HBC0008AU SG Hiscock Property Opportunities

September, 2023

• A Net Present Value (“NPV”) Discount;
• An Internal Rate of Return (“IRR”) Premium;
• Ideally a (Real, not manufactured) Free Cashflow Yield Premium; and
• A Lower Price to Net Asset Value (“NAV”).
• The S&P/ASX 300 AREIT Accumulation Index fell 8.7%, as the global jump in bond yields in September severely impacted upon the performance of AREITs.
• The AREITs underperformed both the Global REITs (down 5.6%) and the general market (via the S&P/ASX 300 Accumulation Index) which was down 2.9%. Only the energy subsector on the ASX delivered positive returns in September.
• Both the ten-year bond yield (4.49%) and ten-year real bond yields (1.92%) rose materially. The rise in the nominal yield was greater than the rise in real yields, resulting in the implied inflation expectations for the next 10-years lifting to ~2.6% pa.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-2-1.pdf

August, 2023

• The S&P/ASX 300 AREIT Accumulation Index rose 2.2%. This was driven by Goodman Group and the potential opportunities and scale of developing data centres in its portfolio, as they theorise how best to take advantage of this long-dated opportunity. The industrial subsector was the outperformer both domestically and globally.

• The AREITs once more outperformed both the Global REITs (down 2.7%) and the general market (via the S&P/ASX 300 Accumulation Index) which was down 0.8%. Only the discretionary retail subsector outperformed AREITs. Utilities and staples were the laggards.
• Both the ten-year bond yield (4.03%) and ten-year real bond yields (1.54%) were little changed, but this was after the ten-year bond yield was north of 4.2% intra-month. It finished at its lows. This has resulted in the implied inflation expectations for the next 10-years remaining relatively stable at ~2.5% pa.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-1-1.pdf

July, 2023

The S&P/ASX 300 AREIT Accumulation Index rose 3.9%, as the AREIT sector benefitted from increasing expectations that the interest rate rising cycle is coming close to the end. This was combined with the June quarter CPI coming in below expectations.

The AREITs outperformed both the Global REITs (up 3.2%) and the general market (via the S&P/ASX 300 Accumulation Index) which was up 2.9%. The information technology sector continues to benefit from the AI thematic, only being surpassed by the energy and financial sectors in terms of performance, with the latter benefitting via its interest rate sensitivity.

Both the ten-year bond yield and ten-year real bond yields were relatively unchanged, north of 4% and 1.5% respectively. This has resulted in the implied inflation expectations for the next 10-years remaining relatively stable at ~2.5% pa. This figure is also in line with the RBA’s doctrine.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-12.pdf

June, 2023

The S&P/ASX 300 AREIT Accumulation Index was relatively flat, down 0.1%, with a predominant number of AREITs trading on an ex-distribution basis in late-June.

The AREITs underperformed both the Global REITs (up 2.8%) and the general market (via the S&P/ASX 300 Accumulation Index) which was up 1.7%. The information technology sector continues to benefit from the AI thematic permeating the globe, whilst the materials sector was the best performing sector in the ASX in June.

Both the ten-year bond yield and ten-year real bond yields jumped ~40 bps, to 4.02% and 1.58% respectively. This has resulted in the implied inflation expectations for the next 10 years remaining relatively stable at ~2.4% pa, around where we forecast longerterm inflation to be. Thus, the inverse correlation between the AREIT sector’s performance and real bond yield movements was broken once more in June, as the market (overall) looks through the interest rate rises.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-11.pdf

May, 2023

The S&P/ASX 300 AREIT Accumulation Index fell 1.8%, as the markets increasingly started to factor in further interest rate rises/higher for longer, given the ongoing, robust inflation data.

Consumer discretionary and staples were the worst performing sectors on the ASX in May, given a slowing in retail sales, tradingdown/value-conscious shopper coming to the fore. Retail AREITs, especially those exposed to discretionary retail fell in sympathy (unfairly in our view) given the fact that these sales figures have come-off relatively high levels and their rents are not determined upon a retailer’s sales turnover.

The AREITs (again) outperformed both the Global REITs (down 3.8%) and the general market (via the S&P/ASX 300 Accumulation Index) which was down 2.5%, driven by the underperformance in consumer sectors and financials. Information Technology delivered ~12%, benefitting from the AI thematic permeating the globe.

