Whilst everyday is a good day, including weekends and holidays, to have a dividend re-investment plan, some days are much better than others.

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Until the New Year, any new information is scarce, so if anyone want’s to contribute any articles for publication on the blog, next week would be a good time to post.

Currently there is xd income of £1,578 and cash of £770. The most probable destination for the cash is AGR, which would add to the Snowball another £190.00 of income. But as always best to DYOR.

GRS but GR.

QuotedData’s Real Estate Monthly Roundup – December 2024

Richard Williams

Winners and losers in November 2024

Best performing funds in price terms	(%)
Alpha Real Trust	9.5
Globalworth Real Estate	8.5
Residential Secure Income	5.3
IWG	4.5
Custodian Property Income REIT	3.2
Grainger	3.1
Value & Indexed Property Income Trust	1.9
Hammerson	1.8
Workspace Group	1.8
Supermarket Income REIT	1.3

Source: Bloomberg, Marten & Co

Worst performing funds in price terms	(%)
Grit Real Estate Income Group	(17.6)
CLS Holdings	(12.3)
Life Science REIT	(12.2)
Conygar Investment Company	(11.5)
Big Yellow Group	(11.3)
Real Estate Investors	(8.8)
Safestore	(8.0)
Ground Rents Income Fund	(7.6)
Target Healthcare REIT	(7.4)
Urban Logistics REIT	(7.3)

Source: Bloomberg, Marten & Co

Best performing funds

Real estate share prices settled somewhat in November but were still down 1.4% on average having declined almost 5% in October, as the impact of the budget raised the potential for a higher-for-longer interest rates environment. There was an eclectic mix of positive share price movers in the month, led by real estate debt specialist Alpha Real Trust. Post month end, the company announced that it would seek to delist, offering minority shareholders a tender offer at NAV. Residential Secure Income saw its share price trend upwards for a second consecutive month after announcing a proposed managed wind-down in October. Custodian Property Income REIT’s quarterly valuation update shows that values may have turned a corner (see the valuation moves section below), highlighting that its shares may be too cheap. Hammerson’s continued operational and balance sheet strengthening, including the launch of a £140m share buyback programme, seems to be gaining traction with investors. The reaction to the proposed change in the basis of Supermarket Income REIT’s management fee (from NAV to share price – see corporate news section) has been surprisingly muted.

Worst performing funds

Potentially higher-for-longer interest rates resulted in many of the highly leveraged or rate sensitive companies suffer once again. Grit Real Estate Income Group, which has a high cost of borrowing, continued to lose value as its share price plummeted another 17.6% over the month, and it has halved in size over the 11 months of 2024. The African real estate developer and investor now has an astonishingly low market cap of around £50m, despite owning a freshly capitalised development partner with lucrative US Embassy-backed diplomatic housing projects in the pipeline. Fellow perennial 2024 share price victims CLS Holdings and Life Science REIT also recorded double-digit declines in November. Office landlord CLS faces a tricky few months with several loans due to mature in 2025. Meanwhile, interest rate hedges in place on debt that Life Science REIT is using to develop its flagship scheme expire next year. The two self-storage operators, Big Yellow and Safestore, both suffered as fears for subdued economic growth and a floundering housing market grew. Ground Rents Income Fund made significant progress in its strategy to sell down assets with the sale of its largest holding (see the news section).  

Valuation moves

Company	Sector	NAV move (%)	Period	Comments
Care REIT	Healthcare	0.6	Quarter to 30 Sept 24	1.0% like-for-like increase in property portfolio valuation to £672.1m
Custodian Property Income REIT	Diversified	0.4	Quarter to 30 Sept 24	Value of the company’s portfolio was £582.4m, an increase of 0.5% on a like-for-like basis
abrdn European Logistics Income	Europe	(0.3)	Quarter to 30 Sept 24	Portfolio valuation remained stable at €607.5m
Triple Point Social Housing REIT	Residential	(1.4)	Quarter to 30 Sept 24	0.9% decrease in the valuation of the company’s property portfolio
abrdn Property Income Trust	Diversified	(11.3)	Quarter to 30 Sept 24	Reduction reflects price agreed on sale of company’s portfolio
AEW UK REIT	Diversified	6.2	Half-year to 30 Sept 24	Value of portfolio up 2.3% to £215.6m
Warehouse REIT	Industrial	2.5	Half-year to 30 Sept 24	Like-for-like portfolio valuation up 2.3% to £811.3m
LondonMetric Property	Logistics	2.1	Half-year to 30 Sept 24	0.7% property valuation increase to £6.2bn
Land Securities	Diversified	1.4	Half-year to 30 Sept 24	Portfolio valuation up 0.9% to £9,957m
Sirius Real Estate	Europe	1.2	Half-year to 30 Sept 24	Marginal valuation uplift to €2,349.0m
Schroder REIT	Diversified	1.0	Half-year to 30 Sept 24	Portfolio valuation increased by 0.9% to £465.5m
British Land	Diversified	0.9	Half-year to 30 Sept 24	Values up 0.2% to £8,867m
Alpha Real Trust	Debt	0.7	Half-year to 30 Sept 24	Uplift in earnings from high return debt
Picton Property	Diversified	0.3	Half-year to 30 Sept 24	Like-for-like portfolio valuation increase of 0.8% to £721m
Assura Group	Healthcare	0.2	Half-year to 30 Sept 24	Portfolio valued at £3.1bn following private hospital portfolio buy. Remainder of portfolio flat
Helical	Offices	0.0	Half-year to 30 Sept 24	Valuation uplift of 1.3% to £371.9m
Urban Logistics REIT	Logistics	(1.4)	Half-year to 30 Sept 24	Value of portfolio up 0.2% on like-for-like basis to £1.14bn

