Overview
Fair Oaks Income aims to generate attractive, risk-adjusted returns, principally through income distributions. It seeks exposure to US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing. The company will implement its investment policy by investing in FOIF LP (the “Master Fund”).
you can access the fund’s website here
Fundamentals
Price
Research History
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14 Sep 2023 9 min read
QuotedData’s Investment Companies Roundup – September 2023
September 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in August 2023 Share price total returns for investment companies were generally poor over August, with the best performing sector, Debt – Structured Finance, returning just 2.1%, with only a few sectors managing to eke out a positive total return. Funds […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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07 Jul 2020 7 min read
QuotedData’s Investment Companies Roundup – July 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over June: CQS New City High Yield – […]
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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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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over March: An update note […]
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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 6 min read
QuotedData’s economic roundup – October 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and 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 […]
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08 May 2019 4 min read
QuotedData’s economic roundup – May 2019
Economic & Political Roundup 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 any of the […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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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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16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: 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 April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
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 February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
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 2016. december-investment-companies-roundup
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
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 September 2016. october-investment-companies-roundup
News
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17 Mar 2025 2 min read
QuotedData’s morning briefing 17 March 2025 – ORIT, FAIR, IPU/AFL
In QuotedData’s morning briefing 17 March 2025: Octopus Renewables Infrastructure Trust (ORIT) has extended the term of its revolving credit facility (RCF) from February 2026 to June 2028 and has significantly reduced the size of the facility from £270.8m to £150m. The updated RCF continues to be provided by ORIT’s four existing RCF lenders: National […]
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17 Feb 2025 1 min read
QuotedData’s morning briefing 17 February 2025 – FAIR, CVCE, CVCG, SREI
In QuotedData’s morning briefing 17 February 2025: Fair Oaks Income (FAIR) is returning $4.5m to holders of its realisation shares on 28 February 2025 by way of a compulsory partial redemption of realisation shares. This sixth redemption since the share class was created will be effected at 56.58 US cents per share (NAV as at […]
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13 Jun 2024 2 min read
QuotedData’s morning briefing 13 June 2024 – RTW, FAIR, FSFL, DGI9
In QuotedData’s morning briefing 13 June 2024: RTW Biotech Opportunities (RTW) says its largest (13.4% of the portfolio) holding, Avidity Biosciences Inc. has announced positive initial data from its Phase 1/2 trial of AOC 1020, an investigational therapy that targets DUX4, the root cause of facioscapulohumeral muscular dystrophy (FSHD). AOC 1020 demonstrated unprecedented and consistent […]
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19 Apr 2024 4 min read
Fair Oaks Income continues to provide a strong, well-covered yield
Fair Oaks Income (FAIR) has announced its annual results for the year ended 31 December 2023, during which it provided an NAV total return for its 2021 shares of 12.98% (31 December 2022: -0.90%) and 13.82% per realisation share (31 December 2022: 0.5%). Share price total returns were stronger at 30.94% for the 2021 shares […]
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07 Dec 2023 1 min read
QuotedData’s morning briefing 7 December 2023 – UKW, DVNO, FAIR, VOF, NAS
In QuotedData’s morning briefing 7 December 2023: Laurence Fumagalli plans to step down from his role as co-head of the Schroders Greencoat LLP team managing Greencoat UK Wind (UKW) on 1 March 2024. Matt Ridley, a partner at Schroders Greencoat, will succeed Laurence to co-manage the fund alongside Stephen Lilley. Matt is currently head of […]
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22 Jun 2023 2 min read
QuotedData’s morning briefing 22 June 2023
In QuotedData’s morning briefing 22 June 2023: Augmentum Fintech (AUGM) has made a further £5.4m investment into Volt, the real-time payments infrastructure company, as part of Volt’s $60m Series B funding round. The new round implies a value for Augmentum’s existing stake of £17.8m (up £11.4m on the unaudited carrying value as at 30 September […]
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18 Apr 2023 2 min read
Fair Oaks Income re-establishes strong dividend
Fair Oaks Income announced annual results for the year ended December 2022. The company generated share NAV and share price total return of -0.9% and -6.5% respectively in 2022 with shares closing out the year trading at a discount to NAV of -14.4%. Its realisation share NAV and share price generated a total return of […]
