For investors in Hong Kong

Global Real Estate Equity Income Fund

Actively managed, high-conviction fund focused on the managers’ best ideas in listed property stocks and REITs, and aiming to deliver long-term capital appreciation


EUR 18.98
As of 2022/01/26

1-Day Change
EUR -0.15 (-0.78%)
As of 2022/01/26

Morningstar Rating

Key investment risks:

  • The Fund's investments in equities are subject to equity market risk due to fluctuation of securities values.
  • Investments in the Fund involve general investment, currency, hedging, economic, political, policy, foreign exchange, liquidity, tax, legal, regulatory, securities financing transactions related and small/ mid-capitalisation companies related


  • risks. In extreme market conditions, you may lose your entire investment.
  • The Fund may invest in financial derivatives instruments for investment and efficient portfolio management purposes. This may involve counterparty, liquidity, leverage, volatility, valuation, over-the-counter transaction, credit, currency, index, settlement default and interest risks; and the Fund may suffer total or substantial losses.
  • The Fund's investments are concentrated in companies (may include small/ mid capitalization companies, REITs) engaged in or related to the property industry and may be more volatile and are subject to REITs and property related companies risks.
  • The Fund may invest in developing markets and involve increased risks.
  • The Fund may at its discretion pay dividends (i) pay dividends out of the capital of the Fund, and/ or (ii) pay dividends out of gross income while charging all or part of the fees and expenses to the capital of the Fund, resulting in an increase in distributable income available for the payment of dividends by the Fund and therefore, the Fund may effectively pay dividends out of capital. This may result in an immediate reduction of the Fund’s net asset value per share, and it amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment.
  • Investors should not only base on this document alone to make investment decisions and should read the offering documents including the risk factors for further details.




The Fund aims to provide a positive level of income with the potential for capital growth over the long term (five years or more).
Performance target: To achieve a dividend yield exceeding that of the FTSE EPRA Nareit Global REIT Index, before the deduction of charges, on an annual basis.


The Fund invests at least 80% of its assets in shares (also known as equities) and equity-related securities of real estate investment trusts (REITs) and companies, which invest in property, in any country. Companies will derive the main part of their revenue from owning, developing and managing real estate.
The Fund may also invest in other assets including cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund.
The Fund is actively managed with reference to the FTSE EPRA Nareit Global REIT Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.



  • A broad investable universe and selective approach enables the team to identify stocks with attractive dividend yield and growth characteristics
  • Managed by a global team of experts based in Singapore, the UK, and the US with more than 90 years’ collective investment experience
  • Offers a liquid means of diversifying into global real estate and benefitting from powerful secular themes influencing the asset class


Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2001. Joined Firm in 2011.

Greg Kuhl, CFA

Portfolio Manager

Industry since 2005. Joined Firm in 2015.


Discrete Performance (%)
As of 2021/12/31
Quarter End
As of 2021/12/31
Dec-2020 - Dec-2021 Dec-2019 - Dec-2020 Dec-2018 - Dec-2019 Dec-2017 - Dec-2018 Dec-2016 - Dec-2017
A2 HEUR 19.54 -1.91 25.19 -7.91 12.87
Cumulative Performance (%)
As of 2021/12/31
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
A2 HEUR 7.14 9.16 6.32 19.54 19.54 46.80 52.60 108.60
2017 2018 2019 2020 2021
A2 HEUR 12.87 -7.91 25.19 -1.91 19.54
Initial Charge 5.00%
Annual Charge 1.25%
Ongoing Charge
(As of 2021/06/30)


Top Holdings (As of 2021/12/31)
Life Storage Inc 4.40
VICI Properties Inc 4.36
Spirit Realty Capital Inc 4.34
UDR Inc 3.96
Prologis Inc 3.94
MGM Growth Properties LLC 3.82
National Retail Properties Inc 3.81
Invitation Homes Inc 3.78
Ventas Inc 3.50
Granite Real Estate Investment Trust 3.44
Total 39.35


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