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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Carador Income Fund Plc | CIFU | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.18 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.18 | 0.18 |
| Top Posts |
|---|
Posted at 20/7/2017 12:45 by dendria Analyst comment on Jun NAV and Upcoming RedemptionN+1 Singer, 20 July 2017, "CLO new issuance and reset activity continues" CLO new issuance continues with a pace in both US and Europe, original strategists forecasts at start of year for CLO new issuance have been increased significantly. Refinancing and reset activity also continues and the manager has benefitted from its fourth resetting in Q2. NAV as at 30th June was 75.8c up 0.41% on a TR basis from last month putting the shares on a discount of 3.9% as at the month end. Q2 dividend of 2.25c declared in line with expectations. Liberum Capital, 20 July 2017, "4.2% NAV return in H1 2017" We would expect a relatively low take-up for the repurchase pool despite the recent widening of the discount to 5% (0.9% average discount for the peer group). Performance has picked up over the past 12 months (we calculate +23.5% NAV return assuming no reinvestment of dividends) although the performance over a two year period remains some way behind the peer group. Fidante Capital, 07 July 2017, "CIFU - Carador Income - Redemption opportunity and placing programme" The company's AGM will take place on 31 July 2017. A circular convening the AGM and detailing the resolutions to be put to shareholders has been published. In addition to the ordinary business of the AGM, shareholders will be asked to consider: (a) the approval of a repurchase opportunity for shareholders to realise all or part of their investment in the company; and (b) the approval of facilities to allow for the raising of additional capital. If the repurchase opportunity is approved by shareholders, the company expects to send the appropriate documentation to shareholders, setting out the procedure for participation and any associated transaction charges, by early September 2017 (subject to regulatory approval). Numis Securities, 07 July 2017, "Carador Income - Exit opportunity" In May, the Board of Carador Income highlighted it intended to offer a full exit to shareholders, subject to shareholder approval at the AGM on 31 July. The AGM notice contains some additional information and market backdrop. If approved, full details will be circulated by early September. The exit will be via a realisation pool, with exiting investors bearing an exit charge representing the costs of the transaction. The realisation is expected to take six to nine months. Going forward, the Board intends to offer a similar exit every two and a half years. The Board is also seeking authority for a placing programme to allow it issue up to 300m shares (55.2% of share capital) over the next 12 months, as well as its 10% tap issuance facility. |
Posted at 22/5/2017 12:11 by dendria Analyst comment on Apr 17 NAVN+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/resettin |
Posted at 01/5/2017 14:27 by cerrito I have gone through the Annual report and not much that surprised me. When the £ strengthened to $1.25 a few weeks back I did buy a few more-obviously I should have waited.I have the following observations: The effects of higher interest rates continue to be manageable; with the portfolio at 12 16 a 1% increase would have hit net assets by $12m OK in the context of total assets of $400m Note in 2016 no drawdowns under the credit facility. Despite Note 10(b) laying out in gory detail the subordinated nature of its portfolio-72% of total assets in income notes at 12.16 and 79% as 3.17- could find no info on credit defaults. Note that the percentage of CIFU’s income notes were higher than FAIR’s(52% at 12.16) and VTA’s(24% at 12.16) As I think we knew Directors have announced a 2017 dividend target of 0.09US$-the same target as fir 2016. I found the Investment Manager’s outlook interesting and quote verbatim. Quote Most sell-side strategists are forecasting a continuation of the market's strong performance. The median 2017 total return forecast for senior loans is 5.5% with a few strategists expecting lower, but still positive, returns. History supports the median strategists' projections. Annual returns for senior loans have exhibited some auto-correlation. In other words, strong years like 2016 are often followed by another year of solid returns. In fact, the senior loan market is less likely to produce a negative return following an excellent year than it is when the prior year's returns are lower. The sample size is small but it follows that some investors will either chase returns or feel comfortable that the backdrop is advantageous to taking additional credit risk. We believe two themes will dominate at the beginning of 2017 - supply/demand imbalance and repricing activity. First, demand for senior loans continues to overwhelm new, net supply of senior loans. For 10 consecutive months, quantifiable demand for loans (CLO issuance and retail flows) has exceeded net supply (approximated by the change in the size of the S&P/LSTA Loan Index). Given a fairly modest pipeline, this is unlikely to change over the near term. This technical backdrop supports loan valuations and has recently pushed over 70% of loans above par. Consequently, repricing activity has recently surged given the issuer-friendly environment. January has already surpassed the prior monthly record set in January 2013, according to S&P. As long as the market remains calm amidst a faster increase in the Fed funds rate relative to the prior two years, we expect issuers to continue to reprice their loans. In 2013, issuers were able to shave 27bp off the average cost of their debt. If that is replicated in 2017, repricing will offset some of the increase in the Libor base rate that results from Fed rate hikes. Since the announcement of the final risk retention rules in the US, the number of managers issuing new CLOs has declined, resulting in a more concentrated CLO market. We expect managers with larger pre-existing CLO platforms, such as GSO, will fare better than smaller players. While implementation of the rules in the US may hinder issuance in the short-term, the market has prepared well for these rules, and so the drop in issuance is unlikely to be meaningful. The U.S. CLO market may face some challenges as elevated loan prices reduce par building opportunities, and increased Libor and continued loan refinancing and repricing activity both put pressure on weighted average spread tests and may erode equity cashflows. However, we believe that Carador will continue to benefit from the value gained through the potential refinancings of certain CLO equity positions. Looking forward we will continue to rotate the Income Note portfolio towards longer dated deals as we believe these investments will represent more attractive relative value opportunities. At the same time, we will selectively reposition our Mezzanine exposure and opportunistically look into redemption opportunities for older vintages deals when economically efficient. unquote |
