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Die besten globalen Immobilien Aktienfonds

Die Fondsmanager der besten globalen Immobilien Aktienfonds haben exklusiv fünf Fragen zur globalen Konjunktur und ihrem Einfluss, den wichtigsten Elementen im Investmentprozess, den Gewichtungen und Performances sowie den bedeutendsten Risiken beantwortet. Funds | 22.08.2011 04:30 Uhr
e-fundresearch: "What is your expectation concerning the global economy and its impact on global real estate markets?"

Mark Thorpe-Apps & Nadia Hou, Portfoliomanager, "UBS (CH) Inst Fd 2-Gl Real Estate Securities I-X " & "UBS (CH) Inst Fd-Global Real Estate Securities IA1" (18.08.2011): "Since the previous trough in 2008, it has been 2.5 years of up swing in current economic cycle. A mid-cycle adjustment is expected globally. Plus the de-leveraging at private and sovereign levels, it is inevitable that global economies experience soft patches. However, if the problems are tackled at root and hard medicines are taken, the future growth will be on a more sustainable level. Global real estate has experienced its own share of unwinding of excess. After the recent wash-out, we believe that the global real estate has become more resilient to the surrounding economic challenges, as overall the companies have stronger balance sheet and are more focused on its core business." Joe Rodriguez, Fondsmanager, "Invesco Global Real Estate Securities A" (16.08.2011): "Der Ausblick für das zweite Halbjahr ist getrübt von den Unsicherheiten über die künftige Richtung der Wirtschaftspolitik und die Entwicklung der Konjunkturdaten. Ob Europa, Nordamerika und Japan auf einen nachhaltigen und stabilen Wachstumspfad zurückkehren, wird maßgeblich davon abhängen, inwiefern Fortschritte bei der Lösung der Staatsschuldenproblematik erzielt werden und es den Regierungen gelingt, ihre Haushaltsdefizite in den Griff zu bekommen. In den Schwellenländern scheint die zuletzt restriktivere Geldpolitik das Wachstum zu dämpfen, dennoch könnten hier noch weitere Eingriffe erforderlich sein.

Die globale Finanzkrise hat fast alle Anlageklassen auf Talfahrt geschickt. Sie ist auch an den Immobilienmärkten nicht spurlos vorübergegangen und hat zu erheblichen Kursschwankungen geführt. Dennoch haben sich die laufenden Erträge der Immobilienaktien im Abschwung als fundamental solide erwiesen – vom Höchst- bis zum Tiefpunkt ist der jährliche Cashflow je Aktie um weniger als 2% gesunken. Geht man von einem anhaltend moderaten Wachstum der Weltwirtschaft aus, sind die fundamentalen Aussichten für die Gewerbeimmobilienmärkte in den nächsten Jahren weiter attraktiv. Für einen positiven fundamentalen Ausblick sorgt insbesondere die gesunde Nachfragedynamik in den Industrieländern in Verbindung mit den begrenzten Neubauaktivitäten in diesen Märkten, die sich in langfristig höheren Cashflows niederschlagen sollten."

Steve D. Burton, CFA. Portfoliomanager, "ING (L) Invest Global Real Estate P Cap EUR" (17.08.2011): "The recent softness in economic data coupled with adverse macro events, such as the ongoing sovereign debt issues in Europe and the S&P downgrade of U.S. Treasury and Agency debt, suggests that the risk of a double-dip recession in Western economies has increased; however, a double-dip recession is still not our base-case scenario. In contrast, economic growth in most Asian economies (ex-Japan) remains fairly robust, with governments in the region focuses on controlling inflation.

Global listed property fundamentals remain positive, with the sector offering a roughly 4% dividend yield and an expected mid-single-digit earnings growth rate in both this year and next.  In most major markets, construction-starts have been quite low over the last few years which have resulted in a supply/demand balance that favors landlords, providing them with pricing power. Listed property companies also have a distinct access to capital advantage compared to private market participants. This is enabling listed property companies to pursue accretive acquisition opportunities. Finally, recent commentary from the U.S. Federal Reserve, the Bank of England, and other Central Banks suggests that interest rates will remain lower for longer, which should bode well for cap rates (i.e., property values), despite the back-drop of slowing economic growth."*

Jim Rehlaender, Fund Manager, "Schroder ISF Global Property Securities A Acc" (10.08.2011): "The slower pace of global economic growth has already resulted in downward pressure on interest rates in most markets, especially those that had been planning on further increases like Australia and Brazil. As the property sector is capital intensive and interest rate sensitive, this is a generally positive development. While economic growth is also helpful for the sector, the most important factor is current or pending supply which has a longer term impact on price development in this sector. Most markets around the world are either in supply/demand equilibrium or experiencing a shortage of supply which may continue to be the case for the next several years. Banks and other traditional sources of debt capital are reluctant to lend to the sector, especially for speculative development, and this will lead to pricing power as the global economy recovers – which we believe is occurring but at a slower pace than expected."

