Investment Review – February 2021

Market Indicators

  • JSE All Share (ALSI) 66,138.05
  • Rand/Euro R 18.25
  • Rand/Pound R 21.05
  • Rand/US Dollar R 15.12
  • Rand/Aus Dollar R 11.65

The Impact of REIT structures on Listed Property Investing

Listed property was the top performing local asset class over a period of 15 years from 2002 through to the end of 2017, outperforming the broader equity market by 5% per year over that period. The outperformance was driven by a range of factors, including the introduction of the REIT (Real Estate Investment Trust) structure. It is important for investors to understand these structures and this month’s commentary considers the impact they can have when investing in listed property.

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The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.