Securities Funds Pulse -- Back in black  .:Macquarie Research

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Securities Funds Pulse
Back in black
 After last month’s limp performance, where only Global funds posted a
positive return, it’s good to see all mandates come out of the red and back
into black this month. The US and Global Funds once again led the charge.
Over 12 months it is noticeable that all mandates except Australia are
clustered around the 19%-22% level.



We have written a number of articles articulating the benefits of combining
listed real estate exposure with direct/unlisted to enhance returns and
liquidity, and this month saw the most significant launch of a new product
using this strategy. Legal & General has launched the Hybrid Property Fund,
which offers DC pensions schemes. We look at the scheme in more detail on
page 4.
 We have also received a number of enquiries recently regarding Emerging
markets. On page 5 we look at the weightings of the combined EPRA Global
Index relative to the traditional EPRA Global Developed Index , and also our
database, which covers all listed stocks globally.