Timbercreek

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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 2019 Highlights

  • Year-to-date, the fund has generated a 20.0% total return1.
  • The Fund’s exposure to France and Hong Kong increased while the Fund Lowered its exposure to the United States.  
  • The Fund added four new common equity holdings while exiting five.
  • In terms of what worked, In France, both Carmila and Icade delivered strong returns, gaining 24.8% and 18.3% (EUR). In the U.S VICI Properties gained 14.1% (USD) while in Canada Automotive Properties Trust (APR) delivered a +11.4% total return (CAD).  Finally, In Hong Kong, Sun Hung Kai Properties (SHKP) generated a +9.3% total return (HKD) as regional businesses started to regain some sense of normalcy as the frequency and intensity of the on-going political protests eased in December.

    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.