Overview
Carador Income Fund’s investment objective was to produce attractive and stable returns with low volatility compared to equity markets, by investing in a diversified portfolio of equity and mezzanine tranches of CLOs and senior tranches of cashflow CLO transactions backed by senior secured leveraged loans. Carador, through its investments, has exposure to a diversified portfolio of primarily senior secured loans, financed on a term, non-recourse, non-mark to market basis.
On 17 December 2018, two EGMs of the Company were convened at which: (a) shareholders holding US Dollar Shares approved changes to the investment objective and policy of the Company to facilitate and authorise the Board to instruct the investment manager of the Company to effect a managed wind-down of the portfolio attribute able to the US Dollar Shares; and (b) shareholders of the Company approved amendments to the constitution of the Company to provide for the termination of the Company before 2022. The US Dollar Shares and Repurchase Pool Shares were fully redeemed on 16 July 2020 and de-listed from the LSE on 17 July 2020.
The fund’s website can be found here.
Research History
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07 May 2020 4 min read
QuotedData’s Economic Roundup – May 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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17 Apr 2020 8 min read
QuotedData’s Investment Companies Quarterly Review – First Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research The legal bit Unprecedented times We have knitted […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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06 Dec 2019 6 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
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07 Oct 2019 5 min read
QuotedData’s investment companies roundup – October 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over September, we published notes on India Capital Growth, Jupiter Emerging & Frontier, International Biotechnology Trust, JPMorgan Russian Securities, Civitas Social Housing, Montanaro European Smaller Companies and JLEN Environmental Assets. We also launched a monthly real estate roundup, beginning with reviews of August and September. In […]
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12 Jul 2019 6 min read
Quarterly investment companies roundup – Second quarter 2019
Quarterly investment companies roundup – Second quarter 2019 QuotedData news Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time […]
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07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
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08 May 2019 3 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
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18 Jan 2019 1 min read
QuotedData’s investment companies roundup – January 2019
QuotedData’s investment companies roundup – January 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2018. Kindly sponsored by Baillie Gifford. Extract from money raised and returned in December The only new issue […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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27 Apr 2015 1 min read
The importance of income – where to find it?
Life used to be simpler. If you had a bit of spare cash or you wanted to save up for something you’d just stick some money in a bank or building society account. If you had a nest egg and wanted to invest it in something safe and live off the income, you’d maybe buy […]
News
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23 Apr 2020 1 min read
QuotedData’s morning briefing 23 April 2020
In QuotedData’s morning briefing 23 April 2020 Happy St George’s day! Premier Global Infrastructure won the continuation vote that was put to shareholders at yesterday’s AGM TOC Property Backed Lending has delayed the payment of its next dividend from 4 May to 1 June. It says “The ability of borrowers to meet their interest payment […]
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03 Apr 2020 3 min read
Debt problems
Oil companies, airlines, travel companies, retailers – I am sure we can all think of examples of businesses that have been hit hard by COVID-19. Many of these businesses weren’t doing particularly well even before the lockdowns began. Default rates on loans to these sectors are set to rocket. Already, a large US shale oil […]
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21 Oct 2019 1 min read
QuotedData’s other news 21 October 2019
In QuotedData’s other news 21 October 2019: Carador Income Fund will return $7m by way of a compulsory redemption of shares – a holder of 10,000 U.S. Dollar Shares will have 2,280 U.S. Dollar Shares redeemed, and receive US$1,330.60 in cash. SME Credit Realisation Fund will return £16m to shareholders by way of a compulsory redemption […]
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19 Jul 2019 1 min read
QuotedData’s other news 19 July 2019
In QuotedData’s other news 19 July 2019: Adamas Finance Asia has announced that it has rescheduled its AGM. This was previously to take place on 17 August 2019, but has been pushed back to 15 November 2019. No explanation has been offered. The rescheduled AGM will be held at 19/F CMA Building, 64 Connaught Road, […]
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30 Apr 2019 1 min read
QuotedData’s other news 30 April 2019
British Empire Trust (BTEM) has entered into an agreement with Scotiabank Europe for a Japanese Yen 4.0bn revolving credit facility for a period of three years. The facility is equivalent to £27.7m at current exchange rates. BTEM wants to add some flexibility to the management of its gearing and the new facility will also bring […]
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1 min read
Carador Income Fund discusses wind-down timeline
