Share Name Share Symbol Market Type Share ISIN Share Description
Fair Oaks Inc17 LSE:FAIR London Ordinary Share GG00BF00L342 2017 SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.00 +0.00% $0.9425 $0.935 $0.95 - - - 0 05:30:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 50.9 48.4 13.3 7.1 464.35

Fair Oaks Inc17 Share Discussion Threads

Showing 226 to 250 of 250 messages
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DateSubjectAuthorDiscuss
27/6/2018
08:39
FA14 returning capital to shareholders. "The Company today announces that it will return $6,500,000 (equivalent to 13.978 cents per share) on 6 July 2018 (the "Redemption Date") by way of a compulsory partial redemption of 2014 Shares (the "Fourth Redemption"). As at today's date, the Company has 46,501,283 2014 Shares in issue of which none is held in treasury. On this basis 15.4097 per cent. of each registered shareholding would be redeemed on the Redemption Date.
eudiaceo
21/6/2018
11:16
Company updated the factsheet... they may be reading this board! good response time! "The Company estimates that the total return generated for this investment will be 17% p.a. above its original 15-16% expected at the time of investment"
eudiaceo
21/6/2018
07:43
Ares XXXV target was originally 15-16%pa not 15-16%. I just hope this is a slip of shorthand rather than a bit of sleight of hand trying to show the return is better than target when in fact it is worse if the return total is 17% not 17%pa.
grahamg8
28/4/2018
16:42
Had a run through of the Annual Report. As a 2014 shareholder I must be very much on the minority on this board as not only did 85% go for the 2017 shares last year but institutions dominate the 2014 register with Coller( who as SVG shareholders will remember were so important on how that panned out) having 70% and two other institutions a further 15%. This explains why liquidity of the 2014 shares is so limited. I see that for the 2017 shares there are four institutions with 3% plus totalling 38%. I also see that the 2014 shares trade currently at 100/106 and the 2017 at 96/98 with the end March NAV of the former at 0.9267 and of the latter at 0.9583c, so the 2014 shares at a big premium. One suspects that Coller who were pre the reorganization the second largest shareholder after Old Mutual were a moving force behind all of this-important to bear in mind if one buys shares where they have a large shareholding. No indication in the AR of timing of redemption of 2014 shares. The Chairman's statement was very pedestrian doing little more than noting the corporate developments and no mention of strategy. The Investment Manager started out on low default rate saying the fund's equity default rate since start of Master Fund II was 0.14% compared to twelve month industry wide rolling average of 1.72%. The last monthly report said they dodged the bullet of a couple of defaults in March including the fifth largest on record. The IM report had an interesting discussion on resetting vs refinancing CLO liabilities.
cerrito
20/4/2018
22:44
https://www.ft.com/content/9cbed300-41cd-11e8-93cf-67ac3a6482fd Comments on very strong CLO issuance recently including first half of April and up 2/3rds from 2017 issuance figures. Concern about dilution of credit quality in light of abolition oif risk retention rules. Also demand for floating rate debt but strong supply have pushed prices lower. Ie all in yield of AAA top rated slice up from 2.81% in January to 3.34% now. S&Pflag waving on lower credit quality.
cerrito
30/3/2018
13:30
Interesting that both FAIR and VTA are saying in their monthly reports that now right time to increase their exposure to equity tranches. In the case of VTA their equity tranche at end of February was 22% of the portfolio-up from 19% two years ago and down from the 27/28% of Q2 17. FAIR give the breakdown by ratings and there has been no big shift over the last 12 months. Given my exposure to the sector is going down with the rapid redemptions of CIFR looking at buying a bit more VTA.
cerrito
16/2/2018
22:01
In the January monthly released today, they were happy about the court derision on the Dodd Frank risk retention rule.
cerrito
16/2/2018
21:39
https://www.ft.com/content/e6a407fe-10b0-11e8-940e-08320fc2a277 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.
