First Sentier Asian Property Securities B

Invests in Asian REITS -inc. Aus and NZ- and other property securities.

  • 134.29p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 200.16p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 4.00% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.13%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 3.50%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 22 January 2021

This fund is modelled on the First State Global Property Fund. The aim is to achieve a total return consistent with income and long term capital growth. The fund primarily invests in a selection of Asian securities issued by Real Estate Investment Trusts and companies that own, develop or manage real property around the world. The index for this fund is the UBS Global Real Estate Index although a maximum 30% of the can be invested in other property securities.

Fund summary

Sector Property Other
Structure OEIC
Launched September, 2006
Size £8m
Yield 3.50%
Charging basis
Dividends paid

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.13%

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Investment process

This fund is, however, subject to greater constraints than the Global property run by First State. The average number of positions will range between 35-40. Expected returns of 15%pa will be achieved by employing the Dividend Discount Model that charts the discount of cash-flow against price to assess when stocks are undervalued. The fund may invest in Australian and New Zealand as well as countries more normally associated with Asia. In comparison to its Global partner investors can expect this fund to be more volatile and more prone to cyclical trends.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Stephen Hayes

Hayes founded Perennial Real Estate Investments and started as MD when it was created in January 2006. From June 1999 he was Head of Property Securities at Colonial First State from June 1999. Before this Hayes spent two years as a property securities fund manager at BZW Funds Management Limited. He was also the Head of Property Research for stockbroking house, Bridges Investment Services Limited. He has a Bachelor of Commerce degree from the University of Wollongong and is an Associate with the Financial Services Institute of Australia.

Track record

The track record of Stephen Hayes in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

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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.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

8.2% Sun Hung Kai Properties Ltd
7.7% Gpt Group
6.9% Glp-J Reit
6.5% Mitsubishi Estate Co
5.6% Sosila Logistics Reit Inc
5% Lasalle Logiport Reit
4.9% Daiwa House Residential Investment Corporation
4.9% Growthpoint Properties Austrialia
4.8% Advance Residence Inv Corp(New)
4.5% Heiwa Real Estate Reit Inc
Source: Trustnet

Sector breakdown

Others 33.00%
Real Estate 25.00%
Industrials 12.00%
Residential - Property 7.00%
Retail 7.00%
Others 6.00%
Offices - Property 5.00%
Real Estate 3.00%
Money Market 3.00%

Portfolio

The portfolio will normally be fully invested with cash levels at around 2% (max 10). Number of positions between 35-40. Estimated portfolio turnover 25%pa.

Key Investor Information - Income

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Key Investor Information - Accumulation

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