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RECI’s March Factsheet saw a 16.8p, 10%, fall in NAV to 147p per share, 10.1p of which was marked-to-market losses on the bond portfolio, which includes sentiment- driven sensitivity. The bond portfolio includes Italian exposure (primarily malls and cinemas in the North), which were valued well below par. Two loan exposures were written down – a UK housebuilder (effect £12.4m, -5.4p per share) and a retail park (£1.8m, -0.8p per share). Again, these losses have not been realised (yet). RECI announced a detailed review, assuming an extended recession. Net gearing is 13.3% NAV (cash £37m). Multiple directors have bought shares.
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