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Tuesday, July 15, 2025

Clico Investment Fund admin fees shoot up

by

20140901

Aid­ed by $50 mil­lion in div­i­dends, the Cli­co In­vest­ment Fund (CIF) re­port­ed net in­come of $56.52 mil­lion, in its unau­dit­ed state­ment of com­pre­hen­sive in­come for the quar­ter end­ed June 30, re­leased on the T&T Stock Ex­change (TTSE) on Au­gust 26. In the pre­vi­ous quar­ter, end­ed March 31, the fund post­ed a $6.99 mil­lion net in­come.As fast as its net in­come went up, so too did the fund's ad­min­is­tra­tion fee, shoot­ing up al­most half of a mil­lion dol­lars, from $73,750 for the quar­ter end­ed March 31 to $573,026 for the quar­ter end­ed June 30.

In the quar­ter end­ed June 30, the fund al­so de­vel­oped op­er­at­ing ex­pens­es of $61,870.The fund had no op­er­at­ing ex­pens­es for the quar­ter end­ed March 31.Mean­while, in­ter­est gained by the fund fell from $7,375,002 for the quar­ter end­ed March 31 to $7,212,189 for the quar­ter end­ed June 30. Di­rec­tors' fees re­mained fixed at $107,250 for the quar­ter, while ad­ver­tis­ing fees fell quar­ter-on-quar­ter from $34,334 to $20,727.Over­all ex­pens­es rose quar­ter-on-quar­ter from $383,088 to $786,390.

With units trad­ing on the TTSE since Jan­u­ary 2, 2013, the CIF is a closed-end mu­tu­al fund, which means its unit hold­ers can­not re­deem units for cash pri­or to the re­demp­tion date of Jan­u­ary 2, 2023.The fund start­ed off cap­i­talised with an as­set val­ue of $5.10 bil­lion–204 mil­lion units at a net as­set val­ue (NAV) of $25 per unit–con­sist­ing of at least 70 per cent shares of Re­pub­lic Bank Ltd (RBL) and gov­ern­ment se­cu­ri­ties with a coupon of 4.25 per cent for a term of 25 years.

Ac­cord­ing to its unau­dit­ed state­ment of changes in eq­ui­ty for the quar­ter end­ed June 30, the fund's to­tal bal­ance rose from $5.5 bil­lion as at March 31 to $5.6 bil­lion as at June 30.A First Cit­i­zens Re­search & An­a­lyt­ics note on Au­gust 22 had said: "Present­ly, RBL's mar­ket price is $121.90 re­sult­ing in a CIF NAV of $27.74. At a list­ed share price of $22.00 on the TTSE, CIF is trad­ing at a dis­count to the NAV. "Through the list­ing, in­vestors will have in­di­rect ac­cess to RBL shares, which is usu­al­ly high in de­mand, but are short in sup­ply on the mar­ket. "One RBL share is equiv­a­lent to four CIF units, since RBL share price is cur­rent­ly $121.90, CIF cost per units should be $30.48 ($121.90 di­vid­ed by 4)."Since CIF is cur­rent­ly $22.00, in­vestors hold­ing CIF shares have ex­po­sure to RBL shares at a sig­nif­i­cant dis­count through CIF."


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