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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 Quay Global Real Estate Fund rose +0.10% in August, comprising +2.6% from underlying stock performance masked by a negative currency impact of -2.5%. Since inception in January 2016, the Fund has returned +5.22% p.a. with an annualised volatility of 11.92%. Quay noted the theme throughout August was very much for the 're-open' sectors, with the portfolio's best performers including Scentre Group (Australian Retail), Wharf REIC (Hong Kong Retail), and Shurgard (Europrean Storage). The 'COVID safe' sectors were among the Fund's worst contributors. These included Coresite (US Data), Alexandria REIT (US Life Sciences), and Apartment Investment Co (US Multifamily). Quay believe the great challenge for investors today is determining whether the recent post-COVID trends are permanent or temporary. With respect to real estate, they see some of the key questions to be:
Quay's observation is that the market is extrapolating the past three to four months' trends into perpetuity. The portfolio remains balanced between 'COVID safe' and 're-open' sectors, however, Quay have begun to increase the weighting towards the 're-open' sectors as they feel much of the doomsday scenarios are close to being fully priced in. |
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