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

February 2019 - Latest commentary


Transparency - Equity markets continued their recovery into February despite a mixed backdrop on the political stage. With less than one month remaining on the Brexit clock, the picture appears no clearer, yet the US-China trade negotiations seem to be progressing. Amidst this, real assets continued to perform well, and positive contributions came from infrastructure, renewables and property. Other alternatives contributed negatively over the month.                                                       
During the month we had corporate updates from a number of our renewable energy investments. The updates highlighted that it has been less windy than forecast but that higher power prices over the period have limited the impact on cash flows.

In the other alternatives, news that Airbus will end production of the A380 investors saw some turbulence in the aircraft leasing sector with concerns over demand for the plane and the impact on residual values. However, with over eight years still remaining on existing leases and a usable life of an aircraft of 25 years, the near term concerns appear a little overdone.        
Activity - Two of our holdings announced plans to raise new funds to finance the purchase of new assets and pay down revolving credit facilities.

Fund factsheets
Monthly snapshot.
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Fund supplements
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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.

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