TR Property Investment Trust
Rated Fund 2014-20. Invests in property companies across Europe
TR Property was highly commended in the Best Property Trust category of Money Observer’s 2018 and 2019 awards – and deservedly so. This total return fund has significantly outperformed its benchmark over one, three and five years while yielding 2.9%, paid half-yearly.
This trust is the only one listed by the AIC that invests mainly in the shares of property companies, rather than physical property. This allows manager Marcus Phayre-Mudge to adjust the portfolio more readily than would be possible if he were investing directly in property, which can be hard to buy and take time to sell. He and his team assess property assets, balance sheets and the long-term records of managers for each company they consider.
Most holdings are in Europe including the UK. The trust can invest in physical property in the UK. At the end of 2018 the trust had just over 6% invested in UK direct property. The majority of allocations were to Germany and France. Shares in the trust tend to trade at a discount to net asset value, but the discount has steadily narrowed to a premium of up to 5% in 2019.
Narrative and ratings content all as of 01 January 2020.See all Money Observer rated funds
|Vonovia SE||10.69 %|
|LEG Immobilien AG||5.62 %|
|Gecina Nom||4.27 %|
|UNITE Group PLC||4.22 %|
|Land Securities Group PLC||4.12 %|
|Segro PLC||4.09 %|
|Deutsche Wohnen SE||3.92 %|
|LondonMetric Property PLC||3.74 %|
|United Kingdom||36.10 %|
|Europe - ex Euro||11.52 %|
|Real Estate||97.85 %|
Jo has been Finance Manager since 1995, first at Henderson Global Investors then, since January 2005, at Thames River Capital (now part of BMO Global Asset Management), when she joined as CFO for the property team. She joined Henderson Investors in 1995, where she most recently held the position of Director of Property, Finance & Operations, Europe. Previously she was Corporate Finance Manager with London and Edinburgh Trust plc and prior to that was an investment/treasury analyst with Heron Corporation plc. Jo has a BSc (Hons) in Zoology from the University of Nottingham and qualified as a Chartered Accountant with Ernst & Young in 1989.
Marcus Phayre-Mudge joined the company in October 2004 and is a fund manager and head of our Real Estate Securities team. Prior to joining, Marcus was a partner at Thames River Capital (now part of BMO Global Asset Management). He was at Henderson Global Investors from 1997 to 2004. He manages the TR Property Investment Trust, the largest European closed-ended real estate equity Investment Trust as well as co-managing BMO Property Growth & Income Fund (which he launched in 2005) and the BMO Global Real Estate Securities Fund. Prior to joining Henderson, Marcus was an investment surveyor at Knight Frank (1990) and was made an Associate Partner in the fund management division (1995). He qualified as a Chartered Surveyor in 1992 and has a BSc (Hons) in Land Management from Reading University.
Alban joined the company in July 2008. He is the lead fund manager of BMO Real Estate Equity Market Neutral Fund and BMO European Real Estate Securities Fund, and co-manager of the BMO Global Real Estate Securities Fund and BMO Property Growth & Income Fund. He was previously at Citigroup Global Markets as an equity research analyst focusing on continental European real estate. Prior to that he was at Société Générale Securities, where he focused on transport equity research. He completed a BSc Business and Management programme at ESC Toulouse, including one year at the Brunel University, School of Business Management in London. He also attended CERAM Nice High Business School. In 2005 he obtained a post-graduate Specialised Master in Finance in 2005 from ESCP-EAP.
Gay is chief operating officer with First Affirmative Financial Network. Prior to joining the company as a financial planner in 1986, he was a chief resource-management officer in Fort Carson, Colorado for 12 years. He looks for growth at a reasonable price, seeking a balance of established stocks and emerging services and technologies. A Certified Financial Planner, Gay majored in national security and public affairs at West Point.
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