Share Name Share Symbol Market Type Share ISIN Share Description
Fair Oaks Income Limited LSE:FAIR London Ordinary Share GG00BNNLWT35 2021 SHS NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.005 0.89% 0.565 526 08:00:29
Bid Price Offer Price High Price Low Price Open Price
0.545 0.585 0.565 0.5525 0.565
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 64.47 13.77 4.1 264
Last Trade Time Trade Type Trade Size Trade Price Currency
08:53:35 O 526 0.55 USD

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Date Time Title Posts
19/6/202217:42Fair Oaks Income Fund223
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Fair Oaks Income (FAIR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
07:53:370.55526289.30O
2022-07-06 15:35:280.562,0001,120.00UT
2022-07-06 15:17:420.555,0002,725.00O
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Fair Oaks Income (FAIR) Top Chat Posts

DateSubject
07/7/2022
09:20
Fair Oaks Income Daily Update: Fair Oaks Income Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker FAIR. The last closing price for Fair Oaks Income was US$0.56.
Fair Oaks Income Limited has a 4 week average price of US$0.55 and a 12 week average price of US$0.55.
The 1 year high share price is US$0.70 while the 1 year low share price is currently US$0.55.
There are currently 467,728,360 shares in issue and the average daily traded volume is 59,764 shares. The market capitalisation of Fair Oaks Income Limited is £264,266,523.40.
13/6/2022
16:57
grahamg8: Share price and NAV never get far out of line. The ii's have probably spotted a drop in the transaction prices of CLO's. At least I hope that is all it is. Worse would be if we have a default of significance in one of the investments. That is a permanent loss of value, whereas trading prices come and go along with overall market sentiment. Update due this week.
10/6/2022
12:22
scrwal: The share price has started to slide as well, and the trades are mainly sells. It's down by 7% this week but that is partly due to the US market woes. I can't see the divi being paid in June as you have to give notice of the xd date and payment will be at least 2 weeks after that but likely to be 4 weeks.
26/5/2022
12:50
rat attack: Can someone please explain how this is investable. Share price down by c40% in 4 years, NAV down c34% in 4 years, but receive 16% dividend pa?
14/4/2022
10:45
cwa1: Courtesy of @davebowler from elsewhere:- Liberum on Fair Oaks Income 1.7%% NAV TR YTD Mkt Cap £194m | Share price $0.63 | Prem/(disc) -4.6% | Div yield 16.0% Event Fair Oaks Income has released its annual results to 31 December 2021, with the previously reported NAV per share of $0.67 representing a NAV total return of +22.7% in 2021. FAIR has also published its monthly NAV to 31 March 2022, with the $0.65 per share value representing a +0.3% NAV total return in March (+1.7% YTD). Liberum view Despite ongoing potential for NAV volatility in the near-term, we regard the 16% dividend yield as attractive. We note that the credit performance of the portfolio has been strong and there is significant headroom on overcollateralisation tests. Distributions to the portfolio from debt investments remain healthy and CLO equity can potentially benefit from a widening in loan spreads as the CLOs financing cost is fixed and any increase in portfolio spread will benefit CLO equity investors.
17/2/2022
11:55
cwa1: Courtesy of davebowler over on the VTA thread:- Liberum on FAIR- Fair Oaks Income Strong level of distributions in January Mkt Cap £197m | Share price $0.66 | Prem/(disc) -4.3% | Div yield 15.2% Event Fair Oaks Income's NAV per share as at 31 January 2022 was $0.69, representing a 3.3% NAV return in the month (+17.5% LTM). US and European loan markets generated small gains in January, both returning 0.3% in the month. US 12-month trailing default rates remain very low at 0.3% and default rates in Europe were also stable at 0.6%. Following a record year for CLO issuance in 2021, new issue volumes slowed in January to $4.9bn in the US (down 47% year-on-year) and no issuance in Europe (€1bn in Jan-21). Credit performance in the loan portfolios of FAIR's CLO equity investments has been robust with an annualised default rate of 0.3%. The portfolios also have low exposure to CCC loans at just 3.7% of underlying portfolios. The 15.4% dividend yield is supported by a robust level of distributions from new investments. The Master Fund received $20.6m of quarterly distributions in January, compared to $18.9m in October 2021. Liberum view The quarter to January was a strong period of distributions, which supports management's recent expectations. The manager made several new CLO equity investments during 2021 and two of these were expected to start making distributions in the quarter to January, which explains the 9% increase compared to the previous quarter. Another of the investments is expected to begin distributions in the quarter to July. The rising interest rate environment has increased demand for floating rate assets, resulting in the highest month of inflows into US loan funds since 2015. This demand is likely to be further supported by lower new CLO issues in 2022. We view the 4.3% discount to NAV as highly attractive, given the 15% dividend yield and favourable outlook for default rates and distributions. The arbitrage spread of the loan portfolios over the cost of financing remains near all time highs at 1.95% and there is significant headroom on overcollateralisation tests. Positive final paragraph...
