| 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 three largest positive contributors for the month in order were Stag Industrials (US Industrial), Safe Store (UK Storage) and Alexandria Real Estate Equities (US, Life Science Office). Key detractors, excluding currency, were Cube (US Storage), Life Storage (US Storage) and Leg Immobilien (German Apartments). Quay believe tough time are ahead and, as a result, the rate of rent growth across the board will slow. They also expect vacancy levels across the board to rise as those tenants that cannot afford to pay their rent close stores, wind back operations, give back space or go out of business. Quay noted that historically real estate has proven to be defensive in tough economic times. They believe that as we move further away from the initial shock of the changes brought on by COVID-19, the markets' focus will be on the implications of double digit unemployment and the impact of the economic slowdown on industry and business. Quay expect that it will be during this time that the defensive attributes of well selected real estate companies will be valued. |
| More Information |
