| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | The portfolio increased its exposure to Europe during the month, allocating to the Spanish REIT Hispania, which become the biggest contributor to the Fund's total return. Hansteen (UK) also performed well for the month. Among the laggards were Life Storage (US) and Apartment Investment Co (US). The Fund also did well relative to global real estate indices by avoiding the large US Mall owners/managers, with Simon Property Group and General Growth Properties both significantly underperforming the broader market. Multifamily/apartments (17.4%), Storage (12.3%) and Industrial (11.9%) were the most heavily weighted sectors in the portfolio. The Fund holds continues to hold around 10% in cash as the investment team looks for better entry prices or new opportunities. |
| More Information |