20/1/2022
07:42
cwa1: December NAV:- https://uk.advfn.com/stock-market/london/fair-oaks-income-FAIR/share-news/Fair-Oaks-Income-Limited-Net-Asset-Values/87057771 Monthly Announcement of Unaudited Net Asset Value As at the close of business on 31 December 2021 the estimated unaudited Net Asset Value of the Company's Shares was as follows: Fund Name NAV Monthly Performance Fair Oaks Income Limited Realisation Shares USD 0.6679 0.66% ------------ -------------------- Fair Oaks Income Limited 2021 Shares USD 0.6682 0.62% ------------ -------------------
15/11/2021
09:39
cwa1: Hoping db doesn't mind... davebowler15 Nov '21 - 09:09 - 553 of 553 0 1 0 Liberum on FAIR - Strong quarterly cash flows Mkt Cap £201m | Share price $0.665 | Prem/(disc) -0.8% | Div yield 15.0% Event Fair Oaks Income's NAV per share as at 31 October 2021 was $0.670, representing a 1.9% NAV total return in the month (+22.6% YTD). US and European loan markets generated returns of 0.3% and 0.2% during the month. Defaults remain very low with the 12-month trailing default rate in the US declining from 0.44% to 0.35%. European default rates also fell from 0.85% to 0.75%. Strong primary CLO issuance in the US and Europe has continued in Q4. Primary AAA spreads have remained stable at Libor +1.18% in the US and Euribor +0.99% in Europe. All of FAIR's CLO equity investments made their scheduled quarterly distributions in October. Master Fund III received $18.8m in distributions, representing a 15% increase over the same period in the prior year. The portfolio has benefited from reduced exposure to lower coupon CLO mezzanine investments and strong cash flow generation from the CLO equity positions. Two recent CLO equity investments were not scheduled to make a distribution in October and their first payments are expected in January 2022. Liberum view Strong cash flow generation leaves FAIR well-placed to maintain its 15% dividend yield. The benign default environment and tightening in CLO spreads has created a favourable environment for CLO equity performance. The outlook for defaults remains low due to strong fundamentals and the maturity profile of the market continues to be pushed. The over collateralisation test cushion in FAIR's portfolio has steadily built up since mid-2020. We estimate an increase in the average OC test cushion in FAIR's US CLO equity investments from 2.2% in July 2020 to 3.9% currently. The arbitrage spread of the portfolio over the cost of financing has also increased steadily since mid-2020 to 1.93%, the highest level since August 2016.
14/10/2021
09:53
cwa1: Courtesy of davebowler from the Volta thread:- Liberum on FAIR _ Fair Oaks Income Enduring arbitrage opportunity Mkt Cap £200m | Share price $0.675 | Prem/(disc) -1.2% | Div yield 14.8% Event Fair Oaks Income's NAV per share as at 30 September 2021 was $0.683, representing a 1.5% NAV total return in the month (+20.5% YTD). US and European loan markets delivered positive returns of 0.7% and 0.4% during the month. The trailing 12-month default rate in the US loan market has fallen to 0.4%, the lowest level since August 2011. US CLO issuance reached a record in September ($130bn YTD). Importantly, primary AAA spreads have remained stable at Libor +1.19% in the US and have fallen slightly to Euribor +1.01% in Europe. The manager reset the CLO liabilities of Fair Oaks Loan Funding III, reducing the weighted average coupon from Euribor +2.01% to Euribor +1.79%. The investment period has also been extended by almost three years. The expected return on the investment has increased by 4.8% pa. The current valuation of the CLO equity positions implies relatively low cash flow multiples. The average cash flow multiple of the CLO equity tranches is 3.5x, compared to 4.8x in January 2020. Liberum view FAIR's portfolio has generated strong cash flows in 2021 and we see this as a compelling entry point for a fund offering a 15% dividend yield and double-digit prospective NAV returns. The maturity profile of the market continues to be pushed out, reducing the probability of default in the near term. The arbitrage spread of the portfolio over the cost of financing has increased steadily since mid-2020 to 1.91%, the highest level since August 2016. The benign default environment and tightening in CLO spreads has created a favourable environment for CLO equity performance. We also note the pricing on the reset of Fair Oaks Loan Funding III was narrower than Blackstone's Deer Park CLO (which priced on the same day). The fund has three investments in CLOs run by the investment manager. These have demonstrated strong credit performance and achieved attractive funding costs.
27/11/2020
17:31
grahamg8: NASA started assembling the SLS rocket on 19 November. The biggest in the world (of course), just about matched by the FAIR share price with a bit of luck.
10/1/2019
18:00
grahamg8: Well it makes a 15% running yield. The only problem is that the share price has dropped by 20%. The asset value is down around 5%. So this means a great buying opportunity or the assets are greatly overstated. If the US economy takes a downturn then property prices will go down and debt defaults will rise. Which would make a perfect storm for FAIR. Clearly pessimism has taken over for the moment but that could easily be reversed. It has happened before with the FAIR share price bouncing off previous lows. I'm hanging on for the moment. The bounce was very fast taking just 2 months in Summer 2016. I remember it well and rode the price down and back up again, pretty scary at the time. The madman in the White House only has two more years till he gets kicked out. Then hopefully normal service can be resumed.
Fair Oaks Income share price data is direct from the London Stock Exchange
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