October Monthly Newsletter

  • October was a weak month, with global markets continuing to fall for the third month in a row, driven by expectations of more rate rises to combat the stickier-than-expected inflation. There was nowhere to hide in global markets, with the S&P 500 down -2.2%, the NASDAQ down -2.8%, and the ASX200 down -4%.
  • The Atlas High Income Property Fund pulled back by -5.6% despite several companies in the Fund reporting robust quarterly earnings. Indeed, the two toll roads held in the Fund reported quarterly profits on record average traffic and inbuilt inflation-linked toll escalators.
  • Concerns of higher inflation and rising geopolitical tensions have dominated the last three months quarter, with many trusts having share prices below what they were during the middle of lockdowns in mid-2020 when they faced an uncertain future and were having trouble collecting rents. Conversely, in October 2023, many generated profits higher than pre-CV19 levels and enjoyed close to full occupancy. Early November has seen a sharp recovery, with October’s losses recovered in the first few days of trading.

Go to Monthly Newsletters for a more detailed discussion of the listed property market and the fund’s strategy going into 2024.