Overview
SME Credit Realisation (formerly Funding Circle SME Income Fund : FCIF) used to aim to provide investors with access to a diversified pool of loans originated through Funding Circle’s marketplaces in the UK and US. The target NAV total return was 8-9% per annum, and the target dividend yield was 6-7% per annum. There was no fund management or performance fees charged at the company level.
Having decided that the fund would not achieve its aim, the directors resolved to wind the trust up and hand back cash to shareholders.
You can access the company’s website here
Research History
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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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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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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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 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 November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 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 June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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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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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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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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08 Nov 2016 1 min read
QuotedData investment companies roundup – November 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 October 2016. november-investment-companies-roundup-2
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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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12 Dec 2022 3 min read
QuotedData’s morning briefing 12 December 2022
In QuotedData’s morning briefing 12 December 2022: SME Credit Realisation Fund (SCRF) has announced that it has completed its asset realisation strategy, initiated in 2019 following consultation with shareholders accounting for over two-thirds of the register, through the sale of all of its remaining UK and continental European (Germany and Netherlands) loans to a third-party […]
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05 Dec 2022 1 min read
QuotedData’s morning briefing 5 December 2022
In QuotedData’s morning briefing 5 December 2022: SME Credit Realisation Fund (SCRF) reported a disposal of the trust’s remaining US loans, which were sold to a third-party buyer. SCRF expects to receive net proceeds of c.£2.5m from the sale. As part of the managed wind-down of its operations, SCRF continues to explore opportunities for further […]
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27 Jul 2022 2 min read
QuotedData’s morning briefing 27 July 2022
In QuotedData’s morning briefing 27 July 2022: Aberforth Smaller Companies (ASL) has posted its half-year results for the six months to 30 June 2022. During the period, its NAV fell by 16.8% while its share price fell by 18.4%. However, this remains ahead of its benchmark, the Numis Smaller Companies Index (excluding investment companies) which […]
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20 Oct 2021 2 min read
QuotedData’s morning briefing 20 October 2021
In QuotedData’s morning briefing 20 October 2021, it is very busy for a Wednesday: Drum Income REIT (DRIP)’s shareholders have overwhelmingly approved the absorption of the trust into Custodian REIT. Court approval for the scheme is expected on 1 November; Drum’s shares will be suspended on 3 November and delisted on 4 November; and the […]
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27 Jul 2021 2 min read
QuotedData’s morning briefing 27 July 2021
In QuotedData’s morning briefing 27 July 2021: HICL Infrastructure has reaffirmed its 8.25p dividend target for the year ended 3 March 2022. traffic volumes on its toll roads are recovering but international traffic on High Speed 1 (the Channel tunnel rail link) is running at 15% of normal levels. The company says that discussions with lenders […]
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20 Jan 2021 1 min read
QuotedData’s morning briefing 20 January 2021
In QuotedData’s morning briefing 20 January 2021 – SME Credit Realisation Fund has announced a return of capital by way of a compulsory share redemption. £25m will be handed back by buying back approximately 18.0% of shares in issue at 84.77p per share (the NAV at the end of December 2020). holders of shares on […]
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21 Jul 2020 1 min read
QuotedData’s morning briefing 21 July 2020
In QuotedData’s morning briefing 21 July 2020: BioPharma Credit has received a notice of prepayment for its $150 million senior secured loan with Amicus Therapeutics, Inc. As a result, the company is expected to receive on or before 4 August 2020, approximately $156.2 million, comprised of $150 million in principal, $1.2 million in accrued interest and […]
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03 Apr 2020 2 min read
SME Credit Realisation updates on COVID-19
SME Credit Realisation (SCRF) has provided the market with an update of its preliminary assessment of the potential implications of the COVID-19 pandemic. It says that, while it future performance may be adversely affected by COVID-19, it is able to report positive progress in the Company’s winding-down with returns of cash to shareholders of around […]
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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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05 Apr 2019 1 min read
Funding Circle throws in the towel
Funding Circle throws in the towel – in a surprise move, Funding Circle SME Income Fund has announced that it will wind up. “Following consultation with shareholders accounting for over two thirds of the register, the board hereby acknowledges their preference to cease investment in new credit assets and commence a process to return capital […]
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28 Nov 2018 1 min read
Funding Circle gets backing from British Business Bank
Funding Circle gets backing from British Business Bank- Funding Circle SME Income Fund Limited (FCIF) has announced today that they have backing from the British Business Bank. British Business Bank will provide £150 million of funding via a senior, floating rate, loan. The loan will be used by Funding Circle to fund loans with small […]
