search menu Home > Sanlam Investments > Our fund range ALTERNATIVES Catalyst Global Real Estate UCITS Fund A long only fund focussed on investing in developed market real estate securities listed on international stock exchanges. Launched in November 2007 the Fund aims to generate positive income and capital returns over a medium to long term investment horizon. The Fund: Offers diversified global real estate exposure across regions, countries, currencies and real estate sub sectors Is managed by dedicated real estate specialists with direct real estate market experience Invests in developed markets adopting a detailed discounted cash flow forecast with a scientific approach to the risk associated with those flows Sections: 5 reasons to invest Philosophy Investment process Fund commentary Related articles Fund literature Factsheet KIIDs Regulatory Meet the Catalyst Team Andre Stadler CFA, Founder & Portfolio Manager View profile Jamie Boyes CA (SA), Portfolio Manager & Director View profile Tiffany Jones CA (SA), Senior Analyst View profile Why invest in the fund? 5 reasons to invest Fund philosophy Investment process Catalyst Fund Managers specialise in the management of listed property securities only. Our senior portfolio managers have direct property experience, which enables them to have a better understanding of how a valuation should be adjusted for capital expenditure. We are risk-adjusted, long term total return focused. The global listed property universe offers potential investors great diversification to various listed property sub-sectors, i.e. >50% of our Catalyst Global Real Estate UCITS Fund is allocated to niche sub-sectors (including lab space, towers, data centers, warehousing and single-family residential homes), as opposed to the more traditional retail and office sub-sectors. Real estate has managed to grow earnings and dividends in excess of inflation over the long term and total return on REITs has proven to be a good inflation hedge over time. Past performance is not a guide to future performance. The intention is to provide an attractive risk-adjusted return to form part of a multi asset class portfolio Jamie Boyes, Fund Manager Fund Commentary Monthly Commentary Quarterly Update September 2021 The fund benchmark, the FTSE EPRA/NAREIT Developed Rental Net Total Return Index, recorded a net total USD return of -6.18% for the month of September. The best performing listed real estate market was Australia which recorded a total USD return of 0.20% for the month. Europe ex-UK recorded the lowest total USD return of -10.52%. The best performing sectors globally for the month in USD were Hotels (0.50%), Malls (-3.26%), Strip Retail (-4.01%), Office (-4.76%), and Apartments (-5.17%). The worst performing sectors were Towers (-12.61%), Net Lease (-8.59%), Storage (-8.25%), Manufactured Housing (-7.75%), Student Housing (-7.73%). Year to date, the fund benchmark recorded a net total USD return of 15.30%. The best performing listed real estate market year to date is the US, which recorded a total USD return of 22.83%. Hong Kong recorded the lowest total USD return of -2.64% year to date. The best performing sectors globally year to date in USD were Storage (46.35%), Single Family Housing (42.02%), Manufactured Housing (41.35%), Apartments (29.28%), and Strip Retail (28.17%). The worst performing sectors were Towers (-18.91%), Hotels (6.19%), Data Centres (9.14%), Office (11.45%), and Diversified (11.79%). After delivering strong returns this year, the global listed real estate market was also affected by the general sell off that occurred in bonds and equities in September. Several factors combined to contribute to the risk-off move in markets. Concerns about the ripple effects of a potential collapse of Evergrande, one of the largest property developers in China, hints of tapering from central banks, concerns about the Delta variant infection rates, US government debt ceiling worries, supply chain issues, and several weak economic data releases all probably contributed to the pullback. Relative to fixed income the real estate sector screens cheap, with expected total return spreads near all-time highs. The estimated forward FAD (Funds Available for Distribution) yield for the sector is 4.21%. Based on our earnings estimates and market break-even inflation expectations, we expect the global listed real estate sector to deliver approximately 8.0% return for buy and hold investors over the medium term. Within the real estate universe, more attractively priced opportunities exist in specific real estate sectors and stocks, providing opportunities for astute active managers. Source of data: Bloomberg, Company Information and Catalyst Fund Managers Explore the details One decade and three freezes. Could this be the last gasp of Private Open-ended Property Funds? Read the full story Related articles INSIGHTS 28 July 2021 Built to last: the transformation of UK property In the third piece in our global megatrends series, we look at how technology, demographics, and an increasingly urbanised population – exacerbated by the pandemic – are influencing the buildings around us. From shops and offices to retirement and student accommodation and warehouses, investment demand is shifting from traditional property sectors towards new areas of future growth. INSIGHTS 21 July 2021 Constructing the future: reinventing the UK property sector The attractions of traditional commercial property sectors dropped significantly during the Covid-19 pandemic, whereas specialist sectors rose sharply. Although recent events have raised questions over the outlook for the sector, we explore why it is worth taking a closer look at some of the specialist areas within the sector that demonstrate clear prospects for strong long-term growth. INSIGHTS 09 June 2021 The rebranding of the oil & gas majors: greenwashing or sound common sense? Oil and gas companies have faced increasing hostility as investors seek to deploy capital sustainably and governments aim to meet their legally-binding emission reduction targets. These multinationals recognise diversification has become a must to secure future investment and preserve their reputations. But is this a change that’s great news for climate change or a commercial ploy? Read all Fund Risks 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. A table with five years’ performance is available in the fund factsheets. Investments in real estate securities can carry the same risks as investing directly in real estate itself. Real estate prices move in response to a variety of factors, including local, regional and national economic and political conditions, interest rates and tax considerations. The value of shares may move down in response to stock market conditions, changes in the economy or changes in a particular company's stock price. Ready to invest? 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This will help us improve our service and tailor the marketing you see on apps and other websites. Select 'Accept all' to agree or 'Manage consents' to chose which cookies we use. Accept all Manage consents The value of investments and any income from them can fall and you may get back less than you invested.