The Prescient Property Equity Fund returned -2.76% for the month ending May, ahead of the FTSE/JSE: SAPY index which returned -3.47%. The Fund is fully invested in South African listed property with sector selection neutral versus the SAPY index benchmark.

Contributors to Performance:

The Fund benefited from holdings in shares that outperformed the SAPY index over the month, including New Europe Properties (+2.7%), Rock Castle Global Real Estate (+7.7%), and Stenprop (+9.9%). The zero holding in less liquid shares that underperformed the SAPY, like Tradehold (-10.7%) and Octodec Investments (-5.5%), added further to performance.
Detractors to Performance:

The position in Attacq (-5.2%) detracted from performance, as the share underperformed the SAPY index.