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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Carador Eur | CIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.6775 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.6775 | 0.6775 |
| Top Posts |
|---|
Posted at 29/10/2012 11:58 by jonwig Solarno - discussion is more active on the other thread (see CIFU), since the original 'CIF' - the shares - has expired.Edison cover both CIFU as well as GLIF. In simplistic terms, CIFU is further along the road in inoculating its CLO portfolio from market risk by transfer of income to preserve capital. In a severe market upset, though, I have no idea which of the two would take the bigger hit - GLIF is leveraged at company level, but CIFU at CLO level. |
Posted at 29/10/2012 11:47 by solarno lopez In view of Greenwich (GLIF) results today and increased dividend with a yield of 10.4% does anybody have any up to date comments on CIF yielding over 14% please |
Posted at 22/8/2012 18:27 by dendria Singer Capital Markets, 22nd August 2012, 'Carador Income Fund Plc - Exceptionally Strong NAV Performance'"The continued recovery and lack of volatility in financial markets plus strong underlying cashflows have combined to deliver one of the strongest monthly performances on record for Carador. Underlying, pre the dividend payment, the NAV rose by 4.81%, even post the US$3.4¢ dividend, the NAV rose by 1.0% to US$90.01¢. Gross cashflows on the income note portfolio rose 20.44% which included the first time contribution from two recent acquisitions - like-for-like payments rose 10.7%. This drove distributable income per share up 18.25% to US$2.24¢ (US$1.89¢) per share. The majority of the income note positions that pay in the rest of the quarter are still amortising and we expect the effect of CLO manager performance fees to further impact gross payments hence distributable income will not continue to rise at this rate - our working assumption is for flat distributable income in the remainder of the quarter. Nonetheless this rise in distributable income firmly underpins our current forecast of at least a maintained US$3.4¢ Q3 dividend." |
Posted at 03/8/2012 08:47 by solarno lopez Does that mean the yield is 4 x 2.16 = 8.64 :- 91 = 9.49 %What if anything have I missed as I thought the dividend yield was around 14% |
Posted at 26/5/2012 09:11 by jonwig CIF won't exist after 29 May, it will be CIFU alone, following the compulsory conversion.I can start a new thread, or stick with this one, simply removing the old CIF chart and living with the smaller CIFU charts. I'd prefer the latter, as it makes it easier to refer back through the posts for anyone who wants to. |
Posted at 09/5/2012 08:38 by jonwig rat attack - yes, that's the running yield you quote. I'm working out the yield to redemption which includes the capital gain/loss. (I'm also making some conservative - I hope - assumptions on the NAV in 2019. Actually it won't wind up in one go, I think the schedule is between 2017 and 2021.)solarno - from p72 of the 2010 prospectus: UK resident individual Shareholders will be liable to income tax on any dividends received from the Company. Such Shareholders should be entitled to claim a non-repayable dividend tax credit equal to one ninth of the amount of the dividend received. Shareholders who are bodies corporate resident in the United Kingdom for tax purposes may be able to rely on legislation introduced by the Finance Act 2009 with effect from 1 July 2009, which exempts certain classes of dividends from UK corporation tax. The UK income tax charge in respect of dividends for United Kingdom resident individual Shareholders who are liable to UK income tax, other than higher and additional rate taxpayers, will be at the dividend ordinary rate of 10 per cent. A higher rate taxpayer will be liable to ... [more] So you shouldn't have any additional tax to pay at basic rate. |
Posted at 30/4/2012 12:06 by dendria From Carador website - news:Liberum Capital, 25 April 2012, "Carador Income Fund plc - March portfolio update, NAV per share of $0.8608", "Liberum View: The decline in the weighted average annualised cash on cash distributions from the income notes as percentage of the latest valuation to 37.8% (Feb'12: 38.6%) is attributable to a slight increase in the valuation of the income note portfolio. Cash receipts during the quarter covered net income 1.51x, which provides some comfort over the sustainability of the current dividend. Carador continues to actively manage its portfolio and in our view the disposal of its remaining EUR exposure is positive. This leaves the fund entirely focused on US Corporate Credit, where the market is significantly deeper and more liquid, CLO investor sentiment is more positive and underlying issuers are currently benefiting from a more encouraging economic outlook. That these investments were disposed of at a 5% premium to their previous carrying value is an incremental positive and helps to validate the portfolio's valuation. The portfolio remains diversified across 1,654 issuers (the largest of which accounts for only 1% of NAV) and the floating rate CLO debt (which accounts for 38% of the portfolio) provides LIBOR linked income. Year to date the shares are up 11% and have returned 19.4% (including the re-investment of dividends). CIFU now trades at a 5.5% premium to NAV, which in our view is reflective of the 14.5% forward dividend yield and transparency of the company's disclosure." |
