September, 2023
The fund produced a positive gross total return in September. Equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was also negative during the month of September. The USD depreciated by approximately -0.4% versus the AUD in September. On the trailing 12-month basis, the USD depreciated by circa -0.4%.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-2-1.pdfAugust, 2023
The fund produced a positive gross total return in August. Equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was also negative during the month of August. The USD appreciated by approximately 3.7% versus the AUD in August. On the trailing 12-month basis, the USD appreciated by circa 5.9%.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-1-1.pdfJuly, 2023
Gross total returns for the month of July were negative. The direct real estate holdings released the first quarter 2023 performance in July, resulting in a -180 bps impact to the Fund. Listed real estate produced a gross total return of 3.2% in July. Equity positioning was the main positive contributor to listed real estate performance, and the overall fixed income performance was also positive during the month of July.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-11.pdfJune, 2023
Gross total returns for the month of June were slightly negative. Listed real estate produced a gross total return of 1.44% in June. Equity positioning was the main positive contributor to listed real estate performance, and the overall fixed income performance was also positive during the month of June.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-10.pdfMay, 2023
Returns for the month of May were slightly positive. Listed real estate produced a gross total return of -2.97% in May. Equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was also negative during the month of May. The USD appreciated approximately 1.7% versus the AUD in May. On the trailing 12-month basis, the USD appreciated circa 10.9%.
The Fund's allocation to direct real estate was 77% as at 31 May 2023. The 23% liquidity sleeve allocation at month end was split as 16% to listed real estate and 7% to cash-like investments (all allocation figure are approximate).
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-9.pdfApril, 2023
Gross total returns for the month of April were slightly negative. The direct real estate holdings released the first quarter 2023 performance on April 25, resulting in a -228 bps impact to the Fund. Listed real estate produced a gross total return of 2.71% in April. Equity positioning was the main positive contributor to listed real estate performance, and the overall fixed income performance was also positive during the month of April.
File:March, 2023
For the month of March, GREF produced a slightly negative total gross return. Listed real estate produced a gross return of -3.63% (in USD terms), whilst direct real estate values were unchanged.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-8.pdfFebruary, 2023
Gross total returns for the month of February were positive in AUD. Listed real estate produced a negative gross total return in February. Equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was also negative during the month of February
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-7.pdfJanuary, 2023
In USD terms, listed real estate produced a gross total return of 5.95% in January. The direct real estate holdings released the fourth quarter 2022 performance on January 23, resulting in a +29 bps impact to the Fund. Equity positioning was the main positive contributor to listed real estate performance, and the overall fixed income performance was also positive during the month of January. The USD depreciated approximately -2.84% versus the AUD in January. On the trailing 12 months basis, the USD appreciated approximately 0.7%.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-6.pdfDecember, 2022
Gross total returns for the month of December were slightly negative. Listed real estate produced a gross total return of -0.42% in December. Equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was also negative during the month of December.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-5.pdfNovember, 2022
The fund produced a negative gross total return in November. Listed real estate produced a gross total return of 3.84% in November. Equity positioning was the main positive contributor to listed real estate performance, and the overall fixed income performance was also positive during the month of November. The USD depreciated approximately -5.2% versus the AUD in November. On the YTD and trailing 12 months basis, the USD appreciated approximately 7.9% and 6.3%, respectively. As of 30 November, the Fund’s ownership split between the unhedged and hedged share classes was 51% and 49%.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-4.pdfOctober, 2022
Returns for the month of October in AUD were slightly negative. Listed real estate produced a gross total return of 0.70% in October. The Fund's direct real estate holdings released third quarter 2022 performance in October, resulting in a negative impact to the Fund. Preferred equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was also negative during the month of October
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-3.pdfSeptember, 2022
Gross total returns for the month of September were 1.18% in AUD and approximately -1.7% in USD. Listed real estate produced a gross total return of -9.74% in September. Turmoil in UK financial markets and signs that the Federal Reserve still has some way to go in its efforts to temper inflation sent listed markets to their lowest levels of the year in September. Common equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was also negative during the month of September.
