October, 2021
The Antares Listed Property Fund delivered a return of 0.4% (net of fees) for the month of October 2021, in line with the benchmark S&P/ASX 200 AREIT Total Return Index which posted a 0.4% increase during the month.Retail AREIT’s were again the strongest (+1.6%), followed by Industrial sector AREITs (+0.9%) and Office (+0.1%). Diversified AREITs (-0.8%) finished the month in the red.
Not owning Centuria Capital, an underweight holding in Mirvac, and an overweight position in Hotel Property Investments contributed to performance, while an overweight position in Transurban, an underweight holding in Vicinity and not owning BWP Trust detracted.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-profiles-antares-listed-property-fund-6.pdfSeptember, 2021
The Antares Listed Property Fund delivered a return of -1.9% (net of fees) for the month of September 2021, outperforming the benchmark S&P/ASX 200 AREIT Total Return Index which decreased by 2.2% during the month.
Only the Retail AREIT sector posted an increase (+1.3%), with Office just down (-0.1%), followed by Diversified AREITs (-1.9%). Industrial sector AREITs lagged with a 6.3% decline for the month.
Overweight positions in GPT and Transurban and the decision not to own Cromwell Properties contributed to performance, while overweight positions in Goodman Group and Peet plus an underweight holding in Scentre Group detracted. Our security selection and portfolio construction process continue to be driven by our proprietary, bottom up research. For the A-REITs, this analysis focuses on the fundamental factors of earnings growth, portfolio quality, management, balance sheet strength and valuations. We are also very focussed on supply constraints within the property sub-sectors and especially for the properties held by A-REITs in our portfolio. We believe our focus and strategy to own high quality assets and businesses that can deliver solid earnings growth will serve us well over the medium term. First and foremost, our preference remains for well managed physical asset owners with relatively better quality assets that could demonstrate solid earnings growth over the medium term – GPT, TCL and GMG. In addition, we expanded our exposure to capital light funds management model through Charter Hall Group (CHC) and we remain positive on select small cap REITs – Ingenia, Hotel Property Investment and Waypoint REIT. Post FY21 reporting season key changes to the portfolio included addition of Charter Hall Retail REIT (CQR) to the portfolio and reduction in our Mirvac group (MGR) position.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-profiles-antares-listed-property-fund-5.pdfAugust, 2021
The Antares Listed Property Fund delivered a return of 5.7% (net of fees) for the month of August 2021, underperforming the benchmark S&P/ASX 200 AREIT Total Return Index which increased by 6.3% during the month1 . All sectors posted increases, led by Retail AREITs (+9.6%) followed by Diversified AREITs (+8.0%), Office AREITs (+3.7%) and Industrial sector AREITs (+2.3%). An overweight position in Ingenia Communities (INA), an underweight position in Dexus (DXS) and not owning BWP contributed to performance. Detracting from performance was an overweight holding in Transurban (TCL), an underweight position in Vicinity (VCX) and the decision not to own Centuria (CNI).
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-profiles-antares-listed-property-fund-4.pdfJuly, 2021
The Antares Listed Property Fund delivered a return of 0.5% (net of fees) for the month of July 2021, outperforming the benchmark S&P/ASX 200 AREIT Total Return Index which increased by 0.3% during the month1 . Only Industrial AREITs (+6.8%) posted an increase with other sectors declining - Diversified AREITs (-2.2%), Retail AREITs (-2.8%) and Office sector AREITs (-3.2%). An overweight position in Goodman Group (GMG) and underweight positions in Stockland (SGP) and Dexus (DXS) contributed to performance. Detracting from performance were overweight holdings in GPT and Ing
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-profiles-antares-listed-property-fund-1-1.pdfJune, 2021
The Antares Listed Property Fund delivered a return of 6.2% (net of fees) for the month of June 2021, ahead of the benchmark S&P/ASX 200 AREIT Total Return Index which increased by 5.5% during the month. All sectors posted increases, led by Industrial AREITs (+9.4%) followed by Diversified AREITs (+5.7%), Office AREITs (+3.7%) and Retail sector AREITs (+2.0%).
