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Post by mikeyp on Feb 6, 2018 8:33:10 GMT
FCIF had a bit of a wobble last night with someone selling £25 million worth at 100.23 p. With the typical trade being a few thousand, it's not surprising that has caused a fall in the price. The trades so far this morning have been near 103 p compared with around 104.5 p earlier yesterday.
The last three reported monthly net NAV returns have averaged 0.43% compared with 0.61% for the year before that. It will be interesting to see if they maintain the 1.625 p quarterly dividend.
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cobi
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Post by cobi on Feb 6, 2018 20:37:03 GMT
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benaj
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Post by benaj on Feb 8, 2018 16:16:22 GMT
FCIF is an alternative to investing on P2P I suppose, it is a hands-off investment, no need to see those comments about loans in questions. 😂
Just let the board pay the expenses and hopefully a decent dividend is paid on time. no cash dragging if you just made it before the ex div date
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Post by mikeyp on Feb 14, 2018 20:15:43 GMT
The monthly net NAV return for January was published today, up at 0.6% after three months at 0.4%/0.5%. In addition to the equity issue and purchase into treasury helpfully linked by cobi above, the commentary is mainly about the £50m cash raised through a transaction with Citibank. '£29m is still to be deployed at the time of writing. Substantially all cash is expected to be deployed by the end of Q1 2018.'
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Post by mikeyp on Mar 14, 2018 20:58:00 GMT
The monthly NAV and quarterly dividend were out today. The monthly net NAV return for February was back down to 0.4% but the dividend has been held at 1.625 pence per share. The NAV at the end of February was 101.21 pence per share compared with 101.46 pence per share at the end of November so the return hasn't quite covered the dividend paid. I've reduced my holding a bit but the market price has carried on up (+5.13% over 3 months according to Hargreaves Lansdown). I wonder if there'll be something of a correction if the return doesn't improve.
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SteveT
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Post by SteveT on Mar 15, 2018 17:36:17 GMT
The IPO announcement seems to have spiked investor interest in FCIF, driving up the premium to around 7% above NAV. I'm not sure recent loan book performance really justifies this, so I took the opportunity this afternoon to sell out at 108.25p, banking an 11% capital gain on top of roughly 12% received in dividends over the last 2 years (happily, tax free within my ISA). Hopefully sentiment will turn down at some point so that I can buy back in again at a decent discount  |
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voss
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Post by voss on May 1, 2018 13:44:33 GMT
Steve - this is probably a naive q: will you be able to keep your funds in the ISA wrapper so that when you buy back in, they are still an ISA holding? Is this sort of thing (buying and selling ISA funds within a wrapper) a feature of whatever online broker you use?
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bigfoot12
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Post by bigfoot12 on May 1, 2018 14:17:36 GMT
Steve - this is probably a naive q: will you be able to keep your funds in the ISA wrapper so that when you buy back in, they are still an ISA holding? Is this sort of thing (buying and selling ISA funds within a wrapper) a feature of whatever online broker you use? I'm sure that SteveT can give you the best answer, so I have pinged him for you as this is an old thread. My assumption was that he had purchased the FCIF shares in a stocks and shares ISA, and providing the proceeds stay in that ISA, or are transferred to another he would be able to repurchase within an ISA. (FCIF is quoted on the London Stock Exchange.)
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macq
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Post by macq on May 1, 2018 14:20:44 GMT
As above - a fund sold in an ISA can be switched to another fund or held in cash within the ISA till you are ready
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wysiati
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Post by wysiati on May 1, 2018 15:03:39 GMT
In addition, where your stocks and shares ISA provider offers a product with ISA flexibility you can make withdrawals from the ISA wrapper to use elsewhere and retain the tax-free status of those withdrawn funds provided that the funds are paid back into the ISA wrapper within the same tax year (in this instance they would not count towards your annual ISA allowance). The Flexible ISA rules are not compulsory, however, and few stockbrokers appear to support them at present.
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SteveT
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Post by SteveT on May 1, 2018 16:34:47 GMT
Steve - this is probably a naive q: will you be able to keep your funds in the ISA wrapper so that when you buy back in, they are still an ISA holding? Is this sort of thing (buying and selling ISA funds within a wrapper) a feature of whatever online broker you use? Yup, I just held FCIF as an investment trust in a standard "stocks & shares ISA" (I use Interactive Investor).
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Post by GSV3MIaC on May 2, 2018 11:11:52 GMT
Once they're in an ISA wrapper you can move them .. to another share/fund, to another broker's ISA, to a cash ISA, to a IFISA .. whatever (the rules used to be more complicated, with some 'one way only' traps in). The only downside/risk is that some future government will decide 'enough is too much' and raid all the pots.
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cobi
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Post by cobi on May 3, 2018 19:12:59 GMT
Potential share sale from treasuryThe Company announces that its Ordinary Shares currently held in Treasury (the "Treasury Shares") are being made available to meet market demand from existing and new investors. The sale price per Treasury Share will be 102.2p, representing a discount of 2.2% to the Ordinary Share price as at close of trading on 30 April 2018 and a premium to the estimated NAV per Ordinary Share of 2-3%, including a provision for IFRS 9 adjustments as announced on 9 April 2018. The Treasury Shares are only available to Qualified Investors1, who are invited to apply to purchase Treasury Shares through the Company's corporate broker, Numis Securities Limited ("Numis"), on the contact details below. The sale is expected to close by 5 p.m. on 8 May 2018. www.iii.co.uk/research/LSE:FCIF/news/item/2769932/potential-share-sale-treasury?context=LSE:FCIF
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cb25
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Post by cb25 on May 4, 2018 14:40:35 GMT
Potential share sale from treasuryThe Company announces that its Ordinary Shares currently held in Treasury (the "Treasury Shares") are being made available to meet market demand from existing and new investors. The sale price per Treasury Share will be 102.2p, representing a discount of 2.2% to the Ordinary Share price as at close of trading on 30 April 2018 and a premium to the estimated NAV per Ordinary Share of 2-3%, including a provision for IFRS 9 adjustments as announced on 9 April 2018. The Treasury Shares are only available to Qualified Investors1, who are invited to apply to purchase Treasury Shares through the Company's corporate broker, Numis Securities Limited ("Numis"), on the contact details below. The sale is expected to close by 5 p.m. on 8 May 2018. www.iii.co.uk/research/LSE:FCIF/news/item/2769932/potential-share-sale-treasury?context=LSE:FCIF "Funding Circle fund raises £25.5m via oversubscribed share sale" - www.p2pfinancenews.co.uk/2018/05/04/funding-circle-fund-raises-25-5m-via-oversubscribed-share-sale/"FUNDING Circle’s listed fund has raised £25.5m through the oversubscribed sale of treasury shares and is considering more issuances over the next few months. Funding Circle SME Income Fund (FCIF), which is quoted on the London Stock Exchange, said on Friday that it had soled [sic] 24,928,394 shares to a range of existing and new investors."
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Post by mikeyp on May 15, 2018 14:17:36 GMT
The monthly net NAV return for April was published today, down 0.6% for the month but that is after a one-off extra 1.1% of impairment following the adoption of the IFRS 9 accounting standard. Without the accounting change, there would have been an increase of 0.5% which is in line with the average since last September. I sold the bulk of my holding in March at around 107 p, getting the timing right for once, but I have bought a few more at around 104 p this month.
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