Legg Mason Martin Currie Property Secs A (SSB0128AU) Report & Performance

What is the Legg Mason Martin Currie Property Secs A fund?

Legg Mason Martin Currie Property Securities A aims to earn a return before fees and taxes of 1.5% p.a. above the S&P/ASX 300 A-REIT Accumulation Index (‘Benchmark’) over rolling three year periods. The Trust invests in a diversified portfolio of listed Australian property or related securities trading below intrinsic values Focused on replacement cost rents and securities with sustainable cash flows Dedicated local team with deep knowledge of A-REIT markets enables research insights to be captured and implemented quickly and consistently.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Legg Mason Martin Currie Property Secs A

Legg Mason Martin Currie Property Secs A Fund Commentary September 30, 2023

The Fund was down 7.07% in September, in comparison the benchmark was down 8.66%. At the stock level, overweight positions in Ingenia Communities Group, Yuexiu Transport Infrastructure, Digital Core and Aspen Group were among the largest contributors to relative outperformance in September. While underweight positions in Mirvac Group and Charter Hall Group were also additive from a relative performance perspective. On the other side, this was offset by underweight positions in Dexus Property Group, GPT Group, and Charter Hall, as well as an overweight positions in GDI Property Group, Scentre Group and Abacas Storage King.

In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to Retail REITS and Data Centre REITs and underweight to Diversified, Office and Industrial REITs.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Legg Mason Martin Currie Property Secs ASSB0128AUManaged FundsProperty and InfrastructureAustralian Listed PropertyProperty - Australian Listed Property IndexASX Index 200 A-REIT Index92.92 M0.64%0.00%0.25%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Legg Mason Martin Currie Property Secs A10.91%14.89%15.1%5.08%6.66%20.37%20.1%18.2%-12.36%-27.6%-75.57%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Legg Mason Martin Currie Property Secs AProperty - Australian Listed Property Index-0.57%-0.61%0%-0.07%-0.07%0.961.94%3.51%10.98

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Legg Mason Martin Currie Property Secs AYes-https://www.franklintempleton.com.au/-

Product Due Diligence

What is Legg Mason Martin Currie Property Secs A

Legg Mason Martin Currie Property Secs A is an Managed Funds investment product that is benchmarked against ASX Index 200 A-REIT Index and sits inside the Property - Australian 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 Legg Mason Martin Currie Property Secs A has Assets Under Management of 92.92 M with a management fee of 0.64%, a performance fee of 0.00% and a buy/sell spread fee of 0.25%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Legg Mason Martin Currie Property Secs A has returned 10.91% in the last month. The previous three years have returned 5.08% annualised and 18.2% each year since inception, which is when the Legg Mason Martin Currie Property Secs A first started.

How is risk measured in this investment product?

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 Legg Mason Martin Currie Property Secs A first started, the Sharpe ratio is 0.26 with an annualised volatility of 18.2%. The maximum drawdown of the investment product in the last 12 months is -12.36% and -75.57% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

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 Legg Mason Martin Currie Property Secs A has a 12-month excess return when compared to the Property - Australian Listed Property Index of -0.57% and -0.61% since inception.

Does the investment product produce Alpha over its Peers?

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. Legg Mason Martin Currie Property Secs A has produced Alpha over the Property - Australian Listed Property Index of 0% in the last 12 months and -0.07% since inception.

What are similar investment products?

For a full list of investment products in the Property - Australian Listed Property Index category, you can click here for the Peer Investment Report.

What level of diversification will Legg Mason Martin Currie Property Secs A provide?

Legg Mason Martin Currie Property Secs A has a correlation coefficient of 0.98 and a beta of 0.96 when compared to the Property - Australian 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.

How do I compare the investment product with its peers?

For a full quantitative report on Legg Mason Martin Currie Property Secs A and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Legg Mason Martin Currie Property Secs A with the ASX Index 200 A-REIT Index?

For a full quantitative report on Legg Mason Martin Currie Property Secs A compared to the ASX Index 200 A-REIT Index, you can click here.

Can I sort and compare the Legg Mason Martin Currie Property Secs A to do my own analysis?

To sort and compare the Legg Mason Martin Currie Property Secs A financial metrics, please refer to the table above.

Has the Legg Mason Martin Currie Property Secs A been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Legg Mason Martin Currie Property Secs A?

If you or your self managed super fund would like to invest in the Legg Mason Martin Currie Property Secs A please contact via phone or via email .

How do I get in contact with the Legg Mason Martin Currie Property Secs A?

If you would like to get in contact with the Legg Mason Martin Currie Property Secs A manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Legg Mason Martin Currie Property Secs A. All data and commentary for this fund is provided free of charge for our readers general information.

Historical Performance Commentary

Performance Commentary - June 30, 2023

The Fund fell 0.63% in June, in comparison the benchmark was down 0.09%. At the stock level, overweight positions in Digital Core, Abacus Property and Yuexiu Transport Infrastructure were among the largest contributors to relative outperformance in June. Underweight positions in Charter Hall Group and Dexus Property Group were also additive from a relative performance perspective.

On the other side, this was more than offset by underweight positions in Goodman Group and GPT Group, as well as an over-weight positions in Region Group, Ingenia Communities Group and Aspen Group. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to Retail REITS and Data Centre REITs and underweight to Diversified, Office and Industrial REITs.

