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This is an unusual investment trust, because it is the only one listed by the AIC that invests mainly in the shares of property companies rather than physical property. This allows Marcus Phayre-Mudge, its manager since 2011, to adjust the portfolio more readily than if he were investing in direct properties, which can be hard to buy and take time to sell. When analysing potential investments, he and his team assess property assets, balance sheets and long-term records of managements using capital effectively to build asset valuation and earnings expectations for each company.
Phayre-Mudge can invest internationally but most of his holdings are in Europe, including the UK. He can invest in physical property in the UK, though this will generally not account for more than 20% of the portfolio. At the end of 2018, the trust had just over 6% invested in UK direct property, with the majority in continental shares led by allocations to Germany and France.
Shares in the trust have almost always traded at a discount to net asset value over the past three years, but that discount has steadily narrowed from almost 15% in 2017 to a premium of up to 5% in 2019.
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.
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