Fund Objective

The Fund aims to maximise long-term total return (the combination of income and growth of capital), through investment mainly in commercial property.
At the underlying portfolio level, we particularly focus on achieving consistent outperformance of our benchmark over rolling three year periods, whilst controlling risk.

Investment Approach

The manager conducts a disciplined approach to Property Investment Management. This is done by combining market forecasts and research views on rental growth, depreciation rates and risk premia with the detailed market knowledge of in-house surveyors. This allows us to reach a view of what the prospective performance of property markets and assets will be given their current price. We can then use this to assist with buy, sell or hold decisions.

The Fund is diversified across the different property sectors. This is achieved by reviewing the structural and portfolio risk implications of holding various assets within the Fund and when acquiring new assets for the Fund. In researching properties and therefore the associated risk, the following are considered: location, property type, rent review and lease expiry pattern, tenant, industry sector, tenure, lease covenants and physical and environmental factors.