NAV on 2019/01/22
|NAV on 2019/01/21
|52 week high on 2018/01/26
|52 week low on 2019/01/02
|Total Expense Ratio on 2017/03/31
|Total Expense Ratio (performance fee) on 2017/03/31
Alexander Forbes Investments Unit Trusts Limited
South African--Real Estate--General
FTSE/JSE SA Listed Property Index (SAPY)
Glenn T Silverman
Glenn qualified as a chartered accountant in 1990 after completing his articles with firm Kessel Feinstein. He then spent two years in commerce before joining a major asset management company where he gained two and a half years practical experience in research and fund management. He worked for the RMB Asset Management team before joining Investment Solutions
Investment Solutions Property Equity Fund - Mar 16
The portfolio ended the quarter behind the benchmark, with all the managers underperforming. However, they all outperformed over 12 months for the portfolio to end the period ahead.
The property sector returned 10.1% for the quarter on the back of rally in bond yields driven by the risk-on environment that was partly due to dovish comments by the Fed and the ECB's accommodative policies.
The best-performing stocks for the quarter were Redefine (24%), Resilient (17%), Hyprop (14%), Rebosis (9.2%) and Octodec (8.8%). Growthpoint Property, the largest share in the benchmark, returned 5.8%. All the managers were, on average, underweight the stocks that contributed to performance. Rand-hedge stocks such as Capital & Counties and Intu struggled over the quarter, returning minus 30% and minus 10% respectively.
Catalyst was let down by being overweight Capital & Counties, which struggled over the quarter. An underweight to Redefine and Resilient also detracted from performance. Sesfikile was also hurt by being overweight Intu and Fortress. Being underweight Resilient also detracted from performance. Stanlib suffered by being overweight small-cap counters such as Indluplace, Delta and Safari, while being underweight Resilient also detracted from performance.
The managers believe the sector's fundamentals remain strong, with most companies diversifying their portfolios offshore. Short-term performance will largely be driven by sentiment in the capital market, including the interest-rate cycle and policy normalisation locally and globally, but fundamentals will drive the sector's long-term performance.
This portfolio aims to achieve both capital growth and income by investing in a selection of listed South African property securities, with the focus on income yield relative to income growth. The objective is to allow investors to further diversify between different asset classes by offering exposure to local listed property securities.
This fund will not invest in any unlisted shares, but may hold cash in anticipation of purchasing shares when they do list. No direct property investments are allowed, the fund will only invest in listed property, and from time to time will hold cash up to limits allowed in the Domestic-Asset Allocation- Flexible Property Category. The fund may invest in other appropriate unit trusts (local and foreign) subject to the 20% limits as per legislation.