After a dismal first quarter, the property index became the best asset performer in April. With a total return (capital appreciation and dividends) of 7.68%, it outperformed equities (5.4%), cash (0.62%) and bonds (-0.68%). But the index has a long way to go as it is still down 18% for the year. "However, on a rolling 12-month basis, the property sector’s total return is slightly shy of breakeven at -0.45%," said Catalyst Fund Managers property analyst Naeem Tilly. Resilient’s troubles were the main drawdown for the sector in the first quarter. An independent report commissioned by Resilient found no foul play in terms of insider trading or market manipulation. The market remains unconvinced, however, with Resilient still down 61% in 2018. Fortress B is down 62%, Nepi Rockcastle 37% and Greenbay 47%. There has been some recovery as, in April alone, Resilient rebounded 35.5%. Tilly said the report provided a degree of comfort. "But we continue to err on the side of caution and await ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now