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12 Jul 2018 2 min read
Funding Circle SME Income report a solid set of results
Funding Circle SME Income report a solid set of results – Funding Circle SME Income Fund (FCIF) delivered its annual financial report for the 12 month period to 31 March 2018. Highlights The NAV per ordinary share rose by 14.9% (total return) over the report period. The share price remains at a premium to NAV of 4.8% and is little changed […]
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18 Jan 2018 1 min read
Funding Circle SME Income attracts money from Citibank
Funding Circle SME Income attracts money from Citibank – Funding Circle SME Income Fund Limited says that the company has entered into a formal agreement with Citibank, N.A. London Branch to establish a funding transaction to make loans to UK small businesses through the Funding Circle platform . The transaction will serve to support the […]
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10 Apr 2017 1 min read
Funding Circle SME Income’s C Share raises £142m
Funding Circle SME Income Fund (FCIF) has announced that its recent C share placing has seen 142,000,000 C Shares placed raising gross proceeds of £142 million. The net proceeds of the issue are to be used to purchase investments originated by Funding, save to the extent that some will be retained for working capital purposes, […]
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17 Mar 2017 1 min read
Funding Circle SME Income Fund launches C share placing
Funding Circle SME Income Fund (FCIF) has announced that it is launching a placing of C Shares under its share issuance programme. This is the company’s first potential share issuance, under its share issuance programme, which was established to raise funds over a twelve month period. The C Share placing is expected to close on […]
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04 Jan 2017 1 min read
Funding Circle SME Income publishes details of scrip dividend alternative
In its dividend announcement of 15 December 2016, Funding Circle SME Income Fund advised that its board has decided to offer shareholders a choice to receive dividends in cash or in shares via scrip dividend, with further details on the scrip dividend alternative to be provided in due course. The Company has now announced that it […]
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14 Nov 2016 1 min read
Funding Circle hopes to expand
Funding Circle SME Income Fund has published a set of accounts covering the period from 1 April 2016 to 30 September 2016. At the end of the period, the NAV was 99.64p, the share price 102.5p and the shares were trading at a premium of 2.9%. They say that the company has successfully deployed GBP151.9 million […]
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20 Jul 2016 1 min read
Invesco subscribes for 76.7% of Funding Circle SME Income Fund’s £14.5m placing
Funding Circle SME Income Fund has announced the results of its recent placing. 14,285,000 ordinary shares were placed at a price of £1.0153, raising gross proceeds of £14,503,561. The new shares are expected to be admitted to the LSE’s main market on 25 July 2016. The company says that two of the investors who participated […]
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24 Jun 2016 1 min read
Funding Circle SME Income says things on track
Funding Circle SME Income Fund has published its first set off accounts, covering the period from launch to 31 March 2016. At the end of the period the NAV was 98.85p and the share price 93p putting the shares on a 5.9% discount. They said at IPO that they were targeting an annual dividend of […]
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20 Jun 2016 1 min read
Funding Circle completes EIB deal
Funding Circle SME Income Fund Limited has announced that the company has now entered into a formal agreement with Funding Circle Limited and the European Investment Bank (“EIB”). The EIB will provide a GBP100 million loan to advance credit to UK SME loans via the Funding Circle marketplace. The Company will contribute GBP25 million to the […]
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18 Mar 2016 1 min read
Funding Circle SME Income’s negotiations with the European Investment Bank are at an advanced stage
Funding Circle SME Income Fund has announced that, further to the statement made in the its prospectus relating to a possible participation in a financing project with the European Investment Bank, negotiations have reached an advance stage and they say they are working towards a completion of such an arrangement in the second quarter of […]
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16 Mar 2016 1 min read
Investors nursing losses from star backed peer-to-peer trusts
Investors seeking returns from peer-to-peer lending have been subjected to big swings in share prices since the turn of the year. Peer-to-peer investment trusts have moved from large premiums to discounts as uncertainty has hit the still developing sector. http://www.telegraph.co.uk/investing/funds/investors-nursing-losses-from-star-backed-peer-to-peer-trusts/
In The Press
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24 Jun 2021 1 min read
Hunt for alternatives is back on as yields slide
Fixed income experts analyse the opportunities away from government and corporate bonds JENNIFER HILL, 24 June 2021, Citywire Wealth Manager Magazine issue 558 A Treasury sell-off at the beginning of 2021 provided a brief hint that more historically normal yields were on their way. That has faded in recent months as prices once again neared […]
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21 Jun 2019 1 min read
Woodford’s huge P2P sales create deep discount opportunity
Woodford’s huge P2P sales create deep discount opportunity – QuotedData’s James Carthew, interviewed before the Woodford liquidity crisis came to a head, talks about the impact of the liquidation of Woodford’s funds on the P2P lending sector Woodford’s huge P2P sales create deep discount opportunity With Neil Woodford’s massive overhang out of the way, are […]
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30 Apr 2019 1 min read
Investment Trust Insider on funds winding up
Investment Trust Insider on funds winding up – James Carthew: boards pull the plugs on funds in trouble It is quite rare that large, relatively new investment companies suddenly decide to fall on their swords but recently we have seen at least three of them do it. What’s going on? First to go was Funding Circle […]
