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

April 2019 - Latest commentary


Transparency - April proved to be a strong month across equity markets despite lower global growth forecasts. The Eurostoxx 50 and Nikkei 225 indices led the charge but strong performance also came from the FTSE, which reached a 6-month high, and S&P Index which hit an all-time high. In the US, the Fed has kept rates on hold, resisting pressure from the government to cut rates, and in the UK, parliamentary deadlock over Brexit continues.

 Real Assets performed well over the month with positive contributions coming from infrastructure, renewables, property and other alternatives. Within renewables, the largest positive contributor was a corporate activity in the form of the acquisition of a French wind farm as well as positive progress on the first unsubsidised farm in the UK. In other areas, UK specialist property remained an attractive area for investors and sentiment for the aircraft leasing sector showed signs of recovery.


The fund participated in two capital raises in April, one of which subsequently increased in size after significant investor demand. The gross proceeds of the fund raises are being used to fund acquisitions of energy efficiency assets and music catalogues.

Previous months’ commentaries are contained within the fund factsheets.


Fund factsheets
Monthly snapshot.
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Fund supplements
Regulatory documents.
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Fund KIIDs
Key investor information.
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Quarterly newsletters
Fund and market updates.
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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.