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Albert Alfonso  

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  • CYS Investments: Calling The Yellen Bluff [View article]
    Akaralph,

    Declining book value? Save for 2 quarters 2013, CYS has seen its BV increase pretty much every quarter since 2012.
    Jun 22, 2015. 10:00 AM | 1 Like Like |Link to Comment
  • CYS Investments Sets The Bar Pretty Low [View article]
    CYS made the right moves in Q1 and saw BV stay flat. I think the cautious approach paid off. No need to repeat 2013 and potentially see 10% Q/Q decline due to a surprise move (or implied move) by the Fed.
    Apr 23, 2015. 03:38 PM | 1 Like Like |Link to Comment
  • CYS Investments: A 14% Yield At A Near 20% Discount To Book Value [View article]
    Mike,

    I have owned CYS for over 2 years now. With some averaging down, I am 10% in the red in terms of capital, though have received way more than that in dividends. This is a $10 stock if it were not for the Fed meddling in the MBS market.
    Feb 12, 2015. 09:02 PM | 1 Like Like |Link to Comment
  • Exploring The Risk Level For CYS Investments, Inc. [View article]
    CWMF,

    No discussion of a mREITs risk is complete without looking at leverage. CYS has lower leverage than many of its pure-play agency peers. CYS was a solid investment in 2014 and a crappy one in 2013.

    As for 2015, the Fed hold the reins. If they act as expected, CYS will outperform. If they vacillate again, all hell will break loose. The market is pricing in something in between those two scenarios.
    Jan 13, 2015. 07:18 AM | 6 Likes Like |Link to Comment
  • Update: CYS Investments Lowers The Dividend [View article]
    grimberger,

    CYS had more than enough income to maintain its dividend at $0.32 per share. I'm with you. This cut caught me by surprise.
    Sep 11, 2014. 04:05 AM | Likes Like |Link to Comment
  • Update: CYS Investments Lowers The Dividend [View article]
    Marek,

    The large discount is there due to the volatility seen in the MBS market. In 2013, these companies were posting double digit BV declines every quarter. The trend has reversed this year. However, investors remain wary.

    As for the rates, (CYS) may be telling us that they expect spreads to tighten in the second half. They also could be deploying some cash to other assets or for more hedges.
    Sep 11, 2014. 04:02 AM | Likes Like |Link to Comment
  • Update: CYS Investments Earnings - Posts A Massive Book Value Increase [View article]
    Drop income is very complicated. Below is section from my earlier article on CYS:

    "Drop Income is associated with purchases of agency mortgage backed securities ("MBS") on a forward-settlement basis through the "to-be-announced" ("TBA") dollar roll market. The price differential between MBS purchased for a forward settlement date and the price of MBS for settlement in the current month is referred to as the "price drop". The price drop is the economic equivalent of the net interest carry (interest income less implied financing cost) on the MBS earned during the roll period."
    Jul 23, 2014. 11:36 AM | 1 Like Like |Link to Comment
  • Update: CYS Investments Earnings - Posts A Massive Book Value Increase [View article]
    I was talking about the sharp decline CYS and other mREITs suffered last year. The MBS market has thankfully stabilized this year.
    Jul 22, 2014. 10:47 AM | Likes Like |Link to Comment
  • Update: CYS Investments Earnings - Posts A Massive Book Value Increase [View article]
    I used to own many more mREITs. However, with the FED tapering I sold many positions. I held onto AGNC/CYS as they are agency focused and supposedly safer (this turned out not to be the case).
    Jul 22, 2014. 08:33 AM | Likes Like |Link to Comment
  • Update: CYS Investments Earnings - Posts A Massive Book Value Increase [View article]
    Galicia,

    (NASDAQ:AGNC) is my other agency mREIT. I also own a very small amount of (NASDAQ:MTGE).
    Jul 22, 2014. 08:02 AM | Likes Like |Link to Comment
  • What Went Wrong With CYS Investments? [View article]
    That is very good news. Shares are up over 3% in the AH.
    Sep 9, 2013. 06:24 PM | 1 Like Like |Link to Comment
  • CYS Investments: An Undervalued mREIT With A 10.8% Yield [View article]
    Hi Philippe,

    Yup, I noted the CPR for April in the conclusion.
    Apr 18, 2013. 05:39 AM | Likes Like |Link to Comment
  • CYS Investments Offers A 10.5% Yield And 10% Discount To Book Value [View article]
    kingdad,

    Do you really think the the book value for CYS will decline 10% in Q1 2013?
    Mar 12, 2013. 03:55 PM | Likes Like |Link to Comment
  • CYS Investments Offers A 10.5% Yield And 10% Discount To Book Value [View article]
    Hi RS,

    Thanks for catching that, it should be fixed soon.
    Mar 11, 2013. 02:56 PM | Likes Like |Link to Comment
  • The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
    I was actually asking myself that same question. After looking at a few reports, it seems that certain types of mortgages have higher CPRs than others. For example, the 15yr CPR is quite high for the mREITs I cover, even AGNC. Also, higher interest rate loans obviously have higher CPRs. AGNC has been dodging some CPR by buying low balance and "HARP" loans, since these tend to not be refinanced as often.
    Feb 10, 2013. 07:34 PM | Likes Like |Link to Comment
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