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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 the month in order of contribution to returns were American Homes for Rent (US Single Family), Cubesmart (US Storage) and Life Storage (US Storage). The laggards for the month were Hysan (Diversified, Hong Kong), Scentre Group (Aust, Retail) and Coresite (US, Data Centres). Quay's observations from reporting season in the US are that the reported results and updates have generally been strong and, in many cases, particularly the economically cyclical and Covid-exposed sectors such as office and retail, have exceeded market expectations. There are some exceptions, such as European retail where stimulus spending has been more subdued, and Covid associated lockdowns still linger. The self-storage sector in the US is particularly of note for its strength. Decreasing supply and strong demand created by dislocation is driving net income growth rates in the mid-high single digits. There were no changes in the Fund during the month, Quay maintains a positive outlook and believe it is well positioned to achieve their investment objective of CPI + 5% p.a. |
| More Information |
