Timbercreek Global Real Estate Income Fund
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.