DRAFT
Fund Review
Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU)
Performance as at May 2026
Quay Global Investors, operating under the partnership with Bennelong Funds Management Ltd, is an investment manager specialising in innovative real estate securities strategies to preserve and create wealth. Established in May 2015, the firm is led by Justin Blaess and Chris Bedingfield. Both serve as Principals and Portfolio Managers, utilising their extensive experience in real estate, stockbroking, and corporate finance to guide the company's investment endeavours.
| 1 Year | 3 Years3 | 5 Years3 | 7 Years3 | Inception3,4 | ||
| Total Return | Fund | -8.94% | 4.68% | 2.48% | 3.04% | 5.44% |
| Peer Group1 | -1.21% | 0.42% | 1.15% | 2.51% | 4.32% | |
| Index2 | 1.32% | 6.54% | 3.17% | 2.38% | 4.06% | |
| Volatility | Fund | 8.94% | 11.49% | 13.32% | 13.29% | 12.51% |
| Peer Group1 | 7.89% | 9.62% | 10.13% | 11.43% | 10.25% | |
| Index2 | 9.42% | 10.85% | 12.17% | 13.67% | 12.50% | |
| 1Property, 2FTSE EPRA/ NAREIT Developed Index NET TR, 3Annualised, 4Jul 2014 | ||||||
Strategy Description
Quay is a boutique investment management business focusing on investments in real estate securities to preserve and create wealth. Two Principals collaborate on portfolio management, investing in global listed real estate entities aiming for a real, after-inflation total return of 5% per annum, before costs and fees. The strategy avoids index benchmark constraints and involves 20 to 40 securities, with up to 20% in cash occasionally. The fund is Australian dollar un-hedged. Prior to 17 November 2025, it was known as the Quay Global Real Estate Fund (Unhedged).Cumulative Performance
Core Details |
PG = Peergroup Average | ||
| APIR: | BLF0020AU | Status: | Open |
| Peer Group: | Property | Inception Date: | Jul 2014 |
| Strategy: | Real Estate | Style: | Blend |
| Geography: | Global | Domicile: | Australia |
| Investors: | Retail | Distributions: | 6 Monthly |
| Fund Size: | AU$ 509.02m | Manager FUM: | AU$ 1,316.42m |
| Applications: | Daily, Initial: AU$ 20,000 | Redemptions: | Daily |
| Management Fee: | 0.87% (PG avg: 0.91%) | Performance Fee: | 15.38% (PG avg: 8.98%) |
| Buy/Sell Spread: | 0.3%/0.25% (PG avg: 0.13%/0.30%) | Hurdle: | the higher of CPI or the return generated by the FTSE EPRA/NAREIT Developed Index NET TRI |
| Early Redemption Fee | No | High Water Mark: | Yes |
Please view https://fundmonitors.com/disclaimer.php for the full disclaimer. The content is updated monthly and only the current version should be used.
Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU)
Performance vs Property and FTSE EPRA/ NAREIT Developed Index NET TR
Since Jan 2016, the Fund has returned 5.44% p.a., compared with the Peer Group's return of 4.32% over the same period. Over the past 12 months, the Fund has returned -8.94% vs the Peer Group's -1.21%. For the 3, 5 and 7 year periods, the Fund has returned 4.68%, 2.48% and 3.04% respectively vs the Peer Group's returns of 0.42%, 1.15% and 2.51% respectively. The Fund's returns have been delivered with a volatility of 12.51% p.a. vs the Peer Group's 10.25%.
Only seven years of data shown. Click here to view all data.
