
2026
- The fund manager believes listed real estate equities are the most efficient, transparent and investor-friendly vehicle for owning institutional-grade real estate, with pockets of opportunity for active managers to add value.
- The fund targets both income and capital growth. The portfolio holds a number of small and mid-cap companies and invests in the Asia Pacific property sector.
- The fund is benchmark-aware via the FTSE EPRA Nareit Developed Asia Dividend Plus Index, managed to stay close to benchmark country weightings while taking meaningful active positions across property sectors and individual securities.
- The fund typically holds 20 to 40 holdings and had 25 holdings as of 31 March 2026. As of 31 March 2026, the fund has the largest sub-sector exposures in Real Estate Holding & Development and Retail REITs.
- Looking ahead, the fund manager remains optimistic on the recovery in Asian real estate markets despite uncertainty from the Middle East conflict, citing improving fundamentals, resilient demand and declining supply supporting rental growth.
Fund Investment Style


Source: Bloomberg Finance L.P., iFAST Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
|
Recommended fund |
3-year annualised return |
3-year maximum drawdown |
3-year downside deviation |
3-year Sortino ratio |
|
0.6% |
-33.9% |
10.6% |
-0.18 |
|
|
Peer Average |
-0.8% |
-37.2% |
9.8% |
-0.35 |
Source: Bloomberg Finance L.P., iFAST Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
About the Fund Managers
The Fund is co-managed by Tim Gibson, who has managed the Fund since 1 March 2011, and Xin Yan Low, who has managed the Fund since 31 January 2019, both based in Singapore and supported by the broader Global Property Equities team. The team strives to generate the majority of outperformance through stock selection, utilising expert local-market knowledge, given that relative country performance is influenced by less predictable factors such as exchange rates, investor sentiment and government policy. The approach is bottom-up and high-conviction, building concentrated, all-cap portfolios using a proprietary valuation framework, while country allocation is kept close to neutral to reduce exposure to exogenous risks.