Question 2

e-fundresearch: "Which are the most important elements in your investment process?"

Mark Thorpe-Apps & Nadia Hou, Portfoliomanager, "UBS (CH) Inst Fd 2-Gl Real Estate Securities I-X " & "UBS (CH) Inst Fd-Global Real Estate Securities IA1" (18.08.2011): "We apply disciplined valuation and scoring methodology throughout the whole investment process on macro factors, company fundamentals and valuations. We draw upon market consensus and in-house proprietary research to assign each stock a score that can be ranked within the subsector, country and region. The methodology reacts to price movements as well as changes to earnings and growth forecasts."

Joe Rodriguez, Fondsmanager, "Invesco Global Real Estate Securities A" (16.08.2011): "Die Investmentphilosophie von IRE gründet auf zwei fundamentalen Prinzipien: zum einen einer Maximierung der Beständigkeit und Konsistenz der Anlageerträge, zum anderen einem fundierten Risikoverständnis und einer umsichtigen Risikoallokation im Rahmen eines disziplinierten Portfolioaufbaus.

Diese Philosophie bildet das Fundament unseres Anlageprozesses. Wir verfolgen einen systematischen, disziplinierten Bewertungs- und Risikomanagementansatz mit drei zentralen Elementen: 1) Fundamentalanalysen der Immobilienmärkte, 2) Wertpapieranalysen und 3) Portfolioaufbau-Techniken. Ziel dieses Ansatzes ist es, konsistente Mehrerträge gegenüber definierten Vergleichsindizes zu generieren und ein den Anlagezielen der Kundenmandate entsprechendes Risikoprofil darzustellen."

Steve D. Burton, CFA. Portfoliomanager, "ING (L) Invest Global Real Estate P Cap EUR" (17.08.2011): "We use a multi-step investment process that combines top-down, research driven portfolio design with bottom-up securities selection based on intensive fundamental company analysis. Approximately 70% of our process is focused on bottom-up, fundamental analysis of specific securities. We have portfolio managers and analyst teams located in each of the world’s major regions, which allows us to have a local presence in key property markets and have access to the resources and research of the global CBRE real estate platform. We use our proprietary system that has been developed by the analysts over our 20+ year history to provide a framework for security selection. This process incorporates quantitative and qualitative factors that assist the analysts in evaluating performance characteristics of individual securities independently and relative to each other. The inputs are ranked by the analysts on a bell curve by property type in order to then select the appropriate stocks within the allocation bands determined in the asset allocation step of the process."*

Jim Rehlaender, Fund Manager, "Schroder ISF Global Property Securities A Acc" (10.08.2011): "We spend most of our time evaluating the quality of management, business strategy and property market positioning, and market assessment as these are the primary drivers of long-term value. Our analysts regularly conduct property tours with the companies as well as its competitors to ensure that we are investing in the right people and the right markets. We also review balance sheet strength and access to capital as these are critical elements of any successful property company. We favor managements that actively manage their portfolios and engage in active asset rotation and who are experienced in generating growth from their properties. Good management can get through the worst of times, and bad management can ruin the best real estate."

Question 3

e-fundresearch: "Which over- and underweight positions are currently implemented in your global real estate funds?"

Mark Thorpe-Apps & Nadia Hou, Portfoliomanager, "UBS (CH) Inst Fd 2-Gl Real Estate Securities I-X " & "UBS (CH) Inst Fd-Global Real Estate Securities IA1" (18.08.2011): "Currently we see better risk-adjusted return in US, while we remain cautious toward European continental countries."


