please find extracts from Legg Masons July report
Market Review
Investment markets around the world recovered ground during July as
improved sentiment for risk assets reflected diminished concerns over the
sovereign debt issues in Europe and the extent of the slowdown in China.
The Australian real estate investment trust (A-REIT) market gained 1.5%
over the month, as measured by the S&P/ASX 200 A-REIT Accumulation
Index.
The A-REITs relatively defensive characteristics held the sector back
relative to the broader Australian equity market which gained 4.5% this
month.
On the back of this improved appetite for risk assets, A-REITs leveraged to
a growing economy and those with offshore exposures tended to
outperform their more defensive cousins. For example, EDT Retail (+9.6%)
and Valad Property Group (+2.2%) outperformed CFS Retail Property
(-0.5%) and Commonwealth Property Office (-0.5%).
The portfolios overweight exposure to Valad Property Group
aided performance as it was one of the smaller capitalised offshore A-REIT
names that gained ground this month. Valad announced that its European
business had been appointed by Kefren Properties as the investment
manager for its real estate portfolio in Sweden. Our overweight position in
Valad is premised on our medium term view that investors have
underestimated the value and growth potential of the firms European
business.
Stock specific developments are likely to be a critical driver of A-REITs
over the remainder of 2010, as the valuation spread between the most
attractive and least attractive names in the investment universe remains at
four times historical averages. Therefore, we have positioned the portfolio
to benefit from stock specific opportunities and we continue to expect to
produce above normal portfolio returns over the medium term.
more info can be found @ http://www.leggmason.com.au/en/product/detail/M0010AU_detail.aspx
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