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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% 0.63 0.62 0.65 - 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -1.4 -2.3 -0.5 - 295

Fair Oaks Income Share Discussion Threads

Showing 301 to 325 of 350 messages
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
DateSubjectAuthorDiscuss
25/7/2020
20:55
Latest factsheet: httPs://www.fairoaksincome.com/~/media/Files/F/Fair-Oaks-IF/Fair%20Oaks%20Income%20Fund%20-%20Jun-20.pdf
rambutan2
20/7/2020
06:19
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
13:37
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
12:29
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
09:29
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
09:19
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
12:40
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
12:18
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
11:55
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
01/7/2020
10:14
I find this strange that a monthly income investment trust is still suspending a monthly payment. We have lost out on April, May and June and it looks like there it is not going to be a monthly payment soon. Markets have recovered. I hold IPE and SMiF and they continue to make payments.
caternia
16/6/2020
06:21
Inc 10% in a month, and that was as of 2 weeks ago. Mind you - still a way to go.
spectoacc
16/6/2020
06:18
Cerrito follow the story 20/3 NAV 74.33 15/4 NAV 36.43 price trashed on Covid fears 24/4 Market opportunities identified 27/4 New shares issued at 37.2 19/5 NAV 41.18 16/6 NAV 45.31 New shareholders have made 21.8% in 50 days. I rest my case.
grahamg8
28/5/2020
20:48
When will I get a monthly dividend?
caternia
20/5/2020
06:02
Ta. Not as low as last time, won't bounce as high, but the recently-raised cash should give us another good gain next month too I reckon.
spectoacc
19/5/2020
19:50
As expected, nav up in April for what it's worth. More interesting perhaps is that the manager is busy... htTps://www.fairoaksincome.com/~/media/Files/F/Fair-Oaks-IF/Fair%20Oaks%20Income%20Fund%20-%20Apr-20.pdf
rambutan2
24/4/2020
07:11
grahamg8 Call me naive, but I think you are being a bit cynical although it is an occupational hazard as a private shareholder in a company like this. My view is that given the state of the market at the end of March and in all likliehood at the end of April the NAV is more art than science. I agree that good that they have more fire power.
cerrito
24/4/2020
06:30
Hmm can't disagree - tho am glad there's new money coming in, which they can put to work at much better prices.
spectoacc
24/4/2020
06:27
Issuing new shares to satisfy demand sounds great. But the management of this company is pretty dodgy to say the least. Try this for size. Publish dire warning about asset erosion due to expected defaults. Update the NAV at massive loss. Issue new shares to yourselves and buddies at the now much reduced price. 'Discover' that things aren't quite as bad as previously indicated. Revise NAV upwards, private shareholders are grateful for the sterling job done by managers who walk away with a massive profit as the shares revert back to near their original price. If you think this sounds far fetched just look back at some of the more than murky activity that has been taken place in the past.
grahamg8
17/4/2020
20:39
This from SMIF's march commentary: Portfolio Commentary The portfolio looks to take advantage of liquidity premium in credit markets. The managers were not expecting a viral pandemic that would result in the complete evaporation of liquidity across all fixed income sectors. In addition, the gap lower across all bond sectors, in an indiscriminate fashion, had a material effect on the underlying NAV. The forced selling from ETF accounts and margin calls being breached from levered accounts created an unprecedented period as the ‘dash for cash’ left quality assets at depressed valuations. The managers did not capitulate but saw pockets of the market as being oversold, despite appreciating the high level of uncertainty that the pandemic had created. The managers presumed that the velocity and ferocity of the market decline could not continue for too long, and that it created a medium to long term opportunity to replenish the Fund. This was in complete contrast to earlier in the year when the managers were growing concerned about re- investment risk. As a result of this opportunity, and to satisfy investor demand, the Fund issued just over 20m new shares. Market sentiment gradually improved toward the end of the month as medium term buyers emerged to add credit at new enhanced values, although liquidity remains low as many market participants work from home. The managers very selectively added risk, though offers at the quoted levels were difficult to source, indicating an underlying supportive technical backdrop, despite the ongoing uncertainty. As would be expected credit indices posted negative returns across the board in March with the Coco index at -15.13%, Euro HY -13.21%, STG HY -13.19% and US HY -11.76%; CLO markets declines surpassed the vanilla markets as liquidity disappeared. The Fund returned -20.93% during the month. CLO was the biggest detractor from performance contributing -11.05%. Market Outlook and Strategy The managers continue to add selective credit at credit spread levels that could represent the best entry point in years, thereby adding quality yield that will benefit the Fund over the medium to longer term. The managers recognize the global economy is very much in the very early stages of recession, hence the focus will be on high quality credit from the most robust sectors. Default rates are likely to spike and downgrades will be frequent, so the more speculative end of the credit spectrum is likely to perform poorly and will be avoided, despite the high yields on offer.
