| 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 one of the Fund's investees, Hispania Activos, attracted an unsolicited bid from entities associated with Blackstone. The Manager noted the offer of 17.45 euros compares well with their entry price of 11.85 euros last year, however, they also noted that management are seeking a better outcome for investors. Quay will continue to hold their position, knowing their downside is limited with the option of additional returns. Notwithstanding share market optimism, the Manager continues to see weakness in the local macro economy as national house price growth turned negative in April (on an annual basis). They believe the combined effect of tighter lending standards and elevated supply is weighing on buyer sentiment. In addition, Quay still believe Australian interest rates, in time, could reach zero. |
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