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  •  Alexander Forbes Investments Property Equity Fund (A)

2  /  0.79%


NAV on 2021/09/17
NAV on 2021/09/16 251.8
52 week high on 2021/08/31 257.08
52 week low on 2020/10/30 162.71
Total Expense Ratio on 2021/03/31 1.5
Total Expense Ratio (performance fee) on 2021/03/31 0
Incl Dividends
1 month change 2.97% 2.97%
3 month change 4.67% 6.38%
6 month change 13.27% 16.15%
1 year change 37.09% 43.2%
5 year change -10.77% -5.23%
10 year change -0.33% 5.42%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Fixed Interest 10.46 0.55%
Liquid Assets 65.74 3.49%
Real Estate 1809.24 95.96%
  • Top five holdings
 GROWPNT 395.98 21%
 NEPIROCK 347.86 18.45%
 REDEFINE 173.19 9.19%
 RESILIENT 146.53 7.77%
 FORTRESSA 100.95 5.35%
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
ISIN code:
Short name:
South African--Real Estate--General
FTSE/JSE SA Listed Property Index (SAPY)
  • Fund management  
Glenn T Silverman
Glenn qualified as a chartered accountant in 1990 after completing his articles with firm Kessel Feinstein. He then spent two years in commerce before joining a major asset management company where he gained two and a half years practical experience in research and fund management. He worked for the RMB Asset Management team before joining Investment Solutions
Alexander Forbes Investments

  • Fund manager's comment

AF Investments Property Equity Commment - Sep 19

2019/10/29 00:00:00
The sector continues to be under pressure especially retailers, delivering negative returns in the third quarter. Hyprop and Rebosis were among the companies that fell hard during the quarter. Hyprop released results that the market deemed disappointing while Rebosis’ announcement that it will merge with Delta Property Fund was met with resistance by some shareholders. Consensus is that the sector remains attractively priced and trading at forward yields that are above the long term South African Government Bond.
The fund ended the quarter ahead of its benchmark. Overweight positions in stocks that have offshore exposure like Hammerson and Resilient, while underweight exposure to the stocks that have South African retail exposures like Redefine, Hyprop and Fortress REIT (B) contributed to the relative performance of the fund. Year to date the fund continues to outperform its benchmark largely due to stock selection. Overweight positions to Stor-Age Property Reit and Nepi Rockcastle contributed to the relative performance. Underweight positions to the underperforming stocks like Redefine, Attaq and Fortress (B) also contributed to the relative fund performance.
  • Fund focus and objective  
This portfolio aims to achieve both capital growth and income by investing in a selection of listed South African property securities, with the focus on income yield relative to income growth. The objective is to allow investors to further diversify between different asset classes by offering exposure to local listed property securities.
This fund will not invest in any unlisted shares, but may hold cash in anticipation of purchasing shares when they do list. No direct property investments are allowed, the fund will only invest in listed property, and from time to time will hold cash up to limits allowed in the Domestic-Asset Allocation- Flexible Property Category. The fund may invest in other appropriate unit trusts (local and foreign) subject to the 20% limits as per legislation.

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