cerrito
11/1/2018
10:01
hTTps://twentyfouram.com/2018/01/10/robust-clos-recession
yieldsearch
30/11/2017
23:11
Just read the commentary for the report as at October 31 and pretty gungho; ie annualized default rate 0.07%; talked about their ability to invest across 23 CLO managers who are all very diversified and also about their strong sourcing capacity which they have fed with a share raise and receiving $14m of early amortizations. The market seems to agree with them given the premium at which
cerrito
05/9/2017
22:47
I thought that FAIR's half year report was very clear(unlike the CIFU one which I found v hard going) and I would encourage holders to read it. The Investment Manager very upbeat in his outlook( but to quote Mandy Rice Davies they would say that would'nt they ?) quote The Investment Adviser believes that the Company’s current CLO investments, implemented via the Master Funds, are well positioned to continue to generate attractive returns, given the quality of the underlying portfolios and the continuous active monitoring and management of the underlying credit risk. The Master Funds will also continue to benefit from the optionality inherent in the funding of its control CLO equity investments. We expect to refinance the CLO liabilities of additional CLO positions, increasing the future cash distributions to the CLO equity. We further expect to continue to source new primary investment opportunities for Master Fund II, taking advantage of the current unquote very attractive funding levels for new issue CLOs.
cerrito
20/7/2017
17:19
Good discussion of refinancing and resets in the July 14th monthly report.
cerrito
24/5/2017
22:46
I have commented that the portfolios of CIFU and VTA have changed quite a bit over the last year and have become more orientated towards income notes. Had a look to see what shift there has been in the Fair portfolio as at 4.17 compared to 4.16 and the answer-as measured by the ratings-is not a lot with the percentage of the portfolio rated BB-, B+ and B being 80% at the end of April this year and Last. For those who have faith in ratings to get the returns one is on FAIR with almost 90% of the portfolio rated B or better seems pretty good going.
cerrito
09/4/2017
17:00
Had a run through the annual report. Good description of overall CLO market activity in 2016 and also a good example of the benefits of doing a refinancing but not all that much on the company’s portfolio. I see that a 1% increase in interest rates as at 31.12.16 would impact net assets by £3.4m-ie manageable. I checked to see if like VTA they had to pay a performance fee but then was reminded in note 8 that effectively investment fees are paid by the Master Fund. I am one of the 15% who voted to leave ; am sure that in 2/4 years time, market conditions will get choppy and there will be opportunities to reenter.
cerrito
16/3/2017
10:52
Cerrito,Have gone for 2017 as my contact has always believed that M Fuentenbro is one of the top CLO managers around. Cannot think he would want to leave and start again although always possible. He delivered excellent results when at CIFU.
atholl91
14/3/2017
12:55
Have you folks made a decision as to take the 2014 or the 2017 shares? Having read the prospectus I am veering towards the 2014 ones. Two reasons. I have no idea how this market will be in over the coming years and am reluctant to take such a long term view. I am sure that in the coming years there will be a market dislocation when I can buy in cheaper The second is I saw the key man provisions and emphasized the point that while management may now-in the words of the Chairman-be nibble will Messrs Coyle and Fuentenebro(the two named key people) want to move on and do other things? and I have no idea of depth of management. Be interested in the views of others. Read with interest the risk section and was reminded that we bear the prepayment risk if underlying borrowers prepay given they can without penalty.
cerrito
14/2/2017
21:09
The 4.1% adjusted for dividend increase in January no surprise bearing in mind report posted by davebowler the other day on the VTA thread
cerrito
11/1/2017
16:17
Liberum; CLOs Fair Oaks Income Fund (Mkt Cap £250m) 26.4% NAV return in 2016 Event Fair Oaks Investment Fund's (Fair Oaks) NAV per share was $1.005 as at 30 December 2016, a 3.8% monthly return including dividends. The company declared a dividend of 5.75 USD cents per share in December that brings the total dividend for the year at 13.45 USD cents per share. The shares will go ex-dividend on 12 January 2017. The JP Morgan CLOIE post-crisis B rated index was up 4.5% in December. Fair Oaks’ positive monthly performance was driven by both equity and mezzanine investments. Market default rates in the US decreased slightly to 2.06%. Fair Oaks has confirmed its intention to proceed with the proposals under which Shareholders will be offered an option (but will not have an obligation) to extend the duration of their investment, and also with a further equity raise through a C share. The documentation in respect of the proposals is expected to be published in early March, with a deadline for elections under the proposals and applications under the fund raise in late March. Fair Oaks believes that control positions in new CLOs have the potential to offer one of the most compelling investment opportunities in credit markets at this point in the cycle given supportive loan fundamentals and tight CLO liabilities. Liberum view Fair Oaks' 2016 NAV total return was 26.4% validating Fair Oaks' strategy and the significant investment opportunities CLOs present. We expect the positive NAV performance to continue based on the strong credit performance of the equity investments during the year and the opportunistic investment in mezzanine tranches. Fair Oaks currently trades on a 2.7% discount to its December NAV against the peer group average of 3.1%. The current yield is 13.8%.