Source: Marten & Co

“US stocks tumbled across the board on Tuesday, with the Dow marking its longest losing streak in 46 years,” commented SPI’s Stephen Innes. “This downturn suggests insufficient sector reindeer are pulling their weight to sustain Santa’s holiday rally sleigh, especially against an increasingly perceived hawkish Fed outlook.”

The emotional benefits of dividend re-investment.
In fact, with this investment strategy you can actually welcome falling share prices.

There seems to be some perverse human characteristic that likes to make easy things difficult.
WB

Thursday 19 December

abrdn Property Income Trust Ltd ex-dividend date
Barings Emerging EMEA Opportunities PLC ex-dividend date
Diverse Income Trust PLC ex-dividend date
International Biotechnology Trust PLC ex-dividend date
International Public Partnerships Ltd dividend payment date
JPMorgan European Discovery Trust PLC ex-dividend date
STS Global Income & Growth Trust PLC ex-dividend date
Templeton Emerging Markets Investments Trust PLC ex-dividend date

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The blog uses Word Press/Fast Hosts. The current charge is £7.20p a month although this was discounted for the first six months. The charge for the domain name is around £17.00 per year. No coding knowledge needed. The design is mine, it’s just evolved as I updated.

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 Sequoia Economic Infrastructure Income Fund Limited

Market Summary – November 2024

Interest rate announcements, inflation data and asset valuations

	On 6 November 2024, the Bank of England (“the BoE”) reduced interest rates by 0.25% to 4.75%. On 7 November, the Federal Reserve (“the FED”) also reduced interest rates by 0.25% to 4.75%. The European Central Bank (“the ECB) did not reduce interest rates during November 2024, but did reduce them by 0.25% on 23 October 2024 to 3.25%, and again by a further 0.25% to 3.00% on 12 December 2024. Looking ahead, the Fed is also expected to cut policy rates by a further 0.25% during December 2024. In the UK, the most recent data on CPI inflation shows that it increased to 2.3% during October from 1.7% in September 2024. In the US, CPI inflation rose to 2.7% in November, from 2.6% in October 2024. In the ECB, CPI inflation increased to 2.3% for November 2024, up from 2.0% during October 2024. CPI inflation has risen across all three regions mainly due to continued upward pressure from energy costs.
	The markets generally expect energy costs to trend downwards during the next few months, which could help to reduce CPI inflation across all three regions. In the UK, wholesale gas prices are stabilizing, and the Ofgem energy price cap will reduce costs for households. In the US, energy prices are expected to stabilize or fall due to increased domestic oil and gas production. In Eurozone, high natural gas storage levels and diversified supply chains are reducing the risk of sharp price increases.
	Once a downwards trend toward a lower interest rate environment unfolds, this will be supportive of fixed rate loans and bonds. Further, as short-term rates begin to fall, yield curves will become less inverted or turn positive again, supporting a bid for risk in the market.
	As inflation abates in the long run, the likelihood of future interest rate cuts increases, which makes alternative investments such as infrastructure more attractive when compared to liquid debt. The markets have also priced in at least one further rate cut between now and the end of the year across all three regions.

Two-fund portfolios: The active/passive approach

Experts suggest a minimalist portfolio for when two funds must suffice.

By Matteo Anelli,

Senior reporter, Trustnet

Not every functional portfolio is made up of several funds, and for investors who get a headache thinking of what strategy to buy next, sometimes easier solutions work best.

