As announced previously, the AGM in late July will now be a closed meeting without the usual manager presentation. Instead, the manager has posted a webcast (in the format of the usual presentation held at the AGM) covering the year to March 2020 and an update to June in the video link.
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Pan-European real estate equities continued the range-bound, yet volatile performance (which we have experienced since the end of March) for most of the month. However, the last ten days of May and early June saw a sustained rally as investors preferred value stocks (seen to be undervalued) to growth stocks (companies that are expected to grow faster than the market). On a global perspective, the gap between the two had rarely been wider, and this snap back was sharp. In our universe, this has translated into a strong correction from those stocks that have had the weakest performance since markets began to react to COVID-19 in mid-February. This was primarily in retail, hotels and other consumer-facing real estate.Continue reading
Presentation by Marcus Phayre-Mudge, Fund Manager.
Marcus gives an overview of the fund, and some insight to the commercial property sector during the COVID-19 period.
Citywire’s Gavin Lumsden spoke to Marcus Phayre-Mudge, manager of TR Property Investment Trust PLC after the Investment Trust’s Annual Report was published today (29 May 2020).
To listen to the podcast please click here