| 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 | During the month the Manager exited Hansteen Holdings, a company they'd held since inception in July 2014. The company delivered the Fund a total return of +55% over the investment period, surpassing the Fund's objective. Performance was further enhanced after the recently acquired position in GGP Inc received an offer from entities associated with its largest shareholder, Brookfield. GGP Inc owns and manages approximately 120 mall in the US. The Manager noted the GGP offer is in its early days and that there is no certainty a transaction will eventuate, therefore they are not adding to their position at this stage. At month end, the Fund held slightly more cash than normal due to its exit of Hansteen Holdings. The Manager expects to deploy this capital soon, as they continue to believe attractive investment opportunities exist across the global real estate landscape. |
| More Information |
