| 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 Manager highlighted Life Storage (LSI) as one of the Fund's top performers for the month, noting the significant loss of homes in Houston after Hurricane Harvey all but eliminated any excess supply in the Storage and Apartment markets. Among the largest detractors was American Campus Communities (US) as the company announced slightly weaker leasing headed into the school year, along with a significant acquisition ($590m) of seven student housing properties staged over the next two years. The Manager remains comfortable with their long-term themes including Affordable Accommodation, Healthcare and Storage. For the Mall operators, they noted the general sentiment was that the sell-off has been overdone, with many owners suggesting the worst of the bankruptcies was over. However, the Manager remains cautious for properties not deemed 'best in class'. |
| More Information |
