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For investors in Hong Kong

Global Real Estate Equity Income Fund

Actively managed, high-conviction fund focused on the managers’ best ideas in listed property stocks and REITs, and aiming to deliver long-term capital appreciation

ISIN
IE0033534557

NAV
USD 24.69
As of 2024/12/17

1-Day Change
USD -0.08 (-0.32%)
 As of 2024/12/17

Morningstar Rating

As of 2024/11/30

Key investment risks:

  • The Fund's investments in equities are subject to equity market risk due to fluctuation of securities values.
  • Investments in the Fund involve general investment, currency, hedging, economic, political, policy, foreign exchange, liquidity, tax, legal, regulatory, securities financing transactions related and small/ mid-capitalisation companies related

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  • risks. In extreme market conditions, you may lose your entire investment.
  • The Fund may invest in financial derivatives instruments for investment and efficient portfolio management purposes. This may involve counterparty, liquidity, leverage, volatility, valuation, over-the-counter transaction, credit, currency, index, settlement default and interest risks; and the Fund may suffer total or substantial losses.
  • The Fund's investments are concentrated in companies (may include small/ mid capitalization companies, REITs) engaged in or related to the property industry and may be more volatile and are subject to REITs and property related companies risks.
  • The Fund may invest in developing markets and involve increased risks.
  • The Fund may at its discretion pay dividends (i) pay dividends out of the capital of the Fund, and/ or (ii) pay dividends out of gross income while charging all or part of the fees and expenses to the capital of the Fund, resulting in an increase in distributable income available for the payment of dividends by the Fund and therefore, the Fund may effectively pay dividends out of capital. This may result in an immediate reduction of the Fund’s net asset value per share, and it amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment.
  • Investors should not only base on this document alone to make investment decisions and should read the offering documents including the risk factors for further details.

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Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a positive level of income and to seek to achieve capital growth over the long-term (5 years or more), with a focus on income generation.

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The Fund invests at least 80% of its assets in shares (equities) of companies engaged in or related to the property industry and equity-related securities, including real estate investment trusts (REITs). The Fund may invest in companies of any size, in any country.

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ABOUT THIS FUND

  • A broad investable universe and selective approach enables the team to identify stocks with attractive dividend yield and growth characteristics
  • Managed by a global team of experts based in Singapore, the UK, and the US with more than 90 years’ collective investment experience
  • Offers a liquid means of diversifying into global real estate and benefitting from powerful secular themes influencing the asset class

Portfolio Management

Guy Barnard, CFA
Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Tim Gibson
Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2001. Joined Firm in 2011.

Greg Kuhl, CFA
Greg Kuhl, CFA

Portfolio Manager

Industry since 2005. Joined Firm in 2015.

Performance

Cumulative Performance (%)
As of 2024/11/30
A2 USD (Net) FTSE EPRA Nareit Global REITs NR Property - Indirect Global - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
2003/09/29
A2 USD (Net) 2.53 1.01 14.34 11.63 21.13 -0.77 12.60 159.10
FTSE EPRA Nareit Global REITs NR 2.78 1.09 14.74 9.73 20.10 -2.50 7.29 -
Property - Indirect Global - OE 1.51 -0.36 11.41 6.92 17.27 -8.85 1.00 195.28
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Calendar Year Returns (%)
As of 2024/09/30
A2 USD (Net) FTSE EPRA Nareit Global REITs NR Property - Indirect Global - OE
2023 2022 2021 2020 2019
A2 USD (Net) 7.70 -23.09 20.88 0.52 29.26
FTSE EPRA Nareit Global REITs NR 9.61 -24.45 27.87 -9.16 23.58
Property - Indirect Global - OE 9.69 -26.69 24.43 -6.35 22.23
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.

Recommended holding period 5 Years

Example Investment: USD 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs760 USD920 USD
Average return each year-92.40%-37.97%
UnfavourableWhat you might get back after costs7,340 USD8,070 USD
Average return each year-26.55%-4.20%
ModerateWhat you might get back after costs10,050 USD12,670 USD
Average return each year0.50%4.85%
FavourableWhat you might get back after costs12,540 USD16,400 USD
Average return each year25.38%10.40%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 5.00%
Annual Charge 1.25%
Ongoing Charge
(As of 2023/12/31) 		2.18%
The ongoing charge is calculated using the Packaged Retail Investment Product (PRIIPs) methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.
Please refer to the offering documents for more details on the fees and expenses.

Portfolio

Top Holdings (As of 2024/11/30)
% of Fund
Welltower Inc 6.93
Realty Income Corp 6.11
Public Storage 5.87
Digital Realty Trust Inc 5.13
Prologis Inc 4.12
AvalonBay Communities Inc 4.03
American Homes 4 Rent 3.99
Goodman Group 3.90
VICI Properties Inc 3.90
Federal Realty Investment Trust 3.79
TOTAL 47.77
Portfolio holdings are subject to change without notice. 

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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