Annual Financial Report

RNS Number : 5769U

Fair Oaks Income Fund Limited

08 April 2016

 

Fair Oaks Income Fund Limited

8 April 2016

FAIR OAKS INCOME FUND LIMITED (the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, with registered number 58123 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)

ANNUAL FINANCIAL REPORT

The Board of Fair Oaks Income Fund Limited is pleased to release the Annual Report for the period ended 31 December 2015.

Financial Highlights

·       Total NAV return of -1.5%

·       Share price return of 4.7%

·       Dividends of 9.926 US cents per ordinary share have been paid in respect of the year

·       Shares traded at a 9.7% premium to NAV as at 31 December 2015

Company Highlights

·       Strong interest from investors. US$90 million of ordinary share capital was raised in the -first half of 2015 and an additional US$102 million was raised in August 2015 through the issue of a new C share class

·       Market capitalisation (ordinary and C shares combined) of US 303 million as at 31 December 2015

·       Expanded shareholder base

Portfolio Highlights

·       The Company increased the diversity of the portfolio over the year. Exposure to European loan portfolios continued to be low (1%)

·       As at 31 December 2015, the Company had invested in fifteen investments managed by twelve different loan managers

·       The Company had look through exposure to over 1000 corporates as at 31 December 2015 across 41 sectors

·      

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Enquiries:

Fair Oaks Income Fund Limited

Email: [e-mail]

Web: www.fairoaksincomefund.com

Fair Oaks Capital Limited

Hayley Stewart

DDI: [phone]

Email: [e-mail]

Praxis Fund Services Limited

Ben Le Prevost

DDI: [phone]

Email: [e-mail]

Camarco

Edward Gascoigne-Pees

Hazel Stevenson

DDI: [phone]

Email:  [e-mail] / [e-mail]

Numis Securities Limited

Nathan Brown, Corporate Broking

DDI: [phone]

Email: [e-mail] 

Fair Oaks Income Fund Limited

Fair Oaks Income Fund Limited is an authorised closed-ended investment company incorporated in Guernsey. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange on 12 June 2014. The Company's ordinary shares have the TIDM: FAIR and ISIN: GG00BMBN1D14.

The investment policy of the Company is to seek 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 Fair Oaks Income Fund LP (the "Master Fund").

The investment objective of the Company is to generate attractive, risk-adjusted returns, principally through income distributions. On the basis of market conditions as at the date of its prospectus, and based on the $1 per share issue price, the Company is targeting a net total return of between 12 and 14 per cent. per annum over the planned life of the Master Fund.

Notes

1) The General Partner's estimate of the potential total return for this investment is calculated across certain scenarios and subject to certain assumptions. This and any other references herein to potential future returns or distributions are targets and not forecasts and there can be no guarantee or assurance that they will be achieved.

2) This document is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

 

END

 

 

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