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Printed: 07 July 2022 11:31 PM

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19 Apr 2022 - Performance Report: Quay Global Real Estate Fund (Unhedged)
By: FundMonitors.com

Report Date19 April 2022
ManagerQuay Global Investors, a Bennelong boutique
Fund NameQuay Global Real Estate Fund (Unhedged)
StrategyReal Estate
Latest Return DateMarch 2022
Latest Return0.69%
Latest 6 Months1.38%
Latest 12 Months19.33%
Latest 24 Months (pa)14.07%
Annualised Since Inception8.92%
Inception Date31 July 2014
FUM (millions)AU$554.45
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 (Unhedged) rose by +0.69% in March, an outperformance of +1.47% compared with the BBAREIT Index which fell by -0.78%.

The Quay Global Real Estate Fund (Unhedged) has a track record of 6 years and 3 months and has outperformed the BBAREIT Index since inception in January 2016, providing investors with an annualised return of 8.92% compared with the index's return of 6.6% over the same period.

On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 3 months since its inception. Over the past 12 months, the fund's largest drawdown was -8.2% vs the index's -11.14%, and since inception in January 2016 the fund's largest drawdown was -19.68% vs the index's maximum drawdown over the same period of -23.56%. The fund's maximum drawdown began in February 2020 and lasted 1 year and 4 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by June 2021.

The Manager has delivered these returns with 0.45% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.69 since inception. The fund has provided positive monthly returns 74% of the time in rising markets and 36% of the time during periods of market decline, contributing to an up-capture ratio since inception of 70% and a down-capture ratio of 60%.
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