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In our note, Why the discount has been closing and its outlook, published 15 October, we noted that RECI’s discount had halved over the prior six months. We believe this was due to both actions taken by the trust (active buyback programme, changing asset mix and enhanced disclosure) and more favourable markets. Many of these factors are, in our view, likely to continue in 2025. RECI’s current discount is nearly 15% above the 10-year average. RECI was at an average 2% premium in 2015-19, and traded at a premium again in 2021-22, leaving room for discount narrowing, just by reverting to historical average levels. Multiple director buying has been seen recently.
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