0.41 /
0.39%
104.26
NAV on 2019/08/16
| NAV on 2019/08/15 |
103.85 |
| 52 week high on 2019/02/06 |
115.69 |
| 52 week low on 2019/08/15 |
103.85 |
| Total Expense Ratio on 2019/03/31 |
1.21 |
| Total Expense Ratio (performance fee) on 2019/03/31 |
0 |
| Financials |
348.51 |
72.87% |
| Liquid Assets |
67.81 |
14.18% |
| Spec Equity |
31.48 |
6.58% |
| Offshore |
30.47 |
6.37% |
Management company:
Catalyst Fund Managers (Pty) Ltd. |
Formation date:
2015/10/01 |
ISIN code:
ZAE000210183 |
Short name:
U-CATFLPP |
Risk:
Unknown |
Sector:
South African--Real Estate--General |
Benchmark:
CPI + 4% net of fees |
Zayd Sulaiman
Catalyst Fund Managers was established in 2001 as a specialist in managing real estate investments. Real estate investment, both South African and global, is our speciality and our passion. It’s what energises us and keeps us motivated. The business was borne out of a firm belief in the distinctive benefits of including this asset class in an investment portfolio. In addition to our specialist expertise and experience, we manage our clients’ money like our own, always considering that there are individual goals, specific needs and hopes behind every investment.
Catalyst Flexible Property Fund Comment - Mar 18
2018/06/11 00:00:00
Locally, the SA Listed Property Index (SAPY) recorded a total return of -0.96% for the month of March with the historic yield of the SAPY ending the month at 8.01%. The property sector underperformed bonds (+2.02%), cash (+0.56%) and but outperformed equities (-4.18%). On a rolling 12-month basis, the property sector recorded a total return of -7.09% relative to equities (+9.6%), bonds (+16.18%) and cash (+7.41%). The historic yield of the SAPY at month end was 8.01%. The yield-to-maturity (YTM) on the Long-Term South African government bond (RLRS) re-rated by 15 bps, ending the month at 8.18% (8.33% -28 February 2018).
Globally, the FTSE EPRA/NAREIT Developed Rental Index recorded a net total USD return of 3.05% in March. The best performing listed real estate market was the U.K., which recorded a total USD return of 6.21%. Australia recorded the lowest total USD return for March of -2.15%.
The Fund delivered -2.56% gross of fees total return in ZAR for the 12 months ended 31 March 2018, whilst the benchmark return in ZAR was 8.45%. The Fund’s offshore allocation is approximately 54% on a see-through basis.
The current forward yield of the SAPY is 8.57% with an expected distribution growth of 8.2% over the next 12 months, driven largely by high growth offshore counters. In the long term, we expect the SA listed sector to deliver 13 - 15% total return in ZAR driven by its core drivers being income yield and capital return from distribution growth.
Global real estate fundamentals remain healthy, largely due to relatively low supply and an improved economic growth outlook. Taking the estimated forward FAD (Funds Available for Distribution) yield of 5.05%, and medium-term growth prospects into account, listed real estate currently looks attractive on a risk adjusted basis when compared to the private market, as well as bonds and equities.
The fund is an actively managed fund, which has a total return objective and seeks to offer investors a return in excess of CPI + 4% over the long term. The fund will have a flexible mandate allowing investment in both local listed property securities, global listed property securities and local and offshore cash.
Insider GOLD
