| 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 biggest contributors for the month were Store Capital (US) and CyrusOne (US), while Scentre Group (Aus) and Safestore (UK) detracted from performance. Geographically, Hong Kong and Germany were the best performers while Japan and the US lagged. The portfolio remained broadly unchanged during the month. The Manager noted that the local currency has acted as a significant headwind for AUD reported returns over the past two years. On a constant currency basis, total annualised returns for the Fund have been +9.8%, with currency deducting almost 4% per annum. The Manager believes that, over time, currency has a diminished impact on total returns due to their 'mean-reverting' nature. |
| More Information |
