Share Name Share Symbol Market Type Share ISIN Share Description
Carador USD LSE:CIFU London Ordinary Share IE00B3D60Z08 ORD NPV (USD)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -$0.00625 -0.87% $0.7125 $0.70 $0.725 $0.7125 $0.71 $0.7125 300,639 09:43:44
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -32.7 -41.4 -8.0 - 298.58

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Carador USD (CIFU) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
27/10/2016 11:52:180.712,0161,434.10O
27/10/2016 11:15:110.709,3156,520.50O
27/10/2016 10:01:580.7164,65345,867.84O
27/10/2016 09:29:330.7037,50026,287.50O
27/10/2016 08:49:410.7220,80014,976.00O
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Carador USD Daily Update: Carador USD is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker CIFU. The last closing price for Carador USD was US$0.72.
Carador USD has a 4 week average price of US$0.73 and a 12 week average price of US$0.73.
The 1 year high share price is US$0.78 while the 1 year low share price is currently US$0.56.
There are currently 419,053,358 shares in issue and the average daily traded volume is 123,333 shares. The market capitalisation of Carador USD is £298,575,517.58.
dendria: Analyst comment on Sept 16 NAV: N+1 Singer, 20 October 2016, "Seventh consecutive month of NAV gains +19.2% since February" NAV performance was up 1.6% in September to 74.66c, the seventh consecutive month of positive returns delivering a +19.2% return since the end of February. The share price has risen 24.1% over the same period and the discount has narrowed from 5.4% to 1.6%. Q3 dividend of 2.25c declared, payable 2 November, ex 27 October. Fidante Capital, 20 October 2016, "CIFU - Carador Income - September 2016 NAV and dividend” The NAV as at 30 September 2016 was $0.7466 per share, up $0.0119 per share (1.62%) in September and up 14.24% year-to-date (total return). The company received net cashflows of $20.2m (or $0.0371 per share) in Q3 2016 (Q2 2016: $17.7m). The weighted average annualised cash on cash payments for the income notes during Q3 2016 was 31.72% based on the latest valuations. Of the cashflows received on the income notes during Q3 2016, 26.38% was allocated to principal (Q2 2016: 31.86%). Liberum Capital, 20 October 2015, "Positive performance in September” The CLO issuance grew this quarter and could potentially pick up before the risk retention requirement starts to apply at the end of December. The high yield and loan markets continue to advance and should allow CLO funds to maintain their positive performance. Volta is trading at a 10% discount approximately to its September NAV and Carador at 2.9%. The average for the sector is 2.8%, with Fair Oaks trading at a 2.3% premium.
dendria: Analyst comment on Aug 16 NAV: Fidante Capital, 21 September 2016, “Carador Income – August 2016 NAV” 2016 has been a volatile one for US CLO investors, though August was another strong month, particularly for investments in lower quality (CCC) paper. Carador's 3.0% return this month brings year-to-date returns to 12.4%, slightly below that of Fair Oaks (up 2.3% in August, and up 15.5% year-to-date). Volta Finance (which invests in US CLOs, European CLOs and other ABS) is lagging the peer group, up 4.9% (NAV total return) year-to-date to 31 July 2016, and is the least liquid of the three companies. Carador's share price opened today at $0.73, marginally lower than its 31 August 2016 NAV, and offers investors an attractive income yield of 12.2%. Liberum Capital, 21 September 2016, "Post-Brexit rally continues” The CLO sector is one of the most attractive on a relative basis in our alternatives universe. There is potential for further yield compression in the short-to-medium term and the underlying cash return from CLOs has been strong given that defaults remain low. Carador is now trading at par, with BGLF at a small discount of -0.8%. The CLO funds peer groups now trades on an average discount to NAV of -2.4%, which has tightened in from -3.7% over the month, reflecting the attractiveness of the sector, which offers a 9.5% prospective dividend yield.
dendria: Analyst comment on Jun 16 NAV: N+1 Singer, 21 July 2016, "Q2 dividend of 2.25c declared, re-emergence of discount" NAV performance continued to be strong in June (+1.56%) to 69.08c, taking YTD gain to 2.68%. Q2 dividend of 2.25c declared, ex dividend 28th July, and payable on 3rd August. Discount has re-emerged at end of June shares stood on a 9.5% discount. Fidante Capital, 21 July 2016, "CIFU - Carador Income - June 2016 NAV and dividend" Negative returns in US loan markets in the first two months of 2016 have been succeeded by a significant risk rally over the last few months. Indeed, Carador's solid performance in June takes the company's NAV return since the end of February to up c. 14% (total return). The share price has rallied 10% over this period, closing yesterday at a 5.5% discount to the 30 June 2016 NAV, and the shares are yielding an attractive 13.8% (based on the last dividend).
