Overview
VPC Specialty Lending Investments is a UK Investment trust. It is targeting an 8% per annum dividend yield (paid quarterly) and a net total return in excess of 10% by investing in loans originated by the online lending market. It intends to invest in and lend money through multiple platforms, diversified by geography (UK, US and Europe), product (consumer and small business), and structure (whole loans, senior credit facilities and equity warrants). Equity or equity-linked instruments in lending platforms will represent up to 10% of the portfolio, in some cases this equity will be taken in exchange for VPC Speciality Lending Investments providing debt capital to their platforms. They may use leverage (up to 1.5x net asset value, i.e. 50%) to enhance returns.
You can access the company’s website here
Fundamentals
Price
Research History
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08 Jun 2020 11 min read
QuotedData’s Economic Roundup – June 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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24 Jan 2020 28 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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15 Oct 2019 10 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
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05 Jul 2019 4 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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08 May 2019 4 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
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6 min read
QuotedData’s economic roundup – May 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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11 May 2018 2 min read
QuotedData’s Economic round up – May 2018
QuotedData’s economic round up – May 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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2 min read
QuotedData’s Economic round up – April 2018
QuotedData’s economic round up – April 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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10 Nov 2017 2 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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14 Jun 2017 2 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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16 May 2017 1 min read
QuotedData’s economic round up – May 2017
QuotedData’s economic round up – May 2017 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
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1 min read
QuotedData’s round up of views on the global economy – October 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. october-economic-and-political-roundup
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17 Nov 2015 1 min read
GLI Alternative Finance – Off and running
GLI Alternative Finance (GLAF) IPO’d on 23 September 2015 with assets of £52m. One month later the issue proceeds were fully invested. The first monthly dividend will be declared in November for payment in December (the target is an annualised 8% yield on the issue price). The company is eager to grow and has a […]
News
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12 Jan 2021 2 min read
QuotedData’s morning briefing 12 January 2021
In QuotedData’s morning briefing 12 January 2021: UK Mortgages Limited is launching Hops Hill No.1, a securitisation of the portfolio of first ranking, buy-to-let mortgage loans originated by Keystone Property Finance. Keystone have been originating loans for UKML for the last two years with warehouse financing provided by NAB. The portfolio size reached almost £340m by 31st […]
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11 Jun 2020 1 min read
QuotedData’s morning briefing 11 June 2020
In QuotedData’s morning briefing 11 June 2020: Princess Private Equity confirms that the sale of its stake in European retailer Action has been completed for initial proceeds of €80.9m – this money has been received. Princess is also due deferred consideration of up to a further €9.1m, by no later than June 2023. There is no […]
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21 May 2020 3 min read
VPC Specialty Lending seems to be coping fairly well
VPC Specialty Lending seems to be coping fairly well (apart from its wide discount) – VPC Specialty Lending’s return on NAV for 2019 was 11.3%. The dividend was increased from 6.8p to 8p. Despite buying back 12.5% of the company’s shares (helping to facilitate the sale of Woodford’s stake in the company), the discount widened from […]
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24 Feb 2020 2 min read
QuotedData’s other news 24 February 2020
QuotedData’s other news 24 February 2020 – The flexible investments company, UIL (UTL) reported interim results to 31 December 2019. The company noted in the report that following six years of significant rising NAV, its total return performance softened was (4.3%) for the half-year to 31 December 2019. Much of this underperformance is due to stronger sterling, […]
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06 Aug 2019 1 min read
QuotedData’s other news 6 August 2019
In QuotedData’s other news 6 August 2019 – VPC Speciliaty Lending says that it has put in place an amended funding arrangement with Oakam, a UK-based digital micro-lender. Oakam got itself into trouble and was placed in administration. It came out of administration at the end of June and received a £6m cash injection from its […]
