| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| 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 | The Fund's overall return was boosted at the stock level by some of Quay's highest conviction investments, including LEG Immobilien (German Residential). The Fund's relatively high weight to Hong Kong was a headwind for performance. Quay expect the region's strong currency, political turmoil, protests and fears of the impacts of coronavirus to further impact the local economy, however, they noted they refuse to panic and sell out of positions that on almost any measure are very cheap. Quay continue to have zero exposure to US Mall REITs. Their view is that there is simply too much mall space in the US, and they believe it will take many years to rationalise. |
| More Information |
