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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Fair Oaks Income Limited | FAIR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.56 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.56 |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 22/02/2024 | Interim | USD | 0.02 | 29/02/2024 | 01/03/2024 | 02/04/2024 |
| 09/11/2023 | Interim | USD | 0.02 | 16/11/2023 | 17/11/2023 | 15/12/2023 |
| 15/08/2023 | Interim | USD | 0.02 | 24/08/2023 | 25/08/2023 | 21/09/2023 |
| 23/05/2023 | Interim | USD | 0.02 | 01/06/2023 | 02/06/2023 | 30/06/2023 |
| 23/02/2023 | Interim | USD | 0.02 | 02/03/2023 | 03/03/2023 | 31/03/2023 |
| 03/11/2022 | Interim | GBP | 0.016741 | 10/11/2022 | 11/11/2022 | 09/12/2022 |
| 12/08/2022 | Interim | GBP | 0.021327 | 18/08/2022 | 19/08/2022 | 15/09/2022 |
| 13/06/2022 | Interim | USD | 0.025 | 23/06/2022 | 24/06/2022 | 25/07/2022 |
| 07/02/2022 | Interim | USD | 0.025 | 17/02/2022 | 18/02/2022 | 18/03/2022 |
| 26/10/2021 | Interim | USD | 0.025 | 04/11/2021 | 05/11/2021 | 18/11/2021 |
| 10/08/2021 | Interim | USD | 0.025 | 19/08/2021 | 20/08/2021 | 17/09/2021 |
| 20/05/2021 | Interim | USD | 0.0225 | 27/05/2021 | 28/05/2021 | 25/06/2021 |
| 02/02/2021 | Interim | USD | 0.025 | 11/02/2021 | 12/02/2021 | 26/02/2021 |
| 20/10/2020 | Interim | USD | 0.022 | 05/11/2020 | 06/11/2020 | 19/11/2020 |
| 20/07/2020 | Interim | USD | 0.015 | 06/08/2020 | 07/08/2020 | 20/08/2020 |
| 03/03/2020 | Interim | USD | 0.007 | 12/03/2020 | 13/03/2020 | 26/03/2020 |
| 06/02/2020 | Interim | USD | 0.007 | 13/02/2020 | 14/02/2020 | 27/02/2020 |
| 09/01/2020 | Interim | USD | 0.007 | 16/01/2020 | 17/01/2020 | 30/01/2020 |
| 04/12/2019 | Interim | GBP | 0.005249 | 12/12/2019 | 13/12/2019 | 27/12/2019 |
| 04/11/2019 | Interim | USD | 0.007 | 14/11/2019 | 15/11/2019 | 28/11/2019 |
| 30/09/2019 | Interim | USD | 0.007 | 10/10/2019 | 11/10/2019 | 24/10/2019 |
| 03/09/2019 | Interim | USD | 0.007 | 12/09/2019 | 13/09/2019 | 26/09/2019 |
| 30/07/2019 | Interim | USD | 0.007 | 08/08/2019 | 09/08/2019 | 22/08/2019 |
| 02/07/2019 | Interim | USD | 0.007 | 11/07/2019 | 12/07/2019 | 25/07/2019 |
| 03/06/2019 | Interim | GBP | 0.005585 | 13/06/2019 | 14/06/2019 | 27/06/2019 |
| 30/04/2019 | Interim | GBP | 0.005373 | 09/05/2019 | 10/05/2019 | 23/05/2019 |
| Top Posts |
|---|
Posted at 22/2/2024 16:20 by bluemango Dividend declared, payable 2nd April. |
Posted at 22/1/2024 10:30 by euameus Liberum on Fair Oaks IncomeInvestment case remains compelling despite discount closing Analyst: Shonil Chande Mkt Cap £177m | Share price $0.56 | Prem/(disc) -1.6% | Div yield 14.4% Event Fair Oaks Income’s NAV per share of $0.564, as at 31 December 2023, represented a 0.14% monthly increase and a 12.9% NAV total return in the calendar year. Default levels firmly lower than forecast a year ago The European loan default rate increased from 1.42% to 1.62%, and the US loan default rate increased from 1.48% to 1.53% in December. These levels are significantly below market forecasts at the end of 2022. The forward-looking distress ratio decreased from 4.79% to 4.32% in Europe and from 7.30% to 6.36% in the US. Liberum view FAIR has performed very well over the past year, with the underlying performance of the CLO equity and debt portfolios very well supported by corporate measures, particularly the share repurchase programme. In the context of the near outright closure of FAIR’s discount, it may be tempting to view FAIR as relatively less attractive. We make a few key points to counter this. Firstly, At NAV (ie no discount), FAIR’s dividend yield is c.4 percentage points higher than the second highest-yielding alternative fund (market caps above £150m). Secondly, with respect to increases in default rates and the impact this can have on CLO equity valuation, as opposed to distributions given that a far more punitive environment (overacollaterlisati The two charts below show 1) the downward trend in the core USD CLO equity valuations in particular, mitigating risk, and 2) the potential positive impact on NAV from upward moves in valuation. If the market has modelled overly pessimistic assumptions for USD CLO equity, the prices of some of the US CLO equity tranches could rally significantly. We also note the manager’s comment in the factsheet: “Assuming the US default scenarios forecast by S&P Global Ratings, we estimate that the gross IRR for the Master Fund would be 33%, 26% and 15% in an optimistic, base and pessimistic scenario, respectively.” Alignment and repurchases FAIR has overseen a highly effective share repurchase programme since October 2022, with tangible impact across several metrics. A focus on CLO equity, which has historically delivered a double-digit cash yield, and CLO debt, meant that even after reducing its annual dividend, in 2022, from 9.5c to 8c to fund the repurchases, the dividend yield at NAV remained above 13%. Other initiatives include the fixed-life realisation share class and re-investing 25% of management fees whenever the shares trade at a discount. We are BUYers with a target price of $0.66. |
