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RECI released its quarterly investor update on 17 August and its end-August factsheet on 8 September. We reviewed these documents and the market outlook in our 14 September report, Improving returns on new opportunities. The key messages are i) robust performance of the existing portfolio throughout the COVID-19 pandemic, ii) full interest and capital repayments expected on the bond portfolio, iii) strong volume in the investment pipeline, iv) lower-risk business is being added, v) pricing on new business 2%-5% above pre-COVID-19 levels like-for-like, vi) low gearing, and vii) stable dividends. All this appears anomalous with the 16% discount to NAV.
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