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| 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
|
|
|---|---|---|---|---|---|
| 0.0075 | 1.39% | 0.5475 | 1,864 | 08:00:21 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 0.54 | 0.555 | 0.5525 | 0.5475 | 0.5475 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 32.13M | 30.99M | 0.0741 | 7.29 | 225.89M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 08:46:56 | O | 1,864 | 42.907 | USD |
| Date | Time | Source | Headline |
|---|---|---|---|
| 27/3/2025 | 17:11 | UK RNS | Fair Oaks Income Limited Issue of Treasury Shares |
| 17/3/2025 | 10:31 | UK RNS | Fair Oaks Income Limited Voting Rights and Capital |
| 17/3/2025 | 10:30 | UK RNS | Fair Oaks Income Limited Issue of Treasury Shares |
| 17/3/2025 | 08:18 | UK RNS | Fair Oaks Income Limited Portfolio Update Replacement |
| 17/3/2025 | 07:01 | UK RNS | Fair Oaks Income Limited Portfolio Update |
| 17/3/2025 | 07:01 | UK RNS | Fair Oaks Income Limited Portfolio Update |
| 17/3/2025 | 07:00 | UK RNS | Fair Oaks Income Limited Net Asset Value(s) |
| 17/3/2025 | 07:00 | UK RNS | Fair Oaks Income Limited Investor Webinars |
| 06/3/2025 | 11:31 | UK RNS | Fair Oaks Income Limited Dividend Currency Election |
| 06/3/2025 | 07:00 | UK RNS | Fair Oaks Income Limited Redemption Currency Election |
Fair Oaks Income (FAIR) Share Charts1 Year Fair Oaks Income Chart |
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1 Month Fair Oaks Income Chart |
Intraday Fair Oaks Income Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 12/2/2025 | 18:07 | Fair Oaks Income Fund | 393 |
| 13/11/2011 | 23:36 | Undervalued Natural Resources Stocks | 171 |
| 02/11/2011 | 10:37 | Undervalued AIM stocks discussion thread | 11 |
| 22/11/2010 | 09:52 | Exploration stocks still to break out | 3 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 08:46:58 | 42.91 | 1,864 | 0.00 | O |
| 2025-03-27 17:15:00 | 0.55 | 900,000 | 0.00 | O |
| 2025-03-27 16:35:29 | 0.54 | 93,000 | 0.00 | UT |
| 2025-03-27 15:58:06 | 0.55 | 21,561 | 0.00 | O |
| 2025-03-27 15:50:32 | 0.55 | 25,000 | 0.00 | O |
| Top Posts |
|---|
Posted at 28/3/2025 08:20 by Fair Oaks Income Daily Update Fair Oaks Income Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker FAIR. The last closing price for Fair Oaks Income was US$0.54.Fair Oaks Income currently has 418,315,871 shares in issue. The market capitalisation of Fair Oaks Income is £225,890,570. Fair Oaks Income has a price to earnings ratio (PE ratio) of 7.29. This morning FAIR shares opened at US$0.55 |
Posted at 20/1/2025 10:32 by natspur Hello,Two questions that are probably silly but trying to understand the product:-for a UK-based investor: the shares trade on LSE in USD, does a US dividend tax get deducted when the dividend is received? (My guess is no as this remains a UK share so should only be liable to tax in the UK but just checking)-Getting a bit confused with these fund shares. Do you get charged the management fee mentioned in their report if you own the share or is this fee only for the investors who have invested money in the fund? (Again my guess is no) |
Posted at 03/1/2025 15:47 by bert_e It's fixed guys - FAIR came back to me and they have worked it out with HL - apparently it was down to a third party vendor issue. Have just purchased without problem. |
Posted at 01/1/2025 20:20 by bert_e Ah yes that is exactly the same reason they are saying for FAIR - very interesting. |
Posted at 01/1/2025 11:09 by bert_e Yeah it's nothing to do with them being complex instruments - I already have a holding and regularly buy things deemed under that category. It's because they don't have this:"assessment of value in their European MiFID Template, which is a key MIFID requirement" I've written to Fair Oaks Capital to try and get them to provide one but they are just ignoring me. HL have also apparently reached out to them. Was going to invest my API proceeds into them so a bit annoying. |
Posted at 01/1/2025 10:52 by grahamg8 Bert I last bought FAIR through HL in July, so it is definitely possible. The shares are rated high risk which is why you need to contact them on the phone. I am also fairly sure you will have had to complete the experienced/sophisti |
Posted at 13/11/2024 12:37 by bluemango Downside?Arguably more risk to capital than with your average share. And unlikely to have capital growth. But the latter point is more than compensated by the earnings. |
Posted at 10/8/2024 10:51 by grahamg8 full English, please don't shoot the messenger. I only pointed out that there are similar companies to FAIR. That is definitely not a recommendation. FAIR is my preferred pick by a long way, although I do have a few VTAS. |
Posted at 17/4/2024 08:23 by davebowler Liberum Structured CreditFair Oaks Income Good time to be allocating to CLO equityAnalyst: Shonil ChandeMkt Cap £183m | Share price $0.56 | Prem/(disc) -0.9% | Div yield 14.3%EventFair Oaks Income's NAV per share increased by 0.7% (+3.8% NAV TR YTD) in the monthly period to 31 March 2024, to $0.565. We summarise some of the main monthly market indicators below:US loan default rate: Decreased from 1.41% to 1.14% m-o-m.European loan default rate: Decreased from 1.86% to 1.65% m-o-m.Distress ratio (loans trading below 80c, a potential indicator of the direction of future defaults): Declined in the US from 5.08% to 4.95% and in Europe from 2.80% to 2.78%.Liberum viewAnother good update underlining why FAIR's CLO equity-focused strategy is an attractive place to allocate to given the lowering default rates in the broader leveraged loan markets, high distributions, relatively benign macro and the fact that CLO equity valuations have the potential to follow the normalisation path seen in CLO mezzanine debt.?This is a performing CLO equity portfolio that is attractively valued, with potential for higher valuations. We note the manager's comment (factsheet) that "the weighted average price for US CLO equity in the Master Fund's portfolio has decreased from 39.6c to 36.2c in the last 12 months while the weighted average loan bid price has risen from 93.7c to 96.6c in the same period and ii) cash-flow multiples: c. 3.5x based on March's valuations and annualised quarterly cash-flows."The chart below is a sensitivity based on the CLO portfolio, as at 31 December 2023. It shows the significant slack embedded into the valuation of the US CLO equity portfolio. We also note that the high yields in CLO equity are driven by the excess distributions to the equity holder once all liabilities are paid to debt tranches. The underlying loans that fund the CLO equity and CLO liabilities are senior secured bank loans that side above high yield debt and preferred stock and underlying loan spreads are typically in the 2.5%-4% range. We are BUYers with a target price of $0.66. |
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 16/8/2023 09:11 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. |
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