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Share Name Share Symbol Market Type Share ISIN Share Description
Fair Oaks Income Limited 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 0.0% 0.505 0.48 0.53 0.505 0.505 0.51 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -1.4 -2.3 -0.5 - 232

Fair Oaks Income Share Discussion Threads

Showing 326 to 347 of 350 messages
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
DateSubjectAuthorDiscuss
20/10/2020
07:37
A rock bottom price you could have bought at in the market tho - lower in fact :) But yes, they're shooting the lights out with the monthly return once again. Last 6 months: +6.95% +4.14% +2.83% +8.45% +10.03% +13.04% Hope I'll be forgiven for not quoting the earlier month in that series ;)
spectoacc
20/10/2020
07:28
Dividend, yesssss. See post #126. In fact 2.2c in the quarter is higher than the historic 0.7c per month. Another jump in NAV bodes well for an share price rise when the markets open. Although down on capital over my 5 year holding, when the dividends are added back I am in the black, wow. Plus traded out at the end of 2016 and bought back in early 2018 for a little extra return. Overall not too unhappy with the way things have gone. Still disgruntled with the new share issue as I can't help feeling there was a bit of sculduggery in crashing the share price and then almost immediately bringing in new investors at a rock bottom price.
grahamg8
18/9/2020
21:03
I'm on your side Specto. No dilution to holders and the opportunity to pick up some gems at very distressed prices, to the benefit of all holders. What's not to like?
rambutan2
18/9/2020
20:28
But why not buy at a lower price in the market, if concerned by share issuance at higher prices? Obviously hasn't diluted by the amount the portfolio has "bounced back" by, unless the cash raised wasn't deployed, in which case the dilution would be proportionate to the number of shares issued. Or looking at it another way - your argument is that NAV and share price would be higher now, if they'd never raised those 3 tranches & hadn't had that cash to invest at or near the bottom? I'd argue the opposite. Did Numis respond to you, out of interest?
spectoacc
18/9/2020
07:34
@grahamg8 - agreed, and the NAV is "last reported", ie by the 27th of the month (one of the share issues) it could easily have moved by more than the quoted 2% premium. But - the point stands - anyone bothered by it could have bought more cheaply than the placees, in the market. And without this cash to invest at the time, the rest of us wouldn't be enjoying the same level of returns we're now getting.
spectoacc
18/9/2020
07:26
There is a difference. NAV drops by half due to covid and collapse in values of secondary finance market, you would need to be pretty brave to buy more shares. Investment manager comes for a cosy chat and says we've decimated the share price but things aren't so bad as we can see some juicy returns from new investment opportunities, are you up for it? Remember there is no active market for a lot of these loan packages and the 'value' is very much a matter of opinion.
grahamg8
18/9/2020
06:55
Covid may have something to do with the returns. But otherwise agreed re performance. There were a series of small placings, all done at a premium. Surely anyone concerned could just buy in the market?
spectoacc
17/9/2020
19:45
We wouldn't be getting those monthly returns without there having been new money to invest - and all issued at a premium I believe, so not dilutory.
spectoacc
17/9/2020
17:39
The new investors got a good deal. The existing investors were shafted.
grahamg8
17/9/2020
08:04
Agreed, and should perhaps caveat the figs with the point that a 50% fall requires an 100% rise to get back to where it started. They raised money at the right time.
spectoacc
17/9/2020
07:45
What we haven't been told and probably never will be is how big a discount the CLO's were sold for. We can but hope the overall move will be beneficial. Signs for another dividend next quarter look good. Monthly NAV changes -50.52%, +13.04%, +10.03%, +8.45%, +2.83%, +4.14% suggests interest is being serviced and defaults generally remain low.
grahamg8
15/9/2020
07:31
+4.14% monthly performance, wonder if they can keep that up...