Posted at 21/9/2016 17:25 by 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. |
Posted at 05/8/2016 12:57 by yieldsearch Invested in volta finance, quoted in eur, not in cifu.I am more comfortable with axa than blackstone as asset manager, but that really my view...I believe cifu has been more volatile than vta, i guess because of difference in positionning/allocat |
Posted at 05/8/2016 12:33 by digger61 Thanks for that Yieldsearch. Are you an investor.....? |
Posted at 19/1/2016 12:53 by wirralowl Found this from the FAIR thread - thanks to Yieldsearch & Davebowler:Yieldsearch 19 Jan'16 - 12:18 - 18 of 18 0 0 Copied from VTA, was posted by Davebowler Liberum on FAIR; Event FAIR's NAV fell by 3.3% in December 2015 to $0.866 as the company's CLO equity positions were marked down in the month because of lower loan prices within their portfolios. The Master Fund may benefit from the loan price volatility over time as loan prepayments can be recycled into new opportunities at discounted levels (average price of S&P Leveraged Loan Index is 90.5). The underlying portfolio continues to perform well with zero loan defaults to date and the company's CLO equity positions are expected to make quarterly cash distributions of $14.7m in January 2016 (compared to a projection of $11.3m at the time of investment). Dividends for 2015 were equivalent to 11.5% of the December NAV. Liberum view Of the listed CLO fund peer group, Carador and FAIR are likely to have been most affected by recent mark-to-market movements given their high weightings to USD CLO 2.0 equity tranches. The key risks to the realised return of equity tranche investors are loan defaults, Libor rate increases (removing the benefit of the Libor floor) and a decrease in the spread on the loan portfolio. Loan defaults in the market have risen slightly but are still well below historical averages and the 3 month US Libor rate has moved up to c.60bps following the Fed rate rise. The impact of these will be partially offset by the rise in loan spreads which will present opportunities for CLOs that are still in their reinvestment period. FAIR is currently trading on a 7.4% premium to NAV compared to a 10% average discount for the peer group (assuming an average 2% NAV drop in December for peers). |
Posted at 05/9/2015 18:16 by cerrito Agree that for a US$ based investor this is an attractive entry point; as a £ based investor asking myself if I want to buy US$ at 1.517 so may wait for £ to strengthen before buying.I note that 2/3rds of the portfolio are in income notes which I infer from reading the interims are the most junior tranche.Is that how you folks see it?? |
Posted at 20/2/2015 09:34 by davebowler Liberum;CLOs Carador Income Fund (BUY) Energy names drag index performance Event Carador's NAV total return in Jan-15 was -0.23%, with a NAV decline of 3.0% to $0.8722 post the dividend payment. The S&P leveraged loan index delivered a return of +0.33% in the month, with a positive return excluding the energy sector of over 0.5%. In terms of volumes, the primary market was quiet - the lowest level of issuance since September 2011 and retail flow continuing to exit the market, with $2.1bn of redemptions in the month. The negative NAV performance in the month was due to a decline in market valuations as the demand for CLO income notes shifted in favour of the buyer. Capital recycling continued in the month, with CIFU disposing of a BB investment (Mountain View) and purchasing three new CLO 2.0 opportunities. A controlling stake in Keuka Park for a target 12.5% was acquired, as well as a BB bond from CVC's most recent US CLO for a target 9.2% IRR. A position in Dorchester Park was also purchased, GSO's most recent primary transaction (12.4% target return from the income note). Liberum view Markets remain volatile and this has impacted market loan issuance, as investors hold back capital until volatility settles, or take advantage of lower-priced secondary tranches in CLO positions that have fallen in value recently, particularly in the energy sector. CIFU has continued to switch out of CLO 1.0 positions into CLO 2.0, and we expect this weighting to increase going forward. The fund trades at a small 0.3% premium to NAV, in line with the recent historical range, but on a relative basis, investors should look at Volta Finance (VTA NA), which trades on a 9.8% discount to NAV, some 10 percentage points wider, yielding 9%. The shares have already started to rerate from an 18% discount to NAV in advance of the move to a London listing from Euronext (due by May) and we expect further discount compression over the coming weeks. |
Posted at 23/1/2015 08:19 by dendria Analyst comment on Dec 14 NAV:N+1 Singer, 22 January 2015, “2015 dividend expectations confirmed” The Year End NAV, Q4 2014 dividend and the target for 2015 dividends are all in line with our expectations. The 2014 dividend was just 96% of distributable income (the fund is required to distribute at least 85% to maintain excluded status under NMPI rules). For 2015 the fund is targeting at least a maintained US$10.0¢ annual dividend with any excess up to the 85% distribution requirement paid at the Q4 stage. Given the scale of transition in the portfolio over 2014 the 6.3% NAV total return is testament to the stability of the asset class. Liberum Capital, 22 January 2015, “Target dividend of $0.10 for 2015” Carador's performance in 2014 represents an improvement over 2013 (+6.0% vs.+3.8% assuming no reinvestment of dividends) although investors may have expected more from a portfolio weighted towards CLO equity positions. Returns should improve going forward with a high weighting to CLO 2.0 positions. The growing CLO pipeline could result in weak prices in the short term but should enable investors in the space to lock in attractive returns on primary opportunities. The unchanged dividend target for 2015 is likely to be well received by investors and the dividend equates to a yield of 11.1% based on the current price. Carador trades on a discount of 0.2% to NAV. Dexion Capital, 22 January 2015, “Carador Income – December 2014 NAV and dividend” Carador had a much stronger month than its sister fund, BGLF, possibly because of the US focus but also because initial weakness in the CLO equity markets may have been pronounced on the more recently issued structures. The commentary, however, suggests that the immediate outlook (i.e for January 2015) may continue to be somewhat weak. |
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