rambutan2
17/4/2020
20:37
I read through the AR, but as acknowledged, it's all of little consequence now we're in Coronaworld. That said, they didn't have a great year and there's little explanation/commentary as to why. Still, the manager did very well coming out of the 08/09 collapse and the placing yesterday shows that some have confidence in him doing the same again. I did buy a small position at the recent lows, so now have some skin in the game here.
rambutan2
17/4/2020
20:10
Foxtons the one that got me - raised at a premium! Who, in their right mind, would be giving money to Foxtons.. (Thanks re quote above - so significantly more conservative but still lost 50% of value in a few short weeks).
spectoacc
17/4/2020
15:57
Just to show how active the placing market is, this morning two of my holdings who cannot be more different-ECSC and FAIR- announced placings.
cerrito
17/4/2020
15:54
Yes agree this placing is OK.I can understand that there is US$3m of capital wanting to get in. My takeaway, which may be completely wrong, is that there was no big holder wanting to exit at any cost. This prompted me to remind myself of the shareholder structure. There are 5 holders who have between them about 45pc of the shares as at March 19 2020.Over the last year the 5th largest Smith and Williamson seem to have exited to be replaced by Seneca at 5pc odd- never heard of them=they are a Liverpool based fund manager. Also the largest holder Quilter have gone down from 15.64pc to 12.75 but cannot find a RNS for this. Hopefully I am right in my reading as this share has enough headwinds without largish holders wanting to exit. You will have seen the December annual report was published today. I have yet to read it in depth but here is the outlook statement of the IM. quote The outlook for financial markets, and the Master Funds, has changed significantly in the first quarter of 2020 due to the spread of COVID-19 and the impact of the associated mitigation and suppression actions by governments around the world. At the time of writing, it is too early to predict the severity or duration of the economic impact of COVID-19 or how a now likely increase in corporate defaults may be mitigated by government support. The Master Funds de-risked significantly ahead of the spread of COVID-19, exiting five majority equity positions in 2019 and a further three majority equity positions and a minority equity position in January and early February 2020. Reinvestments were in rated CLO debt and in a European CLO and CLO warehouse which both have portfolios significantly more conservative than the market average.We will continue to work to manage the risk in the portfolio, through disposals and opportunistic reinvestment and by working with the managers of CLOs in which the Master Funds hold equity positions, aiming to minimise credit losses in the loan portfolios and take advantage of opportunities appropriately. unquote
cerrito
17/4/2020
06:38
For once - quite happy with a placing: "The Board is pleased to announce an issue to satisfy market demand of 7,194,623 new 2017 Shares (the "New Shares") at an issue price of US$0.372 per New Share, representing a premium of approximately 2% to the latest published NAV. The net proceeds of the issue will be invested in accordance with the Company's investment policy, with FOMC II (the "Master Fund") expected to invest in CLO debt securities in the secondary market, which the Investment Adviser believes offer attractive risk-adjusted returns over the medium term." Cash for taking advantage of opportunities exactly what's needed IMO.
spectoacc
16/4/2020
16:33
Just had a look at the end of March. First confession time, I had not come across the term BWIC before and went to hxxps://www.investopedia.com/terms/b/bwic.asp to see what it was all about. No surprise that these increased in March. As I commented re VTA difficult to know how much credence to place in these figures. Good that they gave us extra info. Note portfolio composition per ratings identical end of March as at end of Feb..no surprise and will be interesting to see how this evolves. My current thinking is to stay with what I have got although I need to work out if this is consistent with their base case assumption that bank loan defaults will peak at 8.25% strikes me as optimistic...but then is this payment default or covenant default?
cerrito
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
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