| 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 | NA | NA | NA | NA | NA | NA | NA | -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 |
| 1 Year | 3 Years | 5 Years | 7 Years | Inception | ||
| Total Return | Fund | -8.94% | 4.68% | 2.48% | 3.04% | 5.44% |
| Peer Group | -1.21% | 0.42% | 1.15% | 2.51% | 4.32% | |
| Index2 | 1.32% | 6.54% | 3.17% | 2.38% | 4.06% | |
| Volatility | Fund | 8.94% | 11.49% | 13.32% | 13.29% | 12.51% |
| Peer Group | 7.89% | 9.62% | 10.13% | 11.43% | 10.25% | |
| Index | 9.42% | 10.85% | 12.17% | 13.67% | 12.50% | |
| Sharpe | Fund | -1.42 | 0.11 | 0.03 | 0.12 | 0.33 |
| Peer Group | -0.59 | -0.33 | -0.13 | 0.08 | 0.27 | |
| Index | -0.21 | 0.27 | 0.07 | 0.08 | 0.22 | |
| Sortino | Fund | -1.50 | 0.07 | -0.06 | 0.08 | 0.39 |
| Peer Group | -0.72 | -0.47 | -0.24 | 0.03 | 0.28 | |
| Index | -0.35 | 0.33 | 0.02 | 0.01 | 0.21 | |
| Largest Drawdown | Fund | -11.26% | -11.81% | -22.45% | -22.45% | -22.45% |
| Peer Group | -9.17% | -11.15% | -20.40% | -20.40% | -20.40% | |
| Index | -5.32% | -8.56% | -22.09% | -26.61% | -26.61% |
Return in Index's 10 Best & 10 Worst Months %
Return in Index's 10 Best & 10 Worst Months %
Annualised Return vs Standard Deviation
Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) - Annualised Return vs. Standard Deviation
Please view https://fundmonitors.com/disclaimer.php for the full disclaimer. The content is updated monthly and only the current version should be used.
Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU)
Annual Returns
Annual Returns %
Drawdown
Drawdown%
Service Providers
| Trustee/RE: | Bennelong Funds Management |
| Custodian: | Citigroup Pty Limited |
| Administrator: | Citigroup Pty Limited |
| Auditor: | Deloitte Touche Tohmatsu |
| Legal: | Hall Wilcock |
| Prime Broker: | Not Applicable |
Available on Investment Platforms
North, BT Panorama, Colonial FirstChoice, Colonial FirstWrap, DASH, HUB24, Macquarie Wrap, Mason Stevens, MLC Navigator, MLC Wrap, Netwealth, Praemium
Key Staff
Justin Blaess
Principal & Portfolio Manager
Years in industry: 30, Years at Firm: 14
Chris Bedingfield
Principal & Portfolio Manager
Years in industry: 34, Years at Firm: 14
About AFM's Fund Reviews and Star Ratings
AFM's proprietary Star Rating system provides a quantitative ranking of performance and risk of funds in its peer group relative to similar funds. Funds must have a minimum 1 year track record.
Star Ratings for Performance reflects annualised return. Risk is a combination of downside deviation, maximum drawdown and longest drawdown, which are allocated in reverse.
| AFM Star Rating | Relative performance band compared to funds in the same Peer Group |
|---|---|
| ★ ★ ★ ★ ★ | Premium: The fund is in the top 10% of all funds in its peer group. |
| ★ ★ ★ ★ ☆ | Top Quartile: The fund ranges between 75 and 90% of all funds in its peer group. |
| ★ ★ ★ ☆ ☆ | Second Quartile: The fund ranges between 50 and 75% of all funds in its peer group. |
| ★ ★ ☆ ☆ ☆ | Third Quartile: The fund ranges between 25 and 50% of all funds in its peer group. |
| ★ ☆ ☆ ☆ ☆ | Fourth Quartile: The fund is in the lowest 25% of all funds in its peer group. |
All performances, rankings and Star Ratings are updated monthly. Past performance does not guarantee future performance.
Copyright
This report is produced and owned by Australian Fund Monitors Pty Ltd and the contents are Copyright 2025. Distribution is limited to those parties with a current Distribution Licence.
Disclaimer
The information in this report, including financial returns, strategies, and other content (collectively referred to as "Content") has been prepared and issued by Australian Fund Monitors Pty Limited (A.C.N. 122 226 724, AFSL 324476) otherwise referred to as AFM. The information and content herein is designed for holders of an Australian Financial Services Licence or for Wholesale or Sophisticated investors, and does not constitute personal financial advice, and is for general information purposes only. Users of this report or any Content of AFM's websites (the "Websites") should not act or make any financial decision without first seeking professional advice. Whilst the Content has been prepared with all reasonable care from sources which we believe are reliable, no responsibility or liability is accepted by AFM for any errors or omissions or misstatements contained herein.