Resolution Capital Global Property Securities CCF

Investment rationale

The fund is designed to provide income and capital growth through a global portfolio of listed real estate investment trusts and property related equity securities. It aims to exceed the FTSE EPRA/NAREIT Developed Index (USD) Net TRI after fees on a rolling three-year basis, and the stated investment timeframe is medium to long term at 5 to 7 years. It is intended for investors willing to tolerate medium to high risks, and its UCITS synthetic risk and reward indicator (SRRI) is category 6 out of 7. Given its concentrated exposure to global listed property securities and active management with full portfolio discretion, it is a distinct specialist real estate allocation rather than a broad multi-asset exposure.

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How the strategy works

The fund is actively managed with an absolute return approach and seeks an annual total return above the FTSE EPRA/NAREIT Developed Index (USD) Net TRI on a rolling three-year basis. It invests 85% to 100% in global listed REITs and real estate securities, with 0% to 15% in cash, and generally holds 30 to 60 stocks. The investment universe spans developed markets in North America, the U.K., Europe and Asia Pacific, diversified across real estate sectors and geographic regions, and may include securities listed or soon to be listed on key stock exchanges around the world. The fund may use financial derivative instruments to gain exposure to relevant REIT and property related securities, and foreign exchange forwards may be used for unit class hedging; this share class is Class A USD Unhedged Accumulating, so income is retained in the unit value rather than distributed.

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Investment philosophy

• The fund invests in a global portfolio of REITs and property related equity securities that are listed, or soon to be listed, on key stock exchanges around the world.

• Portfolio construction is diversified across a range of real estate sectors and geographic regions, with a focus on developed markets including North America, the U.K., Europe and Asia Pacific.

• The benchmark is the FTSE EPRA/NAREIT Developed Index (USD) Net TRI and is used for performance comparison, but the investment manager has full discretion over portfolio composition.

• Portfolio limits disclosed are 85% to 100% in global listed REITs and real estate securities, 0% to 15% in cash, and generally 30 to 60 stocks.

• The fund may use financial derivative instruments to gain exposure to REIT and property related securities, and foreign exchange forwards may be used for unit class hedging.

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Distinctive features

The fund offers a dedicated global listed property strategy focused specifically on REITs and property related equities across developed markets. Its structure combines active management with full portfolio discretion, while still measuring outcomes against the FTSE EPRA/NAREIT Developed Index (USD) Net TRI over a rolling three-year period. Allocation ranges are 85–100% for real estate securities and 0–15% for cash, and the portfolio generally holds 30–60 stocks. The share class is accumulating, there are no entry or exit charges stated, and no performance fee is charged. An anti-dilution levy may apply to subscriptions or redemptions.

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Risks

In February 2026, the fund had a UCITS synthetic risk and reward indicator (SRRI) of 6 out of 7, reflecting its primary investment in global REITs and property related equity securities whose prices may fluctuate materially and are susceptible to market movements. Named risks include equity risk, as the value of equities may go down as well as up; market risk, from global stock market, economic, sector, geographical and political factors; and currency risk from foreign exchange movements in underlying securities. The fund may use financial derivative instruments, and FDI may result in greater returns but may also entail greater risk because FDI prices are highly volatile. A structural risk is that the CCF is an unincorporated entity and does not have legal personality.

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Asset manager

The fund is a sub-fund of Resolution Capital UCITS Common Contractual Fund and is managed by Waystone Management Company (IE) Limited. The investment manager is Resolution Capital. The fund is authorised in Ireland and regulated by the Central Bank of Ireland, and Waystone Management Company (IE) Limited is authorised in Ireland and regulated by the Central Bank of Ireland. Resolution Capital is the contact point for the fund through its website, email and Australian telephone number.

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Performance commentary

The manager attributes August 2026 market weakness primarily to rising long-term bond yields as global rate expectations increased, with all regions posting negative performance and reversing July gains. Hong Kong was comparatively resilient, helped by retail landlord Wharf REIC after a substantial increase in its dividend payout policy, while Hong Kong developers were pressured by China policy changes affecting outbound capital flows and offshore investment products. Australia was among the weakest markets, weighed down by higher bond yields, a weakening housing market and concerns around private credit after the collapse of residential developer Bathla Group. At the sector level, data centres were the only positive area, supported by supply-demand imbalance and evidence of revenue acceleration from hyperscale customers’ AI investment, while hotels were weakest as FIFA World Cup demand tailwinds for U.S. hotel REITs faded. Notable capital raising and corporate activity occurred in logistics, data centres, healthcare and residential property, including Prologis and SEGRO, Tritax Big Box, Goodman Group, Janus Living, American Healthcare REIT and the creation of Vivmark following the AvalonBay and Equity Residential merger.

2026-08-31