EJF Investments Ltd Edison issues update on EJF Investments (EJFI)
October 08 2019 - 6:12AM
RNS Non-Regulatory
TIDMEJFI
EJF Investments Ltd
08 October 2019
London, UK, 8 October 2019
Edison issues update on EJF Investments (EJFI)
EJF Investments (EJFI) delivered a 9.5% total return in H119.
Despite the recent US rate cut receiving much attention, conditions
remain supportive for US community and regional banks and
insurance, whose subordinated securities support the US
securitisation risk-retention investments that, along with related
securities, account for 72% of EJFI's portfolio. Management remains
optimistic on this asset class. In April EJFI redeemed a
collateralised debt obligation (CDO) netting GBP8.9m in total,
having earlier purchased one in March (forecast IRR 10-11%) and
completed a further $11m investment in September.
EJFI has traded close to NAV and has fluctuated between -3% and
+2% since 2017. However, the NAV recently increased and EJFI is now
trading at a discount of c 10% to the end-July NAV (adjusting for
the 2.675p dividend paid in August) on no particular news.
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