|Latest Return Date|
|Latest 6 Months|
|Latest 12 Months|
|Latest 24 Months (pa)|
|Annualised Since Inception|
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.
Over the past 12 months, the fund's volatility has been 8.16%. Since inception the fund's volatility has been 11.66%.
The fund's May return was almost entirely driven by local stock performance (currency only added +0.2%). UK Storage led the way with outstanding operational results, while German residential (driven by recent corporate activity) underpinned the performance for the month. Quay noted that, as per previous months, laggards continue to reflect the Covid defensive sectors including Life Science Office and Industrial property. Despite recent under-performance, Quay continue to expect these companies to comfortably exceed their long-term total return target of CPI + 5%.
Quay believe the meaningful company profit recovery now underway will feed itself into real estate performance as companies gain confidence to 'invest' in new leases, residents return to work, and shoppers re-discover the mall. They continue to see excellent long term returns across their investees and remain near fully invested.