VT GRAVIS UK LISTED PROPERTY FUND - UK LISTED PROPERTY - Gravis Capital
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UK
LISTED
PROPERTY
VT GRAVIS UK LISTED
PROPERTY FUND
August 2020
Contents
4 The UK property sector
13 Introduction to The Fund
23 Appendix
2
FUND INVESTMENT TEAM
The investment advisers to the Fund
Matthew Norris CFA - Director of Real Estate & Fund Adviser Nick Barker - Strategic Adviser to the Fund
Matthew has more than two decades investment management Nick is a director of Gravis and is the lead manager of GCP
experience and has a specialist focus on real estate securities. Student Living plc.
He served as an Executive Director of Grosvenor Europe where he Nick joined Gravis from Schroders where he worked for eight
was responsible for global real estate securities strategies. He years, ultimately as head of alternatives for the real estate
joined Grosvenor following roles managing equity funds at Fulcrum business and a member of the fund management team for the
Asset Management and Buttonwood Capital Partners. Prior to that Schroder UK Real Estate Fund. Nick has over sixteen years
he worked within the equity research department for Credit Suisse. investment experience having previously also worked at
Matthew holds a BA (Hons) degree in Economics & Politics from Cushman & Wakefield and JLL.
the University of York, the Investment Management Certificate and Nick graduated from the University of Reading with a degree in
is a CFA charterholder. Investment & Finance in Property. Nick is also a Member of the
He also provides expert input to research projects run by EPRA, Royal Institute of Chartered Surveyors.
which focus on the importance of emergent real estate sectors.
020 3405 8553 020 3405 8521
matthew.norris@graviscapital.com nick.barker@graviscapital.com
3
The UK property
sector
4
THE UK PROPERTY SECTOR
Key facts Size of the investible UK Property Market (£'bn)
UK property market1 1400
• £8.7 trillion total value of UK property
• £2.1 trillion value of the investible UK property 1200
• £512 billion of this was invested by professional
investors and investment vehicles 1000
Institutional Quality Real Estate
• The sector has grown in value by 6.0% per annum
over the last 30 years Real Estate Stock
800
600
400
200
0
1. The Size & Structure of the UK Property Market: Year-End 2018 Update (December 2019) - IPF
5
BENEFITS OF REITS
The benefits of investing in REITs:
REITs are structurally suited to provide liquid access to an illiquid asset class. They are able to focus on long term portfolio
returns rather than provision of short term liquidity.
Real Estate Investment Trusts Open Ended Funds
Structure Closed ended funds, listed on LSE Open ended funds, unlisted
Investment focus Increasingly specialist Generalist
Investor entry / exit Buy / sell shares on LSE Company issues / redeems units / gating /
swing pricing / spread
Impact of day to day investor entry / exit None Rising and falling cash balance and share
capital
on fund management
Cash required to manage day to day Do not hold material cash balances – can Yes, c.20% to manage redemptions
remain fully invested
investor liquidity
Impact of extreme investor exit Likely share price fall, potential to trade In event of insufficient cash, gating of
below NAV investors, forced sale of assets at potentially
unfavourable pricing
Gearing c.20% - able to enhance returns through 0%
appropriate leverage
Appropriate for illiquid assets Yes, while offering daily liquidity Not according to the FCA1
1. https://www.fca.org.uk/publication/consultation/cp18-27.pdf
6
ASSET CLASS RETURNS
10 year annualised return by asset class (30.06.2019 – 31.07.2020)1
15.00%
10.00% 9.16%
7.47% 7.21%
5.06%
5.00% 4.27%
2.73%
UK Retail
REITs
0.00%
10y GBP Gilt All UK REITs Gold (£) UK Equities IA UK Direct Inflation UK
Property*
-5.00%
-10.00%
-15.00%
-15.98%
-20.00%
1. Data (excl. IA UK Direct Property) – Bloomberg L.P.
* IA UK Direct Property – FE Analytics
7KEY TRENDS
There are five key themes in the real estate sector; ageing population, digitisation, urbanisation, generation rent
and changing consumer behaviour.
