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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 Fund's exposure to Hong Kong continues to be a mild drag on performance, however, Quay believe the Fund's current exposures offer a good risk/reward payoff for patient investors willing to look past the current noise. Notwithstanding the issues in HK, the Fund's worst performers during November were US Healthcare investees - largely due to investors shying away from classic defensive exposures due to the emerging confidents in the US economy. The Fund's best performing region was the UK as investors took comfort in Prime Minister Johnson's call for a general election. The portfolio remained largely unchanged throughout the month, although Quay noted they have taken the opportunity with recent fund flows to increase their cash weighting. They believe the low interest rate environment and subsequent search for yield is creating distortions across listed real estate valuations. Quay remain confident the portfolio is well positioned to deliver on the Fund's mandate. |
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