Australian Unity Investments’ (AUI) Property Income Fund has been upgraded to ‘Recommended’ by Lonsec*, one of only two funds in the research house’s hybrid property securities sector to achieve this rating.
Lonsec said that the Property Income Fund (PIF) “offers a solid opportunity for investors seeking a diversified property fund.”
“Overall, Lonsec considers PIF to have the most robust investment model in the Lonsec Hybrid Peer Group due to its sheltered exposure to listed property and because PIF has no gearing at the Fund level.
“Lonsec also believes PIF is well managed, noting that the Fund's portfolio was more defensively positioned around one year prior to the financial crisis. The ‘Recommended’ rating also considers PIF's relatively strong recent risk-adjusted performance,” the review said.
Mr Adam Coughlan, general manager – retail at AUI, said that the Fund has delivered strong and consistent income, reflecting the sound underlying assets and prudent management of the Fund.
“PIF offers investors both long term capital growth as well as quarterly income, and strong diversification and liquidity – attributes that are particularly attractive to investors at the moment.
“PIF is one of the only funds in its category to continue to accept redemptions and pay withdrawals throughout the global financial crisis.
“The extensive experience of the team means we are in an excellent position to take advantage of opportunities in the market that meet our stringent criteria, in order to continue achieving solid returns for investors,” Mr Coughlan said.
PIF was established in 1999 and has over $140 million under management^. It holds a diversified portfolio of properties (both direct and listed) and other investments. The direct property component has a target allocation of around one-third in commercial property, one-third in retail property, and one-third in other specialist property investments. Properties are either held directly or via investments in syndicates and other unlisted trusts.
Australian Unity Investments is the funds management arm of financial services, health and retirement living services provider Australian Unity. It has over $7.6 billion in funds under management^. Its investment approach is to use its established in-house expertise in property and mortgages while also forming joint ventures and strategic alliances with other organisations with specialist expertise.
For further information please contact:
Adam Coughlan
Email: acoughlan@australianunity.com.au
*The Lonsec Limited (“Lonsec”) ABN 56 061 751 102 rating (assigned September 2009) presented in this document is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s). It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update this document following publication. Lonsec receives a fee from the fund manager for rating the product(s) using comprehensive and objective criteria.
^As at 31 August 2009.