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30/01/2009 - Liberation V Trading Note

To maintain property allocations in the face of declining valuations, we have sought to incorporate a well diversified and liquid investment in the form of an open-ended REIT fund. With Property stocks trading at attractive discount to their valuations, this fund enables us to gain a more flexibly owned exposure. In selecting our choice, we were keen to avoid taking any currency exposure, particularly after the recent heavy falls of sterling, so this choice managed to fit the bill.

Standard Life Global REIT fund is an open-ended OEIC, managed by Andrew Jackson supported by a team of 4 property analysts. The team view REITs as property investments within an equity framework, so attention is paid to understanding underlying properties together with the REIT structures and levels of gearing. For this, the team employ a Proprietary global pricing metrics database, supplemented with regional and asset views from direct property teams (teams located in Boston, Hong Kong and Edinburgh). The portfolio has a global mandate although ensures a minimum 90% hedge to GBP to control volatility. The fund is constructed as a high conviction portfolio that seeks to outperform rather than replicate the FTSE EPRA/NAREIT Global Index.

This note is for information purposes and is only to be issued to financial intermediaries. It expresses the opinion of the fund managers and does not constitute advice.
All data sourced to Premier Fund Managers Ltd unless otherwise stated.
This document is issued by Premier Fund Managers Limited, Eastgate Court, High Street, Guildford, Surrey GU1 3DE which is authorised and regulated by the Financial Services Authority of 25, The North Colonnade, Canary Wharf, London E14 5HS. Premier Portfolio Managers Limited and Premier Fund Managers Limited are members of the Premier Asset Management Marketing Group. Premier Portfolio Managers Limited is also a member of the Investment Management Association. 0903249cc

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