In 2015 Carador (CIFU) and Fair Oaks (FAIR) generated negative NAV returns of 20% and 15% (-10% and -1.6% TR) respectively as markets adopted a risk-off stance in the face of rising uncertainties. In 2016, Fair Oaks’ share price has fallen 18.4% (-17.7% TSR), the fund is now trading at an 9% discount to its historic NAV and yielding 12.8%. The January NAV (which we expect to be down) is due for publication.
