Marriott Global Real Estate comment - Sep 08 - Fund Manager Comment30 Oct 2008
o Portfolio restructuring completed by end of February 2008:
· Wider geographical diversity.
· Increase gross yield - targeting in excess of 5%.
o US exposure reduced from around 55% to approximately 33%. Weighting in Far East, Europe and UK all correspondingly increased to 17%, 23% and 15% respectively
o Transactions designed to enhance fund income:
· Avoid selling cum dividend.
· Reduction of lower yielding positions.
· Maintain diversification.
o Real Estate sector has come under pressure as economic concerns increase. Recent sell-off has produced higher yielding opportunities in all markets.
o Focus remains on Investors with solid dividends rather than developers.
o Yield Comparison at 31 August 2008:
· MIREF 6.65%
· JPM Global Gov Bond 3.39%
Marriott Global Real Estate comment - Jun 08 - Fund Manager Comment25 Aug 2008
o Portfolio restructuring completed by end of February 2008:
o Wider geographical diversity
oIncrease gross yield - targeting in excess of 5%
o US exposure reduced from around 55% to approximately 32%. Weighting in Far East, Europe and UK all correspondingly increased - to 17%, 24% and 14% respectively
o Transactions designed to enhance fund income
· Avoid selling cum dividend
· Reduction of lower yielding positions
· Maintain diversification
o Real Estate sector has come under pressure as economic concerns increase
o Recent sell-off has produced higher yielding opportunities in all markets
o Focus remains on investors with solid dividends rather than developers
o Yield Comparison at 30 June 2008:
· MIREF 6.52%
· JPM Global Gov Bond 3.67%
Marriott Global Real Estate comment - Mar 08 - Fund Manager Comment30 May 2008
o Portfolio restructuring commenced at end of November and completed by end of February 2008:
Seek to reduce US Exposure
Wider geographical diversity
Increase gross yield - targeting in excess of 5%
Focus remains on Investors with solid dividends rather than developers
o US exposure reduced from around 55% to approximately 32%. Weighting in Far East, Europe and UK all correspondingly increased - to 18%, 25% and 15% respectively
o Recent sell-off has produced higher yielding opportunities in all markets
o Transactions designed to enhance fund income:
Avoid selling cum dividend
Reduction of lower yielding positions
Maintain diversification
o Yield Comparison at 30 April 2008:
MIREF 5.51%
JPM Global Gov Bond 3.39%
Mandate Limits22 Apr 2008
At least 85% of the assets of this fund will be held offshore at all times and fund exposure to real estate equities will exceed 75% at all times.