Post-AGM Update

By | 29th July 2020

As announced on 22nd June 2020, TRY held the AGM on 28th July 2020 as a closed meeting in order to protect the health and safety of the Company’s shareholders and officers. The results of the voting at the Trust’s 2020 Annual General Meeting have been published separately here. In lieu of the usual AGM presentation, the Investment Manager posted a webcast regarding the Trust’s portfolio and performance that can be accessed here.

The new financial year ending 31st March 2021 has started strongly with the NAV total return rising +11.5% against a benchmark total return of +8.1%. Disappointingly the share price performance has risen only +7.6% (data as at 24th July) as the discount to NAV has increased to a little over 14% offering a dividend yield of 4.2% based on last year’s annual dividend of 14p.

David Watson succeeded Hugh Seaborn as Chairman of the Board and expressed his thanks to the outgoing Chair for his sage and insightful advice and leadership of the Company and the Board.

Speaking at the AGM Hugh Seaborn observed “Whilst we are in uncharted waters in many respects, it is important to recognise key points made by the manager in his presentation. The Trust has performed well as a result of its active stock selection approach with significant exposure to Healthcare, Logistics, Industrial, PRS and Supermarkets, all of which have performed well through the COVID 19 crisis.

Conversely the Trust remains underweight in Central London offices and all non-food retail sectors. As we approach the Brexit deadline, investors should also recognise that 70% of the Trusts assets are denominated in currencies other than Sterling.” At the Board meeting earlier in the day the Board noted and reaffirmed the Chairman’s comments in the 2019/20 Annual Report that the company benefited from a healthy level of revenue reserves (equating to approximately 14p per share) that can be used to supplement the company’s dividend payments in the event of any short to medium term fall in earnings.

For further information please contact:
Jemima Rail
Link Company Matters
Tel: 020 7954 9797

June 2020

By | 15th July 2020

Pan European real estate equities started the month very much continuing the late May theme of benefiting from the rotation  away from growth focused (and more expensive) stocks towards the ‘value’ (cheaper multiples) names. However mid month that macro tailwind petered out and the sector corrected almost -7% in 5 days, this was followed by an equally sharp but short lived rally with the sector ending the month just +1.8% having been +9% at one point. ‘Volatile’ remains the most commonly used adjective. In essence markets are constantly torn between the attraction of equity valuations when bond yields are set to remain very flat for long periods (and real rates are negative) and the daily news that much of the real economy is in dire straits. The consumer (beyond the immediate post lockdown spending spree) is unlikely to come to the rescue given expected rising unemployment levels and job insecurity leading to higher savings ratios.

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July 2020 AGM Presentation

By | 1st July 2020

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.

If shareholders would like to submit questions to we will endeavor to answer them.

May 2020

By | 12th June 2020

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.

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