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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 fell slightly by -0.37% in September, but broadly in line with the Global Equity Index which fell -0.33%. The fund was also assisted by currency gains, reversing the recent trend. Across the underlying portfolio the self-storage sector continued to provide rewards from its holdings in CubeSmart, Shurgard and Life Storage. The manager noted some frustration with the imbalanced performance of the Global Real Estate sector vs. the stellar performance of global equities, particularly the local and US tech sector: 'Since the market peaked in late February, the S&P 500 consensus 2020 EPS has declined -23%, while US REITs earnings are down 10%. However, the S&P 500 price is back to Feruary levels, while US REITS are still ~25% below. On an earnings basis that is almost a 40% re-rate relative to equities.' Quay went on to report that, despite some sectors which are facing obvious challenges, on a fundamental basis earnings for real estate have remained true to label and proven to be quite resilient, and that the fund's investments are proving to be just as or even more resilient. |
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