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Summary
- The Fund returned 4.76% for the three-month period ending 31 October 2025, outperforming its benchmark, the FTSE EPRA Nareit Global Index.
- At the stock level, healthcare REITs American Healthcare REIT, Welltower and Ventas were among the top contributors.
- EPR Properties detracted from performance as a lack of accretive acquisitions raised questions about the pace of earnings growth going forward.
- Overall, while pockets of …
Summary
- The Fund returned 4.76% for the three-month period ending 31 October 2025, outperforming its benchmark, the FTSE EPRA Nareit Global Index.
- At the stock level, healthcare REITs American Healthcare REIT, Welltower and Ventas were among the top contributors.
- EPR Properties detracted from performance as a lack of accretive acquisitions raised questions about the pace of earnings growth going forward.
- Overall, while pockets of strength emerged, the sector remained sensitive to macroeconomic shifts, with investor focus increasingly turning to fundamentals.
- We have also increased the Fund’s allocation to less economically sensitive sectors, which we believe could offer greater stability in a weaker environment.
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Fund performance
The Fund returned 4.76% (on a net asset value basis) for the three-month period ending 31 October 2025, outperforming the 3.63% return of its benchmark, the FTSE EPRA Nareit Global Index (Net).
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Quick Insights
Healthcare REITs, particularly those exposed to senior housing demand, were top contributors to AWP’s outperformance over the period.
AWP is increasing exposure to less economically sensitive sectors and focusing on companies with near-term rent growth and strong structural tailwinds.
EPR Properties and Invitation Homes detracted due to slow acquisitions and soft rental growth, while SL Green Realty lagged on NYC policy concerns.