| 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 | Key positive contributors included Brixmor (US retail) and Whart REIC (Hong Kong retail). US apartments (Essex, Mid-America) were among the performance drags, along with Hysan (Hong Kong diversified). The Fund returned -9.8% over CY20 which Quay noted was disappointing, however, in constant currency terms the underlying investees delivered a return of -1.2%. This indicates that almost all of the negative returns this year were currency related. Quay added that this return should be seen in light of the extraordinary cost the real estate industry was asked to bear during the pandemic, essentially being asked to shut down, forgive or forgo rent, and in some jurisdictions prevented from evicting tenants whether they had the ability to pay rent or not. As was the case after the GFC in 2009, Quay believe attractive long-term total returns are available for investors in global listed real estate. Unlike 2009, they don't believe it is available across all sectors. They believe the best opportunities are those with mispriced quality real estate, with strong balance sheets, sensible dividend payout policies and best-in-class management. |
| More Information |
