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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 | Positive contributors during the month included Safestore (European Storage), Coresite (US Data), and Mid America Apartments (US apartments). Safestore posted strong operating metrics during the month, supporting Quay's long-term secular European storage demand thesis. The Fund's retail exposure also contributed significantly. The Fund's exposure to German residential, triple net leasing and US healthcare detracted in January. Quay noted that as reporting season approaches, early indications suggest the leakage of occupancy across the Fund's senior housing exposure is accelerating during the US winter. They believe this will continue to add pressure to short-term earnings, however, Quay noted they have strong conviction in the positive long-term demographic tailwinds for the sector. During the month, Quay exited their position in Camden Property Trust (US Apartments). They initiated their position in April 2020 and exited with a +56% total return. Quay used the proceeds to increase their exposure to existing investees, in particular US single-family housing. |
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