-4.5 /
-0.55%
812.88
NAV on 2019/12/05
| NAV on 2019/12/04 |
817.38 |
| 52 week high on 2019/02/06 |
941.2 |
| 52 week low on 2019/09/03 |
791.47 |
| Total Expense Ratio on 2019/09/30 |
1.17 |
| Total Expense Ratio (performance fee) on 2019/09/30 |
0 |
| Financials |
1379.72 |
98.04% |
| Liquid Assets |
27.52 |
1.96% |
Management company:
H4 Collective Investments (RF) Pty Ltd. |
Formation date:
2014/12/10 |
ISIN code:
ZAE000194601 |
Short name:
U-CSAPROP |
Risk:
Unknown |
Sector:
South African--Real Estate--General |
Benchmark:
FTSE/JSE SA Listed Property Index |
Mike van der Westhuizen
Harold Strydom
Citadel SA Property H4 Comment - Sep 19
2019/10/31 00:00:00
The Citadel SA Property H4 Fund (‘the fund’) fell 5.2% in Q3-2019, underperforming its benchmark which was down 4.2% in a difficult time for this asset class. The fund’s relative performance was supported by underweight positions in Redefine and Intu; along with overweight positions in Gemgrow and Safari. The largest detractors included the underweight positions in RDI REIT, Investec Australia and Sirius; as well as overweight positions in Dipula-B, Accelerate and Delta.
It was a challenging quarter for SA listed property sector, with most companies missing market expectations on distribution growth; and giving management guidance that was worse than the market anticipated. The operating environment remains challenging; and the sector continues to manoeuvre its way through the storm. The fund continues to adhere to its policy.
The Citadel SA Property H4 Fund is a sector specific specialist portfolio that aims to provide investors with both a high income yield and longer term capital growth.
The fund's investment universe comprises primarily of listed securities in the JSE Real Estate sector, specifically Property Unit Trusts (PUTs), Property Loan Stocks (PLSs) and Real Estate Investment Trusts (REITS). The fund may also invest in suitable collective investment schemes registered in South Africa as well as those registered in other jurisdictions (as legislation permits) which have a satisfactory regulatory environment at least equivalent to South Africa. It is also allowed to invest in listed and unlisted financial instruments for the purposes of efficient portfolio management only.
