CPD: Will the US yield curve invert?

From

And what will that tell us about the economy, equities and real estate? It’s been 10 years since the global financial crisis tore through markets in the months surrounding the collapse of Lehman Brothers in October 2008. While the tussle between the bulls and bears is always ongoing, in the time since it has been […]

continue reading

Interest rates may be set to fall: Quay Global Investors

From

Contrary to the general consensus outlook, interest rates are probably set to fall as Australia’s household debt reaches an all-time high, according to principal and portfolio manager of Quay Global Investors, Chris Bedingfield. “As Australian household debt relative to income has steadily increased, there is now meaningful downside risk to the economy as the housing […]

continue reading

CPD: Retail and residential population growth – the impact of demographics on real estate

From

Demographics really matter! The study of populations, how and where people move, is integral to real estate. Very little can stop the effect of demographics on the economy – it is the slow-moving beast that influences demand and thus resource allocation. At Quay, we keep a close eye on demographic changes across the world to […]

continue reading

Quay wins global property award

From

Quay Global Investors has been awarded the 2018 Money Management/Lonsec Fund Manager of the Year Global Property Securities Award for its Quay Global Real Estate Fund. Quay was launched in May 2015 as a partnership with principals Justin Blaess and Chris Bedingfield and Bennelong Funds Management. Prior to this, the business operated as Quay Real […]

continue reading

The only way is up: high inflation a positive for listed real estate

From

If inflation starts to rise around the world, as is currently predicted, it will be an overwhelmingly positive outcome for long-term real estate investors, according to a recent paper by global listed real estate investor Quay Global Investors, “Going up: what high inflation means for listed real estate”. “A common reaction to higher bond yields […]

continue reading

CPD: Going up – what high inflation means for listed real estate

From

Markets were roiled in February as investors worried that higher wages will lead to accelerating inflation. Bond yields acted accordingly. So, if higher inflation was to return, how would real estate perform? New year, same news? The beginning of the calendar year brings with it the usual commentary: ‘interest rates will normalise’ and ‘the bond […]

continue reading

CPD: Do rising bond yields hurt listed global real estate?

From

A decade on from the global financial crisis, Western economies are now growing in unison. US tax cuts passed before Christmas and continuing strong economic data are expected to further boost growth. In the Eurozone, the European Central Bank (ECB) in its December meeting minutes suggested the Eurozone is in its best shape in a […]

continue reading

CPD: Why does real estate outperform equities?

From

Property outperforms equities over the long term Earlier this year, we spoke at the Bennelong Investment Forum. Our presentation included a number of charts, but for many, this one stood out. On reflection, it could be argued that we were penalising equities, since our chart began as the dot-com bubble peaked in the year 2000. […]

continue reading

CPD: Australia, the lucky country (or is it?)

From

Has Australia dodged another recession bullet? Since 2012, one of Australia’s biggest economic threats has been the collapse in mining investment. It was the associated capex boom pre- and post-GFC that sustained Australia’s economic performance. But as projects came to an end in 2012, there was an expected drag on that performance. Enter the Reserve […]

continue reading

CPD: Why (sustained) low interest rates are not always good for real estate

From

Bricks and mortar are not bonds… Whenever pundits predict medium term increases in official cash rates, there is the inevitable ‘get out of bond proxies’ hype. Empirical evidence does not support the idea that real estate underperforms during rate increases, and in this paper we are taking a more theoretical approach to the discussion (albeit […]

continue reading