June 2021

By | 19th July 2021

The Trust’s benchmark, FTSE/EPRA Nareit Developed Europe TR in GBP returned precisely 0.0% in the month. On the face of it a dull month but that is far from the reality. The index rose 4.5% to the middle of the month continuing the positive momentum we’ve seen since the end of March. However, from 14th onwards we saw a steady decline erasing all the growth from earlier in the month as investors once again appeared to worry about inflation and rising yields. We remain of the view that real estate and other real assets will be relative outperformers in an inflationary environment as investors seek index-linked income with pro-cyclical growth opportunities.

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May 2021

By | 9th June 2021

May was another positive month for real estate equities, but not quite as dramatic as April, with the benchmark (FTSE EPRA Nareit Developed Europe Total Return index in sterling) up +3.3%. The Trust’s net asset value (NA) grew +3.8%. Continental Europe returned +4.4% in euro terms, comfortably ahead of the UK (in sterling) at +1.8%. The standout performance came from Sweden (up +13.5% in Swedish krone), where we saw very strong performance from the most indebted companies, SBBB (+12.2%), Nyfosa (+10.0%) and Balder (+8.1%).

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ii Podcast. Marcus Phayre-Mudge: The Richard Hunter Interview

By | 2nd June 2021

Richard is joined by Marcus Phayre-Mudge, fund manager of the TR Property Investment Trust, to discuss investing in physical property, removing liquidity concerns, how the trust has managed during the last 12 months, and the changing environment.

This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past Performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

April 2021

By | 13th May 2021

April was a strong month for pan-European property shares, with the benchmark rising +7.2%. The Trust’s net asset value (NAV) rose +8.2% and the share price +8.5%, so a good month all round. While currencies do not impact relative performance (as all exposure is in line with the benchmark), they do clearly affect absolute returns. The Trust’s non-sterling exposure is c75%, and therefore a weaker sterling provides additional valuation gains. During the first quarter of the year, sterling strengthened against all European currencies by over 5%; this was partially reversed in April. As a consequence, the benchmark when measured in euros returned only +4.9% versus +7.2% in sterling. So, while this was a good month for real estate equities, an important component was currencies, as opposed to organic growth.

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