Share Name Share Symbol Market Type Share ISIN Share Description
Vpc Specialty Lending Investments Plc LSE:VSL London Ordinary Share GB00BVG6X439 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 75.80 1,400 09:25:39
Bid Price Offer Price High Price Low Price Open Price
76.40 77.20 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 48.04 37.04 10.13 7.5 247
Last Trade Time Trade Type Trade Size Trade Price Currency
08:47:39 O 1,400 76.84 GBX

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Date Time Title Posts
05/9/201919:33VPC Specialty Lending Victory Park 139

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Vpc Specialty Lending In... (VSL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
07:47:3976.841,4001,075.76O
2019-10-15 15:35:0075.801,7771,346.97UT
2019-10-15 15:29:1575.809,0286,843.22AT
2019-10-15 15:29:1576.001,9601,489.60AT
2019-10-15 15:29:1576.201,8651,421.13AT
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Vpc Specialty Lending In... (VSL) Top Chat Posts

DateSubject
16/10/2019
09:20
Vpc Specialty Lending In... Daily Update: Vpc Specialty Lending Investments Plc is listed in the General Financial sector of the London Stock Exchange with ticker VSL. The last closing price for Vpc Specialty Lending In... was 75.80p.
Vpc Specialty Lending Investments Plc has a 4 week average price of 75.80p and a 12 week average price of 74.60p.
The 1 year high share price is 81.60p while the 1 year low share price is currently 65.80p.
There are currently 325,525,942 shares in issue and the average daily traded volume is 497,042 shares. The market capitalisation of Vpc Specialty Lending Investments Plc is £246,748,664.04.
28/6/2019
11:26
a0002577: This is the key phrase "we believe the share price discount to NAV should narrow from 20.7% given the performance of the fund, the removal of the overhang from the Woodford stake and the company's motivation to address and issues ahead of next year's continuation vote." and is very encouraging
28/6/2019
09:03
davebowler: Liberum; VPC Specialty Lending Investments Attractive value Mkt Cap £232m | Prem/(disc) -20.7% | Div yield 11.2% Event VPC Specialty Lending Investments generated a 0.6% NAV return in May 2019 and 3.4% to date in 2019. Returns were reduced by the catch-up component of the performance fee (0.26% impact in May and 0.79% to date in 2019). Over the past 12 months,VSL has generated a total return of 9.6%. The portfolio has produced a gross revenue return of 14.7% before operating expenses and fees. This was reduced by -1.8% of capital losses (mainly relating to FX hedging costs) and fees and expenses of c.3%. The gearing ratio continues to climb and has risen from 35% of NAV to 44% of NAV in June. The company also bought back almost 15 million shares in June at a c.25% discount to NAV. The expected NAV increase from this share acquisition is 0.9%. Liberum view VSL has maintained the strong underlying performance of the portfolioin 2019. The performance in to date in 2019 is slightly lower than the run-rate in 2018 but this is due to the catch-up nature of the performance fee. The company previously guided that the NAV volatility from this should reduce after Q1. VPC's performance fee accrual is different to peers P2P Global Investments and Honeycomb Investment Trust. All three of these funds have a 5% preferred return hurdle to meet before the performance fee can be paid. P2P Global and Honeycomb accrue for the performance fee on the basis of expected performance over the year. VPC does not consider future performance when accruing performance fees and only accrues an expense once the hurdle has been reached. As a result, VPC's monthly returns would be expected to be higher in the early part of a calculation period and with potential for some volatility later on once the hurdle is reached. We note the increase in gearing from 16% at the start of the year to 44% currently. This is well below the maximum allowable level (150%) but we believe investors would prefer a lower level of debt given the high-yielding nature of the portfolio. Nevertheless, we believe the share price discount to NAV should narrow from 20.7% given the performance of the fund, the removal of the overhang from the Woodford stake and the company's motivation to address and issues ahead of next year's continuation vote.
03/5/2019
09:05
davebowler: Liberum; Event VPC Specialty Lending Investments generated a 0.7% NAV return in March 2019 and 1.8% in Q1 2019. Returns were diluted slightly by the catch-up component of the performance fee. Over the past 12 months, we calculate a NAV total return of 9.9%. The portfolio has produced a gross revenue return of 14.2% before operating expenses and fees. This was reduced by -1.3% of capital losses (mainly relating to FX hedging costs) and fees and expenses of c.3%. The manager reports positive performance in its balance sheet investments. Liberum view VSL has maintained the positive trajectory in returns in Q1 2019. The performance in Q1 is slightly lower than the run-rate in 2018 but this is due to the catch-up nature of the performance fee. The company previously guided that the NAV volatility from this should reduce after Q1. VPC's performance fee accrual is different to peers P2P Global Investments and Honeycomb Investment Trust. All three of these funds have a 5% preferred return hurdle to meet before the performance fee can be paid. P2P Global and Honeycomb accrue for the performance fee on the basis of expected performance over the year. VPC does not consider future performance when accruing performance fees and only accrues an expense once the hurdle has been reached. As a result, VPC's monthly returns would be expected to be higher in the early part of a calculation period and with potential for some volatility later on once the hurdle is reached. We note the share price discount to NAV has continued to widen despite the improved performance over the past 18 months. We would expect this to narrow as a result of company buybacks and recent changes in the share register which have removed a potential overhang of stock.
27/11/2017
11:34
harveydee: Me too. Looks like it's just us buying, plus vsl share buybacks and Invesco :))
04/7/2017
10:29
davebowler: Liberum; Event VPC Specialty Lending generated a total NAV return of -0.68% in May which comprised an income return of 62 bps and a capital loss of -130 bps. As previously, balance sheet loans continue to perform positively, contributing 0.7% to the monthly return. The capital loss was driven by Avant securitisations (-0.66%), which account for 3.8% of NAV. In addition, the equity portfolio returned -0.32% due to the fall in the Elevate share price and marketplace loans, from Avant, Funding Circle and Prosper, returned -0.27%. The allocation to marketplace loans continues to fall, down to 15% of NAV (April: 21%). The allocation to balance sheet investments fell to 56% (April: 59%) due to the partial repayment of the zipMoney investment. Liberum view The company's marketplace loan and securitisation investments have resulted in a major drag on performance since the end of 2015 (c. 1.5% NAV return over the past 17 months). The silver lining for investors is that the portfolio repositioning to balance sheet loans is gathering pace but returns are likely to remain low in the short term. The shares trade at a 10.5% discount to NAV; this compares to a peer group average discount of 0.8%.
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