September, 2023
The Fund was down 7.07% in September, in comparison the benchmark was down 8.66%. At the stock level, overweight positions in Ingenia Communities Group, Yuexiu Transport Infrastructure, Digital Core and Aspen Group were among the largest contributors to relative outperformance in September. While underweight positions in Mirvac Group and Charter Hall Group were also additive from a relative performance perspective. On the other side, this was offset by underweight positions in Dexus Property Group, GPT Group, and Charter Hall, as well as an overweight positions in GDI Property Group, Scentre Group and Abacas Storage King.
In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to Retail REITS and Data Centre REITs and underweight to Diversified, Office and Industrial REITs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-mc-property-securities-au-7.pdfJune, 2023
The Fund fell 0.63% in June, in comparison the benchmark was down 0.09%. At the stock level, overweight positions in Digital Core, Abacus Property and Yuexiu Transport Infrastructure were among the largest contributors to relative outperformance in June. Underweight positions in Charter Hall Group and Dexus Property Group were also additive from a relative performance perspective.
On the other side, this was more than offset by underweight positions in Goodman Group and GPT Group, as well as an over-weight positions in Region Group, Ingenia Communities Group and Aspen Group. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to Retail REITS and Data Centre REITs and underweight to Diversified, Office and Industrial REITs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-mc-property-securities-au-6.pdfMarch, 2023
The Fund fell 6.05% in March, in comparison the benchmark was down 6.84%. At the stock level, overweight positions in Stock-land, Aspen Group and Ingenia Communities Group were among the largest contributors to relative outperformance in March. Underweight positions in Charter Hall Group and Dexus Property Group were also additive from a relative performance perspective. On the other side, this was offset by underweight positions in Goodman Group and BWP Trust, as well as an overweight positions in Digital Core REIT Management, and Centuria Capital Group. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to Retail and Data Centre REITs, and underweight to Diversified, Office and Industrial REITs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-mc-property-securities-au-5.pdfDecember, 2022
The listed real estate market was down 4.0% in December (as measured by the S&P/ASX 300 A-REIT Accumulation Index). In comparison, the Australian equity market fell 3.2% in December (as measured by the S&P/ASX 200 Accumulation Index). At the A-REIT subsector level, residential were the strongest REITs, while industrial and diversified were the weakest in December.
The Fund fell 2.21% in December, in comparison the benchmark was down 4.04%. At the stock level, overweight positions in Aspen Group, Yuexiu Transport Infrastructure and Ingenia Communities Group were among the largest contributors to relative outperformance in December. Underweight positions in Charter Hall Group and Goodman Group were also additive from a relative performance perspective.
On the other side, this was offset by underweight positions in Dexus Property Group and Charter Hall Long Wale REIT, as well as an overweight position in Digital Core REIT Management. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs, Retail REITS and Hotels & Healthcare REITS and an underweight to commercial Real Estate and Industrial REITs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-mc-property-securities-au-4.pdfSeptember, 2022
The Fund fell 13.2% in September, in comparison the benchmark was down 13.6%. At the stock level, overweight posi-tions in Aspen Group, Abacus Property group and Digital Core REIT Management were largest contributors to relative outperformance in September. On the other side, this was offset by underweight positions in GPT Group and Mirvac Group which were the largest detractors from relative performance in September.
Over the September quarter, the Fund fell 7.10%, while in comparison the benchmark fell 6.88% over the quarter. At the stock level, overweight positions in Aspen group and Centre Group were positive contributors to performance over the September quarter, while underweight positions in Dexus Property Group and Arena REIT were also accretive to performance. On the other side, underweight positions in Charter Hall Group and Mirvac Group were detractors from relative performance over the September quarter.
While overweight positions in Yuexiu Transport Infrastructure and GDI Property Group also detracted from relative performance over the quarter. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs, Retail REITS and Hotels & Healthcare REITS and an underweight to commercial Real Estate and Industrial REITs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-mc-property-securities-au-3.pdfJune, 2022
The Fund fell 9.58% in June outperforming the benchmark slightly which fell 10.39%. At the stock level, an overweight position in Yuexiu Transport and an underweight position in Charter Hall group were largest contributors to relative outperformance in June. On the other side, this was offset by an underweight position in Vicinity Centres and an over- weight position in Digital Core REIT management which were the largest detractors from relative performance in June.
Over the June quarter, the Fund fell 1.62%, while in comparison the benchmark fell 17.49%. At the stock level, an un- derweight position in Charter Hall Group and an overweight position in Yuexiu Transport were positive contributors to performance over the June Quarter, while overweight positions in Sunland Group and Aspen Group were also accre- tive to performance. On the other side, an overweight position in Centuria Capital Group and underweight positions in Vicinity Centres and BWP Trust were detractors from relative performance over the June quarter,.
