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16 Jun 2022

TR Property

Company Notes

Well-managed exposure to real estate equities

TR Property aims to maximise total returns by investing in the shares and securities of property companies and property-related businesses internationally, and also in investment properties located in the UK. At the end of May, 40% of the fund’s net assets were invested in UK-listed shares, with 66% in Continental European shares and 7% invested directly in three UK properties. The fund has been managed by Marcus Phayre-Mudge of BMO Global Asset Management since March 2011.

Since Marcus Phayre-Mudge was appointed as manager, the fund has delivered a NAV total return of +180%, which compares with a +80% return for the FTSE EPRA/NAREIT Developed Europe Capped Index (in Sterling terms). In its latest financial year to 31 March 2022, the fund delivered a NAV total return of +21.4%, outperforming the +12.2% return of the benchmark. Revenue earnings per share for the was 13.69p, up 12% from 12.25p in FY21. Dividends totalling 14.50p per share have been declared in respect of the year, up from 14.20p per share in the previous financial year.