The ten-year bond yield rose 27 bps, to 3.61%. The ten-year real bond yields only rose 20 bps, to 1.17%. This has resulted in the implied inflation expectations for the next 10 years rising to 2.44%, edging closer to what we forecast longer-term inflation to be.

The correlation between the AREIT sector’s performance and real bond yield movements was therefore reestablished, given the enhanced risk of further interest rate rises.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-9.pdf

March, 2023

The S&P/ASX 300 AREIT Accumulation Index dropped 6.8%, as markets sought liquidity, as fears of a global banking crisis swept through economies. The global banking sector’s appetite/ability to lend to commercial property (especially office) was doubted, given the loan books of the US regional banks being skewed towards commercial property.

Unsurprisingly, fund managers and office were the worst performers, as all sub-sectors finished in the red. We note that the residential-exposed names more generally delivered positive returns.

The AREITs underperformed both the Global REITs (-3.9%) and the general market (via the S&P/ASX 300 Accumulation Index) which was relatively flat (-0.2%) driven by the materials, and communication services sectors.

The ten-year bond yield dropped 55 bps, to 3.3%, whilst the ten-year real bond yields fell by 45 bps, to 0.95%. This is in line with our assumed through-the-cycle real interest rate. This resulted in the implied inflation expectations falling from ~2.5% to 2.35%, which remains on the low-side to what we envisage inflation will be longer-term.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-8.pdf

February, 2023

The S&P/ASX 300 AREIT Accumulation Index marginally retreated (-0.4%) following January’s stellar start. The markets (domestically and globally) factored that interest rates rises have further to go and that reductions may be moderate. The stronger economic outlook allayed recessionary fears currently, as inflation, whilst most likely having peaked, looks set to remain persistent.

The ten-year bond yield jumped 30 bps, to 3.85%, whilst the ten-year real bond yields leapt 35 bps, to 1.40%. The implied inflation expectations remain ~2.5%. Fund managers were the worst performers, in another stark contrast to the prior month’s performance. Office was the best performing sector domestically, as the metrics reported during February’s results were not as bad as feared (to date). By contrast, office was the worst performer globally.

The AREITs outperformed both the Global REITs (-3.6%) and the general market (via the S&P/ASX 300 Accumulation Index) which was down 2.6%. This was driven by the miners, who were negatively affected by the broad-based jump in the US dollar (the Australian dollar fell three cents in February to US$0.67) which negatively impacted commodity pricing generally.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-7.pdf

January, 2023

We continue to target Australian Real Estate Investment Trusts (AREITs) that provide solid fundamentals over the medium-tolong-term that are trading attractively relative to other AREITs. Overall we endeavour to invest in entities that offer a combination of:
• A Net Present Value (“NPV”) Discount;
• An Internal Rate of Return (“IRR”) Premium;
• Ideally a (Real, not manufactured) Free Cashflow Yield Premium; and
• A Lower Price to Net Asset Value (“NAV”).

The S&P/ASX 300 AREIT Accumulation Index started 2023 in a complete contrast to 2022, up 8.1%, as the markets (both domestically and globally) broadly ran with the expectation that interest rate rises to not only cease in the near-term but reverse into cuts over the medium term, given the various economic data releases suggest a peak in inflation has been achieved. Subsequently, this backdrop led to the fund managers being the best performers, a complete contrast to December 2022. Specifically, the ten-year bond yield declined 50 bps, to 3.55%. Ten-Year Real bond yields dropped by slightly more, down 54 bps, to 1.05%. The implied inflation expectations rose once more, but only 4 bps to 2.50%. This trend is consistent with our expectations about the longer-term inflation outlook.