dendria: Analyst comment on Apr 16 NAV: N+1 Singer, 23 May 2016, “April NAV rebound +1.8%, premium rating restored” Since the start of the year Carador NAV has come under pressure falling from $0.7231 as at 31st December to $0.6694 as at 29th April a fall of 7.4%. However the most recent nav has seen a recovery of 1.8% over the past month. This continues from the 4.9% nav uplift during March. The share price has reacted favourably having moved up from $0.595 to $0.6925 over the period, a 16.4% increase and the premium rating has been restored. Fidante Capital, 23 May 2016, “Carador Income – April 2016 NAV” The NAV as at 30 April 2016 was $0.6694 per share, up 5.22% in April and down 0.70% year-to-date. The company received net cashflows of $15.3m (or $0.0281 per share) during the month ($17.8m in January 2016). The weighted average annualised cash on cash payments for the income notes were 33.73% based on the latest valuations. Of the cashflows received on the income notes during the month, 33.36% was allocated to principal (January 2016: 33.40%).
dendria: The analyst comment on Dec 15 NAV: N+1 Singer, 22 January 2016, "December NAV -5.4%, discount now 10%" December was a torrid month in what was a challenging year overall for Carador. CIFU's NAV declined 5.44% to $0.7231 on the back of significant weakness in both post-crisis US CLO equity and mezz valuations. This fall brings the 2015 NAV TR to -9.7% while the shares delivered a TR of -7.2%. During December one primary equity investment was made bringing cash down to 3.3% of NAV, a Q4 distribution of $0.025 was also declared. Following recent share price weakness the yield is now over 15% with the shares trading at a steep 10% discount to the December NAV. Dexion Capital, 22 January 2016, "Carador Income - December 2015 NAV" The NAV as at 31 December 2015 was $0.7231 per share, down $0.0416 per share (5.44%) in December and down 9.71% in 2015. A quarterly dividend of $0.025 per share (unchanged) has been declared, payable on 10 February 2016 with ex-dividend date 4 February 2016. Liberum Capital, 22 January 2016, "5.4% NAV decline in December" Carador's NAV declined by -5.4% in December 2015 due to mark-to-market losses on CLO equity tranches. We calculate a NAV total return of -8.5% for 2015 (assuming no reinvestment of dividends).
danieldruff2: Sold out yesterday as I figured I could get a similar market busting yield from Shell and much more likely share price increase over the medium term. One good thing holding shares like CIFU in a falling market is they hold their value a little better than the general market so it becomes advantageous to swap across at some point.
yeild hunter: Why the fall? It looks to me like its a combination of upcoming interest rate rises,a slowing world economy,US high yield bonds falling in value and the 5% rule change around CLO providers. In this environment perhaps its not surprising to see the share price widen to a larger discount to NAV like Volta. Odd that fairoaks and Blackstone GSO are still trading at a premium to NAV though, maybe its because they are recent launches and their inst.shareholders havnt yet sold.
specuvestor: I was getting a bit worried with the downward drift in the share price but what has reassured me in the ft adviser article is: 1) secured against assets 2) rank above bonds & 3) floating rate loans (interest rates likely to rise) Can anybody confirm that these three attributes are still possessed by Carador? I have held for nearly 6 years now and can recall when Carador was on a 40% discount to NAV and ridiculous 25% bid offer spread. Hope those days are not returning!
dendria: Analyst comment on May 14 NAV N+1 Singer, 23 June 2014, "Successful Transition Continues Apace" The fund has delivered another month of stable performance with cashflows in line with expectations whilst showing the expected short term volatility. More importantly, including post month end transactions, over 50% of the portfolio is now in post crisis deals with 60% overall in income notes. Cashflow and income levels during and post this transition (once the portfolio settles into steady state) are still on track to more than cover the US$10¢ dividend established as a stable payment in October 2013. Carador continues to deliver a performance at least in line with its investment policy producing unrivalled cashflows within its peer group. Dexion Capital, 23 June 2014, "Carador Income - May 2014 NAV" Returns in 2014 continue to be relatively stable with variations largely accounted for by irregular cash-flows (the third month of any calendar quarter being generally weaker as a consequence) or technical factors in the market (such as the market having to digest a lot of new mezzanine paper in May 2014). With the CLO market now fully functioning, Carador has rotated its portfolio towards the newer issues. We continue to believe that the company can deliver high single digit/low double digit NAV returns and that the market environment (most importantly low defaults) remains supportive. However, near-term returns would be temporarily impacted by rising $ LIBOR. On a discount of circa 3%, the company is attractively rated relative to credit investment company peers. Liberum Capital, 23 June 2014, "Portfolio Recycling Progress" CIFU is trading on a 3.2% discount to NAV following a 6% decline in the share price in 2014. We believe this has been caused by the relatively poor NAV TR performance since the beginning of 2013. The annualised 1 year NAV TR of 4.5% is below the Credit Suisse Leveraged Loan Index over the same period (+4.9%) which is disappointing given the leverage involved although we note returns have picked up somewhat in 2014.
dendria: 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, 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, 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, for a copy of this report.
Carador USD share price data is direct from the London Stock Exchange
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