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Timbercreek Global Real Estate Income Fund

Manager Commentary

The Timbercreek Global Real Estate Income Fund is pleased to provide you with a quarterly update which highlights the Fund's performance, portfolio changes and market commentary from the Portfolio Manager.

Fourth Quarter 2018 Highlights

  • Synchronized global growth propelled most asset classes to new highs beginning 2018. This quickly became unbalanced in the fourth quarter.  Factors such as escalating trade wars, Brexit fears and rising interest rates in North America, all had a hand in weighing down the markets.
  • Global real estate securities, however, served as a beacon of safety relative to most other sectors during these turbulent times. This growth along with the defensive nature of the asset class allowed REITs to play catch-up in the fourth quarter, outperforming global equities by 785 basis points (bps) (-5.5% vs. -13.3%)1,2.
  • The Fund generated -0.8% total return (CAD) in the quarter, finishing 2018 up 2.0% (CAD)
  • In terms of what worked, Australian-based National Storage REIT and Charter Hall Retail REIT generated a +7.7% and +8.9% (AUD) total return. In the U.S., healthcare REITs HCP and Ventas delivered a +7.5% and +9.2% (USD) total return.

    1FTSE EPRA NAREIT Developed Total Return Index
    2MSCI World Index

    For further commentary, please click on the link below.

    Quarterly Manager Commentary

    Global Real Estate Securities investments are managed by Timbercreek Investment Management Inc.