Interactive Investor

ii Super 60 investments:TR Property IT

Asset GroupAsset Sub-GroupInvestment Category
AlternativesPropertyAdventurous

The trust has been managed by Marcus Phayre-Mudge since March 2011 but he has been part of the management team since 1997. He has a wealth of relevant property experience and an exceptional breadth and depth of knowledge both in pan-European listed real estate equities and in UK direct commercial property. He is backed by deputy manager Alban Lhonneur and a well-resourced team that mixes analysts and fund managers.

The strategy is unique in that it is a hybrid portfolio of pan-European equities and UK physical property (currently around 7% of the total assets spread across three properties), packaged in a closed ended vehicle.

The team has built an extensive proprietary research database of more than 90 pan-European real estate companies that account for more than 95% of the market cap of the FTSE EPRA Nareit Developed Europe Capped Index.

The portfolio holds about 65 stocks and attention is placed on assessing and analysing the underlying assets of all the holdings to determine the see-through exposure (and gearing) of each position to individual sectors and markets. The resulting portfolio is diversified across the REIT sub-segments and country and sector bets are also limited. The net currency position is hedged back to the index on a daily basis to remove any impact of currency movements.

Opinion
Phayre-Mudge has built a robust track record through strong and consistent stock selection and solid approach to risk management. Through 30 Oct 2022, returns have been ahead of the FTSE EPRA Nareit Developed Europe Index and Morningstar Category peers by a healthy margin on both absolute and risk-adjusted terms. Value was added mainly through the listed exposure, but the smaller physical portion was also a contributor.

January 2023

Risk warnings

Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 

Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab. 

The information we provide in the ii Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. Please note that none of the opinions we provide are a “personal recommendation”, which means that we have not assessed your investing knowledge and experience, your financial situation or your investment objectives. Therefore you should ensure that any investment decisions you make are suitable for your personal circumstances.

If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial advisor. 

Any changes to the ii Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Outlook.

Details of all recommendations issued by ii during the previous 12 month period can be found here.

ii adheres to a strict code of conduct. Members of ii staff may hold shares in companies mentioned in the ii Super 60 investments list, which could create a conflict of interest. Any member of staff intending to complete some research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.

In addition, staff involved in the production of this ii Super 60 list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the list. This is to avoid personal interests conflicting with the interests of the recipients of this ii Super 60 investments list.