| 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 | Headwinds which impacted returns during the month, as noted by the Manager, include - $US weakness, rising long-dated treasuries yields, and enthusiasm by the market for growth and risk. During the month, the biggest detractors were Brixmore (US, Retail), Ventas (US, Healthcare) and Store Capital (US, Triple Net). The best performers were Pure Industrial (Canada, Industrial), Hispania (Spain, Diversified) and Safestore (UK, Storage). In their latest report, the Manager contrasts the markets in 1999 to those now. They mention that over 1999, the US 10-year nominal bond yield rose from 4.6% to 6.4%, and global real estate underperformed global equities by 15%. However, over the next 12 months global real estate outperformed global equities by 32% and delivered an $A total return of 34% as the tech bubble burst. The Manager remains confident the underperformance of global real estate can't be sustained forever. |
| More Information |
