Ironbark Global (ex-Aus) Property Secs is an Managed Funds investment product that is benchmarked against Dvlp Global Real Estate and sits inside the Property - Global Listed Property Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Ironbark Global (ex-Aus) Property Secs has Assets Under Management of 98.91 M with a management fee of 1%, a performance fee of 0.00% and a buy/sell spread fee of 0.61%.
The recent investment performance of the investment product shows that the Ironbark Global (ex-Aus) Property Secs has returned 3.48% in the last month. The previous three years have returned -4.37% annualised and 19.02% each year since inception, which is when the Ironbark Global (ex-Aus) Property Secs first started.
There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Ironbark Global (ex-Aus) Property Secs first started, the Sharpe ratio is NA with an annualised volatility of 19.02%. The maximum drawdown of the investment product in the last 12 months is -10.86% and -70.71% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Ironbark Global (ex-Aus) Property Secs has a 12-month excess return when compared to the Property - Global Listed Property Index of -0.08% and -0.17% since inception.
Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Ironbark Global (ex-Aus) Property Secs has produced Alpha over the Property - Global Listed Property Index of NA% in the last 12 months and NA% since inception.
For a full list of investment products in the Property - Global Listed Property Index category, you can click here for the Peer Investment Report.
Ironbark Global (ex-Aus) Property Secs has a correlation coefficient of 0.99 and a beta of 1.05 when compared to the Property - Global Listed Property Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
For a full quantitative report on Ironbark Global (ex-Aus) Property Secs and its peer investments, you can click here for the Peer Investment Report.
For a full quantitative report on Ironbark Global (ex-Aus) Property Secs compared to the Dvlp Global Real Estate, you can click here.
To sort and compare the Ironbark Global (ex-Aus) Property Secs financial metrics, please refer to the table above.
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The Ironbark Global (ex-Australia) Property Securities Fund (the ‘Fund’) returned 0.72% (net) for the quarter, outperforming the FTSE EPRA/NAREIT Developed Rental ex-Australia Index (hedged to $A, net) return of 0.01% by 0.71%.
Overall, stock selection contributed to relative performance while allocation had a neutral impact. From an allocation perspective, the underweight to underperforming Japan was the leading contributor. However, this was more than offset by the underweight to outperforming Continental Europe and bucket allocation in the Americas which detracted. At the stock level, selection was particularly strong in the Americas, Asia ex-Japan and the UK. Selection was also positive in Continental Europe while Japan had a minor negative impact.
Americas performance review
The Americas portion of the portfolio returned 5.2%, outperforming the local benchmark return of 4.8% (in local currency terms).
Positive stock selection helped to more than offset negative bucket allocation. From an allocation perspective, the underweight to underperforming office was the leading contributor. Office faces a tough economy and demand drivers flashing warning signals (i.e., business confidence). The sector also remains under pressure from the impact of COVID-19; leasing volumes are muted and, thus far, employers remain flexible and accommodative towards work-from-home trends in a tight labour market. Conversely, the underweight to outperforming malls was the leading negative contributor. Malls were up strongly given resilient consumer demand trends. The exposure to US towers also detracted. Higher rates and FX were a headwind early in the quarter, while forward guidance from one of the major tower companies came in below expectations, weighing on the group overall. At the stock level, selection was particularly strong within data centers, residential and healthcare. This was partially balanced by negative selection within office and industrial.
Europe performance review
The UK portion of the portfolio returned 7.5%, outperforming the local benchmark return of 4.1% (in local currency terms), whilst the Continental Europe portion of the portfolio returned 6.0%, performing in-line with the local benchmark of 6.0% (in local currency terms).
In the UK, selection within the smaller, niche orientated property stocks was very strong. The standout was the overweight to outperforming Grainger. ‘Build-to-rent’ focused Grainger delivered a strong result, delivering on its private rental pipeline and benefitting from strong rent growth which is correlated to wage inflation. Looking ahead, Grainger expects rising mortgage costs to drive rental demand. Meanwhile in Continental Europe, positive selection within retail was balanced by negative selection amongst the Nordic property stocks.
The Ironbark Global (ex-Australia) Property Securities Fund (the ‘Fund’) returned 4.24% (net) for the quarter, outperforming the FTSE EPRA/NAREIT Developed Rental ex-Australia Index (hedged to $A, net) return of 4.11% by 0.13%.
Overall, stock selection contributed to relative performance while allocation had a neutral impact. From an allocation perspective, the underweight to underperforming Japan was the leading contributor. However, this was more than offset by the underweight to outperforming Continental Europe and bucket allocation in the Americas which detracted. At the stock level, selection was particularly strong in the Americas, Asia ex-Japan and the UK. Selection was also positive in Continental Europe while Japan had a minor negative impact.
