Overview
SQN Secured Income Fund : SSIF : The SQN Secured Income Fund (formerly SME Loan Fund : SMEF and, before that, GLI Alternative Finance : GLAF) aims to provide its shareholders with attractive risk adjusted returns through investment, principally via a range of investee platforms, in a range of SME loan assets, diversified by way of asset class, geography and duration. The company may invest directly or indirectly into available opportunities, including by making investments in, or acquiring interests held by, third party alternative lending platforms and other lending related opportunities as identified by the manager in accordance with the company’s investment policy.
We have published research on this fund –
- “steady progress in turbulent times”, published in September 2016, looks at SMEF’s focus on lending to small and medium-sized businesses leading to one of the best performing NAVs out of their peers
- “off and running”, published in November 2015, notes on SMEF’s aim to provide investors with risk adjusted returns through investments on a range of platforms
You can access the company’s website here
Research History
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16 Oct 2020 15 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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29 May 2020 2 min read
QuotedData’s weekly roundup 29 May 2020
James Carthew’s weekly news roundup show for Friday, 29 May, covers a wide range of topics and includes an interview with David Cornell, manager of India Capital Growth. Listen back here If there is a guest speaker you’d particularly like to hear from, please email us – research@quoteddata.com. Next we’ll be back on 5th June […]
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07 Apr 2020 7 min read
QuotedData’s Economic Roundup – April 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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12 Oct 2018 2 min read
QuotedData’s Economic round up – October 2018
QuotedData’s Economic round up – October 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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1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 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 August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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06 Sep 2016 1 min read
The SME Loan Fund – Steady progress in turbulent times
The SME Loan Fund (SMEF), formerly GLI Alternative Finance (GLAF), has been one of the best-performing funds in its peer group in NAV terms since it was launched. It is focused on lending to small and medium-sized enterprises (SMEs), an area which in the experience of the UK investment companies market to date, has proved to […]
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17 Nov 2015 2 min read
GLI Alternative Finance – Off and running
GLI Alternative Finance – Off and running Marten and Co publishes its first initiation of coverage note on GLI Alternative Finance (GLAF) The company 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 […]
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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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17 Dec 2020 3 min read
QuotedData’s morning briefing 17 December 2020
In QuotedData’s morning briefing 17 December 2020: Schroder BSC Social Impact Trust has raised gross proceeds of £75m from its IPO. The company will use part of the net proceeds to acquire seven assets from Big Society Capital with the balance of the net proceeds to be invested in accordance with the company’s investment policy and/or used […]
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09 Oct 2020 3 min read
Secured Income Fund’s post 2017 loans performing as expected
Secured Income Fund (SSIF) has announced its annual results for the year ended 30 June 2020, during which it says that all loans underwritten since April 2017 are performing as expected. However, the impact of Covid-19 has meant that SSIF has needed to relax some covenants, defer interest and extend the maturity of some loans. […]
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1 min read
QuotedData’s morning briefing 9 October 2020
In QuotedData’s morning briefing 9 October 2020: Aquila European Renewables Income Fund has announced the results of its equity raise – €127.5m before expenses. the fund is issuing 122,902,772 ordinary shares at €1.0375 per share. This represents a premium of 5.2% to the company’s NAV as at 30 June 2020. JPMorgan Multi-Asset Trust (MATE) has […]
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21 Aug 2020 2 min read
QuotedData’s weekly news show 21 August 2020
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered: Princess Private Equity’s dividend cut, Hg Capital’s recent deal-making (including the largest ever software buyout) and comments from BMO Private Equity’s recent results. We also have a comment on Secured Income […]
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20 Aug 2020 2 min read
Secured Income publishes wind down proposals
Secured Income publishes wind down proposals – The board of Secured Income Fund has published a circular to shareholders in relation to recommended proposals for a managed wind-down of the company. Cash will be freed up from the portfolio over time. The board has reiterated its previous advice that a managed wind down could take two-to-four years, […]
