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| Manager | |
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| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
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| 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 | Top contributors in February included Safestore, Sun Communities and Coresite. Detractors included LEG Immobilien, Scentre Group and Ventas. Quay noted so far this year they haven't received any earnings shocks from any of their investees, which they believe is due to their strategy to invest in simple, easy to understand rent-based real estate opportunities (the strategy avoids deeply cyclical developers, fund managers, infrastructure, etc.). The portfolio remains largely unchanged as Quay continue to back their long run themes of ageing demographics, home affordability, student accommodation and best in class retail. They noted they liquidated a small position in Canadian housing (Boardwalk) and re-invested the proceeds in some of the Fund's investees that have underperformed recently (Scentre, LEG and Ventas), reducing the number of stocks to 25 across the portfolio. |
| More Information |
