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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.

First Quarter 2019 Highlights

  • The Fund generated a +10.8% 1 total return (CAD) in the quarter. 
  • Equity Markets rebounded and recouped most of the losses suffered in the final three months of 2018.
  • U.S and China trade war fears subsided and both countries appear to be on a path towards a mutual comprise.  
  • The Fund swapped into Brixmor Property Group Inc form our position in the Kite Realty Group at the end of the quarter.
  • In terms of what worked, Canadian REITs Dream Industrial and Automotive Properties outperformed, delivering a +27.3% and +22.5% total return (CAD). Colony Capital’s preferred share Series J gained 25.3% (USD) and U.S. shopping center REIT Kimco Realty generated a +26.3% total return (USD). In Hong Kong, Sunlight REIT gained 20.5% (HKD) and in Singapore, CapitaLand Retail China Trust (CRCT) gained 19.4% (SGD)

    1The returns are based on Class F units, net return

    For further commentary, please click on the link below.

    Quarterly Manager Commentary

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