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This fund aims to provide investors with a total return consistent with a balanced commercial property portfolio. The portfolio is diversified across the UK with a bias to the South East. Generally the focus is on prime (quality) buildings although some higher quality secondary properties that offer asset management opportunities may also be included. At least 10% of the fund's assets will be held in cash or near cash; a small position will also be held in higher yielding property equities and bonds. Investors should note that the management group reserves the right to swing the unit price without notice to reflect net fund flows.
|Sector||UK Direct Property|
|Dividends paid||28 Feb, 31 May, 31 Aug, 30 Nov|
|Standard initial charge||0.00%|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||1.35%|
|Ongoing charges figure||1.48%|
Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.
A UK bricks and mortar commercial property fund offering core exposure to the asset class. Manager Gerry Ferguson targets low risk properties that will provide steady rental growth. The fund has a strategic direct property exposure range of 70-80% and uses property shares and fixed income for liquidity management. The team of eight under Ferguson directly running this trust also benefits from around forty dedicated real estate professionals in the wider Aberdeen real estate team covering UK and international markets.
|High yield bonds||0|
Generally the focus is on prime (quality) buildings let to low risk tenants although some higher quality secondary properties that offer asset management opportunities may also be included. 75% to 80% of the fund is invested directly in physical property with the remainder in a mix of liquid property-related investments (listed equities and bonds) and cash to help meet investor redemptions. Active asset management aims to reduce vacancy rates, increase lease lengths and includes some new build developments (both agreed pre-lets and speculative) and opportunistic sales. The fund is directly run by a team of eight under Gerry Ferguson along with around 40 dedicated real estate professionals in the wider Aberdeen real estate team covering UK and international markets.
|Fund data updated on||16/08/19|
|High yield bonds||0|
As at: 30/04/2019
7% Biggleswade, A1 Shopping Park
6.9% Sheffield, The Moor
5.6% Edinburgh, Hermiston Gait Retail Park
5.1% Windsor Yards
4.9% London, 24 Minories
4.5% London, Broadwalk Sc, Edgware
4.3% London, 180 Stratford High Street
4.1% Speke, Boulevard Industrial Park
3.9% Beckton Triangle Retail Park, London
3.9% Edinburgh, G&V Hotel, The Bridge
|Retail - Property||46%|
|Other - Property||14%|
|Industrial - Property||14%|
|Offices - Property||6%|
As at 31/12/17: fund size £2.5bn; number of properties 53; average lease length 9.8 years; voids 4.3%; liquidity 23.4%; p; direct property 76.6% of which: Retail 50%; Offices 18%; Industrial 15%. Top 10 direct property holdings 42.8%
The fund offers exposure across retail, office and industrial properties. Not more than 10% of the fund's assets can be held in collective investment schemes.
|Average monthly relative returns||Bestinvest MRI|
|14/15||15/16||16/17||17/18||18/19||3 years||5 years||Career||3 years||5 years||Career|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
Shaw graduated from Heriot-Watt University in 1990 with a BSc in Estate Management. Following graduation George worked with Weatherall Green & Smith for 6 years progressing to senior surveyor before joining Lambert Smith Hampton as an associate director in 1996. In 2002 he joined Abbey National Asset Managers as a property investment manager before joining Ignis' property team in December 2005. Shaw is a member of the Royal Institute of Chartered Surveyors.
George Shaw has 12 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.26%. During the worst period of relative performance (from September 2009 - July 2019) there was a decline of 35% relative to the index. The worst absolute loss has been 37%.
|Periods of worst performance|
|Absolute||-37% (August 2007 - April 2009)|
|Relative||-35% (September 2009 - July 2019)|
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.