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Cohen & Steers Quality Income R Message Board

  • ddavid21012 ddavid21012 Oct 20, 2008 11:45 PM Flag

    Study RQI's Holdings

    By analyzing RQI's holdings as of 9/30/2008 in contrasted to their 6/30/2008 holdings several interesting items appear.

    1. Market Value of total assets at 6/30/08 and 9/30/08 is roughly unchanged. Think about the significants of that.
    2. Sometime during Q3, they sold roughly 1/2 of their GGP position. On 6/30 GGP was $35 and on 9/30 it was $15.50. I do not know when they got out, but they did get about half of their investment out. The 410,000 shares they sold at a minimum would have dropped another $4,100,000 (today it is at $5).
    3. All of the complaining about their GGP position was, in part, over blown. GGP as of 9/30/08 is only 0.71% of their holdings.
    4. They also "trimmed" 8 other positions included in their top 32 top holdings. Most of this pruning revealed no material price decline from 6/30 to 9/30.
    5. RQI historically traded at a slight premium to their NAV. It is now trading at a discount to NAV. On 10/10/08 the discount was a wopping 45% while on 10/20/08 it had dropped to 12%.

    Please compare the 6/30 and 9/30 holdings and see if anything else strikes you.

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    • The NAV has really suffered lateley. Of course all the other REITS I own have too. The problem is that RQI is leveraged. Hence, when they go down it does so leveraged. If it quickly recovers it is not a problem. Otherwise they are paying you out of capital and you may never have a chance to recover. Also at these low prices their fee becomes a large % of the return.

      Some of my REITS are selling at 25% of liquadation value. It is insane. This selling has no rational at this point. Forced liqudations and redemption is occuring like never before.

      This selling climax I hope will come to an end soon. Everything is being trashed lateley. Even FCX is down over 80%. The stock is selling at 2 times cash flow.

      This extreme selling is either likely to end on Tuesday which is 3 days from the mutual funds end of year or January 15 the end of the next potential massive redemption cycle.

    • davidd, where are you accessing the RQI holdings data from? The C&S homepage? Just wondering, because you are speaking my book!

      I have confidence in this management as they have pruned wisely in the past. The 10/10/08 date is a little bit of cherry picking as everything under the sun was heavily discounted that day. I added to my position too soon, about two weeks earlier, as the price to NAV dislocation seemed irresistable. Anyways, I continue to hold.

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