The Absa Property Equity Fund is an active, pragmatic-value fund within the property sector. The Fund’s remarkable historical success is in part attributed to the unconstrained nature of the portfolio, which is benchmark-aware but not benchmark-cognisant. In practice, this means that the Fund can deviate significantly from the benchmark through the cycle, where opportunities are identified.

Our primary objective is to be invested in the highest quality companies for the long term. The deliberate and active way in which the Fund is managed can result in periods of higher volatility relative to the benchmark, to deliver results that are driven by the robust process, and portfolio manager’s conviction.

The Fund’s return for the quarter of 18.0% to the end of December 2022 was an outperformance of the median manager by 0.1% and underperformance of the
listed property index by 1.3%. For the 12 months ended December 2022, the SA Listed Property Index as a whole delivered a return of 0.5%, underperforming equities (3.6%), bonds (4.3%) and cash (5.2%).