Name change - Official Announcement02 Dec 2009
The Marriott Global Real Estate Fund will change its name to the Marriott International Real Estate Feeder Fund, effective from the 2 December 2009
Marriott Global Real Estate comment - Sep 09 - Fund Manager Comment29 Oct 2009
Despite some profit taking towards the end of the quarter, September was another good month for quoted property companies. Since bottoming out at the end of March, the Global Property Research 250 Index has almost doubled in value. Our focus on high quality companies helped to avoid most of the funding issues faced by a variety of property companies earlier in the year. In fact, many companies in our stable were able to improve the quality of their balance sheets during the crisis, either via successful rights issues or bond issues. This has two important implications. Firstly, it means that such companies are able to withstand any further market turmoil in the medium term without breaching bank covenants. Secondly, it means that such companies have immediate access to capital should they wish to buy assets at distressed prices. Having been oversold in March, we believe that share prices are, for the time being, up with events. This is likely to remain the case until we see further evidence of recovery from North American REITS. In the meantime, the gross yield of over 4.5% is very attractive relative to both bonds and cash.
Marriott Global Real Estate comment - Jun 09 - Fund Manager Comment31 Aug 2009
Current portfolio strategy:
· Focus on secure dividend stream, particularly in North America.
· Recovery in UK and Europe still several months away.
· Far Eastern weighting reduced, US increasing. UK, Europe maintained provided dividend stream secure.
Transactions designed to enhance fund income:
· Avoid selling cum dividend.
· Reduction of lower yielding positions.
· Maintain diversification.
· Focus remains on investors with solid dividends rather than developers.
Real Estate sector has come under pressure as economic concerns increase and financial crisis intensifies. Recent sell-off has produced higher yielding opportunities in all markets. Valuations look more attractive albeit caution is still warranted.
Marriott Global Real Estate comment - Mar 09 - Fund Manager Comment01 Jun 2009
Current portfolio strategy:
· Focus on secure dividend stream, particularly in North America.
· Recovery in UK and Europe still several months away.
· Far Eastern weighting reduced, US increasing. UK, Europe maintained provided dividend stream secure.
Transactions designed to enhance fund income:
· Avoid selling cum dividend.
· Reduction of lower yielding positions.
· Maintain diversification.
· Focus remains on investors with solid dividends rather than developers.
Yield Comparison at 30 April 2009:
· MIREF 7.43%
· JPM Global Gov Bond 2.72%
Marriott Global Real Estate comment - Dec 08 - Fund Manager Comment18 Mar 2009
Portfolio restructuring completed by end of February 2008:
· Wider geographical diversity.
· Increase gross yield - targeting in excess of 5%.
· US exposure reduced from around 55% to approximately 33%. Weighting in Far East, Europe and UK all correspondingly increased to 17%, 22% and 15% respectively.
Transactions designed to enhance fund income:
· Avoid selling cum dividend.
· Reduction of lower yielding positions.
· Maintain diversification.
· Focus remains on investors with solid dividends rather than developers.
Real Estate sector has come under pressure as economic concerns increase and financial crisis intensifies. Recent sell-off has produced higher yielding opportunities in all markets. Valuations look more attractive albeit caution is still warranted.
Yield Comparison at 31 December 2008:
· MIREF 10.39%
· JPM Global Gov Bond 2.43%