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HENDERSON UK PROPERTY A - Fund overview

Bestinvest rating 5 stars


Overview of HENDERSON UK PROPERTY A

The fund aims to achieve a high income together with some growth of both income and capital through investment primarily in commercial property and property-related assets. Approximately three-quarters of its assets directly in bricks and mortar property with the balance in cash and UK listed property company shares. The focus is mainly on prime (as opposed to secondary) bricks and mortar properties, located principally in the South East of England. The current portfolio is overweight to regional offices and lower risk tenants.
Investors should note that the management group reserves the right to swing the unit price without notice to reflect net fund flows. The property market can be illiquid; consequently, there can be times when investors in property funds will be unable to sell their holdings. Property valuations are subjective and a matter of judgement.

Standard Initial Charge

5.00% 0.00%

Fund summary

Sector  Property
Product type  UNIT TRUST
Launched  June, 1999
Size  £1,562m
Yield 3.8%
Charging basis  Capital
Dividends paid  31 Jan & 31 July
Bid price(inc) 95.64p
Bid price(acc) 185.33p

Fund Charges

Standard Initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.24%
Annual management charge 1.50%
Total expense ratio 1.70%
Reduction in yield (10yr) 1.72%

Bestinvest says


The portfolio consists of 59 quality properties, negligible voids and long leases. Around three-quarters of the portfolio is invested in the South East. It also has an above average allocation to higher quality tenants. It has c.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 January 2014 we increased the rating of this fund to 5 stars as we are now more confident in the prospects for UK commercial property.

Portfolio

henderson uk property a asset allocation illustration
Allocation Proportion
Equity 4%
High yield bonds 0%
Quality bonds 0%
Property 76%
Commodities 0%
Hedge 0%
Fund cash 20%
henderson uk property a equity geographic illustration
Allocation Proportion
UK 100%
Europe 0%
Nth America 0%
Japan 0%
Pacific 0%
Other Equity 0%
henderson uk property a equity capitalisation illustration
Allocation Proportion
Large Caps 100%
Mid Caps 0%
Small Caps 0%

Investment process


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.

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