Nedgroup Investments Property Fund analysis
Managed by Bridge Fund Managers (previously Grindrod) this is the “least benchmark” of the five funds reviewed
Managed by Bridge Fund Managers (previously Grindrod) this is the “least benchmark” of the five funds reviewed. There is no Growthpoint, Redefine or Resilient in the fund. Fund manager Ian Anderson still thinks like a small fund manager — even though, at R3bn, the fund is one of the largest in the sector. He is not as concerned as his peers about the liquidity of the shares in which he invests. He has chunky holdings, accounting for more than 9% of the fund each in five shares, none of which would be among the aristocracy of property funds. The largest is Rebosis, followed by Arrowhead, Delta, Accelerate and Tower.
He says the fund continues to invest in these small and midsized funds. As the large funds tend to focus on retail, Nedgroup is significantly underweight in retail and overweight in office and residential. Though they have performed well over the past 12 months, he says the smaller companies continue to trade at discounts to net asset value, mainly because they lack...
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