Last year began less than 12 months into a global pandemic and without any vaccines in sight. Severe restrictions had been imposed, then lifted and reimposed in the name of public health. And monetary and fiscal stimulus was being deployed at wartime levels in the hope of building a bridge to the post-pandemic future.
As vaccines became imminent, the focus shifted to reopening, inoculation and dealing with the effects of the stimulus. Many of these issues remain, but with the added threat of inflation (see below).
At APN, we entered 2021 battle-hardened and confident. Our investment process had proved its mettle in previous crises. We believed it would help us continue to deliver attractive returns to investors in the APN Global REIT Income Fund, especially when also considering risk measured by the standard deviation of return.
So, what did we learn?
Well, the belief we held at the beginning of last year appears justified. The APN Global REIT Income Fund’s selective approach to global REIT investing delivered stand out performance, on an absolute and risk-adjusted basis.
The Fund’s total return of 38.3% in 2021 placed it in the top quartile of other global REIT funds1.