Colorado Wealth Management Fund
REITs, micro-cap, small-cap, debt

The Best Of Breed mREIT, CYS Investments, Now Trades At A Substantial Discount To Peers

CYS Investments (NYSE:CYS) is an mREIT that invests exclusively in agency MBS with an emphasis on fixed rate mortgages with lower coupon rates that trade at substantially smaller premiums to par. Their hedge portfolio emphasizes hedging against short term rate movements rather than hedging farther out on the yield curve. Their portfolio and reporting is intentionally designed to run virtually every conceivable cost through Core EPS which results in higher quality non-GAAP measures. CYS is particularly interesting right now because they have sold off with the rest of the sector as book values collapsed for several mREITs. The irony of the situation is that CYS Investments was the mREIT that predicted this environment several months ago and structured

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