davebowler
14/9/2016
14:21
I had been pondering your question digger61 and I have had no thought of buying more or selling. I do not see a great improvement in the US CLO market and while cable may fall to $1.28 and thus give us a small FX gain do not see it falling much lower. Not surprising that the price fell today if they are returning capital-albeit a v small amount-at at a time when the share price is at a premium to the NAV. PS Congrats to those who bought these in the dark days of Feb and thus enjoying an increase in both the share price and the currency. Nothing earth shattering for me in today’s NAV figures-just steady progress
cerrito
11/9/2016
16:22
Anybody buying these at the moment?
digger61
29/8/2016
23:02
Been through FAIR’s interims. Given the good monthly info, not all that much new but the following from the Manager’s Outlook Statement and is of interest Quote The commitment period of the Master Fund ended on the 12 June 2016 and the Company will soon commence making principal repayments to investors. Although the bulk of the principal distributions will be made from the second half of 2018 onwards when the Master Fund expects to call its CLO equity positions, it is expected that some principal distributions will be made from quarterly cash-flows received by the Company. For illustrative purposes only, a CLO equity investment which distributes c.20% cash-flow p.a. of which c.15% p.a. is income will generate c.5% p.a. of principal. Principal distributions may be accelerated if, for example, the Master Fund were to sell CLO mezzanine positions that have traded up significantly since their purchase. Unquote Noted in the Cash flow that distributions from the Master Fund in this H1 16 were $26m up from $6m the year before. Cash and Distribution Receivable were $13m at 30.6.16 compared to HI Dividends of $18m. Too bad they did not follow CIFU’s example and tell us the sensitivity to interest rates
cerrito
11/8/2016
00:03
Thanks davebowler for sharing that Liberum update Yieldsearch: Your understanding was the same as mine but if you read note 5 in the Annual Report which discusses interest rate risk which shows a falling Libor having a negative effect on P&L. Need to think more. Also note that they say if interest rates fall 1% decline in NAV is $1.8m which needs to be seen in the context of financial assets of $275m.
cerrito
10/8/2016
11:02
Liberum; Specialist Finance Fair Oaks Income Fund Stellar 13% NAV return in July Event Fair Oaks Income Fund has announced a stellar NAV uplift of 13.2% to $0.929 for the month of July. The NAV uplift was due to a combination of an improvement in pricing and strong cash flow receipts during the month. The junior CLO markets had one of the strongest months on record with the JP Morgan CLO B-rated Index up 8.4%. The company's equity positions also repriced significantly and generated substantial cash distributions in the month. All CLO equity positions except one distributed cash-flows in July which were ahead of expectations ($18.1m actual vs. $17.0m expected).
davebowler
10/8/2016
01:42
FT article: https://next.ft.com/content/12567e68-5e1a-11e6-bb77-a121aa8abd95 Rising benchmark raises borrowing costs for companies Higher three-month dollar Libor also affects vast universe of collateralised loan obligations Interesting article highlighting that CLO have benefited from libor floor on loans and with interest rate increase in the US, the benefit of this libor floor is reducing. My understanding below, however may be completely wrong: CLO are libor based vehicle, asset (loans) are paying libor and a spread, and the clo notes are all libor based except the most junior piece, the equity, taking all excess cash It seems that the loans have libor floor (at 1%), therefore when the libor rate were lower than 1pc, the assets were paying 1pc but the liabilities (clo notes) were using a lower libor, hence creating more excess cash for the most junior tranche, the equity. With the gearing in place, this may be material. With USD libor increasing it seems that this extra cash will potentially not available anymore. Not sure what is/will be the impact on clo funds like Vta, Cifu, Fair, fair to say that it is most likely negative. Really based on their exposure to clo equity piece, and if this increasing interest rate environment was priced in the valuation of those assets.
yieldsearch
15/7/2016
08:33
The fund included comments re impact of Brexit in the June factsheet here: hxxp://www.fairoaksincomefund.com/reports/monthly-performance-updates/2016.aspx
dentrias
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