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CIFU Carador Income Fund Plc

0.18
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Carador Income Fund Plc LSE:CIFU London Ordinary Share IE00BL8C5Z40 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% 0.18 0.13 0.23 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Carador Income Share Discussion Threads

Showing 326 to 350 of 625 messages
Chat Pages: 25  24  23  22  21  20  19  18  17  16  15  14  Older
DateSubjectAuthorDiscuss
21/10/2014
08:27
Decent NAV performance from CIFU in recent months now being reflected in the share price Favourable currency movements mean the payout should be a little better for us this time too.
wirralowl
21/10/2014
06:57
Sep 14 NAV = USD 0.9137 change = +0.11% performance = +0.11%

Div = $2.5c, ex-div 30 Oct; paid 5 Nov.

dendria
19/9/2014
06:29
Aug 14 NAV = USD 0.9127 change = +0.74% performance = +0.74%
dendria
22/8/2014
06:43
Jul 14 NAV = USD 0.9060 change = -2.21% performance = +0.49%
dendria
31/7/2014
00:29
I find some the broker notes confusing. Last month there was a comment from Dexion saying that Carador would suffer from a rise in US$ LIbor, when everything seems to be floating rate. Now this month, Liberum talk about payment of dividend out of capital. Agree that with V1 CLOs in run off some payments could be capital , but on the converse the CLOs v2 will probably not start paying out until 2015, which will boost income going into next year.
ibarty
25/7/2014
17:34
Thanks for the brokers updates - Dendria - much appreciated
atholl91
25/7/2014
16:52
At least the share price has gone up ahead of the div...maybe 90/89 will be its base
badtime
21/7/2014
17:42
Analyst comment on Jun 14 NAV:

N+1 Singer, 21 July 2014, " Continued Transition"
As foreshadowed in the May company report June was a busy month in the transition process with US$134m of trades completed. Some 64% of the portfolio is now in post crisis CLO 2.0 deals with 22% in controlling income note positions. Distributable income for Q2 was US$2.42¢ taking H1 to US$5.34¢ more than adequately covering the US$5.0¢ dividend (Q2 dividend of US$2.5¢ declared today). The bias towards income notes has increased again to 66% which bodes well for income from 2015 onwards when all of the portfolio will be making regular payments.

Liberum Capital, 21 July 2014, "3.7% H1 NAV total return"
The level of returns continues to be lower than anticipated for CIFU. Total return for the first half of 2014 is only 1% higher than the S&P LSTA Leveraged Loan Index which is relatively poor as the portfolio has a majority weighting to CLO equity tranches. The dividend is equivalent to 10.8% of NAV with a significant portion currently being paid out of capital. CIFU trades on a 1.9% discount to NAV and we believe there is a risk the discount will persist until performance improves.

dendria
21/7/2014
06:54
Jun 14 NAV = USD 0.9265 (+0.21%).

The $2.5c quarterly div is ex-div 30 Jul and paid 6 Aug.

dendria
02/7/2014
07:46
Thanks for the replies - I had the same issue with Halifax yesterday so I couldn't buy across 2 brokers. Also hit the same problem with PEY, (Princess Private Equity) which is Euro denominated. Not unusual to be unable to trade in some stocks at certain periods but I can't recall being unable to get a quote all day long before... just one of those things I guess.
danieldruff2
02/7/2014
06:37
I have used three brokers to buy CIFU and all have said same thing about not wanting to make an on line market outside US hours at times, but I suppose you pay your money and take your own view!
rat attack
02/7/2014
06:26
I've found I can trade any time within LSE dealing hours with IWeb - I don't believe this issue has anything to do with US.
dendria
01/7/2014
22:04
The underlying portfolio of assets in CIFU are US, there are no Irish assets. It is CIFU wrap itself which is an Irish company. Because of the liquidity and dollar pricing of the underlying assets there have been times when electronic quotes have only been available during US trading hours - this has reduced the online dealing to 2 hours on some days, but if you phone your broker there is not normally an issue with dealing anytime during LSE trading hours.
rat attack
01/7/2014
21:21
I have been a shareholder for many years since there were two classes of share: Dollar & Euro. I don't think the liquidity is anything to do with domicile. I have also traded large tranches of shares from time time. But, occasionally, you cant deal in more than one or two thousand shares at a time. It seems to be random. Wish I knew the answer!
specuvestor
01/7/2014
20:58
It's LSE listed but Ireland domiciled.
dendria
01/7/2014
18:57
danieldruff2 - I have had a similar problem with sippdeal, but I find quotes are usually available after 2.30pm - maybe because it contains US domicile stocks.
rat attack
01/7/2014
12:15
Anybody tried to buy or sell this today? Can't get any sort of quote from Selftrade at all
danieldruff2
27/6/2014
23:56
Blackrock increased their holding to 12.04% , seems a good sign.
fenners66
27/6/2014
15:43
Note 11 states that portfolio is 100% exposed to floating rate instruments. Net impact of a change is +19 m if they increase by 1% and - 17m if they reduce by 1%
pejaten
25/6/2014
15:18
I was under the impression that the underlying loans in the CLO's were floating rate. That is to say that if interest rates increase (which they will do) then the underlying loan payments made by SME's also increase. I am thus puzzled by Dexion Capital's comment that "near-term returns would be temporarily impacted by rising $ LIBOR".
Unless of course they men increasing interest rates will lead to increasing defaults and hence lower returns.