We note since the start of 2022, as the markets started to account for the increased likelihood of interest rate rises, the AREIT sector’s performance has become highly correlated with the movements in the ten-year real bond yield. As we come closer to the end of the interest rate rising cycle, we expect rates to stabilise at higher levels than has historically been the case than the years immediately prior and during the pandemic. We are comfortable with an investment environment predicated on positive real bond yields ~1%. Global REITs benefitted from these same dynamics, performing in line with the AREITs, delivering 8.0%. The general market (via the S&P/ASX 300 Accumulation Index) was the laggard but still generated 6.3%. Utilities was the only sector to register a negative month, given recent government initiatives to cap power price rises.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-6.pdf

December, 2022

The S&P/ASX 300 AREIT Accumulation Index finished 2022 down 4.0%. This was reflective of the poor 2022 experienced by the AREIT sector, being down 20.1%. The rise in interest rates was a global phenomenon driving higher real bond yields. This was the key driver of this performance in both the month and year. Consequently, the fund managers subsector, which traded on higher multiples was the worst hit. The culprit of the poor performance in December was the move by the BOJ to expand the range of the yield curve control targets, implying higher interest rates. This caught the markets unawares. In response, yields rose globally, with the ten-year bond yield domestically being no exception, rising 52 bps, back over 4% (4.05%). Ten Year Real bond yields rose by less, up 42 bps, finishing at 1.59%. This culminated in the implied inflation expectations rising 10 bps to 2.46%, reflective of a trend we expect some further pressures to the upside to in the first part of 2023. The Australian Dollar rose marginally, finishing a little over US$0.68. Global REITs marginally outperformed the AREITs, delivering negative 3.8%. The general market (via the S&P/ASX 300 Accumulation Index) outperformed the respective REIT indices but was still down 3.3%. All sectors were negative, with both the materials and utilities sectors being the outperformers once more.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-5.pdf

November, 2022

The S&P/ASX 300 AREIT Accumulation Index had another strong month, up 5.8%. Once again, investors sensing we are closing in on a top/moderation in the interest rate rising cycle in 2023 increased their positioning into the interest rate sensitive sectors.

Data indicating that the inflationary pressures are moderating has seen some even prognosticate a pause by the RBA is imminent. Ex-alternatives, the sub-sectors were positive, led by the fund managers and industrial. The lower ten-year bond yield was a driver, dropping 23 bps, to 3.53%. Real interest rates dropped 20 bps, finishing at 1.17%.

Implied inflation expectations therefore were relatively unchanged at 2.36%, which still seems on the downside. The Australian Dollar rebounded once more, by circa. four cents, finishing just under US$0.68. The Fed’s talk of moderating their interest rate rising cycle drove the rebound in the AUD but commodities were also up, including iron ore.

Global REITs underperformed the AREITs, delivering 5.0%. The general market (via the S&P/ASX 300 Accumulation Index) rose 6.5%. All sectors were positive, driven by utilities and materials.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-4.pdf

October, 2022

We continue to target Australian Real Estate Investment Trusts (AREITs) that provide solid fundamentals over the medium-to-long-term that are trading attractively relative to other AREITs.

Overall we endeavour to invest in entities that offer a combination of:
• A Net Present Value (“NPV”) Discount;
• An Internal Rate of Return (“IRR”) Premium;
• Ideally a (Real, not manufactured) Free Cashflow Yield Premium; and
• A Lower Price to Net Asset Value (“NAV”).

The S&P/ASX 300 AREIT Accumulation Index rebounded in October, up 9.9% as investors returned to the interest rate sensitive sectors, given the belief that interest rate increases are nearing their cyclical peaks (both domestically and globally). The RBA’s surprising 25 bps increase in October was followed-up with another 25 bps on Cup Day, despite increasing inflation forecasts for Australia, not falling back to the 2% to 3% band until 2025 at the earliest. All sub-sectors were positive for the month but office barely so, as the cyclical and structural headwinds take hold. Domestically, the performance was driven by the ten-year bond yield falling 13 bps, to 3.76%. This was only after reaching an intramonth high of 4.20%. Crucially, real interest rates dropped 37 bps, finishing at 1.37%. Implied inflation expectations regained the 24 bps it dropped in September, back to 2.38%. As stated last month, this is a “low figure implying a lower inflationary period in comparison to the last decade, which was an extraordinarily low inflationary era. This is counterintuitive to both the domestic and global outlook suggesting a continued and entrenched higher inflationary environment over the medium-term before current inflation figures reach their target levels”. The Australian Dollar was down slightly, finishing under US$0.64. Global REITs underperformed the AREITs, delivering 3.1%, with the retail sub-sector leading the way. The general market (via the S&P/ASX 300 Accumulation Index) rose 6.0%. Financials and Energy were the other outperforming sectors for the month, whilst Materials and Consumer Staples finished down.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-3.pdf

