UBS CBRE Property Securities Fund (APIR Code: SBC0816AU)
Price: AUD 1.3112
Fund Objective
The Fund aims to provide investors with a growing and reliable income, plus capital growth, from a portfolio of mainly Australian Real Estate Investment Trusts. The Fund aims to outperform (after management costs) the S&P/ASX 300 Property Accumulation Index over rolling three-year periods.
Fund Description
The Fund is an actively managed fund investing in a portfolio of 15 – 25 mainly Australian property and property related equity securities across a range of geographic and economic sectors.
Investment Strategy
The Fund uses a multi-step investment process for constructing the Fund’s investment portfolio that combines top-down sector allocation with bottom-up individual stock selection. Top-down sector allocation is determined through a systematic evaluation of listed and direct property market trends and conditions. Bottom-up stock selection is driven by proprietary analytical techniques to conduct fundamental company analysis, which provides a framework for security selection through an analysis of individual securities independently and relative to each other.
Portfolio Performance
The Fund delivered a -8.0% return during May, outperforming the S&P/ASX 300 AREIT Index by +0.6%. During the month, the main contributor to relative performance was the Fund’s overweight position in Rural Funds Group, which benefits from its uncorrelated asset returns versus traditional equities and its inflation hedge characteristics. The Fund’s overweight position in SCA Property Group was again a top contributor to relative performance, with supermarket inflation capturing turnover rent and increased institutional interest driving valuation support in the convenience retail sector. Detractors to performance included the Fund’s underweight position in Vicinity Centres, which reported a positive quarterly update highlighting a continued recovery across visitation, sales and rent collections. The Fund’s overweight position in Charter Hall also detracted from relative performance, due to market concerns over the Group’s outlook for transactional activity and investor fund flows.
About Fund:
The UBS Property Securities Fund (portfolio managed by CBRE while Distributed by UBS) is a portfolio of mainly Australian Real Estate Investment Trusts that the investment team believes are being undervalued by the market, based on the in-house assessment of the company’s future cash flows. The Fund aims to outperform (after management costs) the S&P/ASX 300 Property Accumulation Index over rolling five-year periods.
(Source: Banyantree, investmentcentre)
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