- The Fund gained +0.1%. lagging index over the month due to our strategy of favouring trusts with a high percentage of recurring earnings over those whose earnings are currently being bolstered by development profits.
- The Fund had a very pleasing reporting season and on average the trusts held by the Fund delivered profit growth +6%, compared with the underlying property index which grew profits by +3.4% over 2016. In the words of Ben Graham “In the short run, the market is a voting machine but in the long run, it is a weighing machine.”
- In August 2017, 4 of the 12 trusts held in the Fund announced buy-backs which will should provide share price support over the next year.
Go to Monthly Newsletters for a more detailed discussion of the listed property market in August and the fund’s strategy