| 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 | Quay noted performance in January was broad based, with every investee contributing positively to the month's total return, led by the Fund's UK exposures (Safestore and Unite Group) and US retail landlord Brixmor Property Group. The Global Real Estate sector (up +7.0 in January) meaningfully outperformed equities as, Quay believe, investors appeared to chase 'yield proxies' in anticipation of the end of the interest rate cycle. They also noted they aren't particularly negative on the US economy; jobs growth (which is fundamental for real estate) remains robust and they see that there seems to be reasonable capacity for this momentum to continue. Quay are more concerned about the economic outlook in Europe as the German and Italian economies continue to weaken and uncertainty regarding Brexit weighs. The Fund is defensively positioned in these markets with exposure to traditionally defensive sectors such as student accommodation and affordable housing. Quay continue to monitor potential investment opportunities in Europe and the UK and remain prepared to take advantage in the event of meaningful market dislocation. |
| More Information |
