Fair Oaks Income Limited
FAIR.L
London Stock Exchange4.00
USD
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Fair Oaks Income Limited
FAIR.L
(London Stock Exchange)
Recent
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4.00
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div
yld
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ROIC.AI
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- Business
- Fair Oaks Income Limited (FAIR.L) is a Guernsey-domiciled closed-ended investment company that seeks to generate attractive, risk-adjusted returns principally through income distributions by investing as a feeder fund entirely in its master funds, FOIF II LP (Master Fund II) and FOMC III LP (Master Fund III), which provide exposure primarily to subordinated equity and mezzanine debt in US and European collateralized loan obligations (CLOs) backed by portfolios of floating-rate senior secured loans. The company targets portfolios comprising CLO equity positions (accounting for approximately 84.6% of market value as of late 2024) and mezzanine tranches, with look-through exposure to over 1,200 loan issuers across diverse sectors including healthcare, business services, high tech, construction, food and beverage, chemicals, consumer services, telecommunications, and finance; top holdings feature entities such as those in healthcare and pharmaceuticals in France, business services in Germany, and US-based chemical firms. Founded on March 7, 2014, and headquartered in Guernsey in the Channel Islands, Fair Oaks Income Limited operates globally with a focus on US and European credit markets, manages total assets of around £218 million with a quarterly dividend yield exceeding 15%, and lists on the London Stock Exchange with an ongoing charge of approximately 1.35% and no gearing. Recent developments include robust double-digit total returns for 2024 (14.91% for 2021 shares and 17.35% for realisation shares), a narrowing of share discounts to NAV supported by a share buyback program and management fee reinvestment when trading below NAV, new primary market investments such as $26 million notional in Ares XXXV CLO equity (68.5% of total equity), and a proposed extension of Master Fund III's life with enhanced liquidity options including an upfront exchange opportunity for larger shareholders and an advanced continuation vote scheduled for 2025.