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30 Jul 2020 2 min read
QuotedData’s morning briefing 30 July 2020
In QuotedData’s morning briefing 30 July 2020: Secured Income Fund’s latest factsheet discloses that it extended loans accounting for 27.5% of its portfolio by 12 months in response to COVID-related pressures on the borrowers. This extends the weighted average maturity of the portfolio from 2.58 years to 2.89 years. Shareholders just voted to wind down […]
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23 Jul 2020 2 min read
QuotedData’s morning briefing 23 July 2020
In QuotedData’s morning briefing 23 July 2020: US Solar Funds says its fifth acquisition – a 61MWDC portfolio of four utility-scale solar plants in Oregon – has commenced operations. The company has reiterated its target of a fully cash covered 5.5 cent dividend in 2021. RDI REIT has let its recently completed 168,154 sq ft industrial and […]
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15 Jul 2020 2 min read
QuotedData’s morning briefing 15 July 2020
GCP Asset Backed Income (GABI) said that so far, in the current financial year to 31 December, it has received all expected interest and principal on time and in full, while also generating significant fees from early loan repayments. In its outlook, GABI said: “The loan book continues to perform and the dividend remains fully covered. The […]
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26 May 2020 3 min read
SQN Secured Income board says vote against continuation
SQN Secured Income board says vote against continuation – SQN Secured Income promised investors a continuation vote if it failed to grow beyond £250m of assets by 31 December 2019. Well here it is. “Over the past few months, the board has been considering the future of the company, and consulting with larger shareholders, and […]
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27 Apr 2020 3 min read
SQN Secured Income continuation vote to be held in June
SQN Secured Income (SSIF) will hold its continuation vote on 19 June, following a delay to the Q1 2020 timetable, as a result of covid-19: “As notified on 23 January, the company’s NAV at the end of December 2019 was £50m which was below the £250m targeted when management of the company’s portfolio was assumed […]
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31 Mar 2020 2 min read
QuotedData’s morning briefing 31 March 2020
In QuotedData’s morning briefing for 31 March 2020: Banks turn off dividend tap? – The Financial Times has a story that the Prudential Regulation Authority will soon force UK banks to suspend their dividend payments. This would knock a big hole in the income of some UK equity income funds. This follows a similar move […]
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16 Oct 2019 1 min read
QuotedData’s other news 16 October 2019
In QuotedData’s other news 16 October 2019 – SQN Secured Income (SSIF) reported annual results to 30 June 2019. The shares were up 8.2% on a total return basis, while the NAV increased 4.4%. The company said that its income stability over the year was a testament to the uncorrelated nature of the assets that […]
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08 Oct 2019 2 min read
Pre-results update from SQN Secured Income
Pre-results update from SQN Secured Income – Ahead of the release of their annual financial reprot, SQN Secured Income (SSIF) have released an investment update presentation. Highlights: Direct loans represent 67.32% of the portfolio and have a gross yield of 10.9% Third party debt now represents 28.2% of total assets Peer to peer lending is […]
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20 Sep 2018 4 min read
SQN Secured Income Fund – strategic review “paying dividends”
SQN Secured Income Fund – strategic review “paying dividends” – The annual report for SQN Secured Income Fund (SSIF) for the 12 months to 30 June 2018 has been released. The NAV and share price of the company (on a total return per share basis) rose by +5.4% and fell by -0.5% respectively. The foreign exchange exposure on non-Sterling assets (24.62% […]
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16 Mar 2016 1 min read
Investors nursing losses from star backed peer-to-peer trusts
Investors seeking returns from peer-to-peer lending have been subjected to big swings in share prices since the turn of the year. Peer-to-peer investment trusts have moved from large premiums to discounts as uncertainty has hit the still developing sector. http://www.telegraph.co.uk/investing/funds/investors-nursing-losses-from-star-backed-peer-to-peer-trusts/
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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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22 Sep 2015 1 min read
GLI fund launch complete
GLI Finance’s new investment company, GLI Alternative Finance, raised £52.7m, a large proportion of which came from GLI Finance itself as it swapped loans on its balance sheet for shares in the new fund. The new fund will start trading tomorrow (23 September). The intention is to expand the fund with a series of C […]
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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 […]