Performance Commentary - March 31, 2023

The Fund fell 6.05% in March, in comparison the benchmark was down 6.84%. At the stock level, overweight positions in Stock-land, Aspen Group and Ingenia Communities Group were among the largest contributors to relative outperformance in March. Underweight positions in Charter Hall Group and Dexus Property Group were also additive from a relative performance perspective. On the other side, this was offset by underweight positions in Goodman Group and BWP Trust, as well as an overweight positions in Digital Core REIT Management, and Centuria Capital Group. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to Retail and Data Centre REITs, and underweight to Diversified, Office and Industrial REITs.

Performance Commentary - December 31, 2022

The listed real estate market was down 4.0% in December (as measured by the S&P/ASX 300 A-REIT Accumulation Index). In comparison, the Australian equity market fell 3.2% in December (as measured by the S&P/ASX 200 Accumulation Index). At the A-REIT subsector level, residential were the strongest REITs, while industrial and diversified were the weakest in December.

The Fund fell 2.21% in December, in comparison the benchmark was down 4.04%. At the stock level, overweight positions in Aspen Group, Yuexiu Transport Infrastructure and Ingenia Communities Group were among the largest contributors to relative outperformance in December. Underweight positions in Charter Hall Group and Goodman Group were also additive from a relative performance perspective.

On the other side, this was offset by underweight positions in Dexus Property Group and Charter Hall Long Wale REIT, as well as an overweight position in Digital Core REIT Management. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs, Retail REITS and Hotels & Healthcare REITS and an underweight to commercial Real Estate and Industrial REITs.

Performance Commentary - September 30, 2022

The Fund fell 13.2% in September, in comparison the benchmark was down 13.6%. At the stock level, overweight posi-tions in Aspen Group, Abacus Property group and Digital Core REIT Management were largest contributors to relative outperformance in September. On the other side, this was offset by underweight positions in GPT Group and Mirvac Group which were the largest detractors from relative performance in September.

Over the September quarter, the Fund fell 7.10%, while in comparison the benchmark fell 6.88% over the quarter. At the stock level, overweight positions in Aspen group and Centre Group were positive contributors to performance over the September quarter, while underweight positions in Dexus Property Group and Arena REIT were also accretive to performance. On the other side, underweight positions in Charter Hall Group and Mirvac Group were detractors from relative performance over the September quarter.

While overweight positions in Yuexiu Transport Infrastructure and GDI Property Group also detracted from relative performance over the quarter. In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs, Retail REITS and Hotels & Healthcare REITS and an underweight to commercial Real Estate and Industrial REITs.

Performance Commentary - June 30, 2022

The Fund fell 9.58% in June outperforming the benchmark slightly which fell 10.39%. At the stock level, an overweight position in Yuexiu Transport and an underweight position in Charter Hall group were largest contributors to relative outperformance in June. On the other side, this was offset by an underweight position in Vicinity Centres and an over- weight position in Digital Core REIT management which were the largest detractors from relative performance in June.

Over the June quarter, the Fund fell 1.62%, while in comparison the benchmark fell 17.49%. At the stock level, an un- derweight position in Charter Hall Group and an overweight position in Yuexiu Transport were positive contributors to performance over the June Quarter, while overweight positions in Sunland Group and Aspen Group were also accre- tive to performance. On the other side, an overweight position in Centuria Capital Group and underweight positions in Vicinity Centres and BWP Trust were detractors from relative performance over the June quarter,.

In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs, Retail REITS and Hotels & Healthcare REITS and an underweight to commercial Real Estate and Industrial REITs.

Performance Commentary - November 30, 2021

The Fund fell –1.10% in September, ahead of the benchmark return which fell –1.94%. The Fund continues to exhibit strong returns over one year, returning 32.98%, ahead of the benchmark return of 30.69% over the same period. At the stock level, Yuexiu Transport, Scentre Group and Aspen Group were key contributors through September. On the other side, Lendlease Group, GDI Property Group and not holding GPT Group detracted. Over the quarter, the Fund returned 5.89%, ahead of the benchmark return of 4.80%. Centuria Capital Group, Yuexiu Transport and Scentre Group were among the big winners for the quarter, while Lendlease Group, Stockland and underweight Charter Hall Group were among the largest of the detractors at the stock level.

In terms of sub-sector weights relative to the benchmark, the Fund retains a relative overweight to residential REITs and an underweight to commercial Real Estate.

Performance Commentary - September 30, 2021

The Fund fell –1.10% in September, ahead of the benchmark return which fell –1.94%. The Fund continues to exhibit strong returns over one year, returning 32.98%, ahead of the benchmark return of 30.69% over the same period. At the stock level, Yuexiu Transport, Scentre Group and Aspen Group were key contributors through September. On the other side, Lendlease Group, GDI Property Group and not holding GPT Group detracted. Over the quarter, the Fund returned 5.89%, ahead of the benchmark return of 4.80%. Centuria Capital Group, Yuexiu Transport and Scentre Group were among the big winners for the quarter, while Lendlease Group, Stockland and underweight Charter Hall Group were among the largest of the detractors at the stock level.

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