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| Manager | |
| Fund Name | |
| Strategy | |
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| Latest Return | |
| Latest 6 Months | |
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| Latest 24 Months (pa) | |
| Annualised Since Inception | |
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| 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 | At a fund level, self-storage (Europe and US) and industrial continued to perform well. Positions in Hong Kong contributed positively, particularly Hysan, as the region appears to have done well to contain the COVID-19 virus. Conversely, urban residential (Equity Residential) and retail property were a drag on performance. Quay noted that the recent surge (or third wave) of the coronavirus in the Northern Hemisphere is a concern, and as such the portfolio remains defensively positioned. Cash has increased during the month to almost 7%. Part of this reflects dividends received, and part reflect recent net fund flows that they expect to invest in the near term. Quay also highlighted that they believe valuations across many REIT sectors are extremely attractive. |
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