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The Gravis UK Listed Property Fund primarily invests from a universe of London Stock Exchange Listed Real Estate Investment Trusts, or REITs. REITs are more specialists in focus and benefit from intradate liquidity. The REITs held in the Fund own property that fall within the four key trends identified at the Fund's inception, namely urbanisation, digitalisation, generation rent, and ageing population.

The Fund was launched in response to liquidity issues encountered in direct UK physical property funds and provides exposure to the asset class via real estate-like returns with daily liquidity. RSMR rate the Gravis UK Listed Property Fund, as the Fund benefits from the oversight of a knowledgeable and experienced manager applying a proprietary process, a process that builds upon the external values assessment of assets.

Five key themes within the real estate sector have been identified for investment, of which to fund invest four, namely, urbanisation, digitalisation, generation rent, and ageing population. The fifth theme of changing consumer behaviour is avoided the community exposure to retail, an area Gravis has been severely challenged. This results in a starting universe of around 80 listed companies which is screened to exclude retail. The universe is further screened for liquidity and tradability.

Discretionary investment decisions are then applied to the remaining companies to determine which go into the final portfolio, the most important of which is an attractive valuation. This is where the experience of the management team assists in understanding how external values assess assets and forms the key proprietary piece of the process.

Due to the underlying listed exposure, it's anticipated that the Fund would deliver higher degrees of volatility than physical bricks and mortar exposed peers. However, the Fund should demonstrate lower volatility than the broader equity market over the medium to long term, as asset valuations are typically based upon stable cash flows from the underlying property exposure. The Fund can be used to provide exposure to the UK property sector instead of a physical bricks and mortar fund. The Fund can also be used in conjunction with more global-focused listed property funds in the sector to enhance diversification, as these funds tend to demonstrate a bias to North America.

The Gravis UK Listed Property Fund is an interesting proposition that celebrated its fifth year in October 2024 and provides an alternative UK-focused option within the sector, benefiting from the oversight of a knowledge-born experienced manager who is supported by a wider analytical resource.

The Fund provides an option for investors who hold concerns surrounding the liquidity of more traditional physical bricks and mortar UK property funds. However, the increased liquidity that this fund provides also results in typically higher volatility, and this will need to be factored into any investment decision.

Higher bond yields lead to fixed income becoming a contender for capital allocation, especially versus property. However, the focus of the Fund is on income growth, not fixed income. This is reflected in a number of underlying holdings that have grown their dividend over the medium to long term.