September, 2022

We continue to target Australian Real Estate Investment Trusts (AREITs) that provide solid fundamentals over the medium-to-long-term that are trading attractively relative to other AREITs. Overall we endeavour to invest in entities that offer a combination of:
• A Net Present Value (“NPV”) Discount;
• An Internal Rate of Return (“IRR”) Premium;
• Ideally a (Real, not manufactured) Free Cashflow Yield Premium; and
• A Lower Price to Net Asset Value (“NAV”).

The S&P/ASX 300 AREIT Accumulation Index plummeted 13.6% in September, as investors globally fled the interest rate sensitive sectors on the back of an increasing likelihood of further interest rate rises, along with rising real bond yields. (Only Utilities fared worst). The fund managers, industrial and childcare sub-sectors were the worst performers in the AREITs. The UK mini budget and its bewildering tax cuts (since withdrawn) in the face of rising inflation, saw markets start to experience contagion from the escalation in UK bond yields via the sell-off, necessitating the intervention of the Bank of England, reinstating Quantitative Easing temporarily. This was after the continued emphasis from The Fed post Jackson Hole that inflation remains high and that further rises in interest rates are required. Domestically, the ten-year bond yield rose 29 bps, to 3.89%.

The Australian Dollar plummeted more than four cents to US$0.64, as the US Dollar was sought as a global refuge from the market upheaval. (The RBA’s less than expected 25 bps uplift in official interest rates in October, marking 250 bps in increases since May, brings it only to a neutral setting, as inflation pressures continue to mount and become entrenched). Real interest rates leapfrogged 53 bps, finishing over 1.74% as at the end of September, whilst implied inflation expectations thus fell 24 bps to 2.14%, an extremely low figure implying a lower inflationary period in comparison to the last decade, which was an extraordinarily low inflationary era.

This is counterintuitive to both the domestic and global outlook suggesting a continued and entrenched higher inflationary environment over the medium-term before current inflation figures reach their target levels. Global REITs were not dissimilar to the AREITs falling 11.8%, with the industrial sub-sector also the worst performing. The general market (via the S&P/ASX 300 Accumulation Index) dropped 6.3%. Energy and Materials were the outperformers for the secondconsecutive month.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-2.pdf

August, 2022

We continue to target Australian Real Estate Investment Trusts (AREITs) that provide solid fundamentals over the medium-to-long-term that are trading attractively relative to other AREITs.
Overall we endeavour to invest in entities that offer a combination of:
• A Net Present Value (“NPV”) Discount;
• An Internal Rate of Return (“IRR”) Premium;
• Ideally a (Real, not manufactured) Free Cashflow Yield Premium; and
• A Lower Price to Net Asset Value (“NAV”). The S&P/ASX 300 AREIT Accumulation Index fell 3.6% in August.

The Retail AREIT sub-sector was the outperformer for the month, as the sales growth and re-leasing spreads surprised the market. The ten-year bond yield rose 54 bps, to 3.6% recovering nearly all of last month’s drop. The RBA’s 50 bps uplift in official interest rates is expected to be replicated for the next meeting, marking 225 bps in increases since May. Real interest rates rose 35 bps, finishing at 1.21%. Implied inflation expectations thus rose ~20 bps to 2.38%. Despite the lift this intuitively remains on the low side, as both the domestic and global outlook suggests a continued and entrenched higher inflationary setting going forward. Global REITs fared worst, dropping 5.7%, negatively impacted by the rising rates globally, especially from the rhetoric continuing to emanate from The Fed. The general market (via the S&P/ASX 300 Accumulation Index) rose 1.2%. Reversing last month’s performance, Energy and Materials outperformed, whilst IT joined the Staples and AREITs, as the laggards.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet-1.pdf

July, 2022

We continue to target Australian Real Estate Investment Trusts (AREITs) that provide solid fundamentals over the medium-to-long-term that are trading attractively relative to other AREITs.

