These days, we should try and celebrate the victories, no matter how small. The blue blocks in the chart below are one such example. They might be pointing the wrong direction, at least over the short term, but in a relative sense the APN Asian REIT Fund has weathered these last few months rather well.
Around the world, listed real estate has missed out on the V-shape bounce that the rest of the equity market has enjoyed since March. Over the last 12 months to 30 June 2020 our Fund returned -11.9%1. Whilst any negative return is unpleasant, the APN Asian REIT Fund compares favourably to a return of -14.4% among Global REITs and the domestic AREIT market returning -20.6%. Consider this a small victory in an extraordinary time.