Real-estate investment trusts (Reits) with a purely nonSouth African portfolio and logistics exposure, produced stellar results in 2017, while some offshore counters struggled. The FTSE South African listed property index has attained double-digit returns for two years in a row, according to Peter Clark, a portfolio manager at Investec Asset Management. "Over the last 14 years it has only delivered negative returns once." The index managed a total return of 17.2% in 2017, 10.2% in 2016, 8% in 2015, 26.6% in 2014, 8.4% in 2013 and 35.9% in 2012. Its negative return came in 2008 when the global financial crisis happened. Garreth Elston, a portfolio manager at Golden Section Capital, said the best-performing stock was Greenbay Properties, which invests only abroad, achieving a total return of 64.91%. Even though the South African listed property index provided a healthy total return in 2017, it underperformed the JSE top 40, which returned a total of 23.07%, Elston said. "Unsurprisingl...

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