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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 | Winners for the month included Brixmor Property Group (US Retail), Scentre Group (Australian Retail), and Hysan (Hong Kong Diversified). Conversely, stocks that performed well during the lockdown dragged on performance in November; CubeSmart (US Self Storage), STAG Industrial (US Industrial) and Safestore (UK Self Storage). Quay noted they are bullish on global real estate based on attractive valuations and have remained fully invested for several months now. The portfolio can be broadly characterised as being split 50/50 between the 'stay at home trade' (Industrial, Storage, Data Storage, Affordable Residential) and 're-open trade' (Retail, Healthcare, Office, Coastal Apartments). |
| More Information |
