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Printed: 08 June 2023 10:50 PM


11 Aug 2021 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date11 August 2021
ManagerQuay Global Investors, a Bennelong Boutique
Fund NameQuay Global Real Estate Fund
StrategyReal Estate
Latest Return DateJuly 2021
Latest Return6.91%
Latest 6 Months27.92%
Latest 12 Months35.80%
Latest 24 Months (pa)9.50%
Annualised Since Inception10.21%
Inception Date31 July 2014
FUM (millions)AU$407.44
Fund OverviewQuay 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.
Manager CommentsThe Quay Global Real Estate Fund rose by +6.91% in July, a difference of +3.28% compared with the BBAREIT Index which rose by +3.63%. Over the past 12 months, the fund has risen by +35.8% compared with the index which has returned +20.48%, for a difference of +15.32%. Since inception in July 2014, the fund has returned +10.21% per annum, a difference of +0.49% relative to the index which has returned +9.72% on an annualised basis over the same period.

The fund's returns over the past 12 months have been achieved with a volatility of 9.11% vs the index's 6.75%. The annualised volatility of the fund's returns since January 2016 is 11.89% vs the index's 11.63%. Over all other periods, the fund's volatility relative to the index has been varied. The fund has only experienced a negative annual return once.

Since January 2016 in the months where the market was negative, the fund has provided positive returns 29% of the time, contributing to a down-capture ratio for returns since January 2016 of 62.85%. Over all other periods, the fund's down-capture ratio has ranged from a high of 69.58% over the most recent 60 months to a low of -110.52% over the latest 12 months.

Over the past 12 months, the fund's largest drawdown was -0.85% vs the index's -3.11%, and since January 2016 the fund's largest drawdown was -19.68% vs the index's maximum drawdown over the same period of -23.56%.
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