Real Estate Credit Investments (Ordinary Share) RECI

Sector Specialist: Securitised Debt

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Estimated NAV (p)


Share Price (p)


Total Returns on £1000 over 

Fund / Benchmark Total returns(%)
Real Estate Credit Investments (Ordinary Share) Price 127.59%
Real Estate Credit Investments (Ordinary Share) NAV 34.33%
BofAML Mortgage Master 7.91%
Total Returns on £1000

Discount / Premium Movement

Discount / Premium Movement


Share Type Yesterday's
Closing Price
Discount / Premium Diluted NAV Gearing Dividend
Est Last
Ordinary Share 166.0p 4.7% 158.00p 157.00p
30 Jun
136% 6.45%
Preference Share 99.5p 0.0% 0.00p 0.00p

Discrete performance % over

Fund / BenchmarkAug '11
Jul '12
Aug '12
Jul '13
Aug '13
Jul '14
Real Estate Credit Investments (Ordinary Share) Price-0.6482.5625.47
Real Estate Credit Investments (Ordinary Share) NAV-16.0141.0213.42
BofAML Mortgage Master5.29-1.884.45

Discrete performance over

Discrete Performance

Top 10 Holdings

RMAC 2005-NSP2 10.40%
Newgate Funding 7.70%
Eurosail 2006-1 plc 6.40%
RMAC 2004-NSP4 5.40%
Sestante Finance 5.30%
Southern Pacific finance 06-A 5.10%
RMAC 2005 NS3 4.30%
RMAC 2005-NS1 3.60%
Southern Pacific Finance 05-B 3.60%
Lusitano 1 Mortgage plc 3.60%

Sectors weighting

Debt - General 85.70%
Net Current Assets 14.30%
  • Investment trust info:

  • Sector Sector Specialist: Securitised Debt
  • Launch Date 13 Dec 2005
  • Base Currency GBX
  • Domicile Guernsey
  • Share Price (p) 166.00
  • Share Type Ordinary Share
  • ISIN GB00B0HW5366
  • Shares Issued (M) 73
  • Market Capital (£M) 120.88
  • Gross Assets (£M) 157.34
  • Net Assets (£M) 115.41
  • TER (%) 4.60
  • Historic Dividend Yield (%) 6.45
  • Next Dividend Date 25 Sep 2014
  • Next Dividend (p) 2.70
  • Last AGM 12 Aug 2013
  • Next AGM 12 Aug 2014
  • Last Annual Report Date 16 Jun 2014
  • Next due Report Date  
  • Next due Report Type I/R
  • Objective:

  • Invests primarily in debt secured by commercial or residential properties in Western Europe and the UK through securitised tranches of secured real estate related debt securities and secured real estate loans or debentures.
  • Management Group(s):

  • Cheyne Capital Management (UK) LLP
  • Managed by:

  • Chris Goekjian Start: 25 Jun 2007
  • Jonathan.H Lourie Start: 25 Jun 2007
  • Shamez Alibhai Start: 25 Jun 2007
  • Stuart Fiertz Start: 25 Jun 2007
  • Stuart.C Fiertz Start: 25 Jun 2007
  • Team Managed Start: 08 Dec 2005
  • Management Contract & Fees:

    The Management Fee payable, with effect from Bonus Issue Admission, equals to 1.75% p.a. of the Adjusted NAV. No Management Fee will be payable to the Investment Manager in respect of investments in asset portfolios already managed by the Investment Manager. The Adjusted NAV will be equal to the prevailing NAV calculated in accordance with the Company's accounting policies increased by an amount equal to the Aggregate Preference Share Notional Value. The manager is entitled to an incentive fee of 25% whereby the consolidated net income exceeds the Hurdle Rate. The Hurdle rate the greater of (i) a simple interest rate equal 2% per quarter, or (ii) one quarter of the sum of the then-prevailing yield p.a. on ten-year German Bunds and 300 basis points. The fund may not terminate the contract until the third anniversary of the agreement has passed; therefore the agreement has a minimum life of 5 years. The Administrator is entitled to receive from the Company an administration fee of 0.125% of the gross asset value of the Company up to Euro 80m and 0.0325% of the gross asset value of the Company greater than Euro 80m. The Custodian is entitled to receive from the Group a custodian fee of 0.03% of the gross asset value of the Group up to EUR 80m and 0.02% of the gross asset value of the group greater than EUR 80m, plus additional fees in relation to transaction fees, statutory reporting, corporate secretarial fees and other out of pocket expenses.

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