spectoacc
09/9/2020
21:31
Interims out - as we know, it was an eventful 6mths! ...The portfolio has changed materially in the first half of 2020 moving from 95% exposure to CLO subordinated notes and 88% exposure to US CLOs, to 52% exposure to CLO subordinated notes, 32% to BB rated CLO notes and 15% to B rated CLO notes and a more balanced geographical mix (52% USD and 48% EUR). These changes were motivated by an early de-risking of the portfolio (sale in January of four CLO subordinated notes and purchase of four B rated notes and one BB rated note) and the further acquisition of rated notes at deep discounts during weeks following the general market dislocation experienced as a consequence of COVID-19 in March. As of 30 June 2020, all investments in the portfolio were in compliance with their relevant over-collateralisation tests and all made distributions in July. hTtps://www.rns-pdf.londonstockexchange.com/rns/5250Y_1-2020-9-9.pdf
rambutan2
25/7/2020
21:55
Latest factsheet: httPs://www.fairoaksincome.com/~/media/Files/F/Fair-Oaks-IF/Fair%20Oaks%20Income%20Fund%20-%20Jun-20.pdf
rambutan2
20/7/2020
07:19
Another good month: NAV Monthly Performance Fair Oaks Income Limited 2017 Shares USD 0.4914 +8.45% And: "In light of the continued performance and the increased resilience of Master Fund II's investments, the Board has decided to resume the payment of dividends, on a quarterly basis and at a variable rate. The Company expects to announce the first quarterly dividend at the end of July in an amount of approximately 1.5 cents per share. The Master Funds received distributions on all equity investments in April and, with all investments passing their over-collateralisation tests, distributions are also expected on all investments in July. Furthermore, the opportunistic investments made in the second quarter have resulted in the portfolio consisting of 48% CLO debt by market value. This increases the resilience and predictability of Master Fund II and the Company's cash flow."
spectoacc
02/7/2020
14:37
I think VTA has been more pedestrian pace re dvd yield, i believe 8-10%, probably reflecting the underlying collateral (less equity more mezz). Would rather have steady dvd tbh Cerrito: i need to look at the vta reporting, from memory there was some questions about gross NAV vs net NAV. There is no real incentive/action to reduce the discount, largest holder is Axa, the investment manager. I guess they dont really care much, as long as dvd is paid. With VTA, Axa has a longer track record than Fair, CIFU and likely better access to the market due to size, better systems etc. I have loaded on VTA in april at 3.80. As indicated previously, those can be extremely volatile. VTA trade below 0.4 in 2008! so really max 5% allocation would say.
yieldsearch
02/7/2020
13:29
Not sure what yield VTA has historically been on, but FAIR's has been stonking at times - c.14% - which may account for the occasional premium?
spectoacc
02/7/2020
10:29
also yieldsearch, I agree with you that I get a better feel from VTA about what they are doing from FAIR. Do you have a view as to why over the last 3/4 years VTA has traded at a much bigger discount than FAIR, who indeed sometimes have traded at a premium.
cerrito
02/7/2020
10:19
FAIR has a pretty stable shareholding structure. I know we have had 2 change of Holdings RNS in the last 3 weeks, but over the last year there have only been 6 and three of these refer to the exit of Standard Aberdeen.
cerrito
01/7/2020
13:40
sure np. You may want to look at Volta finance, similar investment but seems to be better asset allocation/better asset manager. The reporting on volta is explaining the CLO structure and the income diversion. Also if you look also at the historical price on volta (ie more than 10 years, look at what happpened in the last crisis), you will see that those vehicle are extremely volatile. there is a reason for high dividend.. re fair (and other clo vehicle): as long as the default of assets held by clos are not crystallising losses (that is the big IF), eventually the NAV will go back up and clo coupon will be paid and fair dvd paid. timing uncertain though and big IF!!
yieldsearch
01/7/2020
13:18
Thanks Yieldsearch. I now have a better understanding. Will leave for a while before deciding if I should get out as recently there has been an uplift in the share price. Made a cardinal mistake in buying a share without fully understanding their business. I remember money observer once gave them an award for their performance, that seems a long time ago!
caternia
01/7/2020
12:55
Caternia: completely different type of assets: IPE and SMIF are holding corporate debts (bank AT1 etc). Coupons on the corp debt is paid as dvd. Fair is investing in CLO junior bonds and equity. one feature of clos is that it can switch off payment to junior bonds and equity if there are specific breach of credit tests (weighted ratings, overcollateralisation test, etc). A number of those are breached.
yieldsearch
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
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