NickDog
17 Oct 2016
Re: Good Recovery Agree. Share price doesn't move much and yield is 7%. Also holding 24 Select Monthly Income (SMIF) for similar returns. Surprised price hasn't risen more as savers are forced into the stock market by derisory interest rates. Weak buy from me as don't want too many eggs in this sector.
QualityInvestor
17 Oct 2016
Good Recovery Nice to see a good recovery in NAV and trading approx 4% above nav.Still time to get in for next interim div. Happy to hold these for next few years of stormy market conditions for a relativley stable dividend.
foolish learner
22 Jul 2016
Re: Final Dividend if you type NCYF in to Google Finance page this is the list you get as related companiesGeiger Counter LtdCity Merchants Hi...Henderson Diversi...Foresight Solar F...Real Estate Oppor...CVC Credit Partne...New World Oil and...Black Sea Propert...Project Finance I...Masawara PlcHenderson HDIV and CMHY I know but niether pay as high as NCYFIPE may be similar and apy nearly as muchHope some one else can expand the listFL
sound money
22 Jul 2016
Re: Final Dividend Guitarsolo,What a good question. Will give it so thought.RegardsM
Krayl
22 Jul 2016
Re: Final Dividend The factsheet quotes a yield of 5% whereas it is in fact almost 7.5%. This is a bloody good investment for income. Just what us pensioners want!
Guitarsolo
22 Jul 2016
Final Dividend 1.45pps payable on 31.08 (ex-div date is 28.07). Brings the total for the year to 4.36pps which is bang on what I had in my spreadsheet for the full year. The big question is, will we see a typical marginal increase for the next 12 months as well? Say 4.42p for the full year? Something that I haven't yet fathomed though is why NCYF so underperforms the market and is consistently in the 3rd or 4th quartile compared to competitors. See the Factsheet tab above and Performance. Does this take into account total performance incl. the divi?Who are these better performing competitors?Guitarsolo - genuinely interested if anyone knows. Sound Money?
sound money
08 Apr 2016
Watch for the Bounce Considerable buying of bonds this week following the dovish stance of the Fed. Watch for a bounce in NAV.M
digger61
29 Jan 2016
Thanks for the comments Thanks for the comments which I generally agree with.We certainly live in deflationary times. The Chinese weakening of the yuan last year sent a nasty shock through the market. They certainly sensed a slowing and the potential deflationary effect it might have on their hyper inflated property market. Hence I am going to remain with a broadly bond based portfolio. Combine that with 'currency wars' I am glad to have some USD denominated debt at this time as well.Will keep buying NCYF for the Dorises pension.
Guitarsolo
28 Jan 2016
Re: Nice yield... Sound, Thanks for that. I'll check the prospectus for new issued shares as you suggest. I can't see inflation or interest rates rising too high or that quickly. Sure the ultra-low inflation is partly caused by the low price of oil which can of course change quickly. However, wage inflation is also low and so "general" inflation is likely to remain subdued. I also think we're probably closer to the next recession than the last, which would also be a dampener for inflation and interest rates. That being the case, are bonds nearer the bottom than the top? There's a lot of gossip in the financial press and TV about the bond market being the catalyst for the next big crash but how? And which bonds precisely (gov, municipality, corporate (junk or high grade?)....Provided NCYF's income remains and they can afford the pay out to shareholders, this is a great bottom drawer share to tuck away and take the income (presently 8.2%). Each to their own. Guitarsolo
sound money
27 Jan 2016
Re: Nice yield... Guitarsolo,Think you may find it in the prospectus for the extra share issued recently. You can also phone the company direct. They are very approachable where small shareholders are concerned. As money has fled from risk on assets this was bound to suffer a little .If rates here and in US increase slowly and not to high this is an attractive buying opportunity. If you belive as I do that this low inflation world is a goldilocks scenario for bonds, the price should rise soon, once this market squall is out of the way.M
Guitarsolo
27 Jan 2016
Re: Nice yield... Fieldsman, I'd agree with the assessment that, going on the 2008 crisis, pref shares could halve from current levels - more so for the banks. Dunno about the bonds though.Does it matter to NCYF? Hmmmm. Well, as far as I am aware, their intention is to pay out a share of the income (coupons) and they do not rely on buying/selling the bonds to generate the money to pay the dividend. As long as that is true and remains, then the share price may tumble along with the NAV but the income will remain provided there are not too many defaults, which one would have to consider unlikely unless its Armageddon. I would swear that I have heard or read that it is NCYF's intention to pay out 85% of its income as a dividend. The remaining 15% is reinvested to allow for moderate income growth each year and they have circa 1 year's worth of cash held to cover the divi. However, I can't find any mention in the documents I have trawled on their website. Am I going mad or does anyone else recall this?Guitarsolo
fieldsman
26 Jan 2016
Re: Nice yield... "and if the price keeps falling??"Judging by the last decade, prefs could halve from here in a real funk panic.eg: AV.A - 80-160p, currently 140p.bank prefs even more dramatic!Does it matter? Probably only if you are a trader or have the skill (+ luck) to get out near the top and buy again near the bottom; I am attempting to give up trying.If, like me , you want an income, you may be happiest looking at the interest coming in and ignore the price. Anyway, that's the plan.
Guitarsolo
26 Jan 2016
Re: Nice yield... Digger. The share price performance has been disappointing, that's for sure. I got my entry point wrong (approx. 61p average) but the income has offset most of that loss. The NAV is currently c. 56p so you're buying at a discount of 8-10% and pocketing a 8%+ income in the process. The less-than-NAV price probably reflects the fact that NCYF would have difficulty in liquidating the bonds and pref shares it holds if it needed to in a hurry. If there is a bond market problem brewing, and many think there is, trying to dump them at an inopportune time would be difficult and would be done for a loss. That said, there is no reason to believe NCYF would have to. Their M.O. is to buy at a good price and hold. Take the coupon. Sell only if a holding deserves it etc. I too consider that the prospect of the bonds and pref shares they hold defaulting is relatively low. If we get to that stage then we've got bigger problems!Of course, if the bond market does blow then 2008/09 teaches us that contagion is the worry. The bond prices of good companies can be dragged down because of rumours of the exposure they may have etc. (Remember what happened to Aviva in 2008 - share price 170p (or lower), pref shares under £1, same for bond issues. Sure the company had problems, but not that much!)I've got about 7% of my shrunken wad in NCYF which is about my limit. But if more funds became available I would consider adding for the income. You also mention that Gavin Breeze has a good holding (5.8m shares), so about 1.5% of the fund. It's always a good sign but I wish some of the other board members held more to put their "skin in the game". Guitarsolo - anyone know when we're likely to get the projected dividend declaration for 2016? It would be a good indication of management's belief in the future.
digger61
26 Jan 2016
Price dropping Happy to still keep buying, as long as I am getting them below NAV and they keep paying a coupon. Now if some of the underlying assets were going bust.....I am also reassured that Mr Breeze has a fair wadge in the fund.
paulthepunk
26 Jan 2016
Re: Nice yield... Just for balance..... and if the price keeps falling??
