Hardman & Co Research: Real Estate Credit Investments (RECI) - Portfolio management to optimise risk/reward
In previous notes, we have reviewed why we believe RECI has procedures and practices that limit downside losses to help ensure the resilience of the NAV. In this note, we explore further how portfolio management helps optimise risk/reward with a dynamic approach to bond portfolio allocation, leverage, top 10 concentrations, geographical sectors, and duration. RECI’s portfolio is not a static, long-duration, totally illiquid book. It is actively managed to the latest market opportunities, with an average loan life of 1.5 years, which is likely to be shortened further by early repayments. RECI’s NAV performance was recognised in the recent Citywire award.
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