19th Apr 2024 12:38
(Alliance News) - Fair Oaks Income Ltd on Friday reported a fall in net asset value in 2023.
The Guernsey-based investor which specialises in collateralised loan obligations said that in 2023 total net asset value of 2021. Shares fell 6.5% to USD215.4 million from USD230.4 million the year prior.
Meanwhile total NAV of realisation shares fell 11% to USD28.5 million from USD32.0 million.
On a per share basis, NAV of 2021 shares declined 1.5% to USD0.5638 from USD0.5721, whereas realisation shares fell 0.6% to USD0.5715 from USD0.5749.
In London on Friday morning 2021 shares in the company were up 1.7% to USD0.57, whilst realisation shares were down 4.2% to USD0.55.
For both classes of shares a dividend of 8.00 US cents was declared, down 16% from 9.50c.
Looking ahead, the company said a cut to interest rates could support demand for CLOs.
"We continue to believe that the high-quality portfolio... represents one of the most attractive risk-adjusted opportunities available to investors in the current market environment," said Fair Oaks.
By Elijah Dale, Alliance News reporter
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