| 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 largest detractors during the month were Ventas (US, Healthcare) and Scentre (Australia, Retail). Top contributors at the stock level were Hysan (HK Diversified) and Sun Communities (US, Manufactured Housing). The Manager noted the ongoing headwind created by rising long-dated treasury yields and a lack of interest in defensive and so-called 'interest rate sensitive' sectors, has been impacting returns. In their latest report, the Manager briefly discusses a recently published Economic Letter from the Federal Reserve of San Francisco titled 'Economic Forecasts with the Yield Curve', with specific reference to a chart the Manager says provides perspective on where in the cycle the US economy may be. The chart shows the term spread (the difference between long-term and short-term interest rates) and recessions, and highlights how the term spread is a strikingly accurate predictor of economic activity. In fact, the Manager notes, every recession in the past 60 years was preceded by a negative term spread of inverted yield curve. |
| More Information |
