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| Fund Overview | The Fund's research use detailed analysis of the underlying assets integrated with financial analysis to determine a sustainable yield and fundamental DCF valuation for the security. Also the Fund believes in having a strong risk control framework. The Fund will also use trading strategies via rebalancing of core portfolio positions as well as taking advantage of shorter duration inefficiencies in markets caused by an imbalance in demand and supply for global REIT and Infrastructure securities. The Fund focuses on generating absolute returns after fees of 12 to 15% pa over the medium to long term. The long-short nature of the Fund combined with Freehold's rigorous investment process ensures returns generated by the Fund are largely independent of rising or falling markets. Freehold is focused on providing investment opportunities primarily within core, value-add, opportunistic and development sectors of direct property and across listed and unlisted real estate and infrastructure securities. |
| Manager Comments | The Fund returns were negatively impacted by the mild short position as well as a mean reversion in some of the positions that performed well over April. Some positive contributors in the portfolio were Bunnings Warehouse, Aurizon Group and APN Property Group. Negative contributors were Westfield Group, SCA Property Group and Goodman Group. In May, the Fund had 10-15 stock positions with estimated gross exposure of 80% and net position of 10%. Currently, the Fund is holding a slight short bias on the expectations of a mild correction on the back of sharply rising bond yields, generally a negative for the real estate and infrastructure sectors. Click below to read the latest Report on the Fund's performance. |
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