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
  +$0.00 +0.00% $0.7175 $0.71 $0.725 $0.7175 $0.7175 $0.7175 83,370 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 86.3 79.2 15.0 4.8 286.86

Carador USD Share Discussion Threads

Showing 576 to 599 of 600 messages
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Thanks as always dendria Interesting they seem to have stopped giving us information on credit defaults, reflecting that the market does not appear to be focusing in on this...and hopefully because they do not see this as a problem.
CIFU now around a -6.7% discount.
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.
Oct 17 NAV = $0.7427 (-1.24%). Monthly Per. = +1.76%. YTD = +8.40%.
thanks atholl wllm
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.
Grabbed a few this morning as a hedge against a falling pound, rather nice yield too. Tried to buy FAIR also but, unable to do so online, has anyone else experienced this, not sure if I would need to phone my broker to purchase these ? wllm
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
thanks jonwig - nice to have another opinion that in theory I have not missed anything
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.
Got my corporate action notice - what's the point? If there was a massive discount to net asset value that they were looking to liquidate and return to shareholders then maybe - but I can't see that and they are adding costs on the distribution anyway, thoughts anyone?
stemis I have had them for a few years as well and have not added . I am probably up on the dividends overall but there is the currency FX rate that the brokers takes me for a ride on as well to worry about.
I've held Carador for 6 years this January. It's not a big holding for me and I tend not to pay it much attention. It's up a mere 3% which I guess is all exchange gain. However I'm up 79% in dividends. It currently yields about 12%. Hard to get that yield anywhere else and it's a good hedge against the pound. I do sometimes wonder if I'm picking up pound coins on the railway line though...
Sep 17 NAV = $0.7520 (+0.45%). Monthly = +0.45%. YTD = +6.53%. $2.25c div to be paid 1 Nov 2017 (Ex-div 26 Oct 2017).
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.
Analyst comment on Aug 17 NAV: N+1 Singer, 21 September 2017, "High new CLO issuance within US" CLO new issuance in the US picked up significantly in August with US$12.4bn raised across 25 transactions being the second busiest month so far this year. Elsewhere new CLO issuance in Europe was half the volume seen in July at €0.8bn with just two transactions. YTD CLO new issuance volumes now stand at US$73.3bn across 132 CLOs within the US and €10.8bn across 27 CLOs in Europe. NAV as at 31st August stood at 74.86c up 0.21% on the previous month. Shares are trading on a discount of 3.3% Fidante Capital, 21 September 2017, "CIFU - Carador Income - April 2017 NAV" The NAV as at 31 August 2017 was $0.7486 per share, up $0.0016 per share (0.21%) in August and up 6.05% year-to-date (total return). The company received net cashflows of $16.5m (or $0.0304 per share) during the first two months of Q3 2017 (first two months of Q2 2017: $16.7m). The weighted average annualised cash on cash payments for the income notes in July and August was 20.47% based on the latest valuations. Of the cashflows received on the income notes during July and August, 16.47% was allocated to principal (April and May 2017: 23.68%). Liberum Capital, 21 September 2017, "US issuance picks up in August" Compared to a slow July, loan issuance was strong in August in the U.S., with $35.3 billion issued, but limited to €0.9 billion in Europe. US CLO issuance was also stronger in August totaling $12.4bn across 25 transactions; while again Europe was quiet. Refinancing / reset activity in CLOs slowed in both the U.S. and Europe. Weighted average spreads continue to tighten and seasoned CLOs refinance liabilities where possible. Carador expects refinancing/reset activity to increase for the remainder of the year and intends to focus investment activity on this segment. The Blackstone shares currently trade a 4.9% premium to NAV compared to the Carador shares which are on a 3.5% discount; the two funds have a current yield of 9.9% and 12.5% respectively.
Aug 17 NAV = $0.7486 (+0.21%). Monthly = +0.21%. YTD = +6.05%.
I have been bearish on GBP since the Brexit vote & remain so. Can't see holding any reason to hold GBP over the USD. Still think FAIR ( due to superior management) the pick over CIFU & VTA although continue to hold all three.
Euro seems overvalued on fundamentals against £, but $-£ is more uncertain. Foresight is c50% but hindsight always 100%
flying pig
At the moment the volatility in currency is outweighing any deliberations on default rates or sector performance. Worth remembering in recent years that sterling has collapsed by about a third relative to the Euro and not much better against the dollar. It's difficult to see a case for buying these unless you see a further sterling collapse.
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.
Analyst comment on Jul 17 NAV: Fidante Capital, 22 August 2017, "CIFU - Carador Income - July 2017 NAV" The NAV as at 31 July 2017 was $0.7470 per share, up 1.52% in July and up 5.83% year-to-date (total return). The company received net cashflows of $16.4m (or $0.0303 per share) during the month (April 2017: $13.9m). The weighted average annualised cash on cash payments for the income notes in July was 20.96% based on the latest valuations. Of the cashflows received on the income notes during the month, 16.81% was allocated to principal (April 2017: 21.23%). N+1 Singer, 22 August 2017, "Slowdown in US new CLO issuance, but continued portfolio activity" CLO new issuance in the US slowed during July with 14 transactions raising a total of US$8.4bn, half of the amount raised in June. However, within Europe, CLO issuance remained at the same pace as the previous month with a further €1.6bn raised across 4 transactions. YTD CLO issuance stands at US$60.8bn across 107 transactions within the US and €10.0bn across 25 transactions in Europe. CIFU NAV as at 31st July stood at 74.7c up 1.5% on a total return basis on the previous month. Shares are currently trading on a discount of 5%. Liberum Capital, 22 August 2017, "Slow month for issuance and refinancing" Carador Income Fund's 31 July 2017 NAV per share was $0.7470, the return for the month was 1.52%. The company received estimated net cash flows of $16m or approximately $0.0303 per share in the month. In July, CGMS 2015-1A SUB was refinanced with its AAA coupon lowered to L+100bp from L+153bp. Given the pronounced tightening of shorter dated investment-grade CLO liabilities, its valuation increased by 15.4% month-on-month. The steepening of the investment grade CLO liability term structure is generally positive for Carador's CLO equity positions given the future embedded optionality. YTD NAV return was 5.83%.
Jul 17 NAV = $0.7470 (-1.45%). Monthly Perf. = +1.52%. YTD = +5.83%.
Analyst comment on Jun NAV and Upcoming Redemption N+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.
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