Fund information

Investment Objective and Policy

The Company’s Objective is to maximise shareholders’ total returns by investing in the shares and securities of property companies and property related businesses internationally and also in investment property located in the UK.

Risk Statement

The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. The market value of the shares of TR Property may not reflect the underlying net asset value of the investments held by TR Property. TR Property is able to borrow to raise further funds for investment purposes if the fund manager and the board of directors consider that it may be commercially advantageous to do so. This is generally described as "gearing". An investment trust which has made investments as a result of gearing may have a more volatile share price as a result; gearing can increase shareholder returns in rising markets but conversely can increase the extent to which the value of the funds attributable to shareholders decreases in falling markets


For the year to 31 March 2017 the net asset value total return was 8.0% against a benchmark total return of 6.5%.The share price total return was 9.1%.


An interim dividend of 4.10p was paid on 3 January 2017. For 2017/2018 an interim dividend of 4.65p was paid on 2 January 2018.

A final dividend of 6.40p was paid on 1 August 2017 to shareholders on the register on 23 June 2017. The shares were quoted ex-dividend on 22 June 2017.


The benchmark is the FTSE EPRA/NAREIT Developed Europe Capped Net Total Return Index in Sterling. The index, calculated by FTSE, is free-float based and currently has 104 constituent companies (as at 31 March 2017). The index limits exposure to any one company to 10% and reweights the other constituents pro-rata. The benchmark website contains further details about the index and performance.


The investment selection process seeks to identify well managed companies of all sizes. The Manager generally regards future growth and capital appreciation potential more highly than immediate yield or discount to asset value. Although the investment objective allows for investment on an international basis, the benchmark is a Pan-European Index and the majority of the investments will be located in that geographical area. Direct property investments are located in the UK only. As a dedicated investor in the property sector the Company cannot offer diversification outside that sector, however, within the portfolio there are limitations, as set out below, on the size of individual investments held to ensure diversification within the portfolio.

Asset allocation guidelines

The maximum holding in the stock of any one issuer or of a single asset is limited to 15% of the portfolio at the point of acquisition. In addition, any holdings in excess of 5% of the portfolio must not in aggregate exceed 40% of the portfolio. The Manager currently applies the following guidelines for asset allocation;

UK listed equities 25 - 50%
Continental European listed equities 45 - 75%
Direct Property - UK 5 - 20%
Other listed equities 0 - 5%
Listed bonds 0 - 5%
Unquoted investments 0 - 5%


The company may employ levels of gearing from time to time with the aim of enhancing returns, subject to an overall maximum of 25% of the portfolio value. In certain market conditions the Manager may consider it prudent not to employ gearing on the balance sheet at all, and to hold part of the portfolio in cash. The current guideline is 10% net cash to 25% net gearing (as a percentage of portfolio value).

Property Valuation

Investment properties are valued every 6 months by an external independent valuer. If a material event occurs in the intervening period, then an interim valuation will be instructed on the property in question. Valuations of all the Group’s properties as at 31 March 2017 have been carried out on a “Red Book” basis and these valuations have been adopted in the accounts.

Latest share price

Ordinary Shares
Price (p)
Published (NAV)

Prices correct as of close 2018-05-23. Last Published NAV is as at the previous business day.
Source: Trustnet

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