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RECI published its annual Report and Accounts on 20 June. As monthly updates are published, there were no surprises. In the year, NAV fell 1.4%. Debt investors’ role is to generate dividends and protect assets. RECI’s net leverage is only 1.7%. The Investment Manager Fact Sheet (10 June) showed the May NAV rose to 147.1p, from 145.9p in April. One senior loan position was fully repaid at par and the combination of interest income and asset valuations contributed to a 0.8% NAV rise in the month. The large majority of assets are senior loans, mostly in the UK, and the next region, France, is predominantly hotels, a robust asset class.
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