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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 | Underlying constant current stock returns were up +5.3% reflecting the ongoing recovery in real estate values. During the month, the so called 're-open trade' played a meaningful part of in the fund's performance. Strong gains in retail (Brixmor Property, Scentre Group, Wharf REIC) and healthcare (Ventas) underwrote a pretty solid month for investors. At the other end of the spectrum, the main drag on performance were the pandemic 'superstars' including European storage, German residential and data storage. Quay still believe these sectors have very bright long-term prospects and they remain happy holders across their preferred names. |
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