PROPERTY TRENDS
Changing Consumer
Ageing Population Digitalisation Urbanisation Generation Rent
Behaviour
Healthcare Alternative Industrial & Commercial Housing & Retail
Logistics Accommodation
GP Surgery Industrial PRS Shopping Centers
Self Storage Office
Pharmacies Logistics Student Department Stores
Residential Care High Street
8RETAIL
A timeline of various retail companies that have faced administration over recent years
Prior to 2016 2016 2017 2018 2019 2020
1. http://www.retailresearch.org/whosegonebust.php
9CASE STUDY – FROM SHOPS TO WAREHOUSES
Market Overview
• Online retailing requires 3x more warehouse space than traditional retailing
• In May 2020 online sales accounted for 33.4% of all retail sales.
• Between the peak in 2008 and 2019 the number of jobs in the retail sector has
declined by 9%
The decline of the retail sector1
3,700,000 1
35%
0.9
Online Sales as a % of All Retail Sales
3,600,000 30%
0.8
3,500,000 25%
Number of Retail Jobs
0.7
0.6
3,400,000 20%
0.5
3,300,000 0.4
15%
10%
0.3
3,200,000
0.2
3,100,000 5%
0.1
3,000,000 0
0%
Number of Retail Jobs Online Sales as a Percentage of Total Retail Sales
1. https://www.ons.gov.uk/businessindustryandtrade/retailindustry/timeseries/ms6y/
10CASE STUDY – STUDENT ACCOMMODATION
Market Overview – London
• New supply is constrained due to land scarcity and planning complexity
• The total number of students in the UK is 2.3 million1
• London has the largest student population in the UK with c.400,000 students1
• The total number of international students in the UK is currently at a high of c.450,0001
Demand and Supply for Student Accommodation in
London1
450,000
400,000
350,000 International
students
300,000
250,000 Domestic
postgraduates
200,000
150,000
Domestic Pipeline
100,000
undergraduates
Private halls
50,000
University halls of
residence
-
Demand Supply
1. Higher Education Statistics Agency, KF Research
11CASE STUDY – GP SURGERIES
Market Overview
• In 2018, there were c.12m people over the age of 65 in the UK
• This is expected to grow to c.14.9m by 20281
• 65+ year olds are 3x more likely to visit their local GP surgery than those under 35
Number of people in the UK over the age of 65
16,000
15,000
14,000
(000s)
13,000
12,000
11,000
10,000
1. Office for National Statistics
12Introduction to
The Fund
13FUND OVERVIEW & OBJECTIVES
Key Information Objectives
• The VT Gravis UK Listed Property Fund (the “Fund”) is • Deliver real estate like returns with daily liquidity.
a NURS OEIC with PAIF status1.
• Achieve capital appreciation over the course of
• Distributions can be paid gross to ISA and SIPP market cycles2.
holders and are made net of the basic rate of income
• Target cash yield of 4% p.a. after charges.
tax to individuals.
• Inflation-linked characteristics.
• Corporate holders are entitled to receive gross
distributions. • Capped fund charges of 0.7% with no additional
ongoing charges3.
• Charges taken from capital.
1 Non UCITs Retail Scheme (NURS), which is an Open Ended Investment Company (OEIC) and has Property Authorised Investment Fund (PAIF) status
2 We expect this to be a period of 7 years
3 The OCF (Ongoing Charges Figure) for all share classes is capped at the AMC (Annual Management Charge) and any costs in excess of the OCF/AMC are
paid by the Investment Adviser.
14FUND GUIDELINES AND CHARACTERISTICS
Limits within which the Fund is managed
• In line with the existing Gravis funds, the new fund is expected to deliver low volatility, dependable cashflows, regular
income of 4% paid quarterly and capped charges to be taken from capital.
• Investors can benefit from the tax efficient structure of REITs, as income is delivered in the form of Property Income
Distributions (PIDs).
