Market ReviewShares in UK real estate companies outpaced the wider equity market over the first quarter of 2012. Another dose of quantitative easing from the Bank of England helped sentiment, but most of the data on the UK economy that emerged over the quarter made for grim reading.
Fund PerformanceThe Fund ended the quarter ahead of the median. The key positive impacts came from St Mowden and a lack of exposure to the underperforming F&C Commercial Property Trust. Performance was held back by the holdings in Development Securities and Max Property Group.
Fund PositioningDespite the recent gains, we continue to see many companies which offer attractive upside. We maintain a defensive slant to the portfolio and continue to avoid stocks with near-term refinancing issues.
Vicky Watson 31 March 2012
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