

| Fund Type: | Single | Discretionary/Quantitative: | Combination |
| Strategy: | Real Estate | This Funds FUM (millions): | AU$509.02m |
| Style: | Blend | Fund Inception Date: | Since 31 July 2014 |
| Geographic Mandate: | Global | Latest Return Date: | May 2026 |
| Fund Domicile: | Australia | Investor Type: | Retail |
| Status: | Open | Reporting Status: | Current |
| Manager: | Quay Global Investors, a Bennelong boutique | Total FUM for all funds: | AU$1,316.42m |
|
Manager Overview:
Quay Global Investors is a boutique investment manager focused on the preservation and creation of wealth through innovative strategies in real estate securities. Quay was launched in May 2015 as a partnership with principles Justin Blaess and Chris Bedingfield and Bennelong Funds Management Ltd. Prior to this, the business operated as Quay Real Estate Advisors which was founded by Justin and Chris in 2013. Quay follows a highly disciplined approach, aimed at delivering attractive total returns. The key members are Justin Blaess and Chris Bedingfield, both Principal and Portfolio Managers.
Justin has 20 years' experience working in the Australian investment and equity markets specialising in domestic and global real estate. Prior to the establishment of Quay, Justin worked with Deutsche Bank AG in investment banking as a Director of the Corporate Finance division in Sydney, and prior to that was Portfolio Manager and Head of Real Estate and Infrastructure at ING Investment Management in Sydney where the funds that he managed delivered to investors peer leading returns. Chris has 23 years' professional experience in a variety of roles in financial markets, including stockbroking and corporate finance specialising in real estate. Prior to establishing Quay, Chris was a Director and senior investment banker in the Real Estate Group at Credit Suisse, and prior to that, was Head of Real Estate Investment Banking at Deutsche Bank AG in Australia. |
Fund/Strategy Overview:
Quay is a boutique investment management business established in 2013 with a focus on preserving and creating wealth for investors through investments in real estate securities. Quay uses a dual manager approach to the investment and portfolio management decision making process. This involves both Principals collaborating to determine significant portfolio investments and positions. 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. The previous name of the fund, prior to 17 November 2025, was the Quay Global Real Estate Fund (Unhedged). |
||
| Other funds operated by manager: | |||
| Quay Global Real Estate Fund (AUD Hedged) | |||
| Minimum Investment: | Minimum Additional Investment: | Minimum Term: | Investment Frequency: |
| AU$20,000 | AU$5,000 | Daily | |
| Regular Savings Option: | Regular Savings Min. Amount: |
Regular Savings Max. Amount: |
Regular Savings Freq.: |
| No | |||
| Redemption Notice: | Redemption Frequency: | Notes: | |
| 14 Days | Daily |
||
| Distributions: | Distribution Frequency: | Last Distribution Date: | Last Distribution Amount: |
| Yes | 6 Monthly | 30 June 2016 | AU$0.9612 |
| Offshore/Onshore: | Fund Structure: | Share Classes: |
Trustee/Responsible Entity: |
| Onshore | Unit Trust | AU$ | Bennelong Funds Management |
| Administrator: | Prime Broker: | Custodian: | Legal: |
| Citigroup Pty Limited | Not Applicable | Citigroup Pty Limited | Hall Wilcock |
| Management Fee: |
Performance Fee: |
High Water Mark: |
Hurdle: |
| 0.87% | 15.375% | Yes | the higher of CPI or the return generated by the FTSE EPRA/NAREIT Developed Index NET TRI |
| Buy Spread: | Sell spread: | Early Redemption Fee: | Fees Notes: |
| 0.300% | 0.250% | No | Capped at 0.10% of the NAV of the Fund... |
| Latest Return Date: | Latest Result: | Fund Inception Date: | Annualised Return: |
| May 2026 | -1.04% | 31 July 2014 | 5.44% |
| Latest 3 Months: | Latest 6 Months: | Latest 12 Months: | Latest 2 Years p.a.: |
| -3.98% | -5.93% | -8.94% | 0.57% |
| Latest 3 Years p.a.: |
Latest 4 Years p.a.: |
Latest 5 Years p.a.: |
Latest 7 Years p.a.: |
| 4.68% | 1.84% | 2.48% | 3.04% |
| % Positive Months (S.I.): |
Average Return: | Average +ve Return: | Average -ve Return: |
| 54.40% | 0.51% | 3.08% | -2.56% |
| Best Month: | Worst Month: | Up Capture Ratio (S.I.): |
Down Capture Ratio (S.I.): |
| 7.86% | -13.30% | 103.98% | 96.86% |
| Largest Drawdown (S.I.): |
Longest Drawdown (S.I.): |
Current Drawdown (%): |
Current Drawdown (Months): |
| -22.45% | 31 months | -9.27% | 18 months |
| Annualised Standard Deviation (S.I.): |
Downside Deviation (S.I.): |
Sortino Ratio (S.I.): |
- |
| 12.51% | 8.45% | 0.39 | - |
| Sharpe Ratio (12 months): |
Sharpe Ratio (3 years): |
Sharpe Ratio (5 years): |
Sharpe Ratio (S.I.): |
| -1.42 | 0.11 | 0.03 | 0.33 |
| Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate | |||
AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) compared to a peer group of funds with a similar strategy and geographic mandate. Each green square places a fund in one quintile (or 20%) of its peer group - five indicating that the fund is in the top (best) quintile for the corresponding KPI.
