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

June 2019 - Latest commentary


Transparency - Summer is here and the Tory leadership contest is heating up in the UK. With the next PM yet to be announced, we are down to the last two candidates. Over in Europe there are contests for a number of posts in the European Council, including a replacement for European Commission President Jean-Claude Juncker. Meanwhile, the US Fed signalled a more dovish stance towards interest rates and there are now wide expectations for a rate cut in the near future. This was supportive for markets, with the S&P 500 and the MSCI World returning 7% and 6.6% respectively. 

Real Assets performed well over the month with positive contributions coming from Infrastructure and Renewables. Positive news in the offshore wind sector helped performance with a renewable operator announcing a contract win to install capacity off the coast of New Jersey in the United States. Elsewhere a leading infrastructure fund also announced winning a contract to install 4G capacity at what will be the world’s largest offshore wind farm once complete. Property and other alternatives were detractors to performance over the month. 
Activity - The fund participated in two equity raises over the month, which were both significantly oversubscribed. The proceeds are to be put towards financing new opportunities and secondary investment opportunities to increase stakes in existing assets.

Previous months’ commentaries are contained within the fund factsheets.

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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.

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