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South African-focused listed property stocks are offering the most value in 20 years, says a prominent fund manager.
Chief investment officer at Bridge Fund Managers, Ian Anderson, said he had been surprised how badly the SA listed property stocks had performed since Cyril Ramaphosa’s victory at the ANC’s elective conference in December. But this meant there was still value in many domestic stocks, he said.
"The banks, retailers and life companies all rerated substantially but the SA-focused listed property companies have actually derated since the middle of December. Initial income yields on these stocks are now significantly higher than the yield on government’s R186 bond, which means they offer substantial long-term value," he said.
He said it was unfortunate that the listed property sector had been caught up in the contagion related to the Resilient group of real estate companies.
Resilient and its associate firms had been trading at large premiums to net asset value for a few y...
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