The fund has performed in-line with its benchmark over the quarter. The last FTSE/JSE rebalance saw the deletion of Accelerate Property and the addition of Storage Property. The fund benefitted from its exposure to Sirius Real Estate, which returned 14.3%, together with Investec Australia Property Fund and NEPI Rockcastle, which were the other top performers. However, exposure to MAS Real Estate, Attacq Limited and Redefine Properties detracted from performance, as these were the three worst performers. MAS Real Estate returned -23.0% over the quarter.