Share Name Share Symbol Market Type Share ISIN Share Description
Carador Eur LSE:CIF London Ordinary Share IE00B10RXS64 ORD NPV (EUR)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00 € +0.00% 0.6775 € 0.00 € 0.00 € - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 28.7 23.6 9.7 6.3 156.13

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Date Time Title Posts
29/10/201212:01CARADOR INCOME FUND :::::::::::::::: Distressed loans124

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rat attack: jonwig - incidentally with a quarterly div of 3.3c, therefore an annual div of 13.2c, a 10% yield would give a share price of $1.32!! Incidentally I bought my first tranche yesterday!! Maybe its the $ denomination that puts people off - certainly found TD exchange rate suspect, and of course will be same with ongoing div payments and this, together with fx risk could play havoc with underlying sterling value! So can understand why not too popular! Also CLO structure is not best understood!
jonwig: Edison are doing a good job of presenting the company to investors (for which they charge!) but it doesn't seem to be having much impact on the share price. We're told the portfolio of CLOs is getting less risky , which I believe, so a yield to redemption of around 15% or more seems a massive undervaluation. What would be a fair valuation? 10%? That suggests a share price of at least $1.13. (Assuming static NAV and divi, and wind-up in 2019.)
dendria: From IMS on 8 Nov 11 – here are 'the year to date' figures: USD Share Class (CIFU) Share Price 81.75c NAV per Share 79.25c Premium = 3.15% Total Return = 19.73% EUR Share Class (CIF) Share Price 64.50c NAV per Share 60.24c Premium = 7.07% Total Return = 25.66% I hold CIFU simply as they are much more widely traded (as jonwig states above).
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).
stemis: I presume you mean a quarterly dividend of 3c on a share price of 83c. The last dividend for 1 July to 30 September was announced on 18 October and paid on 31 October. I presume dividend for 1 October to 31 December will be announced around 18 January and paid on 31 January.
specuvestor: Jonwig I have been in these shares since Feb 2010. At the time I invested 50/50 in both the dolllar and euro shares on that basis that currency fluctuations would even out in the long run. In any case you are given the option to switch between share classes each quarter at predetermined exchange rates. My first divi's were quarterly dividend @ .0091 euro per share & @ 0.0124 $ per share. That has now increased to 0.021141 euro per share and 0.028 $ per share. The latest divi announcement showed an increase of nearly 40% from the previous Qtr! I dont know what the managers are doing but whatever it is may they keep it up! Amazingly the share price has not gone up depite the massive dividend increase. Suffice to say I topped up even at three times my original purchase price. I can't believe they were languishing at 20p just 18 months ago. I am now receiving a massive 35% yield (58%gross) on my original purchase price. You are best putting these in an ISA or a SIP. At the current yeild of 12% it is equivilant to 20% for higher rate tax payers. Latest reports indicate that prospective income stream to the fund is continuing to be upgraded. Oh and the icing on the cake is that in the event of interest rate rises the income will increase as loans are on variable rates. This is indeed a dividend delight!
jonwig: FT 8 July 2011: Debt funds offer 12 per cent yield in benign world view By David Stevenson When commenting on retail corporate bonds a few weeks ago, I mentioned in passing a London-listed income fund called Carador (ticker CIFU.L), which specialises in sub-investment grade debt. But I didn't explain why adventurous investors might want to consider this specialised dollar (and euro) denominated fund. To understand the opportunity, answer this question: what do you think will happen to the US economy? More On this story Adventurous Investor More columns from David Stevenson Two outcomes seem likely. Either we're on the brink of a double-dip recession or we're going through a growth scare, before the business cycle picks up in the fourth quarter. If you believe the former, it's time to think about ultra-short-dated Treasuries, and gold exchange-traded funds. If you expect an uptick in growth, then quality US blue-chip shares should power ahead. But there's a catch with the more optimistic view. As growth picks up, we would normally expect the US Federal Reserve to take its foot off the stimulus pedal and start applying the interest rate brake. If that's the case, many traditional investment grade bonds will start to underperform, relative to both equities and sub-investment grade, high-yield, bonds. And it is this second scenario that should be perfect for Carador. It is one of a number of funds that lends to mid-to-large cap US companies through senior, secured debt structures. However, figures from advisory firm Singer show that the yield on Carador, at 12.9 per cent, is the highest in its peer group. Now, a cynic would immediately reply that the yield is high because the holdings are unduly risky: Carador uses collateralised loan obligations (CLOs) to lend to US corporates, and the bumper yield comes from a combination of interest payments and equity kickers issued to the fund. CLOs, but no cigar For investors who are optimistic about the US economy, an obvious alternative to a sub-investment grade debt fund, such as Carador, is a simple S&P 500 index tracker fund. But I can't quite bring myself to regard large-cap US shares as great value at the moment. By contrast, I reckon Carador's share price could recover as the London market begins to value that increasing, well-backed, dividend yield. However, if Carador's reliance on CLOs sounds too complicated, take a closer look at Paul Causer and Paul Read's two high-yield funds: City Merchants High-Yield Trust, yielding just over 6 per cent at the moment. and the Invesco Leveraged High-Yield Fund, yielding, more than 8 per cent. For more on income funds, check out my latest Financial Times book: The FT Guide to Investing for Income, available at In fact, this is an oversimplification. It is a more complex structure, which brings many risks: a bias towards debt-hungry sub-investment-grade US companies; variable cash flows from the CLOs; potential for substantial losses on assets. Then, there is the biggest risk of all: that we're not in the optimistic scenario but facing a double-dip recession – which is the wrong time to be looking at leveraged sub- investment-grade debt structures. If you read a great deal of Société Générale's Albert Edwards or the wonderful ZeroHedge blog, this is easy to believe. Personally, though, I don't think we are on the edge of the abyss. I reckon we can muddle along with (slightly) higher interest rates and (not so slightly) higher inflation. And in this scenario, leveraged debt could be a great place to get a 10-12 per cent annual income. I favour Carador as the fund to provide this, as it appears conservatively managed, uses diverse underlying structures and has fairly cautious valuation policies. In particular, the managers go out of their way to amortise down the value of their riskier investments – paying back capital before they start making income payments. But the biggest selling point for me is that the majority of Carador's lending to corporates is based on floating rates. So if interest rates do increase, the amount of income received by the fund should also increase. Carador has run various sensitivity analyses and concludes: "a 1 per cent rise in interest rates adds US$4.6m to annual income". Some analysts even at reckon that the dividend pay-out on the fund could rise by low double digits for each 1 per cent rise in the London interbank offered rate (Libor). Obviously, the flaw in this argument is that real businesses are more messy. A rise in interest rates could equally result in a wave of defaults that would make the current 1 per cent default rate look insignificant. Still, I feel that Carador will be a net beneficiary of the benign scenario that I have painted – and is probably the most accessible fund of its kind for UK investors.
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