The Fund returned -4% compared to the benchmark of -2.5% over the month of February 2021. The sharp rise in bond rates from below 1% at the end of last year to now 1.7% caused a sell-off in yield-sensitive sectors such as REITs. Consistent with market trends, the steepening yield curve favoured “value” stocks such as Scentre Group (SCG) and Vicinity Group (VCX) over “growth” stocks such as Goodman Group (GMG) and Charter Hall (CHC), despite the divergence in fundamentals witnessed over the reporting season.
See full written commentary HERE
||Centuria Capital||Australia||Asset Management & Custody Banks|
||Charter Hall Group||Australia||Diversified REITs|
||Goodman Group||Australia||Industrial REITs|
||Mirvac Group Property Trust||Australia||Diversified REITs|
|1 Month||1 Year||SINCE INCEPTION2|
|NUMBER OF STOCKS||16|
|MAXIMUM DRAW DOWN||-15.8%|
A Property Fund focussed on capital security, income yield, and sustainable growth.
The Fund believes each security has an underlying or intrinsic value and that securities become mispriced at times relative to their value and each other.
The Fund seeks to exploit such market inefficiencies by employing an active, value based investment style to capture the underlying cashflows generated from real estate assets and/or real estate businesses.
The Fund believes that responsible investing is important to generate long term sustainable returns. Incorporating ESG factors along-side financial measures provides a complete view of the risk/return characteristics of our property investments.
The Fund is benchmark unaware. All positions are high conviction and assessed on a risk-reward basis, resulting in a concentrated portfolio of 10-20 securities.
|International Fund||High Conviction Property Securities Fund||Australian Equities Fund||International Ethical Fund|
|Global Small Companies Fund||WHEB Sustainable Impact Fund||Emerging Companies Fund||High Conviction Equities Fund|
|Pengana International Equities Limited (ASX: PIA)||International Fund - Ethical Opportunity||Private Equity Trust (ASX: PE1)||Alpha Israel Fund|
1. Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. The Fund incepted on March 11th 2020. Index performance calculations include a complete month’s performance for March 2020. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
2. Inception 11 March 2020.
3. Annualised standard deviation since inception.
4. Relative to S&P/ASX 300 A-REIT TotalReturn Index.
* For further information regarding fees please see the PDS available on our website.