Andrew Parsons

Resolution Capital is marking the three-year anniversary of the launch of its Global Listed Infrastructure Fund. The Fund invests in a select portfolio  of high-quality listed infrastructure assets that provide stable cashflows which have natural inflation linkages that can help provide defensive positions in client portfolios.

According to Resolution Capital’s Chief Investment Officer, Andrew Parsons, Global Listed Infrastructure is well positioned to benefit from very strong secular changes in 2025 and beyond.

“The world ultimately needs more power to fuel major structural shifts in digitisation, and that needs to be delivered in renewable formats that are sustainable, and which are less harmful to environments and populations globally,” said Mr Parsons.

“GLI is an underappreciated asset class in terms of being able to provide real and tangible exposure to digitisation. We have been building select positions in electric utilities globally that are essential in facilitating the energy demands of digitisation and the growth of artificial intelligence.

“Mobility is another major theme in which we think GLI provides unparallel exposure. Population growth and urbanisation is seeing demand for new and improved infrastructure and the listed market provides the most liquid way for investors to access these opportunities.”

During its first three years since inception, the Resolution Capital Global Listed Infrastructure Fund has navigated a challenging market environment and delivered a strong return profile and lower volatility for clients. It has achieved an annualised return of 7.5% post fees since inception (30/09/2021).

Resolution Capital Managing Director, Sonia Luton said, “We are very excited to deliver this specialist investment offering in global listed infrastructure to clients.

“The role of real assets in portfolios is increasingly important – we anticipate the overlap between listed infrastructure and real estate to become greater over time. Our Global Listed Infrastructure strategy has many of the hallmarks of the successful investment philosophy that Resolution Capital has adopted in listed real estate for over 20 years. “

The Resolution Capital Global Listed Infrastructure Fund follows Resolution Capital’s unique multi portfolio manager approach and is managed by three experienced portfolio managers, Jan de Vos, Sarah Lau and Mark Jones. The Fund has a ‘Recommended’ rating from Lonsec Research.

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It is the inaugural rating of the active-ETMF, which listed on the Australian Securities Exchange (ASX) in February this year, under the ticker ‘RCAP’.

Resolution Capital’s Managing Director, Sonia Luton, commented: “We thank Morningstar for reviewing this unique exchanged traded fund, being the only active global listed property ETF on the ASX, which offers all investors exposure to what we believe are some of the world’s best institutional grade real estate assets – these are assets that possess attractive attributes for investors in the current market environment, such as inflation protection.

“Achieving a Gold Morningstar Analyst Rating in RCAP’s inaugural review is a testament to our highly experienced investment team and the disciplined, time-tested process Resolution Capital applies to investing in listed real estate assets, as was noted by Morningstar in its report.”

RCAP provides exchange-traded access to Resolution Capital’s highly-rated flagship unit trust, The Resolution Capital Global Properties Securities Fund (Managed Fund).

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Portfolio Manager, Jan de Vos said he believes the rating is strong recognition for the role an actively-managed portfolio of Real Assets can play in investment portfolios and the quality of the Resolution Capital investment process.

“We are proud to achieve a highly recommended rating from the respected team at Lonsec in just over two years since we launched this Fund. It is a testament to our team and our disciplined investment process which emphasises high quality predictable cash flows, strong capital structures and experienced management teams,” he said.

“The Resolution Capital Real Assets Fund provides quality exposure across a diverse range of listed real estate and infrastructure and sub-sectors. We believe this combination provides an exceptional way for investors to gain exposure to key trends including the growth in needs based real estate such as childcare centres and self-storage and the return to mobility with increased traffic at airports and toll roads as economies start to re-open.

“Our concentrated portfolio contains listed assets that derive revenue from physical assets which over time can generate sustainable, long-dated, inflation-protected cash flows.

In its report, Lonsec notes Resolution Capital’s “well-formulated and consistent investment process”.

The Resolution Capital Real Assets Fund was launched in October 2019, after unitholders of the Resolution Capital Core Plus Securities Fund approved a strategy change to allow up to 50% of the existing A-REIT portfolio to be invested in Australian Listed Infrastructure (ALI) securities and up to 20% in Global listed real estate securities and Global Listed Infrastructure.

