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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 portfolio's positive contributors in Jun were Westfield Group, Sydney Airport and Federation Centres. Negative Contributors were Industria REIT, Duet Group and APN Property Group. The Fund had moved to a net long position early in June on the back of a mild correction in the real estate and infrastructure markets combined and the sector had strong ex-dividend period. This positioning delivered quickly, within one week the sector experienced a very strong rally in the face of rising, macroeconomic risks from Greece and China. From this point the sector saw a serious correction due to rising macro risks, whilst the Fund was positioned to maintain its early strong gains. Click below to view the latest Fund & Market commentary. |
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