Joe Rodriguez, Fondsmanager, "Invesco Global Real Estate Securities A" (16.08.2011): "Der Schwerpunkt unserer Portfolios liegt weiterhin auf Immobiliengesellschaften mit hochwertigen Assets, überlegenen Mieterstrukturen und flexiblen Bilanzen, die sich durch eine vergleichsweise niedrige Fremdfinanzierungsquote und längere Schuldenlaufzeiten auszeichnen. Wir setzen auf breit über alle Immobilientypen und globale Regionen diversifizierte Portfolios. Unserer Ansicht nach bietet die Kombination relativer Fundamentalanalysen mit Aktienbewertungen die besten Aussichten auf Mehrerträge. Traditionell liegt der Schwerpunkt unserer Portfolios auf Unternehmen, von denen wir uns überdurchschnittliche Ertragszuwächse versprechen, sowie auf Aktien mit einer überdurchschnittlichen Marktliquidität. Die aktuelle Portfolioausrichtung spiegelt diese Schwerpunkte entsprechend wider. Am stärksten übergewichten wir derzeit die Büromärkte der wichtigsten globalen Finanzzentren sowie den Wohnungssektor, der von der geringeren Nachfrage nach Objekten zur Eigennutzung profitiert. Auf längere Sicht liegt unser Fokus zudem auf dem weltweit und vor allem in Teilen Asiens rasch fortschreitenden Urbanisierungsprozess und den damit verbundenen Ertragschancen."

Steve D. Burton, CFA. Portfoliomanager, "ING (L) Invest Global Real Estate P Cap EUR" (17.08.2011): "Overall, we continue to favor companies with strong balance sheets, cycle-tested management teams, and visible earnings streams. We remain underweight Europe, given inferior growth prospects, relatively unattractive valuations, and ongoing concerns with respect to sovereign debt issues in several countries. We are overweight Australia given deep discounts relative to underlying real estate values, solid balance sheets, and attractive dividend yields. In Asia, we continue to favor the office and retail sectors, while we remain cautious on residential developers given the overhang from government policy measures intended to cool the markets. In the Americas, we favor apartments, high-quality regional malls and CBD office."*

Jim Rehlaender, Fund Manager, "Schroder ISF Global Property Securities A Acc" (10.08.2011): "As we are stock-focused investors, the weightings by country or region are not as significant as individual company weightings. For example, we may be market-weight Japan, but only hold 4-5 companies out of a universe of 30-40. We have found that our stock selection is the most powerful driver of returns which is logical given that property is essentially a local business."

Question 4

e-fundresearch: "Please comment on the performance and risk parameters of your fund in the current year as well as over the past 3 and 5 years."

Mark Thorpe-Apps & Nadia Hou, Portfoliomanager, "UBS (CH) Inst Fd 2-Gl Real Estate Securities I-X " & "UBS (CH) Inst Fd-Global Real Estate Securities IA1" (18.08.2011): "As an active manager, our portfolio has been concentrated with 80-95 names out of ca 290 names in the benchmark. Our tracking error budget is 8%. Over the past 5 years, the tracking error has ranged between 2% to 4%. The beta relative to the BM is 1.01 over the longer term. Our risk factors are mainly in the stock specific risk, while the risks related to size and country are minimum.
Performance: On an absolute basis, the UBS (CH) Institutional Fund 2 – Global Real Estate Securities fund has made +3.18%, 13.01%, -1.88%, -3.87% over the period of YTD-July, 1 year, 3 years and 5 years (gross of fee)."

Joe Rodriguez, Fondsmanager, "Invesco Global Real Estate Securities A" (16.08.2011): "Die Risikoparameter und fundamentalen Anlagepräferenzen unserer Portfolios haben sich in den letzten 20 Jahren kaum verändert. Die Portfolios haben ein Tracking-Error-Ziel von 200-400 Basispunkten. Ziel ist die Generierung von Mehrerträgen bei durchschnittlichem Marktrisiko. Den wichtigsten Ausgangspunkt unseres Risikoprozesses bilden die Betonung fundamentaler Faktoren im Anlageprozess einschließlich der Filterung nach fundamentalen Kriterien (Fundamental Screens) sowie eine Einzeltitelbewertung, die eine zu hohe Konzentration der Alpha-Quellen auf einzelne Kennziffern vermeidet. Unsere Portfolios schneiden tendenziell am besten in Phasen ab, in denen die Märkte Qualität und fundamentales Wachstum schätzen."