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Andrew Parsons

Resolution Capital, a specialist global listed real assets investment manager, is pleased to announce the impending listing of an Exchange Traded Managed Fund (ETMF), also known as an active-ETF, on the Australian Securities Exchange (ASX).

Trading under the ticker ‘RCAP’, the Resolution Capital Global Property Securities Fund ETF provides access to the highly rated flagship unit trust, the Resolution Capital Global Property Securities Fund (“the Fund”). Since its inception in September 2008, the Fund has generated a net return of 10.3% p.a. to 31 December 2021.

Upon listing, RCAP represents the only actively managed portfolio of Global Listed Property Securities (also known as GREITs) available on the ASX.

Resolution Capital’s Chief Investment Officer, Andrew Parsons, outlined why the firm has moved to provide access to its successful global strategy via an active-ETF.

“Members of our team have been investing in REITs for over 25 years and in Global REITs for over 15 years, and we are proud to have delivered strong and consistent through-cycle returns for our clients.

“The ETMF structure provides a convenient and accessible way for a broad set of investors, including mums and dads and other individuals, to gain exposure to a select portfolio of some of the world’s best real estate platforms with the ease of being able to buy and sell units on the ASX.

“Under the wrapper of RCAP and through the Fund’s investments in select listed Global REITs, we provide underlying exposure to what we believe to be some of the world’s best institutional grade real estate assets, which most individuals would not be able to access directly. The underlying properties are predominantly located in major cities and include a diverse range of property sectors such as logistics, data centres, life science research and medical facilities, as well as apartment buildings.”

Mr Parsons said particularly in the current market environment, an actively managed portfolio of GREITs can play a vital role in diversified investment portfolios.

“As we experience the onset of rising consumer costs, we believe select global REITs have the potential to serve as an effective hedge against inflation.

“We focus on real estate platforms with strong balance sheets and capable of demonstrating rental pricing power through superior locations and with buildings most relevant to the needs of the economy. Furthermore, the inflationary pressures means developers of new buildings face the prospect of higher costs. This gives existing property owners significant cost advantages; it moderates the supply picture and underpins asset values.”

The Resolution Capital Global Property Securities Fund (Managed Fund) aims to achieve an annual total return that exceeds the total return of the Benchmark (FTSE EPRA/NAREIT Developed Index (AUD Hedged) Net TRI) after fees on a rolling 3-year basis.

RCAP will list on the ASX on Tuesday 22 February, 2022.

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Morgan Ellis

Resolution Capital, a specialist global listed real assets investment manager, is pleased to announce the appointment of Mr Morgan Ellis as ESG Analyst.

Morgan has extensive investment research experience specialising in Global Real Estate and Materials sector companies.

Most recently he was Vice President, ESG Research at MSCI, focused on sustainable impact investing, mapping climate risk within global property and power assets, testing carbon regulation scenarios on ASX200 companies’ performance, and assessing modern slavery regulations and their impact on investors.

Before joining MSCI in 2014, Mr Ellis was as a Senior Consultant for Aurecon, working across the firm’s Sydney and London offices.

“This new role expands Resolution Capital’s investment team and will further support our ongoing commitment to thorough ESG research and implementation across our listed real estate and infrastructure strategies,” said Sonia Luton, Managing Director of Resolution Capital.

“Within the listed real estate and infrastructure sectors, robust ESG credentials can be a major driver of superior investment outcomes. This has been demonstrated by many of Resolution Capital’s investee companies in recent years and there is no doubt this will continue in the years to come.”

Mr Ellis said he is pleased be joining the highly credentialed investment team.

“Resolution Capital has a long history of taking a responsible approach to investing clients’ capital and I’m thrilled to play a role in the continued enhancement of the firm’s ESG capabilities.

“I believe it is critical that investment managers engage with companies and all stakeholders to encourage best-practice ESG standards, not only to generate greater investment outcomes, but also greater outcomes for the broader community.”

Resolution Capital integrates ESG considerations into its investment process to align with the six Principles of the United Nations Organisation initiated Principles for Responsible Investment (UNPRI). The firm has been a signatory to UNPRI (www.unpri.org) since 2010.