• Exposure to best-in-class specialist managers selected by Gravis, the Investment Adviser
Wider Limits
− Minimum of 16 holdings
− Subject to NURS / PAIF regulations
− Maximum holding 9.5%
− Minimal exposure to retail
− No shorting of stock
− No leverage at fund level
− No stock lending
15INVESTMENT PHILOSOPHY AND
SECURITY SELECTION PROCESS FACTORS DRIVING INVESTMENT DECISIONS
• The fund will invest in a broad range of GBP
denominated, LSE listed property securities Yield sustainability
• Focus on the stability and security of cashflows
Cashflow
Credibility of
dependability/
management team
• Diversification through exposure to all UK REIT visibility
classifications, with the exception of retail
• The fund is actively managed with a view to maximising Inflation hedging
Low relative volatility
returns whilst keeping costs to a minimum. The fund will characteristics
offer daily liquidity
Size/daily liquidity Valuation
Minimal retail
investment
16INVESTMENT PHILOSOPHY AND SECURITY SELECTION PROCESS
The Fund Adviser takes a holistic approach to investment process, combining sector know-how and risk
awareness ensuring investors’ needs are prioritised.
FUND CONSTRUCTION ACTIVE MANAGEMENT
The fund is constructed to ensure & COST AWARENESS
diversification across the UK listed The fund avoids aggressive trading
real estate sector. The Fund Adviser and seeks opportunities to minimise
makes security selections based on the entry price in underlying
extensive knowledge of the holdings by participating in
investible universe. appropriate capital raising
opportunities.
RISK MANAGEMENT
Risk is mitigated by diversifying
across real estate sub-sectors and
focusing on higher quality companies
with relatively low leverage. The
Fund Adviser closely monitors sector
developments and performance at an
asset level utilising Gravis
expertise.
INVESTOR OUTCOMES
The Fund Adviser seeks to deliver
dependable and secure quarterly
income and capital appreciation in
real terms over the course of market
cycles.
17LIQUIDITY
Provided below is a breakdown of the universe for the VT Gravis UK Listed Property Fund
UK Real Estate
80+ Listed Companies
>£80bn combined market cap
Excluding Retail
70+ Listed Companies
>£70bn combined market cap
Liquid & Tradable
45+ Listed Companies
>£50bn combined market cap
>£80mn average daily volume
VT Gravis UK Listed Property
20+ Investments
18DIVERSIFIED PORTFOLIO - SAMPLE
The fund invests in multiple REITs, which own or invest in a diversified pool of properties
VT GRAVIS UK LISTED PROPERTY FUND
Portfolio of REITs & REOCs
Primary Health Great Portland
Impact Healthcare Segro Derwent London Unite Group Tritax Big Box
Properties Estates
73 properties 131 properties 86 properties 125 properties 56 properties
484 properties 47 properties
> 5,000 individual properties*
> 100,000 individual tenants*
* Gravis Advisory Limited/Company Data
19LEASE LENGTHS AND RENT PROFILES - SAMPLE
Portfolio average WAULT 8.5yrs
100%
100%
65% 35%
54% 46%
% of rent
Open Market Income
100%
Contractual Income
RPI-linked Income
100%
Hybrid
49% 51%
68% 7% 25%
37% 11% 45% 7%
98% 2%
0 2 4 6 8 10 12 14 16 18 20
Weighted Average Unexpired Lease Term (WAULT)
WAULT and rent profile data taken from Company Data
and/or Investor Relations
20ENERGY PERFORMANCE CERTIFICATE (EPC) ANALYSIS – SAMPLE
Obsolescence Risk Reduced
38% Commercial property rated EPC A-C (England and Wales)*
98% 2%
100%
61% 39%
72% 28%
46% 54%
51% 49%
68% 32%
73% 27%
76% 24%
80% 20%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
EPC A-C EPC D-G
Asset EPC Data taken from Company Data and/or Investor Relations
*England, Wales commercial property ratings sourced from HM Government
21PORTFOLIO CHARACTERISTICS & TOP 10 HOLDINGS
Portfolio as at 31 July 2020
Company Holding Sector Breakdown
Segro Plc
8.92% Industrial & Logistics 32.4%
Unite Group Plc Housing & Accom 22.5%
7.60%
Healthcare 17.0%
Tritax Big Box REIT Plc
7.57% Office 10.6%
Grainger Plc Self storage 10.0%
7.56%
Diversified 5.0%
Assura Plc
6.35%
Cash 2.5%
Primary Health Properties Plc
5.53%
Safestore Holdings Plc
5.13%
Londonmetric Property Plc
5.09%
GCP Student Living Plc
4.99%
Big Yellow Group Plc
4.88%
22Appendix
23REITS ARE REAL ESTATE
REITs correlate more with real estate than equities over the medium-term
The listed real estate “asset class does generally improve
UK[aReal
multi-asset]
Estate
portfolio’s risk-return characteristics.” 1
80+ Listed Companies
>£80bn combined market cap
The benefits of holding REITs within a multi-asset portfolio “tend to increase with
longer holding periods”1
Excluding Retail
The “correlation between listed and direct real estate 70+
increases with time horizon,
Listed Companies
while the correlation between listed real estate and>£70bn
stocks declines” 2
combined market cap
U.K. REITs versus direct real estate2
400
350
300
250
200
150
100
50
0
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Listed Unlevered Direct
1. ‘Listed real estate in a multi-asset portfolio: A European perspective’ ,Lloyd Barton, Michiel Tukker and Padmasai Varanasi, Oxford Economics and EPRA Research, September 2019
2. ‘Does listed real estate behave like direct real estate?’, Martin Hoesli and Elias Oikarinen, EPRA Research, December 2019. Direct real estate is MSCI index. Listed index is FTSE EPRA NAREIT.