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30 Jan 2023 3 min read
QuotedData’s morning briefing 30 January 2023
In QuotedData’s morning briefing 30 January 2023: In its 2021 prospectus, Fair Oaks Income (FAIR) said that, in the event that the realisation shares and 2021 shares trade at discount to any quarter end NAV, calculated on the date that the relevant NAV is published, 25% of that quarter’s investment management fees (in respect of […]
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20 Sep 2022 1 min read
QuotedData’s morning briefing 20 September 2022
In QuotedData’s morning briefing 20 September 2022: Tufton Oceanic Assets (SHIP) is buying two product tankers – Courteous and Mindful – for $73.0m, less than their depreciated replacement cost. This takes the fund’s fleet to 23 vessels. Both tankers have fixed rate time charters for three to five years to a major commodity trading and […]
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09 Sep 2022 2 min read
QuotedData’s morning briefing 9 September 2022
In QuotedData’s morning briefing 9 September 2022: Riverstone Credit Opportunities Income (RCOI) has announced that it is upsizing its investment in Hoover Circular Solutions, a sponsor-backed company that is a global leading specialty rental provider of containers and mobile asset management solutions across the energy, industrial, refining, and petrochemical industries. In October 2020, RCOI participated in a […]
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14 Apr 2022 1 min read
Fair Oaks posts decent returns for 2021
Fair Oaks Income has published results for the year ended 31 December 2021. On 19 April 2021, the company announced the result of its reorganisation proposal. 62,562,883 2017 shares had been elected for re-designation as realisation shares and 405,815,477 2017 shares were re-designated as 2021 Shares (86.6% of the 2017 shares in issue, including 650,000 […]
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09 Dec 2021 2 min read
QuotedData’s morning briefing 9 December 2021
In QuotedData’s morning briefing 9 December 2021: Digital 9 Infrastructure (DGI9) has bought a data centre asset and subsea fibre landing station, SeaEdge UK1, on the UK’s largest data centre campus in Newcastle for a purchase price of £15m. SeaEdge UK1 has a capacity of 10.6MW and a direct connection to the 275KV National Grid […]
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14 Oct 2021 2 min read
QuotedData’s morning briefing 14 October 2021
In QuotedData’s morning briefing 14 October 2021: Downing Renewables & Infrastructure Trust (DORE) raised £14.87m from its placing and the PrimaryBid offer, almost all of which came from the placing. The investment manager is also currently exploring options to optimise the existing capital structure, including the inception of a revolving credit facility. At 30 September […]
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05 Jul 2021 2 min read
QuotedData’s morning briefing 5 July 2021
In QuotedData’s morning briefing 5 July 2021 – Fair Oaks Income (FAIR) announced that FOIF II LP (Master Fund II) has made two investments in the majority equity of new US CLOs. These investments reinvest the sale proceeds of CLO mezzanine debt which were acquired opportunistically in the spring of 2020. Both new CLOs include ESG-related […]
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26 Apr 2021 2 min read
Fair Oaks Income results reflect difficult year for CLO market
Fair Oaks Income (FAIR), which seeks exposure to US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing, reported annual results to 31 December 2020. We note that the NAV and share price generated a total […]
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20 Apr 2021 1 min read
QuotedData’s morning briefing 20 April 2021
In QuotedData’s morning briefing 20 April 2021: Octopus Renewables (ORIT) has secured debt finance for the construction, commissioning, operation and maintenance of a wind farm in Cerisou, France. The new €43.2m debt facility is provided by Société Générale. Construction at Cerisou is on schedule to begin in H2 2021, with the project expected to be fully operational in […]
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29 Mar 2021 1 min read
Fair Oaks Income publishes prospectus on reorganisation and placing programme proposals
Fair Oaks Income (FAIR) announced the publication of a prospectus in relation to the reorganisation proposal and placing programme proposal. The purpose of the proposed reorganisation is to allow those shareholders who wish to extend the life of their investment in FAIR past the planned end date of Master Fund II, to be able to do so […]
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18 Mar 2021 2 min read
QuotedData’s morning briefing 18 March 2021
In QuotedData’s morning briefing 18 March 2021: NB Distressed Debt says its investment manager, Neuberger Berman Europe Limited, has offered to waive its entitlement to receive its management fee with immediate effect. The chairman says “The fee waiver recognises that it is taking longer than expected to fully realise the company’s assets due to a number […]
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20 Jul 2020 1 min read
Fair Oaks Income to bring back dividend
Fair Oaks Income (FAIR) will resume the payment of dividends, on a quarterly basis and at a variable rate. The board’s decision has been made in light of the continued performance and the increased resilience of Master Fund II’s investments. FAIR expects to announce the first quarterly dividend at the end of July in an amount of […]
