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Printed: 02 July 2022 2:09 AM


21 Sep 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors

Report Date21 September 2021
ManagerQuay Global Investors, a Bennelong Boutique
Fund NameQuay Global Real Estate Fund
StrategyReal Estate
Latest Return DateAugust 2021
Latest Return2.60%
Latest 6 Months25.88%
Latest 12 Months39.20%
Latest 24 Months (pa)8.40%
Annualised Since Inception10.55%
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 +2.6% in August. Over the past 12 months, the fund has risen by +39.2% compared with the index which has returned +30.75%, and since January 2016, the fund has returned +10.55% per annum vs the index's +9.14%.

The fund's returns over the past 12 months have been achieved with a volatility of 8.73% vs the index's 16.09%. The annualised volatility of the fund's returns since January 2016 is 11.83% vs the index's 20.64%. Over all other periods, the fund's returns have been consistently less volatile than the index.

The fund's down-capture ratio for returns since January 2016 is 51.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 50.06% over the most recent 60 months to a low of -51.69% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.
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