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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.

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Global property securities

Global property securities

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Strategy Overview

Key Facts

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SUT represents Singapore Unit Trust fund range

With effect from 22 September 2020, First State Investments was rebranded to First Sentier Investors. The names of the funds were also rebranded, please view the full list of the fund name changes: First Sentier Investors Global Growth Funds (Singapore Unit Trust / Authorized Scheme) / First Sentier Investors Global Umbrella Fund (IRISH VCC / Recognized Scheme).

Fund performance data is sourced from First Sentier Investors. Single pricing basis with net income reinvested. The above performance data is provided for information only and does not contain or constitute investment advice. A copy of the Prospectus is available and may be obtained from the Manager, First Sentier Investors (Singapore), or any of our distributors. Investors should read the Prospectus and consult a financial adviser before deciding to make any investment. In the event of discrepancies between the marketing materials and the Prospectus, the Prospectus shall prevail. The value of the Fund and the income from them, if any, may fall or rise. Past performance of the Fund or the Manager and any economic and market trends or forecast, is not indicative of the future or likely performance of the Fund or the Manager. Neither the Manager, nor any of its associates, nor any director, or employee accepts any liability for any loss arising directly or indirectly from any use of this information. Units are not available to U.S. persons.

Property markets are constantly evolving – and so are the investment opportunities.

Based in some of the world’s most vibrant property markets, our team blends global analysis of the trends redefining the way we live and work, together with local perspectives of how this plays out for each stock. With a focus on capital preservation, we invest in well managed assets in high barrier to entry markets in many of the world’s bustling cities.

From office and residential property through to logistics, self storage and data centres, property securities give investors a liquid and diversified exposure to real property assets – and their return profile.

Global reach and experience

Our specialist property investors average two decades of experience. Our local property investment experts are based across some of the world’s most dynamic markets to capture local and global perspectives in our decisions.

200+ stocks covered

We actively cover over 200 stocks across traditional and specialist property sectors, using our knowledge of capital markets and real estate to discover new opportunities. We proactively engage with companies on ESG best practice.

Balance sheet strength

We invest in stocks with strong balance sheets so that our global portfolios have conservative levels of gearing. This is an important part of how we manage risk and generate returns.

Why invest with us in global property securities?

Diversified Exposure

Real estate security returns are driven by a combination of local real estate fundamentals and broader capital market conditions. Due to the fundamentally localised nature of real estate,asset class returns across different regions have historically been characterised by low levels of correlation, and by a lack of uniformity. This phenomenon can lead to pricing anomalies – presenting opportunities to generate excess returns by capital allocation, and regional or stock selection.

Our portfolio can provide access to property assets such as:

Central business district and suburban office buildings

Super-regional / regional / sub-regional and convenience shopping centres

Logistical warehousing

Hotels

Healthcare

Self-storage

Data centres

Retirement assets

Residential investment and development

Global team – local experts

We believe that having specialist property investors in each region is the most effective way to manage a global property securities portfolio.

As such, the team’s highly experienced regional specialists are based across the world’s major property markets to provide on-the-ground research and knowledge that allows them to assess the risks and opportunities in the asset class.

Under the leadership of Stephen Hayes, the global property securities team consists of seven portfolio managers and three analysts, all of whom are focused solely on investing in publicly traded realestate securities.

They have a full understanding of stock specific endogenous risks, of the wider real estate market and of the macroeconomic conditions that can influence returns.

Case study

Data centres - tapping internet growth via listed property

Investing in listed property stocks that own data centres - the specialist buildings which house the infrastructure required to power modern internet usage – gives investors access to one of the greatest structural shifts of our time.

Reliable data centres are expensive to build which means that the supply of new centres is well controlled. A turn-key data centre in the US can cost twice as much as an office tower to build.

This cost reflects the highly specified plant and equipment required for the data centre to have virtually no risk of down time in operations.

Data centres have a wide range of business models appealing to a diverse range of customers - from governments to telecommunication companies to vast internet-centric firms.

With the industry thematic of a high rate of adoption of the internet, together with the large growth in cloud computing, data centres with the right business model can deliver high cash flows well into the future.

Data Centres - Total Operational Floorspace 

Source: 451 Research and Digital Realty

Case study

Build to rent boom

With accelerating tenant demand now an established long-term trend, the supply of purpose-built rental accommodation has failed to keep up with vacancy rates that are very low in most global cities*.

Strong house price inflation has affected housing affordability. Purpose-built, professionally owned and managed residential rental properties are emerging, with luxury amenities like gyms, community facilities, parcel delivery and even child care being included.

Within the ‘residential for rent’ asset class, cash flows have proved stable through economic cycles, with occupancy levels typically remaining high through periods of economic slowdowns. Rents are correlated to employment and wages growth, demographic trends and supply levels. From an institutional investment perspective, we believe the returns have been competitive.

*  Source: Government data as at March, 2020.

U.S. Household Formation vs Total Housing Completions 

Source: US Census Bureau

Disclaimer: Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. All securities mentioned herein may or may not form part of the holdings of First Sentier Investors’ portfolios at a certain point in time, and the holdings may change over time.

Meet the team

Stephen Hayes

Head of Global Property Securities

Tuan Pham

Senior Portfolio Manager Asia Pacific

Stuart Axelrod CFA

Senior Portfolio Manager Americas

Daniela Lungu

Senior Portfolio Manager UK and Europe