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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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30 Mar 2020 1 min read
Fair Oaks Income to suspend its dividend
Fair Oaks Income (FAIR) announced that in light of the ongoing uncertainty in economies and markets caused by covid-19, the board has resolved to suspend the declaration of dividend payments: “The board and the manager recognise the importance of dividends for shareholders but believe that suspension is the appropriate reaction to the unprecedented circumstances. In […]
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14 Nov 2019 1 min read
QuotedData’s other news 14 November 2019
In QuotedData’s other news 14 November 2019 At the half-year stage (30 September in its case), Next Energy Solar’s NAV crept up to 111.2p from 110.9p, supporting a 6.7% return to shareholders. Dividends for the first half totalled 3.44p, up from 3.325p. Electricity generation was 5% above budget, powering the equivalent of 134,000 homes for the […]
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28 Mar 2017 1 min read
85% rollover for Fair Oaks Income
On 9 March 2017, Fair Oaks Income Fund announced proposals which included a chance for shareholders to extend the duration of their investment in the company and also a further equity raise. 47,428,202 shares have been elected for re-designation as 2014 Shares, representing 15.3% of the shares currently in issue. Consequently, 263,510,368 shares will be re-designated as 2017 […]
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13 Mar 2017 2 min read
Fair Oaks looks to extend life
Fair Oaks Income Fund has just published reorganisation proposals. The purpose of the Reorganisation Proposal is to allow those Shareholders who wish to extend the life of their investment in the Company beyond the planned end date of the existing Master Fund, FOIF LP, to be able to do so by having their Ordinary Shares re-designated as […]
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15 Nov 2016 1 min read
UIL, Industrial Multi Property Third Quarter Winners – QuotedData
LONDON (Alliance News) – The best performer in both price and net asset value terms in the third quarter was UIL Ltd, boosted by its largest investment, Australian-listed Resolute Mining Ltd, which benefited from a strong gold price. Industrial Multi Property Trust PLC and Kubera-Cross Border Fund Ltd both saw recoveries in their share price […]
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07 Nov 2016 1 min read
Fair Oaks will launch new master fund
The commitment period of FOIF LP (the “Master Fund”) in which Fair Oaks Income Fund is invested ended in June 2016. The Company has subsequently introduced a redemption mechanism to return to Shareholders capital realised from the Master Fund and has made its first distribution under that mechanism. Fair Oaks Capital Limited, the Company’s investment […]
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14 Sep 2016 1 min read
Fair Oaks Income announces first details of first redemption
Fair Oaks Income Fund has announced that, further to the announcement it made on 4 July 2016 regarding its intention to return capital to Shareholders, it will return $5,930,400 (equivalent to 1.849 cents per share) on 29 September by way of a compulsory partial redemption of shares (the First Redemption). The company says that the […]
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26 Aug 2016 1 min read
Fair Oaks Income Fund rebounds in July
Fair Oaks Income Fund says its NAV was down 0.3% over the first six months of 2016 but the share price generated a disappointing 11.3% return. Although the NAV outperformed the JP Morgan B rated CLO Index (-7.7%), it underperformed the US bank loan and high yield indices (+4.2% and +9.3% respectively). July saw a strong recovery in […]
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04 Jul 2016 1 min read
Fair Oaks Income updates on distribution policy, share buyback and capital returns
Fair Oaks Income Fund has announced that the commitment period of the Master Fund, in which it is invested, ended on 12 June 2016. Reflecting this, the board says that it intends to continue to pay eleven monthly dividends of 0.7 US cents per share and a twelfth interim dividend, “representing an amount in aggregate […]
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08 Apr 2016 1 min read
Fair Oaks generates small loss with no defaults in 2015
Fair Oaks Income Fund generated a total NAV return of -1.5% over the course of 2015 despite the weakness suffered by the market in the last quarter of 2015. The total return based on share price was 4.7% and the company’s ordinary shares ended the year trading at a 9.7% premium to NAV. The shares outperformed the US bank […]
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17 Sep 2015 1 min read
Fair Oaks invests in Ares XXXV CLO
Fair Oaks Income Fund Limited has announced that the underlying “Master Fund” has entered into binding contracts to acquire, in the primary market, $26.0m notional of equity notes, representing 68.5% of the total equity of Ares XXXV CLO, a new CLO backed by a portfolio of US broadly syndicated, secured loans. The manager of this […]
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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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25 Aug 2015 1 min read
Fair Oaks invests in Alcentra CLO
Fair Oaks Income Fund says the Fair Oaks Income Fund LP (the “Master Fund”) has entered into binding contracts to acquire, in the primary market, $28.0 million notional of equity notes, representing 73% of the total equity, and $8.6m notional of Class F notes of Shackleton 2015-VIII CLO, a new CLO backed by a portfolio […]
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21 Jul 2015 1 min read
