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| Strategy | |
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| Latest Return | |
| Latest 6 Months | |
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| Latest 24 Months | |
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| 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 noted the Fund wasn't immune to the sell-off in December as the panic in equity markets became much more widespread. The Fund returned -2.3% after a +3.2% gain from currency movements. The best geographies during the month were Hong Kong and the UK, while the worst were the US and Canada. Top contributors included Hysan and Wharf REIC (both HK, Diversified), while Chartwell (Canada, Healthcare) and RLJ (US, Hotels/Lodging) detracted the most. Late in the month Quay deployed some of their cash holdings to take advantage of the general price weakness and added Shurgard Self-Storage (Belgium, Storage) to the portfolio. Shurgard is the largest owner of storage assets across Europe. Quay noted they like storage because of the defensive nature of the cashflows and the low levels of stay in business capex. Quay believe that over the long-term SHUR will benefit from increased levels of product awareness across its European platform and very low levels of supply where the provision of storage space per capita across Europe is a fraction of the levels in the US and Australia. |
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