Top performing real estate funds to 31 May 2015
Fund
10 Year annualised
total return
Investec Property Equity Fund A
20.57%
Stanlib Property Income Fund A
20.40%
Catalyst SA Property Equity PSG
Fund A
19.94%
Stanlib Multi-Manager Property
Fund A
19.77%
Investment Solutions Property
Equity Fund A
19.72%
FTSE/JSE SA Listed Property Index
20.71%
South Africa real estate fund
category average
18.30%
Investec Property
Equity Fund Top 5
holdings
There are differences in these
portfolios in their smaller positions,
but essentially the bulk of their
holdings look very similar.
Stanlib Property Income
Fund Top 5 holdings
20.40%
Growthpoint
22.29%
Redefine
15.00%
Redefine
12.99%
NEPI
10.50%
NEPI
10.12%
Hyprop
8.60%
Hyprop
10.10%
Capital
7.70%
Capital
6.40%
Top 5
weighting
62.20%
Top 5
weighting
61.90%
ISSUE 4 – JULY 2015
Over this longer period it becomes
even more apparent how difficult it
has been for managers to generate
out-performance in this sector. Not
a single fund has beaten the index
over this time.
Another illustration of how
managers in this category struggle
to differentiate themselves is the
below comparison of the Investec
and Stanlib portfolios according to
their latest fact sheets:
(See: Graph 2).
Growthpoint
26
Only five funds are included in this
list, as only 15 of the funds in this
category have track records that go
back a decade.
Over the next few years, it will be
very interesting to watch whether
those asset managers that have
started to build very different
looking portfolios will be able to
build on their recent momentum,
or whether the funds that stay close
to the index repeat their long term
performance. With the dynamics of
the market changing, this will be a
key theme for investors to watch in
this category.
There are differences in these
portfolios in their smaller positions,
but essentially the bulk of their
holdings look very similar.
Over the next few years, it will be
very interesting to watch whether
those asset managers that have
started to build very different
looking portfolios will be able to
build on their recent momentum,
or whether the funds that stay close
to the index repeat their long term
performance. With the dynamics of
the market changing, this will be a
key theme for investors to watch in
this category. ■