https://prodapp.epra.com/media/Does_listed_real_estate_behave_like_direct_real_estate_updated_and_broader_evidence_1579519010027.pdf
244 YEAR PERFORMANCE – SIMULATED PORTFOLIO
4yr performance from 31 October 2015 to 31 October 2019
Simulated Portfolio vs MSCI UK IMI Core Real Estate vs MSCI UK (Total Return after charges)
150
140
130
120
110
100
90
80
70
Oct 15 Apr 16 Oct 16 Apr 17 Oct 17 Apr 18 Oct 18 Apr 19 Oct 19
MSCI UK in GBP (Total Return) MSCI UK IMI Core Real Estate in GBP (Total Return) Simulated Portfolio (Total Return)
Hypothetical past performance is not necessarily indicative of future results. Simulated performance is after charges of 0.7%
254 YEAR RISK & REWARD – SIMULATED PORTFOLIO
4yr returns and volatility from 31 October 2015 to 31 October 2019
45 GULP (simulated Average 4yr Volatility – 14.60%
portfolio)
40
35
MSCI UK GBP
30
Return (%)
25
20 Average 4yr Return – 18.94%
15
10
MSCI UK IMI Core Real
5
Estate GBP
0
iShares UK Property
-5 ETF GBP
0 5 10 15 20 25
Volatility (%)
Simulated Portfolio vs MSCI UK vs MSCI UK IMI Core Real Estate vs iShares UK Property ETF
4yr Total Return 4yr Volatility 12 Month Yield
Simulated Portfolio 41.65% 10.88% 3.73%
MSCI UK GBP 33.01% 13.03% 4.43%
iShares UK Property ETF GBP 0.31% 16.81% 3.02%
MSCI UK IMI Core Real Estate GBP 0.79% 17.66% 3.64%
Hypothetical past performance is not necessarily indicative of future results. Simulated performance is after charges of 0.7%
26ACTIVE MANAGEMENT- MINIMISING COSTS
Since inception on 31 October 2019, the fund has made savings of 48bps by participating in placing programmes
UK Real Estate
80+ Listed Companies
% GULP Discount to
Announcement Commission
market cap Stamp duty Saving at fund
invested>£80bn
in combined
undisturbed
date saving saving level
placing price
Impact Healthcare
06/11/2019 1.5% 0.05% 0.50% -1.82% 0.04%
REIT
GCP Student
19/12/2019 3.1% 0.05% 0.50% -6.25% 0.21%
Living
Urban Logistics 10/02/2020 3.3% 0.05% 0.50% -4.96% 0.18%
Unite Group 24/06/2020 0.4% 0.05% 0.50% -3.06% 0.01%
Primary Health
09/07/2020 0.8% 0.05% 0.50% -5.23% 0.04%
Properties
Inception to date 0.48%
Data as at 31 July 2020
27GRAVIS CAPITAL MANAGEMENT - HISTORY
Gravis Timeline
• Since launching its first product (GCP Infra) in 2010, Gravis has grown to c.£3.3bn of AUM in three closed-ended funds and
three open-ended funds.