Posted at 17/3/2012 09:20 by dendria alettsIreland-registered with full LSE listing so the shares are ISAable with no stamp duty. CIF = Euro type CIFU = USD type CIFC = USD 'C' type Some brokers do not trade it so you have to shop around brokers that do trade it usually offer the USD type (CIFU). My CIFU are with IWeb. I added Friday morning. |
Posted at 16/3/2012 11:56 by jonwig Broker comment from Dexion. Copied from i i:CIFU* - Carador Income Fund - February NAV and dividend Invests in a diversified portfolio of bank loans through CLO structures The NAV as at 29 February 2012 was USD 0.8761 per USD share (up 6.59% during the month), EUR 0.6682 per EUR share (up 6.44%), and USD 1.0227 per C share (up 2.38%). The NAV increases were net of an accrued performance fee. Distributions received from the income notes for the general portfolio (excluding C shares) were USD 15.99m, up 15.45% versus the fourth quarter to the end of November 2011, while the income from the mezzanine and senior investments was USD 1.26m, down 1.74% over the same period. Net income was USD 11.93m, up 18.06% with respect to the fourth quarter. For the C share portfolio, USD 0.85m of net income was generated. The C share portfolio was 61% invested at the end of January 2012 and 88% invested at the end of February 2012. During March, the C share portfolio has acquired 5 further investments; excluding the Q1 2012 dividend, the pro-forma cash for the C share portfolio was USD 6.7m as at 14 March 2012. The company declared a dividend of USD 0.033 per USD share, EUR 0.025 per EUR share and USD 0.01 per USD C share for the period 1 January 2012 to 31 March 2012, with an ex-dividend date of 21 March 2012, payable on 26 April 2012. Dexion comment This was a stunning NAV from the company, representing the best monthly performance since January 2011 and building on the impressive 5.4% return in January 2012. The USD ordinary share NAV return is now 12.4% for the year. The CLO market has rebounded this year, with investors returning to a space where the potential returns look substantially more attractive in an improving economic environment. In addition to the general positive market pricing trend, the ordinary share portfolio benefitted from evidence of an increased number of transactions, resulting in a narrower range of quotes for positions (the company's assets are valued at an average bid price), and marks not fully reflecting the distribution of income. The C share portfolio, while having a strong month, did not benefit to the same extent given the positions were recently acquired (and therefore pricing is more accurate) and received less in terms of income distribution during the month. Furthermore, the C share portfolio was not fully invested during the month. The C shares will convert into ordinary shares based on the respective February NAVs, less the declared dividends. This implies an eventual conversion ratio of 1.201 ordinary shares per C share, although both are currently trading cum-dividend, so the ratio is 1.167 until the ex-dividend date of 21 March 2012. The ordinary shares are currently trading on a c. 3.7% premium to the February NAV (share price of USD 0.9087), while the C shares trade on a 4.6% premium (share price of USD 1.07). We see scope for further capital appreciation, although income is likely to be a stronger driver of returns. The dividend of USD 0.033 per ordinary share represents a very attractive yield of 14.5% (based on a share price of USD 0.9087). |
Posted at 23/7/2011 07:15 by jonwig For confirmation, dividend treatment:UK resident individual Shareholders will be liable to income tax on any dividends received from the Company. Such Shareholders should be entitled to claim a non-repayable dividend tax credit equal to one ninth of the amount of the dividend received. Shareholders who are bodies corporate resident in the United Kingdom for tax purposes may be able to rely on legislation introduced by the Finance Act 2009 with effect from 1 July 2009, which exempts certain classes of dividends from UK corporation tax. The UK income tax charge in respect of dividends for United Kingdom resident individual Shareholders who are liable to UK income tax, other than higher and additional rate taxpayers, will be at the dividend ordinary rate of 10 per cent. A higher rate taxpayer will be liable to income tax on dividends received from the Company at the dividend higher rate of 32.5 per cent. An additional rate taxpayer (with income in excess of £150,000) will be liable to income tax on dividends received from the Company at the dividend additional rate of 42.5 per cent. As a result of applying the dividend tax credit, the effective rates of UK income tax for resident individual Shareholders will be reduced to 0 per cent. for individuals taxable at the dividend ordinary rate, 25 per cent. for individuals taxable at the dividend higher rate, and 36.11 per cent. for individuals taxable at the dividend additional rate. [From 2010 issue prospectus, p72] |
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