| 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 | For the month, the greatest positive contributions to returns were from Safestore (UK Storage), Leg Immobilien (German Residential) and Stag Industrial (US Industrial). Key detractors included Wharf REIC (HK Retail), Hysan (HK Diversified) and Brixmor (US Retail). Quay noted that, thematically, the market continues to support those stocks that are perceived to have the most defensive revenue profiles - Industrials, Data Centres and European Residential and Health as examples. At the other end of the spectrum, sectors like Retail, Hong Kong, Urban Residential and Seniors Housing have lagged. However, post month-end and part-way through 2Q20 reporting season they are seeing some strength return to some of these laggards as they deliver results slightly ahead of what were dismal expectations. |
| More Information |