Steve D. Burton, CFA. Portfoliomanager, "ING (L) Invest Global Real Estate P Cap EUR" (17.08.2011): "Year-to-date performance for the fund, through the end of July, 2011 has been modestly positive from an absolute standpoint. Relative performance of roughly +90 bps has benefited from a combination of asset allocation decision across all regions, as well as good stock selection in the Americas and Asia-Pacific. Over the past three years, the fund has modestly lagged the index (by roughly -40 bps, annualized), almost entirely due to asset allocation decisions in a tumultuous macro-environment, while over the past five years, the fund has beaten the index by roughly +100 bps annualized, driven almost equally by a combination of stock seletcion and asset allocation. The goal of our strategy is to outperform the index over the course of a full real estate market cycle, while managing risk. We consider a tracking error of 200-400 basis points to be an appropriate metric over a cycle, which is consistent with how the fund has performed."*

Jim Rehlaender, Fund Manager, "Schroder ISF Global Property Securities A Acc" (10.08.2011): "We tend to invest in companies that are dominant players in their primary trade areas and are well-capitalized which tends to reduce fundamental risk. We also tend to favor active managers who also engage in development when and as appropriate which provides greater upside opportunities in recovering markets. However, during the global financial crisis, companies with any development exposure were sold off by the market more so than their static portfolio peers and this resulted in a period of underperformance for the fund. By investing in the better capitalized companies, this downside was limited and when markets bottomed, these companies outperformed the “rent collectors”."

Question 5

e-fundresearch: "What are the major risks for global real estate equities?"

Mark Thorpe-Apps & Nadia Hou, Portfoliomanager, "UBS (CH) Inst Fd 2-Gl Real Estate Securities I-X " & "UBS (CH) Inst Fd-Global Real Estate Securities IA1" (18.08.2011): "As real estate is a capital intensive sector, interest rate movement remains the major risk for our segment. Therefore, we actively monitor the spread between the dividend yield/cash flow yield vs the short term interest rate/5-year interest rate among the countries, and actively allocate accordingly in order to arbitrage the spread opportunities."

Joe Rodriguez, Fondsmanager, "Invesco Global Real Estate Securities A" (16.08.2011): "Letztlich hängt die fundamentale Stärke der Immobilienmärkte von der Stärke der Gesamtwirtschaft und dem Spannungsverhältnis zwischen Immobilienangebot und Mieternachfrage ab. Zu den aktuell vielleicht größten Risiken für Immobilien gehört eine ausgedehnte Phase unterdurchschnittlicher oder negativer Wachstumsraten, die Beschäftigungswachstum und Konsum abdrosseln würde. Da Immobilien eine kapitalintensive Anlage sind, würde wohl auch jede weitere Liquiditätsverknappung an den Fremdkapitalmärkten belastend wirken. Doch selbst in Zeiten angespannter Märkte und schwächerer Wachstumsraten dürften Immobilienaktien mit ihren stabilen laufenden Erträgen, ihren überlegenen Renditen und den ihnen zugrundeliegenden Sachwerten eine attraktive Anlageklasse für Investoren bleiben."

Steve D. Burton, CFA. Portfoliomanager, "ING (L) Invest Global Real Estate P Cap EUR" (17.08.2011): "The major risks for the global real estate securities market are the same risks facing most asset classes, namely a double-dip recession in Western economies, inflation in emerging economies and dislocations in the capital markets that would materially impact costs and access to capital."*

Jim Rehlaender, Fund Manager, "Schroder ISF Global Property Securities A Acc" (10.08.2011): "Post the global financial crisis, real estate companies have re-capitalized their balance sheets and are stronger financially than they have been for many years in virtually all of our markets. The relative lack of supply and recovering demand has resulted in improving cash flow which when combined with balance sheet strength, allows the public companies to raise capital of all types (debt, equity, preferreds, convertibles,etc.) at a lower cost than private equity funds. Our key concern is that the public companies use this capital judiciously (as we expect they will) and avoid the temptation to expand into markets or property types beyond their capabilities. Having the lowest cost capital in the sector is a major advantage for the public companies, but it can also result in greater risk-taking activities if not properly controlled. The greatest risks to the sector today are macro-economic and geopolitical risks that affect all asset classes – the US credit downgrade, sovereign debt risk in the Eurozone, China’s tightening policy, the turmoil in the Mid-East/North Africa, etc. At the moment, such macro issues have resulted in the property sector trading at the greatest discounts to NAV since the global financial crisis and have become very cheap relative to prices currently being paid for property by private investors."

All data per 08.08.2011:





* The views expressed represent the opinions of CBRE Clarion Securities, LLC as of July 31, 2011, which are subject to change and are not intended as investment advice, or a forecast or guarantee of future results. Forecasts and any factors discussed are not indicative of future investment performance.

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