Posted at 02/1/2024 17:00 by grahamg8 And also VTA/VTAS. FAIR are priced in USD, and at the current exchange rate 56c = 44.37p. VTA is priced in Euros but you might as well buy the same animal VTAS in pence. TORO is also priced in Euros. They are pretty similar but FAIR stick mainly to USA debt, TORO mostly European and VTAS split roughly 50/50. Otherwise the principal difference is the discount to NAV. TORO is the highest, FAIR lowest virtually evens and VTAS somewhere in the middle. |
Posted at 30/12/2023 20:25 by tag57 PS1, Fair announce the currency conversion rate a short while prior to divi payment and pay the divi in GBP. |
Posted at 28/9/2023 09:56 by davebowler Liberum-Half-year report confirms quality of investment portfolio Analyst: Joachim Klement Mkt Cap £176m | Share price $0.53 | Prem/(disc) -9.2% | Div yield 15.2% Event Fair Oaks Income released its interim report for the six months ended 30 June 2023. For the reporting period, the NAV total return was 9.0% compared to -5.3% in the same period 2022. The NAV total return for the realisation shares was 9.7% (vs. -5.0% in the same period 2022). The increase in Nav has continued in the months since June. The August NAV was $0.581 for the 2021 shares for an additional 3% appreciation in NAV in the last two months. Over the period, the Master Fund received total distributions of $33.2m (H1 22: $45.0m). Distributions in January were negatively impacted by large movements in Libor and Euribor which affected the CLO assets and liabilities differently due to timing issues. Distributions recovered in April. The focus on originating and controlling CLO subordinated notes has resulted in fundamental performance above the market average. Origination and control allowed the Master Funds to veto specific loans when the transactions were launched and to monitor and influence the CLOs over time. Lower fees in primary investments also allowed CLO managers to construct more conservative portfolios with no need to reach for yield. As a result, the Master Funds have benefitted from underexposure to sectors such as retail or energy. Liberum view In our in-depth note in August (Fair Oaks Income (BUY, TP $0.7) - Attractive CLO equity return outlook (43 pgs)) we emphasised the opportunity in CLO markets at the moment. As FAIR is marking its CLOs to market rather than mark-to-model, the downside is already reflected in the price and the ongoing recovery in loan markets leads to a significant pull on NAV higher. Add tot hat the sector-leading dividend yield of 15.4% and we recommend BUYing the fund with a TP of $0.66. |
Posted at 23/8/2023 11:17 by euameus Stifel comment below. Interesting given recent price action.Fair Oaks income - Is it really that different to TwentyFour Income? One of the vagaries of investment trusts are that some trade close to NAV largely based on historical reasons while others seem to be overly punished. TwentyFour Income is a well managed fund and while fundamentally the securities it invests in (UK residential mortgages and CLO debt) may be secure, there is clearly headline and pricing risk in residential mortgages - especially the residential equity book (c.17% of NAV). The share price is currently trading in line with the NAV with a dividend yield of 8%. Fair Oaks Income which invests in CLO equity and debt trades at a 12% discount to NAV with a 15% dividend yield. Both are well managed vehicles, but we would be far more comfortable investing in CLO equity with its diversified pool of leveraged loans that can be actively traded versus a UK residential portfolio that has a static pool. In addition, Fair Oaks Income has a limited life structure, which means (assuming a 1-year extension) that the fund enters run off in 2024/5 unless investors opt for a roll over. The question we are pondering is one of valuations. On a relative basis Fair Oaks Income appears cheap and likely better insulated from further macro pressure (on a NAV basis). There is also likely more potential for consolidation in the CLO sector with either of its peers (Volta Finance or Marble Point). |
Posted at 16/8/2023 10:11 by cwa1 davebowler16 Aug '23 - 09:57 - 647 of 6470 1 0 Liberum commentary on FAIR - Strong distribution momentum from second highest yielding AIC fund at NAV Analyst: Shonil Chande Mkt Cap £170m | Share price $0.53 | Prem/(disc) -11.4% | Div yield 15.0% Event Fair Oaks Income’s NAV per share increased by 2.5%, to $0.598, in July 2023. This represented a 2.5% increase in the month (+11.8% YTD). Quarterly distributions received by the Master Fund in July totalled $21.1m, reflecting a 21.6% annualised yield on NAV and a 24.4% yield on yesterday’s closing price. Distributions have been increasing over recent months, with the portfolio benefitting from an increasing arbitrage spread of the underlying loan pool over the cost of CLO financing. Based on July 2023 distributions, we calculate that the CLO equity portfolio was valued at a 4.0x multiple to cash flows, with the USD CLO equity portfolio valued at 2.9x and the EUR CLO equity valued at 4.9x. Default rates in the US increased by 0.4ppts to 