Download CLICO Investment Fund

CLICO Investment Fund
Prepared by: Ravi Kurjah
Email Contact: [email protected]
Last Updated: July 2015
2014
8.98%
4.28%
95.00%
5,422.00
94.00
7118.00
$4.31
$1.30
$26.17
Trading & Collateral Data
Current D/Y
4.28%
DPS
0.97
Current RBL Price
115.00
RBL Shares
$40,072,299.0
Market Capitalization
$4,620,000,000.0
1200
TTD 24
Q4 2014
$5,619,531
$1,405
$27.31
$7,625,776
$126,351
% change
-3.51%
-93.31%
-4.17%
-3.14%
-94.37%
600
TTD 23
400
200
0
TTD 22
Volume Traded
July-15
Thousands
800
June-15
Q12015
$5,422,249
$94
$26.17
$7,386,655
$7,118
$22.65
$23.50
$21.60
-1.82%
204,000,000
CLICO Investment Fund price trend : March 2015 - July 2015
May-15
Quarterly Review TTD' 000
Assets
Liabilities
Net Assets Value per Unit
Interest Income
Net Income
*RBL Dividend Income collected in Q42014
Share Data
Last Price
52-Week High
52-Week Low
Year to Date
Shares Outstanding
1000
2014
1/2/2023
95% Income 5% Expenses
21-Feb-13
21-Aug-13
April-15
Performance Highlights
Average 1 Year Return
12 Month Dividend Yield
Dividend Payout
Total Assets (TTD mn)
Total Liabilities (TTD '000)
Net Income of Fund (TTD '000)
EPS
DPS
NAV
Details of CIF
Redemption date
Distributable Income
First dividend payment
Second dividend payment
ABOUT: The Fund is a closed-end mutual fund and no Unit holder shall be entitled to redeem Units prior to the Redemption Date of 2
January 2023. However, the Units began trading on the Trinidad and Tobago Stock Exchange (TTSE) on 2 January 2013. The Fund is
capitalized with an asset value of TTD5.10 billion (204 million units at a NAV of TTD25 per unit), consisting of at least 70% shares of
Republic Bank Limited (“RBL”) and Government Securities with a coupon of 4.25% for a term of 25 years. Provision has been made for the
purchase of additional RBL Shares which could represent up to 100% of the Fund.
CIF
Mutual Funds
31-Dec
TTD
March-15
CLICO Investment Fund
Trading Symbol
Sector
FYE
Currency
Share Price
Industry
The Trinidad and Tobago Government offered to Short Term Investment Products (STIP) holders with balances greater than TTD 75,000 the following: 1) cash up to TTD75,999.99 and 2) twenty (20), one (1) year zero coupon bonds with
maturities ranging from years 1-10 and Government 11-20 Year Bonds on exchange for their STIP’s. Government acquired the RBL Shares and the Government Securities and has vested the RBL Shares and the Government Securities in the
Trustee. The fund is designed to enable Unit holders to participate indirectly in the ownership of the Deposited Property which includes the RBL shares. The objective of the Fund is to hold the Initial Assets and the Additional RBL Shares, in the
event that they become part of the Deposited Property, for a period of ten (10) years. The assets will be in the form of:
1) The RBL Shares
2) The Government Securities
Trading
The CIF debuted on the Trinidad and Tobago Stock Exchange (TTSE) on 7 January with 204 million units listed at a price of TTD25 per unit but ended the day at TTD24.90. Since the fund’s inception CIF share price is currently down 9.40% and
total volume amounting to 8,464073 for half year 2015 period.
Valuation & Recommendation
The Net Asset Value (NAV) as at 16 July 2015 stands at TTD26.17 but the current market price is TTD22.65. CIF is trading at a 15.54% discount and together with its favorable dividend policy, it is an attractive stock for investors. Presently,
RBL's market price is TTD115.00 resulting in a CIF NAV of TTD26.17. At a listed share price of TTD22.65 on the TTSE, CIF is trading at a discount to the NAV. Through the listing, investors will have indirect access to RBL shares, which have
usually high in demand but short in supply on the market.
DISCLAIMER
This report has been prepared by First Citizens Investment Services Limited, a subsidiary of First Citizens Bank Limited. It is provided for informational purposes only and without any obligation, whether contractual or otherwise. All information contained herein has been
obtained from sources that First Citizens Investment Services believes to be accurate and reliable. All opinions and estimates constitute the author’s judgment as at the date of the report. First Citizens Investment Services does not warrant the accuracy, timeliness,
completeness of the information given or the assessments made. Opinions expressed may change without notice. This report doesnot constitute an offer or solicitation to buy or sell any securities discussed herein. The securities discussed in this report may not be suitable
to all investors, therefore Investors wishing to purchase any of the securities mentioned should consult an investment adviser.
DISCLOSURE
We, First Citizens Investment Services Limited hereby state that (1) the views expressed in this Research report reflects our personal view about any or all of the subject securities or issuers referred to in this Research report, (2) we are not a beneficial owner of securities of
the issuer (3) no part of our compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this Research report (4) we have not acted as underwriter in the distribution of securities referred to in this Research report in the
three years immediately preceding and (5) we do not have a direct or indirect financial or other interest in the subject securities or issuers referred to in this Research report.