Premier Pan European Property Share A

The fund invests in an actively managed portfolio of European property company shares, including the UK and continental Europe and including companies that invest in commercial and residential property.

  • 65.24p
    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.

  • 93.13p
    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!

  • 1.50%
    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).

  • 1.66%
    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.

  • 3.40%
    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 18 September 2020, fund data last updated 02 January 2014

This fund aims to provide long term capital growth and a moderate level of income from a diversified portfolio of investments in the shares of UK and Continental European property companies. This may include some exposure to Eastern Europe and Scandinavia. The fund may also invest in other funds of property shares and up to 20% outside Europe. Non UK exposure is hedged back to sterling. This has been managed since July 2005 by Alex Ross, previously manager of the Aberdeen Property Share Unit Trust.

Fund summary

Sector Property Other
Structure OEIC
Launched July, 2005
Size £190m
Yield 3.40%
Charging basis Capital
Dividends paid 31 Jan, 31 Aug

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.66%

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Investment process

The manager seeks to maximise total returns from the sector. He follows a fundamental approach to investing in property and will generally hold stocks for the long term. The manager follows 150 pan European stocks and invests in 80-100 with a maximum held at any one time of around 50 stocks. He runs his own spreadsheet models for all his holdings and the underlying buildings that they own so that he can model the effect of changes in rents anywhere in his portfolio. The core of the fund consists of quality blue chip companies. At stock selection level the primary focus is on quality assets at attractive valuations though the manager will also seek to strategically rotate regional fund exposure to capture local property cycles. The ability to move between sectors and countries is helped by the small size of the fund. All non-sterling investments are hedged back to sterling so that investors are only exposed to changes in property share prices, not fluctuations in currency exchange rates.

This manager lives and breathes UK and European REITs and other listed property securities so that we don't have to. This removes the timing and sector decisions that we or our clients would otherwise have to take. His experience running the Aberdeen property share fund means he is aware of the need to limit the size of his fund so that he is still easily able to trade in and out of stocks. The liquidity of the underlying investments will be checked when the fund size gets to £350m which may lead to the fund being closed to new investments.

Manager research

Average monthly relative returns

  • 15/16 -0.99%
  • 16/17 -0.47%
  • 17/18 0.31%
  • 18/19 -0.16%
  • 19/20 0.45%

Bestinvest MRI

  • 3 years 0.20%
  • 5 years -0.17%
  • Career -0.01%
  • 3 years 86.40%
  • 5 years 36.30%
  • Career 76.40%

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

Alex Ross

Ross (b.1971) graduated from the University of the West of England. He moved to Hong Kong as a trainee Investment Analyst for Ivory & Sime for a year, where he carried out analysis on a variety of companies across South-East Asia primarily for the Pacific Assets Investment Trust. He then returned to the UK in March 1996 as an institutional salesman for Amsteel Securities, selling South-East Asian equities to a European client base for two years. He joined the UK Specialist Funds desk at Aberdeen Asset Managers Limited in May 1998, where his main role was meeting, researching and rating UK smaller companies as well as managing the Aberdeen Property Share fund. In March 2005 he left Aberdeen and in June 2005 joined Premier Asset Management.

Track record

Alex Ross has 17.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.01%. During the worst period of relative performance (from July 2007 - June 2011) there was a decline of 19% relative to the index. The worst absolute loss has been 64%.

Periods of worst performance

Absolute -64.00% (March 2007 - March 2009)
Relative -19.00% (July 2007 - June 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

Data accurate as at 31 July 2020

8.7787% Vonovia Se
8.1534% Deutsche Wohnen Se
7.7671% Leg Immobilien Ag
5.9671% Segro Plc
4.3076% Gecina
3.9083% Vib Vermoegen Ag
3.6186% Tag Immobilien Ag
2.9436% Unite Group
2.7036% Aroundtown Sa
2.4233% Warehouses De Pauw Nv
Source: Trustnet

Sector breakdown

Residential - Property 33.00%
Offices - Property 21.00%
Industrial - Property 18.00%
Retail - Property 10.00%
Money Market 8.00%
Health Care - Property 4.00%
Residential - Property 3.00%
Warehouse - Property 2.00%

Portfolio

There are approx. 55 stocks in the portfolio. 65% in major UK & European REITs. 35% with proven experts in restructuring secondary assets.

Constraints

Fund size capped at £350m. Max 75 stocks at any one time.

Key Investor Information - Income

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Key Investor Information - Accumulation

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