Fair Oaks is considering a C-share issue
Fair Oaks Income Fund announced on 22 June 2015 that it was giving consideration to potentially issuing some ordinary shares or C-shares. The company has now followed this up with an announcement that, following consultation with certain existing and potential shareholders, it is making arrangements for a potential issue of up to 200 million C Shares at an […]
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22 Jun 2015 1 min read
Fair Oaks new investment with 14%-16% return
Fair Oaks Income Fund is buying, in the primary market, $26.4m notional of equity notes, representing 75% of the total equity of Neuberger Berman CLO XIX, a new CLO backed by a portfolio of US broadly syndicated, secured loans. The manager of this CLO’s portfolio is Neuberger Berman Fixed Income LLC, a subsidiary of Neuberger […]
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07 Apr 2015 1 min read
Fair Oaks generates positive returns despite poor backdrop
Fair Oaks Income has announced results for the period ended 31 December 2014. The company listed in June 2014. Over the period from launch to the end of the year, the NAV return was 4.2% and the share price return 4.3%. They paid a first dividend of 4.25 cents per share and have switched since to paying […]
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04 Mar 2015 1 min read
GLI sells Fair Oaks stake
GLI Finance has sold its entire stake in Fair Oaks Income Fund (34,298,425 shares) to a fund advised by Coller Capital. GLI Finance was a founder shareholder in Fair Oaks Income. Its shares were received in exchange for the injection of GLI Finance’s CLO investments into Fair Oaks’ portfolio. With this deal, GLI Finance finally […]
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16 Jan 2015 1 min read
Fair Oaks Income paying first dividend
Fair Oaks Income has announced its first dividend since it launched in June 2014. Shareholders on the register on 30 January will get a 4.25 cent per share dividend. the Board of Fir Oaks has decided that the fund will now shift to paying monthly dividends, with the first of these payable in February. Fair […]
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22 Dec 2014 1 min read
Fair Oaks redeeming T2 CLO investment
Fair Oaks Income Fund has announced that it has exercised its right as majority holder of the Income Notes in T2 Income Fund CLO I Ltd to redeem all of the notes of T2 CLO. they say the liquidation of the remaining assets in T2 CLO is well underway with the vast majority of assets sold in […]
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31 Oct 2014 1 min read
Fair Oaks 88% committed
FAIR : Fair Oaks 88% committed Fair Oaks Income Fund says it plans to acquire $26m of equity notes that make up 51% of the equity of a new CLO, Covenant Credit Partners CLO II Ltd. Covenant Credit Partners CLO II Ltd is a $500m CLO backed by a portfolio of broadly syndicated secured loans to […]
Upcoming Events
In The Press
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30 Nov 2023 1 min read
Debt investment trust yields stand out – but are they safe?
by Dave Baxter, Investors’ Chronicle, November 29, 2023: The sharp rise in bond yields has had inescapable implications for many an asset class. With the UK 10-year government bond offering a ‘risk-free’ yield of more than 4 per cent, anything racier needs to justify its place in a portfolio with superior growth or income. A […]
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02 Mar 2023 2 min read
The trusts to buy for rising dividends
By Dave Baxter, Investors’ Chronicle, February 28, 2023: High dividend yields can be hard to resist, and there are many currently on offer in the investment trust universe. But a high yield can reflect recent price volatility, as with embattled Home REIT (HOME), or be a result of an especially esoteric portfolio, an example being […]
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18 Oct 2022 1 min read
Investment trust insider opportunities in troubled times
Investment trust insider opportunities in troubled times – James Carthew: Where trust opportunities lie after another Tory regime collapse The U-turns, clumsy mistakes, muddled thinking and general ineptitude of current UK economic policy may have killed any hope of a relatively shallow recession in the UK. For investors, the way forward is hard to fathom, […]
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27 Jun 2022 1 min read
Investment trust insider on structured finance funds
Investment trust insider on structured finance funds – James Carthew: Debt funds wobble as recession risk rises With inflation and interest rates still climbing, and the threat of recession looming closer on the horizon, it’s time to consider the impact on the £1.7bn structured finance sector. These are high-yielding funds that invest in asset-backed securities, […]
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14 Apr 2020 2 min read
The out of favour trusts that are cheap for a reason
The out-of-favour investment trusts that are cheap for a reason Investors on the lookout for investment trust bargains risk catching the proverbial falling knife. Money Observer, April 8, 2020 by Kyle Caldwell Substantial stock market corrections offer brave investors the chance to go bargain-hunting, but the big caveat and trade-off is the risk of catching the proverbial falling knife. […]
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07 Feb 2019 1 min read
Investment Trust Insider on M&G Credit Income
Investment Trust Insider on M&G Credit Income – James Carthew: M&G hopes lower bond target will still appeal after loan wobble It was not only equity markets that struggled at the end of last year, many debt funds had a torrid time. One of the worst affected has been Marble Point Loan Financing (MPLF). It said […]
