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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 August were Westfield Group, Investa Office and Goodman Group. Negative Contributors were DUET, Federation Centres, APN Property Group. Both, the Retail and the Infrastructure sectors continued to present a strong reporting season. In Retail, specialty sales growth averaged 4.5% and was the highest in many years for Scentre Group, GPT Group and Stockland. In the Infrastructure sector, the dividend announcements and guidance were strong from Sydney Airport (SYD), Spark Infrastructure and Transurban. Click below to read the complete Fund's Monthly Performance Report. |
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