The AREIT sector retraced some of its gains from last month to finish down -1.9% for September. This was driven by the combination of a steepening yield curve, which created headwinds for the yield-sensitive real estate sector, and over $1 billion in equity issuance putting pressure on the more liquid names such as Goodman Group and Charter Hall Group. In comparison, the Fund returned -2.6%, underperforming the index by 0.7%.
||Charter Hall Group||Australia||Real Estate|
||Goodman Group||Australia||Real Estate|
||GPT Group||Australia||Real Estate|
||Ingenia Communities Group||Australia||Real Estate|
||Mirvac Group Property Trust||Australia||Real Estate|
|1 MTH||1 YEAR||SINCE INCEPTION P.A.|
|High Conviction Property Securities Fund||-2.6%||26.2%||21.1%|
|S&P/ASX 300 A-REIT (AUD) TR Index||-1.9%||30.7%||5.8%|
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|NUMBER OF STOCKS||17|
|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.
|Harding Loevner International Fund||Axiom International Ethical Fund||Axiom International Ethical Fund (Hedged)||Australian Equities Fund|
|High Conviction Property Securities Fund||Global Small Companies Fund||WHEB Sustainable Impact Fund||Emerging Companies Fund|
|High Conviction Equities Fund||Pengana International Equities Limited (ASX: PIA)||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. No allowance has been made for buy/sell spreads. 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.