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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 | The largest positive contributors were Coresite (US Data Centres), Ventas (US Health) and Leg Immobilon (German Apartments). Largest detractors were Wharf REIC (HK Retail), Hysan (HK Diversified) and Safestore (UK Storage). There were no changes to the Fund during the month. Quay toured Hong Kong during May. They noted a recurring discussion topic was the impact the US/China trade wars could have on the HK economy, particularly retail sales, if Chinese visitors were to drop off as a result of RMB weakness and/or weaker economic growth in China. They believe the market is cautious about the near-term. With regards to the Fund's two HK investees (Hysan and Wharf REIC), Quay remain confident in their long-term outlook as both have best-in-class assets and negligible gearing. As for the resignation of UK Prime Minister Theresa May, Quay believe this has added further uncertainty to Brexit and the UK's outlook. The Fund's exposure to the UK consists of three investees exposed to two asset classes - storage and student accommodation, both of which Quay regard as defensive in nature. |
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