 2013 (+4% NAV TR for the full year) but NAV growth in March was slightly below the expected run-rate for the company given the projected IRR of 11-12% for the portfolio.

[fenners66] 23/4/2014 08:46

If he doesn't know what 2.5 c is how does he manage to control investments ?

[dendria] 23/4/2014 08:09

$2.5c = $0.025 (2.5 dollar-cents).

[bobdouthwaite] 23/4/2014 08:07

Dendria...if only! $0.025c dividend

[dendria] 23/4/2014 07:21

March 2014 NAV = $0.9397 (+0.33%).

Dividend confirmed as $2.5c. Ex-div 30 Apr; paid 8 May.

This is the first of the quarterly $2.5c dividends.

[dendria] 24/3/2014 16:41

Analyst comments on Feb 14 NAV:

Dexion Capital, 24th March 2014, "Carador Income - February 2014 NAV"
Carador has returned to more consistent NAV performance in 2014 and we believe offers an attractive risk-adjusted return in the credit/senior loan space. The current circa 0.8% premium is undemanding for a high quality proposition run by GSO Blackstone.

N+1 Singer, 24 March 2014, "Carador Income Fund, NAV up 0.85%, Portfolio Realignment Continues"
The NAV rose 0.85% on the month to US$93.66¢ with half the rise due to two specific income note valuation gains and the remainder a combination of cashflows (net of valuation changes) and further on-going mezz pull to par. Net income per share for the first two months was US$2.72¢ and with a further US$0.2¢ likely for the final month. Hence, the US$2.50¢ quarterly dividend is well covered by earnings and cashflows as expected. Five trades covering US$27.4m of nominal value were completed in the month and have further aligned the portfolio from shorter dated CLO 1.0 positions into longer dated CLO 2.0 positions as attractive value opportunities present themselves.

Liberum Capital, 24 March 2014, "Mezzanine spread tightening lifts NAV"
$27.4m of notional principle was traded during the month - a quieter period than January where $95.8m was traded, but the theme of adding to CLO '2.0' positions and recycling capital out of CLO '1.0' income note exposure continues. With both US and European default rates remaining low (there were no US defaults in February), the market continues to post moderate increases with primary issuance strengthening. CIFU's recent monthly performance has been back in line with the longer term expectation for the fund following a disappointing 2013.

[dendria] 24/3/2014 07:45

Feb 14 CIFU NAV = $0.9366/share (+0.85%).

[dendria] 23/3/2014 17:54

Feb 14 VTA report is out.

Feb 2014 GAV was €269.7m (€7.44/share) - a decrease of €0.11/share from Jan 2014. The decrease is due to management fees otherwise GAV would have been €7.55/share. +1.1% performance for the first 2 months of 2014.

Looks like the discount has narrowed to about 8%.