Carador Income Fund discusses wind-down timeline – Carador Income Fund (CIFU) has reported a 10.52% decline in its NAV total return over the year to December 31, 2018, on the back of the wider sell-off in global markets in Q418. We note that the decline in the NAV compared with growth of 9.53% in 2017, […]
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04 Jan 2019 1 min read
Carador Income rollover into Blackstone/GSO Loan Financing held up by AML checks
Carador Income Fund (CIFU) and Blackstone/GSO Loan Financing (BGLF) have announced that the rollover of CIFU shares into new BGLF C shares has been delayed because the anti-money laundering (AML) checks have not been completed in time. The companies say that this is “partly due to seasonal factors”. As a consequence, the capital reorganisation has […]
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15 Dec 2017 4 min read
Henderson Alternative Strategies benefits from marked discount narrowing
Henderson Alternative Strategies Trust (HAST) has announced its annual results for the year ended 30 September 2017. During the period, HAST provided an NAV total return of 10.8% and, reflecting a marked narrowing of the discount, a share price total return of 19.8%. The share price performance is superior to that of the company’s benchmark, […]
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31 Jul 2017 3 min read
Better year for Growth pool in F&C Managed Portfolio
Better year for Growth pool in F&C Managed Portfolio – F&C Managed Portfolio has published results for the year ended 31 May 2017. The NAV total return (i.e. adding dividends paid to capital performance) was 24.5% for the Income shares and 26.4% for the Growth shares. This compares with the 24.5% total return for the All-Share […]
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30 Aug 2016 1 min read
Carador NAV return lags stellar sub investment grade market
During the six month period ended 30 June 2016, Carador Income Fund generated a total NAV return of 2.68%. The NAV started the year at US$0.7231 and ended the first half at US$0.6908, a 4.47% decline, although they also paid a total of $0.0475 per share in dividends over the period. The shares closed the first half of 2016 […]
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25 Apr 2016 1 min read
2015 a difficult year for debt markets says Carador
During the year ended 31 December 2015, Carador Income Fund generated a total NAV return of -9.71% including distributions. The Credit Suisse High Yield Index lost 4.93% in 2015, the fourth-worst year in its 30-year history. The Credit Suisse Leveraged Loan Index fared better but still fell 0.38%, representing only the second negative annual return in its […]
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27 Jan 2016 1 min read
Carador’s target annual dividend is reduced to US$0.90 per share
Carador Income Fund has provided an update on its dividend strategy and outlook for 2016. The company says that, on the basis of current market conditions and the construction of the Company’s portfolio, the Directors anticipate that for 2016 the Company will achieve a target annual dividend of $0.090 per U.S. Dollar Share (distributed evenly […]
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31 Aug 2015 1 min read
28 August interim results roundup
A quick summary of interim results for periods ended 30 June 2015 announced on 28 August 2015 Aberdeen Smaller Companies High Income NAV total return 15.8%, share price total return 21.8%. Well ahead of FTSE Small Cap Index ex Investment Companies return of 11.9%. Outperformance helped by bids for Domino Printing and Anite Candover NAV […]
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1 min read
Carador’s portfolio now mostly CLOs from after the crisis
During the six month period ended 30 June 2015 Carador Income Fund generated a total net asset value return of 4.58% including distributions. The Company started the year with a NAV per US Dollar share of US$0.8993 and ended the first half at US$0.8891, a -1.13% decline in the NAV per share, although the Company also […]
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01 May 2015 1 min read
Carador beats loan and high yield indices in 2014
Carador has published its results for 2014. The statement says risk assets and sub-investment grade corporate credit markets in particular experienced considerable price volatility with the Credit Suisse Indices for both leveraged loans and high yield bonds delivering just 2.1% and 1.9%, respectively. Against this backdrop, the Company delivered a 6.3% total shareholder return in 2014, outperforming the […]
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02 Feb 2015 1 min read
Change of manager for Carador
Carador Income Fund’s manager has changed. GSO / Blackstone Debt Funds Management LLC has announced the appointment of J. Richard (“Dik”) Blewitt as the Company’s new portfolio adviser following the resignation of Mark Moffat from GSO Blackstone. Mr. Moffat will continue to advise the Company in a joint capacity with Mr. Blewitt for a 3 month hand over […]
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27 Aug 2014 1 min read
Carador Income Fund provides modest returns during H1 2014
CIFU : Carador Income Fund provides modest returns during H1 2014 Carador Income Fund provided a total return of 3.67% during the first half of 2014. This comprised a fall in NAV of 2.12% during the period (from US$0.9466 to US$0.9265 per share) combined with dividends of US$0.0540 per share. CIFU’s shares closed the first half of 2014 at […]
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29 Apr 2014 1 min read
Carador : CIFU – Annual results
Carador has announced results for the year ended 31 December 2013. Over the year it generated a NAV return of 3.99% as an NAV fall of 7.75% was offset by dividend payments totalling 13.1 cents. The target dividend for 2014 is 10 cents (to be paid in quarterly chunks of 2.5 cents)