Resolution Capital is also member of the Global Real Estate Sustainability Benchmark (GRESB) and benchmarks its Global Property Securities portfolio GRESB rating versus the relevant benchmark’s rating.

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In its review, Lonsec notes the “strong performance” of the Fund since transitioning to a Real Assets mandate.

Furthermore, “Lonsec has high regard for the Resolution Capital investment team’s skills and capabilities in property securities, which has been combined with the hiring of two experienced infrastructure analysts.”

Portfolio Manager, Jan de Vos, said the rating reflects the benefits of a Real Assets portfolio, consisting of both Listed Infrastructure and Real Estate securities.

“By combining A-REITs, Australian Listed Infrastructure and a select allocation to Global Real Estate and Infrastructure securities, we are providing clients with exposure to a diverse range of underlying hard assets with attractive attributes, including inflation protected cashflows.

“In my view, a portfolio of Listed Real Assets remains a great opportunity to gain exposure to key segments of the economy benefiting from broad based growth and secular demand trends in Australia and globally, which will continue to accelerate as economies normalise following COVID-19 lockdowns.”

The Fund was launched in October 2019, after unitholders of the Resolution Capital Core Plus Property Securities Fund approved a strategy change to allow up to 50% of the existing A-REIT portfolio to be invested in Australian Listed Infrastructure (ALI) securities and the Global component to include both Global Listed Real Estate and Global Listed Infrastructure.

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Mark Jones joins Resolution Capital as a Senior Investment Analyst. Mark was previously with 4D Infrastructure where he was Senior Equity Analyst – Listed Infrastructure and Utilities.

Prior to 4D Infrastructure, Mark was Vice President and Equity Analyst at Goldman Sachs with coverage of Australian Listed Infrastructure and Utilities. Sarah Lau also joins the team as a Senior Investment Analyst. Sarah was previously an Analyst in the Global Listed Infrastructure team at H.R.L Morrison & Co and prior to that was a long-standing Analyst at Ausbil Investment Management.

The two appointments bring Resolution Capital’s highly credentialed and diverse investment team to 15 members.

“We welcome Sarah and Mark, two exceptional additions to the team. Their significant experience bolsters our talented team of Analysts dedicated to identifying exceptional Listed Real Assets including infrastructure as well as real estate.” Resolution Capital CIO, Andrew Parsons commented.

“Resolution Capital has been investing in Listed Real Estate for more than two decades. We are expanding our team in order to dedicate considerable resources to identifying opportunities in listed infrastructure securities, thereby affording clients with a broader range of assets with attractive attributes including high quality tangible assets and inflation protected cash-flows.”

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Portfolio Manager, Jan de Vos, said the rating reflects a strong appraisal for the role that a carefully selected portfolio of quality REITs and Listed Infrastructure can play in investors’ portfolios.

“In my view Real Assets remain a compelling long-term investment opportunity and the Resolution Capital Real Assets Fund provides quality exposures across a diverse range of REITs and Listed Infrastructure,” said Mr De Vos.

“Infrastructure and real estate have similar characteristics as both derive revenue from physical assets which, over time, can generate sustainable, long-dated, inflation-protected cash flows and provide exposure to population growth and urbanisation.

“When selecting Real Assets our rigorous process emphasises predictable cash flows, strong capital structures and experienced management teams. This process has proven particularly important recently when certain Real Assets have been a bedrock of stability amongst the extreme volatility.”

In its report, Zenith notes that the ability for the Real Assets investment team to supplement research from Resolution Capital’s highly regarded global team is a “key attraction and potential advantage” for the fund.

Furthermore, “Zenith has a favourable view of the expanded mandate, which allows for greater flexibility by increasing the investable universe to include Infrastructure securities.”

The Resolution Capital Real Assets Fund was launched in October 2019, after unitholders of the Resolution Capital Core Plus Securities Fund approved a strategy change to allow up to 50% of the existing A-REIT portfolio to be invested in Australian Listed Infrastructure (ALI) securities and up to 20% in Global listed real estate securities and Global Listed Infrastructure.

The fund’s investment objective is to exceed the total return of the S&P/ASX 300 A-REIT Accumulation Index after fees on a rolling 3-year basis.

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