26th Aug 2014 15:11
LONDON (Alliance News) - Carador Income Fund PLC said its net asset value per participating US dollar share fell to USD0.9265 at the end of June, compared with USD0.9466 at the end of December.
In an interim report for the period January 1 to June 30, the fund said it has been implementing a process of portfolio rotation, reducing exposure to pre-financial crisis collateralised loan obligations income notes, which are "rapidly deleveraging" and subject to net asset value volatility, and adding post-financial crisis deals.
Carador said its investment manager believes this rotation will provide more sustainable income generation and a more stable net asset value profile going forward.
Over the first half, the company generated a total net asset value return of 3.67% including distributions. It also paid a total of USD0.0540 per share in dividends over the period.
Financially, total revenue rose to USD23.7 million at June 30 from USD15.3 million a year earlier. The fund benefited from a net gain on financial assets at fair value of USD23.5 million compared with USD15.2 million a year earlier.
Total assets amounted to USD561.7 million at June 30, compared with USD537.8 million at December 31.
Carador Income Fund shares were quoted down 0.2% at USD0.913 Tuesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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