| Asset Group | Asset Sub-Group | Investment Category |
| Alternatives | Property | Adventurous |
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 January 2023 | ||
Risk warnings
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