Building a two-fund portfolio comes with a few caveats, however. A traditional global equity fund might seem like the obvious choice for diversification, but investors need to be careful, as many of these funds are heavily skewed towards the US, said Joe Richardson, discretionary investment manager at Dennehy Wealth.

“Often they have more than 60% of their holdings concentrated in that market, which as we know is dominated by a handful of major tech firms. While these companies have driven strong returns in recent years, such concentrated exposure might undermine the diversification that investors are looking for from a global fund,” he said.

For this reason, he proposed a balanced active/passive portfolio solution.

BNY Mellon Multi-Asset and iShares Value Factor ETF

For the active option, Richardson picked the BNY Mellon Multi-Asset Global Balanced fund, a standout performer in the IA Mixed 40-85% Sector.

Co-managed by Paul Flood, Simon Nichols and FE fundinfo Alpha Manager Bhavin Shah, it gained the maximum FE fundinfo Crown Rating of five and was a top-decile performer over the past 10 and five years against its peer group. It returned 12.4% over the year to date.

The fund also appeared on Trustnet earlier this year for being one of two funds with a perfect 10-year track record, for having ticked just about all the boxes since 2021 and as the best of the best (funds with top long-term performance, a leading manager and the highest Crown Ratings). In September, Flood told Trustnet he has been allocating more money to investment trusts.

“This fund shows strong and, importantly, consistent performance, making it a reliable choice for balanced exposure to global markets,” Richardson said.

He suggested complementing this active fund with a passive option such as the iShares Edge MSCI World Value Factor exchange-traded fund (ETF

Source: FE Analytics

“We believe valuations do matter and there are so many strong companies out there globally trading at discounts and offering a compelling opportunity looking forward – particularly looking at smaller companies, Asia, the UK, Japan,” he said.

“This ETF focuses on undervalued stocks worldwide, and although we might have a short memory because the recent decade has seen growth outperform, historically value stocks have significantly outperformed growth over the long-term.”

Even with the recent value underperformance, this ETF has still delivered strongly – since January 2015, it returned 114.3% against 109.4% for the BNY Mellon fund.

A 50-50 combination of the two (or above 50% for the iShares ETF for those wanting to add more risk) gives investors “diversification away from the US, alignment with valuations and strong historical performance”.

L&G Global Equity and Brookfield Infrastructure

For breadth, there’s no better place to turn than a global index, according to Nicholas Hyett, investment manager at the Wealth Club.

Passive funds are all about accessing a broad portfolio of investments at a low cost, and Legal & General’s Global Equity Index fund, which tracks the FTSE World index with an ongoing charge of 0.08%, is “hard to beat” on value.

He would put 85% of an investible pot in this vehicle.

A global equity index tracker such as this gives investors “a great base exposure to stocks and shares”, he said.

Other asset classes such as bonds, commodities, real estate and private equity deserve a place in a well-diversified portfolio, but for investors that are limited in what they can buy, Hyett believes infrastructure to be the alternative investment. He would allocate the remaining 15% of a portfolio to Canadian-listed Brookfield Infrastructure Corporation.

It provides exposure to a large, diversified infrastructure portfolio overseen by one of the world’s leading infrastructure managers. Investments range from US data centres to Brazilian railways and Indian telecom towers. The portfolio has historically delivered a steadily rising dividend paired with attractive capital growth.

“Infrastructure revenues tend to be inflation-linked, providing some of the inflation protection investors like in real estate or commodities,” he said.

“At the same time, long-dated, contractual and often government-backed revenues mean infrastructure assets can deliver something of the investment ballast you find in bonds.”

For investors who would prefer a fund managed by Brookfield, the Brookfield Global Listed Core Infrastructure fund is part of the Investment Association universe.

Fidelity Index US and Premier Miton US Opportunities

FundCalibre managing director Darius McDermott opted to tap into the strong stock market performance of the US.

Performance of portfolios against index over the year to date

Source: FE Analytics

For this, an index fund is “often a go-to choice and for good reason” – over the past five years, few funds have outperformed the S&P 500.

The Fidelity Index US fund, which which aims to replicate the performance of the S&P 500, is a “solid option” in this category for McDermott.

However, the index has become increasingly concentrated, with its impressive performance heavily reliant on the success of a handful of tech giants.

To balance this concentration risk, he picked the actively managed Premier Miton US Opportunities fund for complementary exposure.

“Despite having no holdings in the S&P 500’s dominant Magnificent Seven, this fund has delivered an impressive annualised return of 13.9% over the past decade, surpassing the S&P 500’s annualised return of 11.4% over the same period,” he said.