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26 Apr 2019 2 min read
QuotedData’s other news 26 April 2019
Gresham House Energy Storage has announced that it believes it will be fully invested by the end of the year. It is seeking to issue up to 75m new shares via a placing. Cantor Fitzgerald are running this, the closing date is 3pm on 24 May, the price is 101p – a premium to NAV […]
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27 Dec 2017 2 min read
Victory Park sells Prosper loans
Victory Park sells Prosper loans – In line with the previously stated strategy of reallocating capital from marketplace lending to balance sheet lending, Victory Park Speciality Lending has announced that it has sold its Prosper marketplace loans. The loans sold represented approximately 4.1% of the fund’s NAV as at 31 October 2017, reducing its marketplace […]
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16 Nov 2017 1 min read
VPC Speciality Lending invests more in Borro
VPC Speciality Lending invests more in Borro – Victory Park Capital, VPC Speciality Lending’s investment manager has decided that the funds that it runs will take a majority equity stake in Borro. Through this transaction, VPC Speciality Lending will end up owning approximately 49% of Borro. The remaining 51% of the equity will be held by […]
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23 Oct 2017 1 min read
Small hit to NAV as VPC Speciality Lending sells Avant
Small hit to NAV as VPC Speciality Lending sells Avant – In line with the previously stated strategy of reallocating capital from marketplace lending to balance sheet lending, VPC Speciality Lending has announced that it has sold the vast majority of its Avant marketplace loans, excluding the securitisations. The loans sold represented 7.6% of its NAV […]
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26 May 2017 2 min read
VPC Specialty Lending introduces performance fee hurdle of 5.0% per annum
VPC Specialty Lending (VSL) has announced that it has agreed with its Investment Manager, Victory Park Capital Advisors, LLC to introduce of a performance hurdle in respect of the performance fees payable to the Investment Manager. With effect from 1 May 2017, the payment of any performance fees to the Investment Manager will be conditional […]
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28 Apr 2017 2 min read
VPC Speciality Lending shifting funds to balance sheet lending
VPC Speciality Lending says its total NAV per share return was 0.85% for 2016. They declared dividends of 6.00 pence per ordinary share. Declared dividends were below the 8.0% targeted at the time of the IPO, with the underperformance being largely attributable to lower-than-expected returns from the company’s marketplace loan investments, due to higher-than-expected loss […]
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03 Jan 2017 1 min read
VPC Specialty Lending completes first share repurchase for £1.15m
VPC Specialty Lending has announced that, on 30 December 2016, it completed its first share repurchase under its new buyback programme. 1.5m shares were repurchased at a price of 77.25p per share, this being a 20.4% discount to the company’s most recently published NAV of 96.99p per share on 31 October 2016. The company says […]
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23 Dec 2016 1 min read
VPC Specialty Lending initiates discount programme in light of wide discount
VPC Specialty Lending has announced that, in light of the significant disparity between the Company’s share price and its Net Asset Value per share, it will commence a share buyback programme. As at the date of the announcement (22 December 2016), the Company says that its shares are trading at a 17.9% discount to net […]
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22 Sep 2016 3 min read
Manager plans to reinvest 20% of fee in VPC Speciality Lending’s shares
VPC Specialty Lending Investments PLC has announced its unaudited half-yearly financial results for the period ended 30 June 2016. During the period under review, it delivered a total NAV return of 1.51% and paid quarterly dividends amounting to 3.5p per share. The vast majority of investments have exhibited credit losses in line with expectations. However, […]
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05 Jul 2016 1 min read
VPC Speciality Lending manager to reinvest part of fee
Victory Park Capital Advisors, LLC, the investment manager to VPC Speciality Lending, has agreed an amendment to the investment management agreement with the Company. Under the revised agreement, Victory Park Capital Advisors will invest 20 per cent. of its monthly management fee received from the Company into shares in the Company at the prevailing market […]
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26 May 2016 6 min read
Edinburgh Investment Trust sees strong benefits from its Tobacco holdings
The Edinburgh Investment Trust, managed by Mark Barnett (pictured), has announced its annual results for the year ended 31 March 2016. During the year, the trust produced an NAV total return +4.6% (with dent at market value) versus a negative return of 3.9% for the trust’s benchmark, the FTSE All-Share Index. The company’s share price total […]