The Ironbark Global (ex-Australia) Property Securities Fund (the ‘Fund’) returned -11.43% (net) for the quarter, underperforming the FTSE EPRA/NAREIT Developed Rental ex-Australia Index Net Hedged to $A return of -10.92% by 0.51%. Overall, allocation and stock selection slightly detracted from relative performance. From an allocation perspective, the underweight to underperforming Continental Europe was the leading contributor. However, this was more than offset by the overweight to underperforming UK and bucket allocation in the Americas and Continental Europe which detracted. At the stock level, selection was positive in Japan and Asia ex-Japan, however this was balanced by negative selection in the UK, Continental Europe and the Americas
Americas performance review
The Americas portion of the portfolio returned -10.6%, underperforming the local benchmark return of -10.2% (in local currency terms). Bucket allocation and selection were modest detractors over the quarter. The underweight to the more economically sensitive mall sector was the leading negative contributor. The recovery-oriented segments such as malls caught a bid early in the quarter as Federal Reserve expectations moderated, while recent macro retail sales trends along with mall foot traffic have held up better-thanexpected. The average overweight position to the more interest rate sensitive healthcare sub-sector also detracted. Meanwhile, the allocation to residential contributed. With rents headed higher and a lack of affordable housing, residential held up better than most amidst the late quarter selloff.
Europe performance review
The UK portion of the portfolio returned -20.5%, underperforming the local benchmark return of -19.5% (in local currency terms), whilst the Continental Europe portion of the portfolio returned -16.3%, underperforming the local benchmark of -13.4% (in local currency terms).
In the UK, selection amongst the large capitalisation stocks was a minor contributor, however, this was more than offset by negative selection amongst the smaller, niche orientated property stocks. Meanwhile, in Continent Europe, bucket allocation and selection had a negative impact. The underweight to the traditionally defensive Swiss property stocks detracted, along with the exposure to the interest rate sensitive residential sub-sector. Selection amongst residential, the Nordics and retail also contributed negatively to relative performance.
Asia performance review
The Asia ex-Japan portion of the portfolio returned -9.1%, underperforming the local benchmark return of -9.0% (in local currency terms), whilst the Japan portion of the portfolio returned 1.3%, outperforming the local benchmark return of -0.2% (in local currency terms).
In Asia ex-Japan, selection was strong amongst the Hong Kong SAR landlords, however this was partially balanced by negative selection within the Singapore REITs. Hong Kong SAR landlord Wharf real estate Investment was a leading contributor. Wharf caught a bid after announcing a better-than-expected first half of 2022 result, driven by Hong Kong investment properties margin improvement while easing COVID-19 curbs lent support into quarter end. Meanwhile, in Japan, selection was particularly strong amongst the REITs, notably the overweight to outperforming Mori Trust Hotel REIT. Hotel-related stocks were well supported on the view that earnings would continue to recover despite concerns about lackluster travel demand in July and August owing to fresh COVID-19 outbreaks. The further easing of travel curbs late in the period also provided a boost. Elsewhere, the overweight to outperforming Activia Properties and Global One Real Estate Investment also contributed to relative performance.
The Ironbark Global (ex-Australia) Property Securities Fund (the ‘Fund’) returned -18.23% (net) for the quarter, underperforming the FTSE EPRA/NAREIT Developed Rental ex-Australia Index Net Hedged to $A return of -17.05% by -1.18%.
Overall, allocation contributed to relative performance and stock selection detracted. From an allocation perspective, the underweight to underperforming Continental Europe had a positive impact, along with bucket allocation in the Americas. This was partially offset by the underweight to outperforming Japan and Asia ex-Japan, and bucket allocation in Continental Europe which detracted. At the stock level, selection was positive in the United Kingdom, however, selection in the Americas, Continental Europe, Japan and Asia ex Japan was negative.
The Ironbark Global (ex Australia) Property Securities Fund (the ‘Fund’) returned -4.91% (net) for the quarter, underperforming the FTSE EPRA/NAREIT Developed Rental ex-Australia Index Net Hedged to $A return of -3.61% by -1.30%.
Overall, allocation and stock selection both had a negative impact on relative performance. From an allocation perspective, the leading negative contributors were bucket allocation in the Americas and Continental Europe. The underweight to outperforming Asia ex Japan also had a negative impact. At the stock level, selection was positive in Asia ex Japan, Continental Europe and Japan, however, this was more than offset by negative selection in the Americas and UK.
The Ironbark Global (ex Australia) Property Securities Fund (the ‘Fund’) returned 10.11% (net) for the quarter, outperforming the FTSE EPRA/NAREIT Developed ex-Australia Index Net Hedged to $A return of 9.15% by 0.96%. Overall, allocation and stock selection contributed to relative performance. From an allocation perspective, the leading contributors were positive bucket allocation in the Americas and Continental Europe, while the underweight to underperforming Asia Ex Japan and Japan also had a minor positive impact. This was partially balanced by the underweight to outperforming Continental Europe which detracted. At the stock level, selection was positive across the board, in particular within the Americas, Asia Ex Japan and Continental Europe.
The Ironbark Global (ex-Australia) Property Securities Fund (the ‘Fund’) returned 7.74% (net) for the quarter, outperforming the FTSE EPRA/NAREIT Developed Index return of 7.49% by 0.25%. Overall, allocation contributed, and stock selection detracted from relative performance over the quarter. From an allocation perspective, the leading contributor was the underweight to underperforming Continental Europe. Positive bucket allocation in the Americas was another strong contributor over the period, the overweight to reopening plays malls and hotels, and the underweight to data centres. This was partially offset by the overweight to underperforming UK and underweight to outperforming Japan which had a minor negative impact. At the stock level, selection was particularly strong in the Japan and Asia ex Japan, while selection was negative in the Americas, Continental Europe, and the UK.
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