Through September 30, the Fund produced a trailing 1-year gross total return of 7.70% in AUD and approximately 2.2% in USD. The USD appreciated approximately 5.9% versus the AUD in September. On the YTD and trailing 12 months basis, the USD appreciated ~12.3% and ~11.6%, respectively. As of September 30, the Fund’s ownership split between the unhedged and hedged share classes was 52% and 48%.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-2.pdfAugust, 2022
Gross total returns for the month of August were 0.33% in AUD and approximately -0.7% in USD. Listed real estate produced a gross total return of -4.34% in August. The pullback in listed real estate returns was driven by reactions from the markets to commitments made by central banks to bring inflation under control, despite the inherent risks to the growth outlook, which shook both equity and bond markets in August. Common equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was also negative during the month of August.
Through 31 August 2022, the Fund produced a trailing 1-year gross total return of 6.10% in AUD and approximately 3.1% in USD. The USD appreciated approximately 2.1% versus the AUD in August. On the YTD and trailing 12 months basis, the USD appreciated ~6.1% and ~6.7%, respectively. As of August 31, the Fund’s ownership split between the unhedged and hedged share classes remained at roughly 50/50.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21-1.pdfJuly, 2022
Gross total returns for the month of July were 0.34% in AUD, and approximately 1.2% in USD, mainly driven by the positive performance from listed real estate holdings. While direct real estate holdings produced strong local currency returns for the quarter, currency headwinds offset much of the real estate appreciation, resulting in more muted return contribution in USD.
Listed real estate produced a gross total return of 5.7% in July as the market rallied during the month, capping off the best month of the year so far. Common equity positioning was the main positive contributor to listed real estate performance, and the overall fixed income performance was also positive during the month of July. The USD depreciated approximately 1.7% versus the AUD in July. On the YTD and trailing 12 months basis, the USD appreciated by around 4.0% and 5.4%, respectively. As of July 31st, the Fund’s ownership split between the unhedged and hedged share classes remained at roughly 50/50.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-DEC21.pdfMay, 2022
The USD depreciated approximately 0.2% versus the AUD in May and the YTD change was up 1.2% as at 31 May 2022. As at 31 May, the allocation between the unhedged and hedged unit classes was around 50.5% and 49.5%, respectively.
The Fund produced a gross total AUD return of around -1.3% in May and around 13.6% on a trailing 12-month basis. In USD terms, the Fund produced an estimated gross total return of around -1.2% in May and 6.9% on a trailing 12-month basis. Listed real estate produced a gross total return of -5.6% in May. Common equity positioning was the main negative contributor to listed real estate performance, and the overall fixed income performance was positive during the month of May.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-R-NOV21.pdfDecember, 2021
The fund produced a positive return for the month on a gross basis and ended the calendar year with a strong mid-teens gross return for the calendar year. In USD terms, the fund produced a gross total return of approximately 0,9% in December and around 10,7% on a full-year basis. Listed real estate produced a positive return for December at 4.2% on a gross total return basis. Common equity positioning was the main positive contributor to listed real estate performance
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-R-DEC21.pdfNovember, 2021
The Invesco Global Real Estate Fund aims to provide an average annual gross total return in line with that of a dedicated global core real estate portfolio, while maintaining a significant allocation to liquid assets to ensure the overall fund is more liquid than a dedicated core real estate portfolio.
File:October, 2021
The fund produced a negative return for the month on a gross basis. The fund produced a gross total AUD return of approximately -0.8% in October and 6.5% on a trailing 12-month basis. In USD terms, the Fund produced a gross total return of around1.8% in October and around 12.9% on a trailing 12-month basis, mainly driven by direct real estate income accruals and positive performance from listed real estate which produced a gross total return of around 3.7% in October.
