Carador Income Share Discussion Threads

[dendria] 21/3/2018 07:20

Feb 18 NAV = $0.7404 (+0.41%). Monthly +0.41%. YTD = +1.68%.

[wllmherk] 21/2/2018 16:31

Tried to sell these today, unable to sell even a small amount.

wllm

[cerrito] 21/2/2018 09:18

Will not impact me too much as I am in the redemption shares and for me good that they, as they promised, are redeeming so quickly.
Incidentally I am with Barclays and I have not yet got the proceeds of the January redemption, anyone else having the same problem?

[dendria] 21/2/2018 07:40

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.

[cerrito] 16/2/2018 21:39

Article discusses that CLO issuance still strong this year and the premium over libor for the top tranche continues to fall and despite equity market volatility prices for the lower tranches holding up. Also a three judge panel has just ruled that CLO managers do not need to follow the Dodd Frank stipulation that managers retain a piece of each deal they complete which may boost the market.

[wllmherk] 01/2/2018 17:28

performance in terms of share price disappointing of late, related to a strengthening £ perhaps ?


wllm

[dendria] 22/1/2018 07:28

Dec 17 NAV = $0.7504 (+0.63%). Monthly = +0.63%. YTD = +9.53%

$2.25c div payable 7 Feb 2018 (Ex-Div 1 Feb 2018).

[wllmherk] 21/1/2018 18:57

thanks Dendria

wllm

[dendria] 21/1/2018 18:52

They don't announce in advance but the next div is due to be declared imminently - it could be ex-div 25 Jan; paid 1 Feb.

[wllmherk] 21/1/2018 18:49

thanks langland


wllm

[langland] 21/1/2018 18:46

I would guess next week. Click on the 'financials' button at the top of this page and scroll down.

[wllmherk] 21/1/2018 18:36

I can't find a financial calendar on CIFU website, anyone know when the next ex div date is ?

thanks

wllm

[dendria] 07/1/2018 16:03

Now ~7% discount with a Z score of ~ -1.8.

[dendria] 07/1/2018 16:01

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] 21/12/2017 07:14

Nov 17 NAV = $0.7457 (+0.40%). Monthly = +0.40%. YTD = +8.84%

[cerrito] 24/11/2017 18:18

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.

[dendria] 22/11/2017 12:18

CIFU now around a -6.7% discount.

[dendria] 22/11/2017 12:16

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.

[dendria] 21/11/2017 07:21

Oct 17 NAV = $0.7427 (-1.24%). Monthly Per. = +1.76%. YTD = +8.40%.

[wllmherk] 17/11/2017 10:26

thanks atholl

wllm

[atholl91] 17/11/2017 09:36

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.

[wllmherk] 13/11/2017 22:09

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

[yieldsearch] 12/11/2017 20:34

hxxp://www.morningstar.co.uk/uk/news/162822/3-alternative-picks-for-a-diversified-portfolio.aspx

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