Real Estate Credit Investments (Ordinary Share) RECI

Sector Specialist: Securitised Debt

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Estimated NAV (p)

157.00

Share Price (p)

165.88

Total Returns on £1000 over 

Fund / Benchmark Total returns(%)
Real Estate Credit Investments (Ordinary Share) Price 128.42%
Real Estate Credit Investments (Ordinary Share) NAV 32.60%
BofAML Mortgage Master 7.92%
Total Returns on £1000

Discount / Premium Movement

Discount / Premium Movement

Shares

Share Type Yesterday's
Closing Price
Discount / Premium Diluted NAV Gearing Dividend
Est Last
Ordinary Share 165.5p 5.8% 157.00p 151.00p
31 Mar
137% 6.47%
Preference Share 99.5p 0.0% 0.00p 0.00p
0%

Discrete performance % over

Fund / BenchmarkAug '11
Jul '12
Aug '12
Jul '13
Aug '13
Jul '14
Real Estate Credit Investments (Ordinary Share) Price-1.1884.7525.12
Real Estate Credit Investments (Ordinary Share) NAV-16.0141.0211.96
BofAML Mortgage Master5.43-2.184.64

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 85.00%
Net Current Assets 15.00%
  • Investment trust info:

  • Sector Sector Specialist: Securitised Debt
  • Launch Date 13 Dec 2005
  • Base Currency GBX
  • Domicile Guernsey
  • Share Price (p) 165.88
  • Share Type Ordinary Share
  • TIDM RECI
  • ISIN GB00B0HW5366
  • Shares Issued (M) 73
  • Market Capital (£M) 120.52
  • Gross Assets (£M) 155.89
  • Net Assets (£M) 113.96
  • TER (%) 4.60
  • Historic Dividend Yield (%) 6.47
  • 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 will be at the rate of 1.25% 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 Manager will be entitled to a performance fee in relation to the adjusted performance NAV by reference to the following performance fee formula: ((Adjusted performance NAV - NAV per Core share at the beginning of the performance period increased by an annual rate of 7%) x 20%) x the time weighted average number of core shares in issue in the period since the starting date. Contract terminable on 24 months' notice.

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