1.75% and by 0.53ppts to 1.51% in Europe. The European increase was due to Casino defaulting on a €1.4bn of senior debt. The forward-looking distressed rate declined from 8.47% to 7.55% in the US and increased from 4.13% to 4.17% in Europe. This measures the proportion of loans trading below 80c, and a decline is a forward-looking indicator that suggests improving sentiment towards leveraged loans. FAIR’s July factsheet notes the potential impact on European and US leveraged loan indices from issues at Altice Group. Significant overcollateralisatio The overcollateralisatio FAIR’s ‘GFC scenario’ models a gross return of 6% based on NAV and 11% based on the share price, as at 31 July 2023. FAIR’s CLO equity assets have consistently demonstrated stronger credit performance than the broader CLO market, which in turn has significantly outperformed other corporate debt categories on returns and default rates. There is additional de-risking via a shareholder-friendly structure. Liberum view Distribution momentum is strong and leveraged loan indices have performed well over the past several weeks. Given that the US CLO equity portfolio’s mark-to-market valuation stands at a median 34%, de-risking is built into the valuation and there is potential for valuations to improve. FAIR’s shares have been amongst the best performers over the past year with the 27% share price TR ranking third amongst alternative funds (ex-3i). We believe the shares continue to present attractive value given the underlying strong distributions, and the potential for higher US CLO equity valuations. FAIR’s share repurchase programme, in place since last October, has driven a significant reduction in its bid-ask spread in absolute terms and relative to peers. We believe it is attractively positioned compared to most peers and that the relative discount is not justified, in most cases. |
Posted at 15/8/2023 10:27 by cwa1 It's that time again:-DIVIDEND DECLARATION Dividend for Quarter Ended 30 June 2023 The Directors of Fair Oaks Income Limited have declared that an interim dividend will be payable as follows in respect of the quarter ended 30 June 2023 in respect of the Realisation and 2021 Shares: Ex-Dividend Date: 24 August 2023 Record Date: 25 August 2023 Payment Date: 21 September 2023 Dividend per Realisation Share: 2.00 US cents per share Dividend per 2021 Share: 2.00 US cents per share The default payment for dividends remains in US Dollars however, dividends are now capable of being paid in Sterling provided that the relevant shareholder has registered to receive their dividend in Sterling under the Company's Dividend Currency Election. A copy of the Dividend Currency Election form, which should be sent to Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL when completed can be found on the Company's website at |
Posted at 23/6/2023 22:44 by cerrito I see that Moodys has issued a warning about the private credit market signalling funds managed by Ares and Owl Rock.The name Ares rang a bell and I checked on the latest FAIR fact sheet. It has USD18m of a 2015 Ares deal with an equity position with a 30pc valuation. Moodys were mainly concerned about loans made in 2020 /1 but I guess some of these may have been inserted into the 2015 deal. Interestingly the cushion on this deal at 1.09, a big detioriation from the 2.27 at end February and 1.38 at end of March. There does seem to be something odd here as the total weighted average cushion for the whole FAIR portfolio has detioriated far less since February - from 4.46pc to 4.12pc. They have a small mezzanine position in an Owl Rock deal. I feel we are about to enter into a storm despite the upbeat comments on defaults by the managers of VTA, which I also hold, as well as FAIR. I note the comment from FAIR in recent months that CLO:s are underpriced as well as the discount, which despite the buybacks are at a high level compared to the last 3/4 years. I also note that this April's quarterly distributions were 3.3pc per share ie a 26.7 pc dividend yield based on the share price. All in all I am not buying more FAIR or VTA but not selling either. Any of you more adventurous?? |
Posted at 23/5/2023 11:38 by cwa1 DIVIDEND DECLARATIONDividend for Quarter Ended 31 March 2023 The Directors of Fair Oaks Income Limited have declared that an interim dividend will be payable as follows in respect of the quarter ended 31 March 2023 in respect of the Realisation and 2021 Shares: Ex-Dividend Date: 01 June 2023 Record Date: 02 June 2023 Payment Date: 30 June 2023 Dividend per Realisation Share: 2.00 US cents per share Dividend per 2021 Share: 2.00 US cents per share The default payment for dividends remains in US Dollars however, dividends are now capable of being paid in Sterling provided that the relevant shareholder has registered to receive their dividend in Sterling under the Company's Dividend Currency Election. A copy of the Dividend Currency Election form, which should be sent to Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL when completed can be found on the Company's website at |
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