specuvestor
23/6/2014
18:08
Analyst comment on May 14 NAV

N+1 Singer, 23 June 2014, "Successful Transition Continues Apace"
The fund has delivered another month of stable performance with cashflows in line with expectations whilst showing the expected short term volatility. More importantly, including post month end transactions, over 50% of the portfolio is now in post crisis deals with 60% overall in income notes. Cashflow and income levels during and post this transition (once the portfolio settles into steady state) are still on track to more than cover the US$10¢ dividend established as a stable payment in October 2013. Carador continues to deliver a performance at least in line with its investment policy producing unrivalled cashflows within its peer group.


Dexion Capital, 23 June 2014, "Carador Income - May 2014 NAV"
Returns in 2014 continue to be relatively stable with variations largely accounted for by irregular cash-flows (the third month of any calendar quarter being generally weaker as a consequence) or technical factors in the market (such as the market having to digest a lot of new mezzanine paper in May 2014). With the CLO market now fully functioning, Carador has rotated its portfolio towards the newer issues. We continue to believe that the company can deliver high single digit/low double digit NAV returns and that the market environment (most importantly low defaults) remains supportive. However, near-term returns would be temporarily impacted by rising $ LIBOR. On a discount of circa 3%, the company is attractively rated relative to credit investment company peers.


Liberum Capital, 23 June 2014, "Portfolio Recycling Progress"
CIFU is trading on a 3.2% discount to NAV following a 6% decline in the share price in 2014. We believe this has been caused by the relatively poor NAV TR performance since the beginning of 2013. The annualised 1 year NAV TR of 4.5% is below the Credit Suisse Leveraged Loan Index over the same period (+4.9%) which is disappointing given the leverage involved although we note returns have picked up somewhat in 2014.

dendria
23/6/2014
06:47
May 14 NAV = $0.9246 (+0.40%). Good to see a positive NAV change.
dendria
18/6/2014
17:32
With UK interest rates likely to rise before US, the £ could get stronger yet - best just hold on for the long term and collect the dividends - reinvest if you think the $ will regain strength - which it will at some point down the line. CIFU is already my 2nd largest holding otherwise I would be topping up at these levels.
dendria
18/6/2014
15:17
It certainly does help RA and much appreciated
solarno lopez
18/6/2014
15:13
Solarno - this asset will always track nav so there is very little scope given the nature of the underlying portfolio for capital appreciation. However that doesn't mean to say that profits from trading assets and redemptions at par are not made. I have noticed that CIFU is trading at about a 2c discount to last stated nav so there is some scope for capital appreciation.

I see a couple of key factors which affect CIFU; firstly, the price of corporate debt has fallen over the last 5 years and consequently returns have been adversely affected and pricing will reflect this - bear in mind also that if interest rates begin to rise in the US the underlying asset pricing will suffer further. Secondly, if you bought in sterling, as I did, dollar weakness has impacted significantly on the sterling price with sterling rising from 1.3475 in early 2009 to 1.6940 at the present time which is an adverse 25% movement! On the positive side CIFU is yielding 11.2% which is not to be sneezed at and you have the benefit of potential sterling capital appreciation when US rates move upwards (my view) we just don't know when that will occur?

Hope this helps!

rat attack
Chat Pages: 25  24  23  22  21  20  19  18  17  16  15  14  Older

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