In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs, Retail REITS and Hotels & Healthcare REITS and an underweight to commercial Real Estate and Industrial REITs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-mc-property-securities-au-2.pdfNovember, 2021
The Fund fell –1.10% in September, ahead of the benchmark return which fell –1.94%. The Fund continues to exhibit strong returns over one year, returning 32.98%, ahead of the benchmark return of 30.69% over the same period. At the stock level, Yuexiu Transport, Scentre Group and Aspen Group were key contributors through September. On the other side, Lendlease Group, GDI Property Group and not holding GPT Group detracted. Over the quarter, the Fund returned 5.89%, ahead of the benchmark return of 4.80%. Centuria Capital Group, Yuexiu Transport and Scentre Group were among the big winners for the quarter, while Lendlease Group, Stockland and underweight Charter Hall Group were among the largest of the detractors at the stock level.
In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs and an underweight to commercial Real Estate.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-mc-property-securities-au-1.pdfSeptember, 2021
The Fund fell –1.10% in September, ahead of the benchmark return which fell –1.94%. The Fund continues to exhibit strong returns over one year, returning 32.98%, ahead of the benchmark return of 30.69% over the same period. At the stock level, Yuexiu Transport, Scentre Group and Aspen Group were key contributors through September. On the other side, Lendlease Group, GDI Property Group and not holding GPT Group detracted. Over the quarter, the Fund returned 5.89%, ahead of the benchmark return of 4.80%. Centuria Capital Group, Yuexiu Transport and Scentre Group were among the big winners for the quarter, while Lendlease Group, Stockland and underweight Charter Hall Group were among the largest of the detractors at the stock level.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-mc-property-securities-au.pdfJuly, 2021
The Fund gained 0.46% in July, just ahead of the benchmark return of 0.47%. The Fund continues to exhibit strong returns over one year, returning 34.86%, ahead of the benchmark return of 33.70% over the same period. Holdings in Aspen Group, Centuria Capital Group and not holding GPT Group were the major contributors to return through July on a relative return basis. On the other side Scentre Group and Yuexiu transport were among the major detractors. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs and an underweight to commercial Real Estate
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-lm-mc-property-securities-3.pdfJune, 2021
The Fund gained a solid 5.04% in June, compared with the benchmark return of 5.56%. The Fund continues to exhibit strong returns over 1 year, returning 34.43%, ahead of the benchmark return of 33.91% over the same period. Not holding Charter Hall Long Wale REIT or Cromwell Property Group, and an underweight to National Storage REIT were the key winning positions for June. On the other side, Scentre Group, Lendlease Group and Yuexiu Transport were the key detractors. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs and an underweight to commercial Real Estate.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-lm-mc-property-securities-2.pdfMay, 2021
The listed real estate market was up 1.8% in May (as measured by the S&P/ASX 300 A-REIT Accumulation Index), despite Victoria’s entry back into lockdown which created a defensive tone to the REIT market. In comparison, the Australian equity market rose 2.3% in May (as measured by the S&P/ASX 200 Accumulation Index). At the A-REIT subsector level in May, healthcare, residential and specialised were the strongest REITs, while retail lagged.
The Fund gained 1.62% in the month of May slightly under the benchmark return of 1.78%. The Fund remains strong over 1 year, returning 26.11%, ahead of the benchmark return of 25.32% over the same period. Underweight Vicinity Centres and GPT Group were among the leading contributors to performance once again during May, as they did in April 2021. On the other side, there was some marginal performance offset coming from Lendlease Group, Scentre Group and Yuexiu Transport. In terms of sub-sector weights relative to the benchmark, the Fund remains marginally overweight to residential REITs and hotels and healthcare. On the other side, the Fund currently exhibits marginal underweights to industrials and commercial Real Estate
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-lm-mc-property-securities-1.pdfDecember, 2020
The Fund was up 0.8% in the month of December after fees while the Benchmark was up 0.6%. The Fund gained 15.65% for the December quarter while the Benchmark rose 13.2% At the stock level for the month, GDI Property Group and an underweight to GPT Group contributed positively to return.
On the other side, Lendlease Group and Abacus Property Group were detractors to performance. At the stock level for the quarter, Sunland Group and Scentre Group were the positive contributors to performance while Abacus Property Group and underweight to Vicinity Centres detracted.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-lm-mc-property-securities.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: SSB0128AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
Product Literature => Fund Commentary
fund_features:
Legg Mason Martin Currie Property Securities A aims to earn a return before fees and taxes of 1.5% p.a. above the S&P/ASX 300 A-REIT Accumulation Index (‘Benchmark’) over rolling three year periods. The Trust invests in a diversified portfolio of listed Australian property or related securities trading below intrinsic values Focused on replacement cost rents and securities with sustainable cash flows Dedicated local team with deep knowledge of A-REIT markets enables research insights to be captured and implemented quickly and consistently.
structure: Managed Fund