Bestinvest says
Currently the fund has a very small exposure to listed property securities. Investors should note that the management group reserves the right to swing the unit price without notice to reflect net fund flows. The portfolio consists of 50 quality properties, with low voids and long leases. Three-quarters of the portfolio is invested in the South East. It also has an above average allocation to higher quality tenants. We believe this profile is preferred, given the uncertainties that still persist with regard to the economic backdrop. It has 20% in cash which gives it flexibility to invest quickly and to meet redemption requests, but could also be a drag on performance and dividends. In April 2012 we downgraded this to 4 stars, as we now prefer funds of property shares.
The fund manager's strategy is to focus predominantly on prime (as opposed to secondary) bricks and mortar property assets, located principally in the South East of England, which also stand to benefit from the existing planning restrictions. The current portfolio contains an overweight to regional offices and lower risks tenants. Average weighted lease length is in line with the IPD index.