An overweight position in Goodman Group (GMG), an underweight position in National Storage RET (NSR) and not owning Charter Hall Long WALE (CLW) contributed to performance. Detracting from performance were overweight holdings Hotel Property Investments (HPI), Transurban (TCL) and Peet (PPC).
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-profiles-antares-listed-property-fund-3.pdfMay, 2021
The Antares Listed Property Fund delivered a return of 1.7% (net of fees) for the month of May 2021, inline with the benchmark S&P/ASX 200 AREIT Total Return Index which increased by 1.7% during the month. All sectors posted increases, led by Industrial AREITs (+2.9%) and Office AREITs (+2.7%). Diversified AREITs rose by 1.1% with Retail sector AREITs just positive (+0.5%).
An overweight position in Hotel Property Investments (HPI), not owning Charter Hall Long WALE (CLW) and being underweight Vicinity (VCX) contributed to performance. Detracting from performance were overweight holdings Transurban (TCL), GPT and Peet (PPC).
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-profiles-antares-listed-property-fund-2.pdfApril, 2021
The Antares Listed Property Fund delivered a return of 3.0% (net of fees) for the month of April 2021, ahead of the benchmark S&P/ASX 200 AREIT Total Return Index which increased by 2.9% during the month. Retail sector AREITs declined by 2.6%, but the other AREIT sectors all increased, led by Diversified AREITs (+5.6%), with Office up by (+4.5%) closely followed by Industrial AREITs (+4.4%).
Being underweight Vicinity (VCX), overweight Mirvac (MGR) and not owning Charter Hall Retail Trust (CQR) contributed to performance. Detracting from performance were underweight holdings in Stockland (SGP) and Charter Hall Group (CHC) and an overweight position in GPT.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-profiles-antares-listed-property-fund-1.pdfJanuary, 2021
The Antares Listed Property Fund delivered a return of -4.5% (net of fees) for the month of January 2021, underperforming the benchmark S&P/ASX 200 AREIT Total Return Index which decreased by 4.1% during the month1 . AREITs were the worst performing sector with the rise in bond yields most likely the key driver. All sectors posted declines led by Industrial AREITs (-6.3%), followed by Office (-4.5%), Diversified (-3.4%) and Retail AREITs (-3.0%). Being overweight Peet (PPC) and Ingenia Communities (INA) and underweight Charter Hall (CHC) contributed to performance. Detracting from performance was an underweight position in Stockland (SGP) and overweight holding in Mirvac (MGR). Vital Harvest Freehold Trust (VTH) received a takeover bid from Macquarie Bank’s funds management arm.
We have owned VTH since its IPO and decided to fully exit the position in January to redeploy the proceeds into better returning opportunities within the A-REIT sector. Our security selection and portfolio construction process continue to be driven by our proprietary, bottom up research. For the A-REITs, this analysis focuses on the fundamental factors of portfolio quality, management, balance sheet strength and valuations. However, we believe our focus and strategy to own high quality assets and businesses that can deliver solid earnings growth will serve us well over the medium term. First and foremost, our preference remains for well managed REITs with quality assets – GPT, Mirvac, Scentre Group and Goodman’s – while we also continue to add to businesses that demonstrate strong fundamentals for growing earnings over the next 2-3 years. In addition, we remain positive on toll road operator Transurban (TCL) and small cap REITs – Ingenia and Waypoint REIT.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-profiles-antares-listed-property-fund.pdfasset_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: NFS0209AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://www.antarescapital.com.au/home/personal-investor/equities/listed-property-fund/resources
Resources
Fund Profile
fund_features:
Antares Prof Listed Property’s objective is to outperform the Benchmark (before fees) over a rolling 5 year period. The Fund is a long only portfolio of Australian listed property and property related securities. Antares follows a bottom-up investment process, which means investment decisions are made by undertaking in-depth proprietary research and analysis of individual companies and securities. The Fund primarily invests in property securities and property related securities (such as property funds management and infrastructure, where the income and assets are property related in nature) that are listed (or are about to be listed) on the Australian Securities Exchange.
structure: Managed Fund