The A-REIT sector returned -3.6% in August, giving back some of its performance from the previous month as bond yields rose 54 basis points over the month. In comparison, the Fund returned -3.3%, outperforming the benchmark by 0.3%. Key contributors to performance included our holdings in Charter Hall Group (CHC +6.0%), Peet Limited (PPC +8.1%), and Lifestyle Communities (LIC +3.1%). CHC was one of the best performers for the month after delivering an impressive FY22 result with earnings up 90% driven by strong performance fees. Despite rising rates and investor caution, CHC has a positive outlook, reflecting: 1) transaction activity likely to exceed cautious market expectations, and 2) its ability to leverage off its strong platform for future growth.