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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 returned -3.2% in December, impacted by a -2.8% headwind from currency. The AUD appreciated against all of the Fund's foreign currency holdings during the month. Top performers included Big Yellow Group and Safestore Holdings, two UK storage investees which benefited from the 'Boris Bounce'. Wharf REIC (HK Retail) also performed well as Hong Kong saw a relatively calm month on the protest front. Bottom performers included Sun Communities (US Manufactured Housing) and Store Capital (US Triple Net). Quay noted both investees had a strong 2019 (+50% and +35% price appreciation respectively) and believe profit taking contributed to their performance in December. The Fund's Residential investees also performed relatively poorly during the month as new home sales trend upwards. Quay believe the portfolio is well placed to take advantage of the significant demographic tailwinds they expect over the first half of this decade (Healthcare, Affordable Housing), and should hold up well in the event of an unforeseen economic disruption given its defensive positioning. |
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