UK MORTGAGES
LIMITED
(a closed-ended
investment company incorporated in Guernsey with registration
number 60440 )
Final Net Asset Value
FUND NAME |
NAV |
ISIN |
NAV DATE |
UK
Mortgages Limited |
£0.9016 |
GG00BXDZMK63 |
31st
March 2017 |
UKML RNS: Commentary accompanying UK
Mortgages Limited March 2017 NAV
The UKML NAV per share was calculated for March month-end at
90.16 pence per
share.
The positive change in the NAV was driven by a number of
factors:
With the fund’s investable capital now fully deployed following
the acquisition of the CHL portfolio in February, the cash-drag
effect of holding those un-invested funds has now been
significantly reduced, and the acquired assets are levered via the
initial warehouse financing and generating income for the
fund.
In addition, as was reported in the acquisition announcement,
the loans in the CHL portfolio were originated a number of years
ago and as such some of those mortgages will prepay from time to
time (for example as borrowers sell their properties or refinance
their loans). As the portfolio was purchased at a discount, these
prepayments therefore generate a profit for the fund. A small
amount of prepayments were experienced this month, contributing to
the NAV performance.
Furthermore, the amortised cost valuation of the portfolio
benefited from the discounted purchase price and added to the
performance.
Further details on the portfolio and pipeline will be available
in the fund’s factsheet to be published shortly.
Enquiries:
Northern Trust International Fund Administration Services
(Guernsey) Limited
Andrew
Bonham 44 (0)1481 745302
Date: 12 May
2017