As a reference point the equivalent "quintile" performance of the peer group's underlying market index is also indicated by the red dot.
| AFM FACTORS: | Approved, October 2022 |
| Lonsec: | Highly Recommended, December 2025 |
| Zenith: | Recommended, June 2025 |
| SQM: | Outstanding: 4.5 stars |
Historical Performance (all figures shown here are net of fees unless otherwise stated)
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.48 | 2.15 | -6.67 | 3.95 | -1.04 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | -3.36 |
| 2025 | -1.25 | 3.46 | -0.80 | -0.14 | 2.38 | -0.25 | -2.48 | 0.78 | -0.79 | -1.62 | 1.17 | -2.66 | -2.36 |
| 2024 | -0.84 | 0.38 | 3.57 | -4.98 | 2.87 | -0.75 | 7.40 | 3.20 | 0.74 | -0.91 | 1.52 | -3.84 | 8.03 |
| 2023 | 7.49 | -0.15 | -4.59 | 4.91 | -2.87 | 1.67 | 4.18 | 0.45 | -6.58 | -1.27 | 7.10 | 7.08 | 17.41 |
| 2022 | -3.48 | -4.89 | 0.70 | -0.70 | -4.69 | -5.17 | 6.76 | -6.40 | -6.46 | 4.54 | 0.77 | -3.74 | -21.37 |
| 2021 | -0.35 | 4.26 | 1.92 | 4.64 | 2.70 | 4.78 | 6.91 | 2.56 | -4.67 | 2.12 | 3.56 | 3.72 | 36.70 |
| 2020 | 5.20 | -3.90 | -13.30 | -1.24 | -0.99 | -0.61 | -0.54 | 0.10 | -0.37 | 0.77 | 6.54 | -0.50 | -9.74 |
| 2019 | 6.90 | 3.20 | 3.30 | 0.60 | 1.70 | 0.30 | 1.60 | 4.70 | 0.90 | 0.80 | 1.10 | -3.20 | 23.82 |
| 2018 | -4.48 | -2.09 | 4.70 | 4.21 | 1.74 | 4.88 | -0.33 | 4.35 | -2.10 | -0.84 | 0.20 | -2.28 | 7.63 |
| 2017 | -3.78 | 3.08 | -0.13 | 3.89 | 1.83 | -1.97 | -1.33 | 0.93 | 1.34 | 1.85 | 4.19 | -1.34 | 8.55 |
| 2016 | 0.21 | -2.39 | 1.92 | -0.74 | 7.86 | 1.26 | 0.61 | -2.27 | -2.75 | -4.96 | -0.87 | 6.18 | 3.37 |
Historical Financial Year Performance (all figures shown here are are percentage per month net of fees unless otherwise stated)
| Year | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | Jan % | Feb % | Mar % | Apr % | May % | Jun % | FYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025/2026 | -2.48 | 0.78 | -0.79 | -1.62 | 1.17 | -2.66 | -1.48 | 2.15 | -6.67 | 3.95 | -1.04 | N/A | -8.71 |
| 2024/2025 | 7.40 | 3.20 | 0.74 | -0.91 | 1.52 | -3.84 | -1.25 | 3.46 | -0.80 | -0.14 | 2.38 | -0.25 | 11.63 |
| 2023/2024 | 4.18 | 0.45 | -6.58 | -1.27 | 7.10 | 7.08 | -0.84 | 0.38 | 3.57 | -4.98 | 2.87 | -0.75 | 10.70 |
| 2022/2023 | 6.76 | -6.40 | -6.46 | 4.54 | 0.77 | -3.74 | 7.49 | -0.15 | -4.59 | 4.91 | -2.87 | 1.67 | 0.55 |
| 2021/2022 | 6.91 | 2.56 | -4.67 | 2.12 | 3.56 | 3.72 | -3.48 | -4.89 | 0.70 | -0.70 | -4.69 | -5.17 | -4.88 |
| 2020/2021 | -0.54 | 0.10 | -0.37 | 0.77 | 6.54 | -0.50 | -0.35 | 4.26 | 1.92 | 4.64 | 2.70 | 4.78 | 26.34 |
| 2019/2020 | 1.60 | 4.70 | 0.90 | 0.80 | 1.10 | -3.20 | 5.20 | -3.90 | -13.30 | -1.24 | -0.99 | -0.61 | -9.81 |
| 2018/2019 | -0.33 | 4.35 | -2.10 | -0.84 | 0.20 | -2.28 | 6.90 | 3.20 | 3.30 | 0.60 | 1.70 | 0.30 | 15.60 |
| 2017/2018 | -1.33 | 0.93 | 1.34 | 1.85 | 4.19 | -1.34 | -4.48 | -2.09 | 4.70 | 4.21 | 1.74 | 4.88 | 15.04 |
| 2016/2017 | 0.61 | -2.27 | -2.75 | -4.96 | -0.87 | 6.18 | -3.78 | 3.08 | -0.13 | 3.89 | 1.83 | -1.97 | -1.74 |
| 2015/2016 | N/A | N/A | N/A | N/A | N/A | N/A | 0.21 | -2.39 | 1.92 | -0.74 | 7.86 | 1.26 | 8.07 |