TR Property is an unusual investment trust, because it is the only one listed by the Association of Investment Companies 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. The trust is managed on a total return basis.

September 2020

• To learn about investment trusts read our beginner’s guide
• Our explainer video runs through investment trust discounts and premiums