Consilia Capital Real Assets Funds Report Q3 2019 – The Property Chronicle
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Consilia Capital Real Assets Funds Report Q3 2019

The Fund Manager

The report is divided into the following sections:A summary of  Fund performanc

  1. A summary of  Fund performance 

The table below shows the average Q3 2019, YTD 2019, 3 and 5 year returns for the mandates in our database. As can be seen, the US interest rate led rally so noticeable in Q1 19 has led to consistent outperformance of both US and Income mandates across all time periods. Also noticeable was the fact that in all but one time period (3 years) Global Real Estate Funds have outperformed Global Infrastructure Funds. In most cases the 2019 YTD performance equates to all of the 3 year performance, and in a significant change since end 2Q the 5 year returns are now close to double the 3 year returns.

2. Focus : Q3 Performance Review (p3)

In this edition we look at the Q3 2019 performance of our different fund mandates and establish that:

In this period there was a broadly consistent pattern, as large funds outperformed small funds in all mandates apart from Europe and Regional Infra Funds (where we do not have large categories, only medium).

Over the period it was the medium sized regional infrastructure funds which showed the highest volatility and the large Income funds which showed the lowest volatility.  

The most significant outperformance of active vs passive funds came from Asia and Income Funds, although it is worth mentioning that larger active global real estate funds outperformed passive funds.  US and Global Infrastructure underperformed marginally, but the most significant underperformer was Regional Infrastructure Funds. 

The Fund Manager

About Alex Moss

Alex Moss

Alex is responsible for developing the newly created Centre for Real Estate Research at Cass Business School. He also runs Consilia Capital, a research and advisory firm, which specialises in the performance and strategies of real estate, infrastructure and real asset funds, work that combines academic research with practical applications. He has been involved in research and transactions in the global real estate sector for over 30 years. His career has encompassed sell side research (BZW, Macquarie), investment banking (CSFB), private equity (Apax Partners Capital), and fund management (M&G and Investec). He is Chairman of the EPRA Research Committee, a member of the EPRA Advisory Board, and Chairman of the Investment Committee for the Investec Global Real Estate Securities Fund, where he acts as a consultant. Alex is best known for his academic and commercial work in the area of Global REITs, and their use in investment strategies. In 2013, with Professor Andrew Baum they produced two innovative papers for EPRA which received wide acclaim, looking at whether listed real estate was managed as part of the real estate allocation, and the wider use and applications of listed real estate securities in asset management. His work with Kieran Farrelly on combining direct and listed property for Defined Contribution Pension schemes won a Best Paper award at the 2014 ERES conference. A particular area of interest is the use of Smart Beta and automated trading strategies, most notably Trend Following and Momentum, and his work in this area with Professor Andrew Clare and Professor Steve Thomas has been widely cited. In 2017, with Reitsmarket he produced two multifactor Global REIT Smart Beta indices, which are listed on Euronext, and marketed by Goldman Sachs. Most recently he has been concentrating on the use of listed real estate within real asset strategies.

Articles by Alex Moss

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