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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 Newgate's rigorous investment process ensures returns generated by the Fund are largely independent of rising or falling markets. Newgate 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. The Fund's investment team consists of Tim Hannon, Campbell McComb, Darren Brusnahan, Nishant Narayanaswamy and Nicole Merrillees. |
| Manager Comments | The performance of the Fund's long positions were offset by the Fund's overall net short position. The shorts were a number of real estate companies that were assessed to be both overvalued and exposed to a deteriorating environment. However, despite this assessment, these positions rallied strongly over March, primarily on the back of falling bond yields. Positive contributors were Infigen, Aveo Group, Investa Office Fund, while negative contributors were Charter Hall Retail, Dexus Property Group, GPT Group. The Fund's slightly increased their net short position over the month as their overall view remains the same. Click Manager's Report to read more. |
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