Market Review
European real estate shares ran out of steam in April, although the sector still performed ahead of the wider equity market. Mixed economic data in the US and Europe disheartened investors, while political uncertainty surrounding the French and Dutch governments also led markets lower.
Fund Performance
The Fund lagged the sector average in April with the key contribution coming from retail focussed property investment company Corio. The main positive contributions this month came from our overweight positions in TAG Immobilien and Hammerson.
Fund Positioning
Despite the recent gains, we continue to see many companies that offer attractive upside. The German residential market is one area where we expect to see good returns this year.
Vicky Watson
30 April 2012