Overall we endeavour to invest in entities that offer a combination of:
 A Net Present Value (“NPV”) Discount;  An Internal Rate of Return (“IRR”) Premium;
 Ideally a (Real, not manufactured) Free Cashflow Yield Premium; and
 A Lower Price to Net Asset Value (“NAV”).

The S&P/ASX 300 AREIT Accumulation Index rebounded 11.8% in July. The ten-year bond yield falling 60 bps to 3.06%, having exceed 4% mid-June, drove the rally, as the market prices in interest rate cuts to commence in the medium-term, looking through the forecast increases still expected in 2022. The US Fed’s controversial pronouncement of being closer to neutral drove the yield compression in late-July. Yield curves flattened in Australia and inverted elsewhere, most notably in the USA, signifying a slowdown. Real interest rates fell 55 bps, finishing at 86 bps. Implied inflation expectations declined marginally to 2.2%.

This remains on the low side, given the data and expectations in the market surrounding inflation going forward, moving to an environment that we believe should see higher inflation and interest rates than witnessed in post-GFC, which was driven by some easing on globalisation and the associated, predominantly deflationary impacts. Entities reliant upon lower return hurdles, with a larger portion of active earnings streams (ex-Residential) drove the AREIT index up, led by the fund managers. Industrial rebounded, lower yields assisted in maintaining the sub-sectors tight cap rates. Global REITs also benefitted from these tailwinds, rebounding 7.7%. The general market (via the S&P/ASX 300 Accumulation Index) rose 6.0%. Materials was the sole sector to fall, as the global growth concerns rise. Only IT domestically outperformed the AREITs, benefitting from the dive in yields.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SG-Hiscock-Property-Opportunities-Fund-Fact-Sheet.pdf

August, 2021

The S&P/ASX 300 AREIT Accumulation Index jumped 6.4% in August. The Alternatives/Niche names and the Retail AREITs led the way, with the latter’s outperformance based more around reassuring the market that activity and Sales return towards prePandemic levels (outside of lockdowns) that Rent Relief will be much more limited to 2020 during lockdowns and from a macro perspective, Vaccination Rates are accelerating.

The Ten-Year Bond Yield was marginally lower, remaining under 1.2%. Real Interest Rates were also marginally lower at negative levels, resulting in Implied Inflation Expectations finishing a little over 2.0%. The AREIT sector materially outperformed both the Global REITs, which returned 1.5% in August and the general market domestically (via the S&P/ASX 300 Accumulation Index) which lifted 2.6%. Despite one of the best earnings seasons ever, the ASX was impacted by the negative performance of the Materials and Energy sectors.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/179145018.pdf

July, 2021

The S&P/ASX 300 AREIT Accumulation Index was up marginally in July, increasing 0.5%. For the second-consecutive month, the Fund Manager AREITs led the way with Centuria Capital, HomeCo, Charter Hall Group and Goodman Group in amongst the top six performers for the month. The lower Real Rates in July supported the more growth-orientated entities, namely the aforementioned Fund Managers.

The Ten-Year Bond Yield compressed ~35 bps to sit under 1.2%. Real Interest Rates further entrenched themselves in negative territory, delivering a ~30 bps, resulting in Implied Inflation Expectations finishing relatively unchanged at ~2.1%. The repeated snap Lockdowns in Australia, coupled with Sydney’s ongoing, longer-term Lockdown hastened the further move down in Yields in a “risk-off” play. A September 2021 Quarter Contraction in the economy seems inevitable at this point in time as a result. This thematic also played-out in the FX market, with the Australian Dollar falling ~1.5 cents to finish just under US$0.735.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/176380240.pdf

May, 2021

We continue to target Australian Real Estate Investment Trusts (AREITs) that provide solid fundamentals over the medium-to-long-term that are trading attractively relative to other AREITs. Overall we endeavour to invest in entities that offer a combination of: - A Net Present Value (“NPV”) Discount; - An Internal Rate of Return (“IRR”) Premium; - Ideally a (Real, not manufactured) Free Cashflow Yield Premium; and - A Lower Price to Net Asset Value (“NAV”).

