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This fund aims to provide long term capital growth and a moderate level of income from a diversified portfolio of investments in the shares of UK and Continental European property companies. This may include some exposure to Eastern Europe and Scandinavia. The fund may also invest in other funds of property shares and up to 20% outside Europe. Non UK exposure is hedged back to sterling. This has been managed since July 2005 by Alex Ross, previously manager of the Aberdeen Property Share Unit Trust.
|Dividends paid||31 Jan, 31 Aug|
|Standard initial charge||4.00%|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||1.50%|
|Ongoing charges figure||1.66%|
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.
This manager lives and breathes UK and European REITs and other listed property securities so that we don't have to. This removes the timing and sector decisions that we or our clients would otherwise have to take. His experience running the Aberdeen property share fund means he is aware of the need to limit the size of his fund so that he is still easily able to trade in and out of stocks. The liquidity of the underlying investments will be checked when the fund size gets to £350m which may lead to the fund being closed to new investments.
|High yield bonds||0|
The manager seeks to maximise total returns from the sector. He follows a fundamental approach to investing in property and will generally hold stocks for the long term. The manager follows 150 pan European stocks and invests in 80-100 with a maximum held at any one time of around 50 stocks. He runs his own spreadsheet models for all his holdings and the underlying buildings that they own so that he can model the effect of changes in rents anywhere in his portfolio. The core of the fund consists of quality blue chip companies. At stock selection level the primary focus is on quality assets at attractive valuations though the manager will also seek to strategically rotate regional fund exposure to capture local property cycles. The ability to move between sectors and countries is helped by the small size of the fund. All non-sterling investments are hedged back to sterling so that investors are only exposed to changes in property share prices, not fluctuations in currency exchange rates.
|Fund data updated on||16/08/19|
|High yield bonds||0|
As at: 31/05/2019
9.1103%Leg Immobilien Ag
7.6446%Deutsche Wohnen Se
3.5079%Vib Vermoegen Ag
3.0474%Merlin Properties Socimi Sa
|Residential - Property||28%|
|Offices - Property||22%|
|Warehouse - Property||3%|
|Health Care - Property||2%|
There are approx. 55 stocks in the portfolio. 65% in major UK & European REITs. 35% with proven experts in restructuring secondary assets.
Fund size capped at £350m. Max 75 stocks at any one time.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.
|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.|
Ross (b.1971) graduated from the University of the West of England. He moved to Hong Kong as a trainee Investment Analyst for Ivory & Sime for a year, where he carried out analysis on a variety of companies across South-East Asia primarily for the Pacific Assets Investment Trust. He then returned to the UK in March 1996 as an institutional salesman for Amsteel Securities, selling South-East Asian equities to a European client base for two years. He joined the UK Specialist Funds desk at Aberdeen Asset Managers Limited in May 1998, where his main role was meeting, researching and rating UK smaller companies as well as managing the Aberdeen Property Share fund. In March 2005 he left Aberdeen and in June 2005 joined Premier Asset Management.
Alex Ross has 16 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.04%. During the worst period of relative performance (from July 2007 - June 2011) there was a decline of 19% relative to the index. The worst absolute loss has been 64%.
|Periods of worst performance|
|Absolute||-64% (March 2007 - March 2009)|
|Relative||-19% (July 2007 - June 2011)|
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.