The fund delivered a total return of 25.01% for the first three quarters of 2015, outperforming both the index and the median manager by 11.74%.

Listed property continued its strong performance, with the sector providing a 13.26% total return outperforming Equities (3.4%), Bonds (2.7%) and Cash (4.8%). This strong performance was on the back of better than expected earnings growth coupled with a more positive outlook for earnings going forward, which saw the sector maintain its premium rating relative to bonds. Over a longer period , listed property has also proven to be one of the best asset classes, returning 19.4% p.a. over the last 10 years, beating the returns on equities (14.8% p.a.), bonds (8.2% p.a.) and cash (7.3% p.a.)

As global market participants anticipate the change in U.S. Monetary policy, and digest the economic news points on the road to the first rate hike, global markets are expected to be characterised by unprecedented volatility, which we welcome as it creates opportunities to build up holdings in highly rated stocks that usually appear expensive on a yield relative basis but have strong distribution growth opportunities.

As at the end of the third quarter of 2015, the listed property sector traded on an historic yield of 5.9% and a projected forward yield of 6.4%. The sector is expected to deliver between 8% and 9% growth over the next year, still making listed property one of the more attractive asset classes.

We continue to position the fund in the short term to minimise the impact of any potential macro events emanating from the uncertain U.S. Monetary and fiscal situation.

The fund delivered a total return of 19.65% for the first 3 months of 2015, outperforming both the index and the median manager, by 5.96% and 7.07% respectively.

Listed property continued its strong performance into 2015 with the sector providing a 13.69% total return outperforming Equities (5.8%), Bonds (3.0%) and Cash (1.5%). This strong performance was on the back of better than expected earnings growth coupled with a more positive outlook for earnings going forward, which saw the sector maintain its premium rating relative to bonds. Over a longer period , listed property has also proven to be one of the best asset classes, returning 22.4% p.a. over the last 10 years, beating the returns on equities (18% p.a.), bonds (8.9% p.a.) and cash (7.4% p.a.)

As global market participants anticipate the change in U.S. Monetary policy, and digest the economic news points on the road to the first rate hike, global markets are expected to be characterised by unprecedented volatility, which we welcome as it creates opportunities to build up holdings in highly rated stocks that usually appear expensive on a yield relative basis but have strong distribution growth opportunities.

As at the end of the 1Q13, the listed property sector traded on an historic yield of 5.4% and a projected forward yield of 5.9%. The sector is expected to deliver between 8% and 9% growth over the next year, still making listed property one of the more attractive asset classes.

We continue to position the fund in the short term to minimise the impact of any potential macro events emanating from the uncertain U.S. Monetary and fiscal situation.

The fund delivered a total return of 14.38% for the first half 2015, outperforming both the index and the median manager, by 7.77% and 7.62% respectively.

Listed property continued its strong performance into 2015 with the sector providing a 6.61% total return outperforming Equities (5.6%), Bonds (1.6%) and Cash (3.1%). This strong performance was on the back of better than expected earnings growth coupled with a more positive outlook for earnings going forward, which saw the sector maintain its premium rating relative to bonds. Over a longer period , listed property has also proven to be one of the best asset classes, returning 20.3% p.a. over the last 10 years, beating the returns on equities (17% p.a.), bonds (8.2% p.a.) and cash (7.3% p.a.)

As global market participants anticipate the change in U.S. Monetary policy, and digest the economic news points on the road to the first rate hike, global markets are expected to be characterised by unprecedented volatility, which we welcome as it creates opportunities to build up holdings in highly rated stocks that usually appear expensive on a yield relative basis but have strong distribution growth opportunities.

As at the end of the 1H15, the listed property sector traded on an historic yield of 6% and a projected forward yield of 6.5%. The sector is expected to deliver between 8% and 9% growth over the next year, still making listed property one of the more attractive asset classes.

We continue to position the fund in the short term to minimise the impact of any potential macro events emanating from the uncertain U.S. Monetary and fiscal situation.

The fund delivered a total return of 39.7% for the 12 months ending December 2014, outperforming both the index and the median manager, by 13% and 14.1% respectively.

The listed property sector delivered a respectable 26.6% total return for the year comprising of 8% in income and 18.6% in capital appreciation. Relative to the other asset classes over the same period listed property outperformed Equities (10.9%), Bonds (10.1%) and Cash (5.9%). This strong performance was on the back of better than expected earnings growth coupled with a more positive outlook for earnings going forward, which saw the sector re-rate relative to bonds. Over a longer period, listed property has also proven to be one of the best asset classes, returning 21.5% p.a. over the last 10 years, beating the returns on equities (18% p.a.), bonds (8.5% p.a.) and cash (7.4% p.a.). The sector in 2014 also saw the continuation of the strong corporate activity from the previous year with the sectors largest counter Growthpoint acquiring the Tiber and Abseq portfolios for R7bn. The company also initiated the take out of both Acucap and Sycom by acquiring a strategic stake in Acucap. Redefine, the second largest company in the sector failed to complete their acquisition of Foutainhead but were successful in acquiring the Annuity portfolio for R1.4bn. The sector also welcomed new listings to the market which included the industrial focused fund Equites, the rural shopping centre fund Safari and a number of other smaller funds Ascion, Sirius and Delta International. The best performing stocks for the year were Fortress B (96.2%), Rockcastle (79.2%), Resilient (57.2%), Arrowhead B (47.2%) and NEPI (45.9%).

Economic growth in South Africa continues to be hindered by constraints in electricity supply and a weaker global growth environment, but with the collapse in the rand oil price and the subsequent decline in inflation expectations, the monetary authorities have been offered a temporary reprieve and will most likely not be forced into hiking interest rates aggressively or at all through this cycle. This scenario holds well for listed property as global disinflationary pressures will continue to support positive real return assets.

At the end of December 2014, the listed property sector traded on an historic yield of 6% and a projected forward yield of 6.6%. The sector is expected to deliver between 8% and 9% growth over the next year, still making listed property one of the more attractive asset classes.