FPP - Fat Prophets Global Property Fund

[System]

The Fat Prophets Global Property Fund will invest in a diversified but high conviction portfolio of global real estate exposures managed by Fat Prophets Funds Management Pty Ltd. While the Fund will be measured against a bespoke benchmark, the Fund investment positions will only number 70-90 of the best opportunities from the overall 350 stock benchmark universe.

The Fund will only invest in equities in developed markets and the Fund will not use leverage, shorting or derivatives and as such will be simple in structure targeting capital growth and distributions.

It is anticipated that FPP will list on the ASX during September 2017.

http://www.fpproperty.com.au

 

[Dona Ferentes]

One of the brightest stars in the sky: Canis Major.

Major shareholder puts Fat Prophets property LIT in play​

Lanyon Asset Management, which owns 31 per cent of FPP, is bitterly disappointed by what it deems “abysmal performance” and the LIT trading at a “perpetual discount to its asset base”.

Lanyon is set to call a meeting to wind up the trust after requesting the unitholder register. The $13.9 million fund invests in an actively-managed portfolio of diversified global real estate investment trusts.

The manager is well within its rights to call for a meeting as a 31 per cent shareholder. It will all come down to a vote requiring 50 per cent of shareholder to vote in favour.

Over the past three years, the Fat Prophets LIT has traded at an average discount of 14.3 per cent to NTA, according to data from Independent Investment Research. Today, it trades around a 25 per cent discount to its 83¢ NTA at 69¢, according to Morningstar May-end data.

It first listed in 2017 at $1.10 per unit and has delivered one-year returns (traded price) of negative 9.2 per cent and 5-year returns of negative 3 per cent, Morningstar data shows. For comparison, ASX300 REIT Total Return Index returned negative 3.6 per cent over the year to 31 May and 4.4 per cent over five-years.

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