• Gravis has launched a range of funds focused on secure, dependable income and low volatility
2008-10 2013 2015 2016 2017 2018 2019 2020
• Gravis was • Launched the • Launched GCP • Launched first • GCP LLP • Phil Kent • Matthew Norris
founded in UK’s first REIT Asset Backed OEIC investing in becomes Gravis became lead joined as fund
2008 by six investing in listed Capital manager of manager for
partners. student infrastructure, Management GCP Infra Gravis UK listed
accommodation, Gravis UK Infra Ltd Property
• 2010, launched
the first UK GCP Student • Phil Kent joined • William Argent • Gravis launch
listed fund, • David Conlon as a Director joined as a fund third OEIC,
investing in UK joined Gravis as manager for Gravis UK Listed
• Nick Barker Gravis UK Infra
infrastructure a director Property £3262m
joined as a and Gravis
debt, GCP Infra 3098m
Director and Co- Clean Energy
Lead Manager of
GCP Student • Launched
£2699m
second OEIC at
the end of 2017,
Gravis Clean
Energy £2157m
£1677m
£1053m
£674m
£522m
£266m
£111m
£40m
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Jul-20
28KEY TERMS
VT Gravis UK Listed Property Fund
Fund Size (31/05/2020) £26.74m
Target Dividend Yield 4%
Inflation Protection Yes
Share Classes Income & Accumulation
Minimum Investment £100
Capped fund operating charges 0.7%
Launch Price (31/10/2019) £1
Valuation and trading Daily 12pm
Investment Association Sector Property Other
Holdings London Stock Exchange Listed Securities, Real Estate Investment Trusts,
Bonds & Closed ended funds exposed to REITs
Number of holdings 22
Distributions Quarterly (payable 1 month in arrears)
Classification Non-complex
£ ISINs & SEDOLs Main Share Class Feeder
£ Acc GB00BK8VW755 / BK8VW75 £ Acc GB00BKDZ8Y17 / BKDZ8Y1
£ Inc GB00BK8VW532 / BK8VW53 £ Inc GB00BKDZ8V85 / BKDZ8V8
$ Acc GB00BK8VYN55 / BK8VYN5 $ Acc GB00BKDZ9049 / BKDZ904
$ Inc GB00BK8VMH57 / BK8VMH5 $ Inc GB00BKDZ8X00 / BKDZ8X0
€ Acc GB00BK8VW862 / BK8VW86 € Acc GB00BKDZ8Z24 / BKDZ8Z2
€ Inc GB00BK8VW649 / BK8VW64 € Inc GB00BKDZ8W92 / BKDZ8W9
*The OCF (Ongoing Charges Figure) for all share classes is capped at the AMC (Annual Management Charge) and any costs in excess of the OCF/AMC are
paid by the Investment Adviser.
29PLATFORMS & WRAPPERS
Available on the following platforms Suitable for
Aegon Old Mutual Direct investors
AJ Bell Pershing SIPPs
Allfunds Raymond James ISAs
Ascentric Sanlam Charities
Aviva Standard Life Companies
Barclays Standard Life / Elevate
CoFunds Transact
Fidelity Funds Network Zurich
FNZ
Hargreaves Lansdown
Hubwise
Interactive Investor
James Hay
Novia
Nucleus
30CONTACT INFORMATION
Investment Manager and Dealing
Valu-Trac Investment Management Limited Valu-Trac Dealing
01343 880217 01343 880344
Investment Adviser Matthew Norris Fund Adviser 020 3405 8553 matthew.norris@graviscapital.com
Nick Barker Director & Fund Adviser 020 3405 8507 nick.barker@graviscapital.com
Distribution William MacLeod Managing Director 07836 695442 william.macleod@graviscapital.com
Ollie Matthews Sales Director 07787 415151 ollie.matthews@graviscapital.com
Robin Shepherd Sales Director 07971 836433 robin.shepherd@graviscapital.com
Nick Winder Sales Director 07548 614184 nick.winder@graviscapital.com
Cameron Gardner Sales Manager 07835142763 cameron.gardner@graviscapital.com
31INVESTMENT AND DISTRIBUTION
Investment Manager Investment Advisor Distribution
Valu-Trac Investment Management Ltd. Gravis Advisory Ltd. Gravis Advisory Ltd.
i. Valu-Trac Investment Management i. Gravis Advisory Limited is owned and i. The team of four consultants has
Limited was established as an managed by Gravis Capital assisted in raising over £3bn since
authorised investment manager in Management Ltd (‘Gravis’). launch in 2009.
