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| Fund Overview | The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term. |
| Manager Comments | For the month of December, the Fund's property sector allocation remained mainly unchanged with 61% in the Retail sector, followed by 20% in the Office sector. Cash increased from the prior month to 3% of the portfolio. The Fund's top 5 holdings were Scentre Group, Vicinity Centres, Stockland, Charter Hall Retail REIT and Dexus Property Group, with 3 of the holdings above 10% each. |
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