AFM Fund Profile — Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU)

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Combination
Strategy: Real Estate This Funds FUM (millions): AU$489.88m
Style: Blend Fund Inception Date: Since 31 July 2014
Geographic Mandate: Global Latest Return Date: August 2026
Fund Domicile: Australia Investor Type: Retail
Status: Open Reporting Status: Current

Manager Details and Fund Description

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.

On 16 September 2026, Antipodes Partners, an affiliate of Pinnacle Investment Management, entered into a binding agreement to acquire Bennelong Funds Management Group. Further updates will be provided as more information regarding the transaction and any resulting business changes becomes available

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)

Investment Details

Investment Terms

Minimum Investment: Minimum Additional Investment: Minimum Term: Investment Frequency:
AU$20,000 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

Structure

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

Fund Fees

Management Fee: Performance Fee: High Water Mark: Hurdle:
0.82% 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:
0.200% 0.200% No Capped at 0.10% of the NAV of the Fund...

Performance & Risk

Returns

Latest Return Date: Latest Result: Fund Inception Date: Annualised Return:
August 2026 -5.36% 31 July 2014 5.46%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
1.57% -2.47% -5.65% -3.36%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
3.07% 3.62% -0.01% 2.32%

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
54.69% 0.51% 3.09% -2.61%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
7.86% -13.30% 105.34% 97.17%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-22.45% 31 months -7.84% 21 months

Risk

Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
12.60% 8.53% 0.38 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
-0.75 -0.02 -0.18 0.32
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Property) as at July 2026

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.

1 Year
3 Year
5 Year
7 Year
Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU)
FTSE EPRA/ NAREIT Developed Index NET TR

External Research and Ratings: As reported by each Fund Manager.

AFM FACTORS: Approved, October 2022
Lonsec: Highly Recommended, December 2025
Zenith: Recommended, June 2025
SQM: Outstanding: 4.5 stars

Availability:As reported by each Fund Manager.

Available on Investment Platforms:
Colonial FirstChoice, HUB24, Macquarie Wrap, Netwealth, Powerwrap, Asgard, MLC Wrap, North, BT Panorama, MLC Navigator, uXchange, Oasis, Mason Stevens, Praemium, DASH, CFS Edge

News & Insights

Performance Report: Quay Global Real Estate Fund (Unhedged) Active ETF...
9 Sep 2026 - FundMonitors.com
The Quay Global Real Estate Fund (Unhedged) returned +5.46% per annum since its inception in January 2016, an outperformance of +1.42% relative to the FTSE EPRA/ NAREIT Developed NET TR benchmark, which has returned +4.04% on an annualised basis over the same period.
Read more...
Performance Report: Quay Global Real Estate Fund (Unhedged) Active ETF...
10 Aug 2026 - FundMonitors.com
The Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) rose by +1.35% in July, outperforming the FTSE EPRA/ NAREIT Developed NET TR benchmark by +0.08%. Since its inception in January 2016, the fund has returned +6.06% per annum, an outperformance of +1.49% relative to the benchmark which has returned +4.57% on an annualised basis over the same period.
Read more...
Investment Perspectives: How the US equity cycle ends
6 Aug 2026 - Quay Global Investors
These massive increases in AI-related capex estimates will also pull up S&P 500 EPS estimates for 2026-27, given the accounting mismatch for revenue / profits (immediate recognition) and costs (mostly capitalised). The profits magic of capital spending booms. (10-minute read)
Read more...
Performance Report: Quay Global Real Estate Fund (Unhedged) Active ETF...
24 Jul 2026 - FundMonitors.com
The Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) rose by +5.89% in June, outperforming the FTSE EPRA/ NAREIT Developed NET TR benchmark by +1.14%. Since its inception in January 2016, the fund has returned +5.97% per annum, an outperformance of +1.48% relative to the benchmark which has returned +4.49% on an annualised basis over the same period.
Read more...

Fund Documents

Manager's Report

Product disclosure/IM

Target Market Determination



Fund Performance

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 5.89 1.35 -5.36 N/R N/R N/R N/R -1.84
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 %
2026/2027 1.35 -5.36 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -4.08
2025/2026 -2.48 0.78 -0.79 -1.62 1.17 -2.66 -1.48 2.15 -6.67 3.95 -1.04 5.89 -3.33
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