Janus Henderson Horizon Global Property Equities Fund on Stockland
Thesis
The fund added Australian REIT Stockland during the quarter, funding the position through the sale of GPT Group. Australian real estate was one of the stronger Asian property markets during the period. The broader portfolio thesis is that falling new supply and resilient demand for quality space are improving pricing power for landlords. The letter does not provide a more detailed company-specific valuation case for Stockland.
“We also added Australian REIT Stockland to the portfolio, funded by the sale of GPT Group.”
Key risks
- The macroeconomic and interest-rate outlook remains uncertain