Carador Income Dividends - CIFU

Carador Income Dividends - CIFU

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Carador Income Fund Plc CIFU London Ordinary Share IE00BL8C5Z40 ORD NPV (USD)
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 0.18 00:00:00
Close Price Low Price High Price Open Price Previous Close
0.18 0.18
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Carador Income CIFU Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

dendria: Jan 18 NAV = $0.7374 (-1.73%). Monthly +1.27%. YTD = +1.27%. Not unexpectedly income in the short and medium term does not support the existing annual dividend of 9c per share. Moving to a floating dividend. Q1 2018 div will be declared late April 2018 and is expected to be between 1.45-1.65c. So it looks like ~$6c pa instead of current $9c. I continue to hold but I have not been adding even with the record discount.
wllmherk: I can't find a financial calendar on CIFU website, anyone know when the next ex div date is ? thanks wllm
dendria: Belated analyst comment on Nov 17 NAV: N+1 Singer, 21 December 2017, "US CLO new issuance reaches three year high" US CLO new issuance in November stood at US$12.9bn across 21 issues taking the total YTD new issuance volumes to US$108.2bn from 192 issues, the strongest over the past three years. Within Europe, CLO new issuance in November picked up significantly to €4.8bn across 11 transactions vs €1.8bn in October, taking the total new issuance to €19.4bn from 47 issues, comfortably passing the European new issuance of €16.8bn in 2016. Over the month the NAV rose by 0.4% and stood at 74.57c at the month end, with the shares trading on a discount of 5.8%. Fidante Capital, 21 December 2017, "CIFU - Carador Income - November 2017 NAV" The ordinary share NAV as at 30 November 2017 was $0.7457 per share, up 0.0030 per share (0.40%) in November and up 8.84% year-to-date. The repurchase pool share NAV as at 30 November 2017 was $0.7424 per share, up 0.0038 per share (0.51%) during the month. The company received net cashflows of c. $10.9m (or $0.0274 per share) over the first two months of Q4 2017 versus $12.1m in the first two months of Q3 2017. The weighted average annualised cash on cash payment for the income notes in October and November 2017 was 17.29% based on the latest valuations. Of the cashflows received on the income notes in October and November 2017, 19.82% was allocated to principal (July and August 2017: 16.47%).
dendria: CIFU now around a -6.7% discount.
dendria: Analyst comment on Oct 17 NAV N+1 Singer, 21 November 2017, "New wave of US$200bn CLO repricing approaching" According to the latest CLO Monthly Market Overview published by Wells Fargo earlier this month there is a new wave of nearly US$200bn CLO repricing approaching. We have been stating for many months now the managers of CIFU have been taking advantage of this repricing activity and participating in a number of opportunities within the existing portfolio. NAV as at 31st October was 74.27c, up 1.76% on the month and 8.4% YTD on a TR basis. Fidante Capital, 21 November 2017, "CIFU - Carador Income - October 2017 NAV" The NAV as at 31 October 2017 was $0.7427 per share, up 1.76% in October and up 8.40% year-to-date. The company received net cashflows of c. $14.4m (or $0.0265 per share) during the month (July 2017: c. $16.2m). The weighted average annualised cash on cash payment for the income notes in October was 17.65% based on the latest valuations. Of the cashflows received on the income notes, 20.34% was allocated to principal (July 2017: 16.81%). Liberum Capital, 21 November 2017, "CLO issuance picks up" Carador Income Fund's NAV at 31 October was $0.7427 (September: $0.752); NAV total return for the month was 1.76%, and 7.9% YTD. At the end of the month, 26.6% of Carador's shareholders have elected to have their shares converted into repurchase pool shares.
atholl91: WH, you can deal through Interactive Brokers online - longwinded to set up a/c but good helpline & also dealing on margin. FAIR still my pick in sector as manager set up CIFU and has skin in the game when he set up FAIR.
yieldsearch: hxxp:// Cifu quoted in this, my 2 pences comment: While may be AAA and AA CLO didn't experienced default during the crisis, it is actually.. irrelevant for CIFU because CIFU doesn't invest in AAA/AA Clo notes and much more subordinated pieces in CLO ( and yes a number of those went to zero value). "Hedge funds have certainly scaled back the amount of kind of leverage they are introducing into the market." Hmm not really. Prime example is actually CIFU is managed by Blackstone, one of the largest hedge funds! There is actually much more leverage within the system, created by large amount of liquidity from quantitative easing and cheap money
cerrito: I have been through the Prospectus and I am currently thinking of opting for the Repurchase Pool Option 2.This is partly for the same reasons that I went into the FAIR 2014 shares at the March election ie we will probably get some market dislocation in the next few years and to some extent I know notihng of current management and their propensity to continue with CIFU. Also for other reasons I am looking to increase my cash holdings. I note they are talking about returning all the capital within 6/12 months of the conversion date-ie a much shorter horizon than that envisaged for FAIR. Be interested in how others are looking at this.
cerrito: I have gone through the Interims and too bad that both the Chairman’s and the Investment Manager’s statement written in such a way that for me at least difficult to understand the point that they were making. Indeed-and perhaps it was me- I did not get the sense of the big transformation that has happened in the portfolio with the percentage in income notes going up from 72% to 85%. Also note-as highlighted in the Monthly’s- the decrease in cash of $15m matching the excess of $15m in investments over disposals. The ay I interpreted it is that neither the Manager or the Chairman were sending out any major warning signals Just 0.14% of defaulted assets on a see through basis.Note no real movement in OPEX year on year though the figure-$3.3m in 6 months-is small compared to the $27m of distributions. A 1% in interest rate would impact P&L by $17m-inconvenient but manageable. Basically I have enough FAIR,CIFU and VTA for my comfort-may add a bit of CIFU and my desire to have $ assets influences my thinking. As always interested to hear how you all see it.
dendria: Analyst comment on Apr 17 NAV N+1 Singer, 22 May 2017, "Strong primary and secondary market CLO activity" US CLO issuance has remained strong during 2017 at $27.6bn across 49 deals, double the volume in US CLO issuance compared to same period last year. Within the portfolio the level of reset activity has also been high, with two deals being reset with returns of between 14.2% and 17.3%. Average duration of the reinvestment period of its equity holdings now stands at around 3.1years, providing a better position for future loan volatility. TR NAV performance for April was up 2.7%, inclusive of 2.25c Q1 dividend declared on 20th April and paid on 3rd May. Fidante Capital, 22 May 2017, "CIFU - Carador Income - April 2017 NAV" The NAV as at 30 April 2017 was $0.7481 per share, up 2.71% in April and up 2.88% year-to-date (total return). The company received net cashflows of $13.9m (or $0.0256 per share) in April 2017 (January 2017: $12.7m). The weighted average annualised cash on cash payments for the income notes in April 2017 was 23.68% based on the latest valuations. Of the cashflows received on the income notes during the month, 21.23% was allocated to principal (January 2017: 20.47%). Liberum Capital, 22 May 2017, "Reset activity drives 2.7% NAV uplift for Carador" CLO equity investors have largely been able to offset the reduced yield on loan portfolios as a result of excess demand by refinancing/resetting CLO liabilities. Loan portfolios of CLOs issued in mid-2016 had a gross yield of Libor +440bps compared to current loan portfolios yielding Libor +390 bps following a wave of repricing activity in the market. CLO equity tranches have benefited from the ability to refinance/reset CLO debt tranches at a lower average cost to maintain the arbitrage. The length of reinvestment periods is also increasing to the benefit of equity investors. The CLO funds trade on an average 0.8% discount to NAV (9.9% dividend yield).
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