First Sentier Global Property Securities B

Invests in real estate investment trusts (REITs) and other property securities.

  • 205.76p
    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.

  • 293.78p
    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).

  • 0.88%
    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.

  • 1.90%
    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 27 January 2022, fund commentary last updated 15 December 2011

The aim is to produce a consistent level of income as well as capital growth through investing in a selection of securities issued by Real Estate Investment Trusts (REITs) and companies that own, develop or manage physical property around the world. The strategy is to exploit pricing discrepancies within the global property market.

Fund summary

Sector Property Other
Structure OEIC
Launched September, 2006
Size £273m
Yield 1.90%
Charging basis Capital
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 0.88%

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Investment process

The research process is outsourced to the property experts Colliers International. They look at the big picture in terms of the prospects for property markets in different economic regions and markets. When they have identified areas of interest and stocks they conduct company visits, monitor liquidity and create detailed financial models, such as cash flow and and relative value analysis. First State is responsible for the portfolio, that is reviewing buy and sell decisions and how to weight the portfolio. Stocks are selected from a notional universe of more than 350 stocks (FTSE EPRA/NAREIT Index), which is eventually whittled down to a portfolio of up to 75 stocks.

Manager research

Average monthly relative returns

  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%
  • 21/22 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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Relative 0.00% ()

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 December 2021

7.5352% Prologis Inc
5.629% American Homes 4 Rent Class A
5.3177% Digital Realty Trust Inc Usd0.01
4.8473% Sun Communities Inc
4.8011% Udr Inc
4.7446% Equity Residential Properties Trust Shs Of Beneficial Interest Usd0.01
4.6803% Ventas Inc
4.4116% Vonovia Se
4.1085% Sovran Self Storage, Inc.
3.1387% Segro Plc
Source: Trustnet

Sector breakdown

Residential - Property 23.00%
Industrials 20.00%
Others 13.00%
Real Estate 10.00%
Retail 6.00%
Others 6.00%
Others 6.00%
Health Care 5.00%
Real Estate 4.00%
Money Market 4.00%

Portfolio

Portfolio consists of between 40-75 stocks.

Constraints

The mandate allows the manager to invest in global REITs and global property companies within the FTSE EPRA/NARIT Index as well as up to invest 10% of the portfolio away from the index.

Key Investor Information - Income

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Key Investor Information - Accumulation

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