BMO EUROPEAN REAL ESTATE SECURITIES B ACC GBP

The fund invests in pan European property related equities.

  • 3159.00p Price (Inc)
  • - Price (Acc)
  • 0.00%

    Initial charge
  • 1.00% Annual management charge
  • 1.37% Ongoing charges
  • 0.00% Yield

Fund data last updated 19 November 2019

The fund’s primary objective is to outperform its European Public Real Estate Association (EPRA) benchmark in all market conditions. It will do this by utilising an enhanced long strategy, maintaining substantially full investment (minimum 80% gross exposure) at all times but varying net exposure within a 60% to 140% range. Short positions in individual stocks and indices will be used to enhance returns relative to a traditional long only strategy. The fund is 90% a conventional "long" fund and has the added benefit of being able to be short 5 or so stocks to add more value.

Fund summary

Sector Property Other
Structure OFFSHORE FUND
Launched April, 2010
Size £227m
Yield 0.00%
Charging basis
Dividends paid Acc units only

Charges

Initial charge -
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.37%

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Investment process

This fund will target a total return greater than that produced by the FTSE EPRA/NAREIT Developed Europe Capped Index in Sterling. The fund will target outperformance of this index in all market conditions, generating a degree of capital protection through the active management of risk, volatility, and overall net exposure. The fund will combine stock selection capability with active management of net exposure, risk and volatility. Active sub-sector (e.g. offices, retail, industrials) and country exposures are monitored closely by the managers to ensure that significant positions (more than 3% from benchmark) are backed by the team's convictions.

This is a fund from an experienced manager whose other funds we rate highly, (TR Property Investment Trust in which the team has a 10 year record of benchmark outperformance in the fund's management). The fund invests in European real estate securities which are liquid and easily accessed. Sector valuations are currently attractive and the sector provides equity-like returns.

Manager research

Average monthly relative returns

Bestinvest MRI

14/15 15/16 16/17 17/18 18/19 3 years 5 years Career 3 years 5 years Career
-0.09% 1.74% -0.68% -1.08% 0.33% -0.48% 0.04% 0.13% 50.00% 50.00% 80.20%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Marcus Phayre-Mudge

Phayre-Mudge joined Thames River (now part of F&C) in October 2004. He is the senior fund manager for TR Property Investment Trust plc (TRPIT) and manages the Ordinary share class. He is also lead manager of F&C Property Growth & Income Fund and co-manages F&C Real Estate Securities Fund. From January 1997, he was at Henderson Global Investors, initially managing the direct property portfolio within TRPIT and latterly managing a number of UK and pan European real estate equity funds, including the Henderson Horizon Pan European Property Securities Fund. Prior to joining Henderson, Phayre-Mudge was an Associate Partner in the fund management division at Knight Frank. Marcus qualified as a Chartered Surveyor in 1992 and has a BSc (Hons) in Land Management from Reading University.

Track record

Marcus Phayre-Mudge has 7.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.13%. During the worst period of relative performance (from September 2009 - November 2011) there was a decline of 23% relative to the index. The worst absolute loss has been 44%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 80%.

Periods of worst performance

Absolute -44.00% (April 2007 - March 2009)
Relative -23.00% (September 2009 - November 2011)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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Top 10 holdings

UNIBAIL-RODAMCO 8.5%
BRITISH LAND CO PLC 7.0%
DEUTSCHE ANNINGTON IMMOBILIE 6.8%
LAND SECURITIES GROUP PLC 6.2%
SWISS PRIME SITE-REG 4.7%
WERELDHAVE NV 4.0%
FONCIERE DES REGIONS 3.9%
DERWENT LONDON PLC 3.7%
HEMFOSA FASTIGHETER AB 3.5%
LEG IMMOBILIEN AG 3.3%

Portfolio

50-80 positions including up to 20 single stock short positions

Constraints

80-160% gross exposure, 60-140% net exposure. 10% single-stock and 5%-40% stock concentration rules and counterparty limits

Key Investor Documents

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