Common equity positioning was the main positive contributor to listed real estate performance, and the overall fixed income performance was also positive during the month of October. The USD depreciated approximately 4% versus the AUD in October. As at October 31, the allocation between the unhedged and hedged unit classes was 61.0% and 39.0%, respectively.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-OCT21.pdfMay, 2021
The USD return for the month was approximately 0.5 , driven by positive listed real estate performance and direct real estate income accrual. Listed real estate produced returns of around1.5 in May. Common equity was the largest contributor to listed real estate performance, though overall fixed income performance was also positive for the month. The USD was up around 0.6versus the AUD in May, but remains down about -0.4 year-to-date. On a since inception basis, currency impacts continue to be by far the largest negative detractor from AUD returns.
The Fund began the month with, and maintained an allocation of, around 75 to direct real estate. The 24.55 liquidity sleeve allocation at month end was split 21.1 to listed real estate and 3.45 to cash-like investments.
The Global REIT market delivered positive returns during May, with the the FTSE EPRA Nareit Developed Index of +1.84 on a USD basis. Global economic growth expectations continue to be revised higher, driven by the strength of the highly stimulated US economy. US inflation readings surprised to the high side in May, however, there remains a lack of clarity on how sustained price growth may be, and how widespread across the globe. Caution in re-opening remains highest in Asia. Listed real estate delivered positive returns for the month, with listed real estate ending the period trading at a mid to high single digit premium to average underlying net asset value.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-R-MAY21.pdfJanuary, 2021
The fund (AUD unhedged) produced a net total AUD return of 1.91% in December and -6.26% since inception. Returns for the month were driven by favourable direct real estate returns reported for Q4 2020 and recognised within the Fund in January. Gross total quarterly returns for direct real estate were 4.74%, which comprised of an income return of 1.03% and an appreciation return of 3.71%.
Total returns were positive across all regions, and currency tailwinds significantly lifted USD returns for holdings in Europe and Asia Pacific. Listed real estate investments traded down slightly for the month (-0.67%). Listed real estate equities were the largest detractors from performance and the US was the largest detractor by region. The USD was down just a touch vs. the AUD in January (-0.2%), and is down -12.9% over the past year. Currency impacts continue to be by far the largest negative detractor from AUD returns.
The Fund began the month with an allocation of 62% to direct real estate and rose to 74% by month end due to an additional investment made into direct real estate mid-month, and offset by modest inflows into the Fund for the month. At month end, the liquidity sleeve allocation of 26% was split; 23% to listed real estate and 3% to cash-like investments.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Global-Real-Estate-Fund-Class-A-Monthly-Report-JAN21.pdfasset_class: Property and Infrastructure
asset_category: Unlisted and Direct Property
peer_benchmark: Property - Unlisted and Direct Property Index
broad_market_index: Dvlp Global Real Estate
manager_contact_details: Array
ticker: GTU5547AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
fund_features:
Invesco Global Real Estate A is established for the purpose for investing in the Underlying Funds which is a Luxembourg domiciled FCP-RAIF. The Fund aims to provide over the long term, an average annual gross total return in line with that of a global core real estate portfolio. The Underlying Fund seeks to achieve its objective by investing in funds managed by the Invesco Group that primarily invest, directly or indirectly, in institutional quality, core or income real estate and real estate related rights, estates and interests and real estate securities that are located around the globe. The Underlying Fund also maintains a significant liquidity component which is invested in listed securities of generally investment grade quality, including but not limited to Real Estate Investment Trusts (REITs), property companies, listed real estate debt and Commercial Mortgage Backed Security (CMBS). The Underlying Fund generally targets asset allocation of: Direct Real Estate Listed Real Estate and Cash and Cash Equivalents 70% 30% At any point in time the allocation to Direct Real Estate, Listed Real Estate and Cash may vary significantly from these targets.
structure: Managed Fund