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Securities Funds Pulse
Slowing down at the finish
ƒ Real estate securities funds had a poor month, with all mandates showing
negative returns and an average 3.2% decline in November. European
mandates declined the most (-6.3%), while Asian (-1.5%) and US (-1.6%)
mandates declined the least.
ƒ Over the last three months, Asian mandate outperformed the rest, with an
average return of 11.9%, followed by Global mandates (+8.5%), whilst
Australia (-2.5%) was the only region that contributed a negative return.
ƒ As a result, the average 12-month return is now 16.1% (down from 21.5% last
month). Again, Australian funds have lagged, reflecting the underperformance
of Australian listed real estate.
ƒ We show below the YTD performance relative to other asset classes, rebased
to US$. So far this year, global real estate (securities and funds) in US$ have
been the star performers.
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