Fund Objective

To provide a total return by investing predominantly in a portfolio of listed companies and other vehicles whose activities include the ownership, management and/or development of UK real estate.

View on Past Performance

August was a more positive month for real estate with shares receiving a boost from falling interest rate expectations. Capital values for commercial property have continued their slide over the summer months, extending the market's total loss to around 21%. With the double threat of recession and inflation weighing heavily on businesses, rents are continuing to come under pressure in all three sectors of commercial property.The Fund was behind benchmark for the month with our overweight position in Development Securities the largest contributor to this underperformance as it saw its share price fall back from the highs of last month. Our overweight holdings in Hammerson and underweight position in Capital and Regional, which saw its share price surge on the back of speculation of a break up, also impacted performance this month.

Fund Details