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10 May 2016 1 min read
Online lenders distance themselves from Lending Club
Both P2P Global Investments and VPC Speciality Lending have come out with statements saying they have no equity investment in Lending Club. VPC Speciality Lending said “it does not hold a position in LendingClub Corp and has never had any exposure to them nor any loans originated by them”. P2P Global said its investment manager is […]
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28 Apr 2016 2 min read
VPC Speciality Lending would consider share buy backs
VPC Speciality Lending declared cumulative dividends of 4.79 pence per ordinary share and 1.07 pence per C share, and generated a total NAV per share return of 5.80% over the period from its incorporation on 12 January 2015, through its launch on 17 March 2015 and ending on 31 December 2015 on its ordinary shares and 1.78% on the […]
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29 Jan 2016 1 min read
VPC Speciality Lending C-share meets conversion criteria
VPC Specialty Lending, chaired by Andrew Adcock (pictured) has announced that over 90 % of the net proceeds from its existing C share issue (admitted to trading on 2 October 2015) have now been invested and, reflecting this, the Board anticipates that the conversion will take place on 4 March 2016. The new ordinary shares, arising from […]
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21 Dec 2015 1 min read
The best alternative trusts with attractive entry points
Alternative assets have dominated investment trust fundraising in 2015. A significant portion of the record net £3.9bn raised since the start of the year to 14 September was allocated to higher-yielding vehicles in areas including specialist debt and infrastructure, according to the AIC. www.investmentweek.co.uk/investment-week/analysis/2431475/five-of-the-best-alternative-trusts-with-attractive-entry-points
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30 Oct 2015 2 min read
Manchester & London cuts dividend as performance stabilises
Manchester & London has published results for the year ended 31 July 2015. These show that the fund just outperformed its benchmark, the Dow Jones U.K. Total Stock Market Total Return Index, returning 5.0% on net assets vs. 4.8% for the index. The Directors are proposing a final ordinary dividend per share of 1.70p and […]
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27 Aug 2015 1 min read
VPC Speciality Lending releases first results
VPC Speciality Lending has published its first set of figures covering the period from launch to 30 June 2015. The net asset value at the end of the period was 99.62p and the share price was 102p. The first interim dividend of 0.9p was declared in August. The proceeds of the IPO had been fully […]
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20 Jul 2015 1 min read
Investment trusts see largest ever new issue
QuotedData reports that the investment trust sector expanded by about GBP2.4 billion over the second quarter of 2015, taking in close to GBP2.9 billion and handing back just over GBP450 million. The firm comments that many of the funds raising money are not designed to throw off high levels of income, suggesting that investors are […]
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19 May 2015 1 min read
VPC Speciality Lending 70% invested
VPC Speciality Lending has announced that it is now 70% invested – well ahead of its target of getting the proceeds of its IPO invested within six months. They say the yield on the existing portfolio, which is currently unlevered, is in line with expectations in order to meet the targeted net dividend yield of […]
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18 May 2015 1 min read
The investment trusts backing lending platforms
http://www.thisismoney.co.uk/money/diyinvesting/article-3062370/The-investment-trusts-backing-lending-platforms-10-return.html “Lend-to-save and crowdfunding have become popular areas for investors in recent years and have become an interesting area for debt-focused investment trusts. There are now three investment trusts that put money into these peer-to-peer lending platforms that bypass the banks to connect lenders and borrowers and offer yields of up to 10 per cent. […]
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27 Apr 2015 1 min read
VPC Speciality Lending now 50% invested
VPC Speciality Lending has entered into a new arrangement with an existing platform and two arrangements with new lending platforms. Victory Park Capital, the manager, will be the largest initial purchaser of marketplace loans from Avant Institutional Marketplace. VPC Speciality Lending is participating in this marketplace facility. Victory Park Capital was an early financial partner of […]
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10 Apr 2015 1 min read
VPC Specialty Lending Investments invests in Avant
VPC Specialty Lending Investments has made a new investment of c£11.7m by way of a balance sheet loan to Avant, Inc., a Chicago-based financial technology platform offering consumer credit. Victory Park Capital Advisors, LLC, the Company’s investment manager, has been an early financial partner of Avant since it began offering consumer credit in early 2013. […]