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
  -$0.0025 -0.36% $0.6925 $0.685 $0.70 $0.695 $0.69 $0.695 187,188 14:00:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 86.3 79.2 15.0 4.6 290.19

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Date Time Title Posts
17/11/201710:26CARADOR INCOME FUND DOLLAR SHARES578

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DateSubject
19/11/2017
08:20
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$0.70.
Carador USD has a 4 week average price of US$0.69 and a 12 week average price of US$0.69.
The 1 year high share price is US$0.79 while the 1 year low share price is currently US$0.69.
There are currently 419,053,358 shares in issue and the average daily traded volume is 158,292 shares. The market capitalisation of Carador USD is £290,194,450.42.
20/10/2017
09:08
jonwig: fenners - it does seem a bit fabricated. The discount mechanism hasn't been triggered, so the board could have left it at that. Instead they followed the rules and put it to an AGM vote which shareholders passed. I guess some large shareholders leaned on them to achieve an exit without dealing costs or effect on the share price. On your post #570, if you can find a broker who lets you keep a USD cash balance, you can avoid the frictional forex charges which are pretty penal. TDD does, but that might not last now they've been taken over by I I.
21/12/2016
12:45
dendria: Analyst comment on Nov 16 NAV: N+1 Singer, 21 Dec 2016, "NAV positive gain of 2.2% in November, c19% total return YTD" Positive nav gain of 2.2% to 75.29c in November, giving a YTD total return of c19%. The share price has risen by 1c to 71.25c since the month end narrowing the discount to 5.4%. Evidence of refinancing activity within the portfolio is beginning to emerge. Fidante Capital, 21 Dec 2016, "CIFU - Carador Income - November 2016 NAV" The NAV as at 30 November 2016 was $0.7529 per share, up $0.0159 per share (2.16%) in November and up 18.72% year-to-date. The company received net cashflows of $16.7m (or $0.0308 per share) over the first two months of Q4 2016 (first two months of Q3 2016: $19.9m). The weighted average annualised cash-on-cash payments from the income notes during October and November 2016 was 28.02% based on the latest valuations. Of the cashflows received on the income notes during October and November 2016, 23.84% was allocated to principal (July and August 2016: 26.00%). Liberum Capital, 21 Dec 2016, "Strong monthly returns continue" 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. The CLO funds trade on a peer group average discount of -5.1%, which has narrowed c.1% over the past month. Carador trades in line with the average, at a discount of -5.4%, while Blackstone is tighter at -1.4%. The sector has an average prospective dividend yield of 10.4%.
22/11/2016
07:57
dendria: Analyst comment on Oct 16 NAV: N+1 Singer, 21 November 2016, "Total return up 1.7% in October, inclusive of 2.25c Q3 dividend" Total return up 1.7% in October, inclusive of 2.25c dividend for Q3. The share price ended the month at 70c trading on a 5% discount. Since the month end the share price has weaken marginally to 69c, with the discount widening to 6.4%. Fidante Capital, 21 November 2016, "CIFU - Carador Income - October 2016 NAV" The NAV as at 31 October 2016 was $0.7370 per share, up 1.73% in October and up 16.22% year-to-date (total return). The company received net cashflows of $15.0m (or $0.0277 per share) in October 2016 (July 2016: $17.9m). The weighted average annualised cash-on-cash payments for the income notes during October 2016 was 28.93% based on the latest valuations. Of the cashflows received on the income notes during October 2016, 24.55% was allocated to principal (July 2016: 27.43%).
20/10/2016
17:03
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.
21/9/2016
16:25
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.
25/7/2016
17:14
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).
23/5/2016
11:18
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%).
25/1/2016
12:16
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).
22/1/2016
11:47
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.
29/9/2015
12:02
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.
Carador USD share price data is direct from the London Stock Exchange
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