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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 from February were a drag in March, including Hysan (Hong Kong diversified), Scentre Group (Australian retail) and Wharf REIC (Hong Kong retail). Not quite offsetting this was Quay's exposure to US residential including Equity Residential, American Homes, and Essex. Quay noted the month was characterised as a tug-of-war between the so called 're-open trade' and 'COVID trade'. They added that while this can be interesting to watch, their focus remains on the long term cashflows and prospects of their investees. There were no changes in the Fund during the month, Quay remain positive in the Fund's outlook and they believe it is well positioned to achieve its medium-term investment target of CPI + 5%. |
| More Information |