1989. ii. Gravis was established in May 2008 ii. The team has raised new capital for
ii. Valu-Trac Investment Management as a specialist investor in IPOs, and further capital raising
Limited launched Valu-Trac infrastructure and now manages c. through C share offerings and
Administration Services in 2010, to £3.bn of assets in the UK. Placing Programs, UCIS Funds,
provide Authorised Corporate iii. Funds under management include UCITS funds, UK OEICs, VCTs and
Director (ACD) and administration the FTSE 250 company GCP. Private Equity.
services to UK regulated funds and Infrastructure Investments Limited, iii. The team has combined experience
their delegated investment which has invested over £1bn in UK of over 80 years in the UK.
managers. infrastructure, and GCP Student
iii. Valu-Trac Investment Management Living Plc which has invested over
Limited, as ACD, administers over £1bn in UK student accommodation.
£6.88bn of assets under iv. Gravis Advisory Limited is a
management. subsidiary of Gravis Capital
iv. Valu-Trac Investment Management Management and is Investment
Limited employs 62 staff and has Adviser to the Fund.
offices in the North of Scotland and
London.
32IMPORTANT NOTICE
WARNING: The information in this Report is presented by Valu-Trac using all The information provided is "as is" without any express or implied warranty of
reasonable skill, care and diligence and has been obtained from or is based on any kind including warranties of merchantability, non-infringement of intellectual
third party sources believed to be reliable but is not guaranteed as to its property, or fitness for any purpose. Because some jurisdictions prohibit the
accuracy, completeness or timeliness, nor is it a complete statement or exclusion or limitation of liability for consequential or incidental damages, the
summary of any securities, markets or developments referred to. The above limitation may not
information within this Report should not be regarded by recipients as a apply to you.
substitute for the exercise of their own judgement.
Users are therefore warned not to rely exclusively on the comments or
The information in this Report has no regard to the specific investment conclusions within the Report but to carry out their own due diligence before
objectives, financial situation or particular needs of any specific recipient and is making their own decisions.
published solely for informational purposes and is not to be construed as a
solicitation or an offer to buy or sell any securities or related financial Unless otherwise stated Equity Market price indices used within this publication
instruments. In the absence of detailed information about you, your are sourced or derived from data supplied by MSCI Inc 2020.
circumstances or your investment portfolio, the information does not in any way
constitute investment advice. If you have any doubt about any of the Valu-Trac Investment Management Limited and its affiliated companies,
information presented, please consult your stockbroker, accountant, bank employees of Valu-Trac Investment Management Limited and its affiliated
manager or other independent financial advisor. companies, or individuals connected to them, may have or have had interests of
long or short positions in, and may at any time make purchases and/or sales as
Value of investments can fall as well as rise and you may not get back the principal or agent in, the relevant securities or related financial instruments
amount you have invested. Income from an investment may fluctuate in money discussed in this Report.
terms. If the investment involves exposure to a currency other than that in
which acquisitions of the investments are invited, changes in the rates of © 2020 Valu-Trac Investment Management Limited. Authorised and regulated by
exchange may cause the value of the investment to go up or down. Past the Financial Conduct Authority (UK), registration number 145168. This status
performance is not necessarily a guide to future performance. can be checked with the FCA on 0800 111 6768 or on the FCA website (UK). All
rights reserved. No part of this Report may be reproduced or distributed in any
The hypothetical performance measurements are illustrative only and offer no manner without the written permission of Valu-Trac Investment Management
guarantee of future performance, profitable or unprofitable, actual or Limited. Valu-Trac™ is a registered trademark.
theoretical. Since hypothetical performance measurements do not represent
actual trading they may not reflect the impact that material economic or market
factors might have made on a portfolio manager’s decisions were the portfolio
manager actually managing a client’s money.
Any opinions expressed in this Report are subject to change without notice and
Valu-Trac is not under any obligation to update or keep current the information
contained herein. Sources for all tables and graphs herein are Valu-Trac unless
otherwise indicated.
33INVESTMENT IDEAS FOR THE LONG RUN
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