The S&P/ASX 300 AREIT Accumulation Index delivered 1.8% in May, carried by the Residential and Alternatives sub-sectors and chiefly, Childcare, given the Federal Government initiatives announced in the Budget. The Ten-Year Bond Yield continued to consolidate in the 1.7% range. Real Interest Rates have further entrenched themselves in negative territory, at negative 58 bps, their lowest level since the start of 2021. This further assisted the AREIT sector’s performance for the month, with the growth names/Fund Managers all outperforming. Implied Inflation Expectations rose marginally, to 2.3%.

The AREIT sector slightly outperformed the Global REITs, which returned 1.4% in May. (European REITs led the way globally, thanks to the Retail and Residential names but was dragged down by the USREITs underperformance). Domestically, the general market (via the S&P/ASX 300 Accumulation Index) outperformed, returning 2.3% for the month.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/173431819.pdf

April, 2021

The S&P/ASX 300 AREIT Accumulation Index delivered 3.1% in April, while the Ten-Year Bond Yield remaining relatively unchanged in the mid-1.7% level. Real Interest Rates materially dropped to negative 50 bps. Despite the lower CPI print during the month, the Implied Inflation Expectations rose again, to 2.26%. Placing this into perspective, heading into 2021, the Ten-Year Bond Yield was sub-1%, Real Interest Rates were negative 80 bps, with Implied Inflation in the mid-1.7% range.

The AREIT sector continued to underperform the Global REITs, which returned 5.7% in April. Global REITs enhanced exposure to Alternative Real Estate sectors has been delivering the outperformance in recent times, as Investors shun the more established real estate sectors due to lingering concerns on the Income Line (Office and Retail) along with the toppy pricing in Industrial. Domestically, the general market (via the S&P/ASX 300 Accumulation Index) returned 3.7% for the month.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/171507028.pdf

January, 2021

We continue to target Australian Real Estate Investment Trusts (AREITs) that provide solid fundamentals over the medium-to-long-term that are trading attractively relative to other AREITs.

Overall we endeavour to invest in entities that offer a combination of:
- A Net Present Value (“NPV”) Discount;
- An Internal Rate of Return (“IRR”) Premium;
- Ideally a (Real, not manufactured) Free Cashflow Yield Premium; and
- A Lower Price to Net Asset Value (“NAV”).

The S&P/ASX 300 AREIT Accumulation Index was weaker to start the year, negatively impacted by the rise in the long end of the Yield Curve, which saw the 10-Year Bond Yield consolidate its move north of 1%, finishing near its intra-month highs at 1.13%. The Index finished down 4.1%, as investors factor in the prospect of higher interest rates, which saw a move out of the more growth-orientated names, which presently comprise a large portion of the Index. Global REITs fared much better, finishing 0.5% lower in January. The broader market in Australia (S&P/ASX 300 Accumulation Index) rose 0.3%, driven by the Consumer Discretionary sector.

File: https://commentary.quantreports.net/wp-content/uploads/2021/02/164979329.pdf

asset_class: Property and Infrastructure
asset_category: Australian Listed Property
peer_benchmark: Property - Australian Listed Property Index
broad_market_index: ASX Index 200 A-REIT Index
manager_contact_details: Array
ticker: HBC0008AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:

https://sghiscock.com.au/fund/sg-hiscock-property-opportunities-fund/

Monthly factsheet

fund_features:

SG Hiscock Property Opportunities aims to outperform its benchmark over rolling three-year periods while providing a quarterly income stream and some capital growth over the medium term. The Fund aims to build a diversified portfolio of listed property securities. SG Hiscock invests primarily in securities listed, or due to be listed on the Australian Securities Exchange (ASX) (but may include securities listed on other exchanges in Australia or overseas). The portfolio will give exposure to properties, real estate-related activities and infrastructure assets both domiciled within and outside Australia. SG Hiscock believes that a combination of fundamental analysis of ‘top-down’ macroeconomic influences and ‘bottom-up’ company-specific research, analysis and valuation is required.

structure: Managed Fund

September, 2023

August, 2023

July, 2023

June, 2023

May, 2023

March, 2023

February, 2023

January, 2023

December, 2022

November, 2022

October, 2022

September, 2022

August, 2022

July, 2022

August, 2021

July, 2021

May, 2021

April, 2021

January, 2021

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