APN fund gains top rating
Managed Investment Assessments (MIA) has awarded APN Fund Management’s Property for Income Fund 2 its highest available rating — superior investment.
The fund blends listed property trusts with unlisted securities and cash and follows on from APN’s first Property for Income Fund, which raised $1.8 billion and is now closed to new investors.
The second fund was opened in May 2005, and has attracted inflows of more than $400 million.
It has delivered annual returns of 27 per cent for investors in 2006 and 22 per cent since inception.
APN director of retail funds Michael Doble said while the listed property trust sector has been strong, he believed the manager’s focus on yield and capital growth would provide a stable income for investors when there is a downturn in the sector.
“The fund is a predominately defensive style property investment which provides strong total returns in rising markets and very stable income returns in flatter markets,” he said.
In its report, MIA claimed the significant proportion of unlisted property trusts in the fund would provide a “strong income bias” and lessen volatility in the future.
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