The fund was launched in August 2018 to invest in listed securities that derive their value from underlying real assets and targets CPI +4% over a full investment cycle. Investments can be via REITs, investment trusts or specialist companies with a focus on physical assets.

The fund:
  • Offers attractive yields from long-term cashflows with significant inflation protection

  • Is managed by a team with proven experience in this area

  • Benefits from diversification and lower volatility than traditional equity portfolios

December 2018 - Latest commentary


The market rally at the end of November continued for only a few days into December before it gave way to renewed downward pressure. Although there were no new catalysts for the weakness, the S&P 500 index fell over 15% during the month before recovering to end down just under 9%, its worst December since 1931. Elsewhere, things were not much better; the Nikkei225 index also fell by 15% at its worst point while other markets lost between 5% and 8%. Government bonds were the main beneficiary of stressed equity markets with yields tightening across the board. 

With the major equity markets under pressure over the month, the fund demonstrated significant resilience during the period.  Against the negative backdrop, the fund saw negative contributions from renewable energy, property and other alternatives, whilst infrastructure was a small positive contributor over the month. Property was the largest negative contributor, detracting -0.41% from performance.

Investment activity in the underlying portfolio holdings continued with acquisitions of European property, tanker ships, music catalogues and a variety of UK and European renewable assets. At portfolio level we added a new holding in the renewable energy sector through a new IPO. The proceeds from this have already been deployed into a seed portfolio of energy efficiency assets.

Fund factsheets
Monthly snapshot.
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Fund supplements
Regulatory documents.
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Key investor information.
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Quarterly newsletters
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Fund disclaimer

Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital.

The Fund has holdings which are denominated in currencies other than sterling and may be affected by movements in exchange rates. Consequently the value of an investment may rise or fall in line with the exchange rates.

The Fund may invest in derivatives for the purposes of efficient portfolio management and hedging only . There is a risk that losses could be made on derivative positions or that the counterparties could fail to complete on transactions. The Fund's expenses are charged to capital. This has the effect of increasing dividends while constraining capital appreciation. 

Part of the fund may invest in fixed income securities. The government or company issuer of a bond might not be able to repay either the interest or the original loan amount and therefore default on the debt. This would affect the credit rating of the bond and, in turn, the value of the fund. Investment in bonds and other debt instruments (including related derivatives) is subject to interest rate risk. If long-term interest rates rise, the value of your shares is likely to fall.

Please agree to proceed. By doing so you agree that you have read and understood the foregoing disclaimer and confirm that you are a professional investor.

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The value of investments and any income from them can fall and you may get back less than you invested.