- March saw the equity market rebound that started in November continue, with forecasted economic recessions in Australia and the US now looking unlikely. This was reinforced by positive economic data from the RBA released over the month, which showed that households are well placed to handle ‘higher-for-longer’ periods of interest rates, along with the ABS releasing positive February retail sales.
- The Atlas High Income Property Fund gained by +5.4% in March, more than offsetting losses during February. The fall during reporting season was disappointing as the Fund is populated with companies that showed robust profitability from assets with long leases to high-quality tenants that largely offer non-discretionary goods and services.
- The Fund declared a quarterly distribution of $0.03 per unit for the March Quarter, roughly in line with the December Quarter distribution. The distribution will be paid to investors in early April, taking the annual yield to 7% for the year ending March 2024.
Go to Monthly Newsletters for a more detailed discussion of the listed property market and the fund’s strategy going into 2024.