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| 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 | Quay were pleased with the Fund's performance in November as investors sought safer havens from general equity market volatility and uncertainty. Generally, Healthcare and Multifamily REITs fared well, but mid-market Retail and Office REITs did not. The Fund's modest return of +0.2% was in spite of a -2.8% currency impact. Performance was further negatively impacted by a relatively new addition to the portfolio - Boardwalk REIT (affordable accommodation with concentration in oil producing regions in Canada) - which fell -18% in local currency terms, however, Quay believe this price movement to have been an overreaction. The best geographies during the month were the US and Germany, whilst the UK, France and other European markets were the worst performers. Quay noted the Fund's exposure to the UK was negatively impacted by the continuing uncertainty around the Brexit process. Quay added that, while they remain cautious on the UK economy in light of Brexit, they are confident their investees will continue to perform well; the Fund's exposure is restricted to recession resistant industries (Student Accommodation) or sectors that have limited supply risks (Storage). There were no changes to the portfolio for the month. |
| More Information |
