CT Real Estate Equity Market Neutral Fund

The CT Real Estate Equity Market Neutral Fund is a market-neutral, absolute return strategy, predominantly focused on European real estate securities, with a maximum 20% allocation to US real estate. The fund aims to capitalise on the structural inefficiencies of the listed real estate sector through a fundamental, research-intensive, long/short "pair-trade" or "peer-group" investing strategy. Alban Lhonneur is the lead fund manager for the fund and works alongside alternate manager Marcus Phayre-Mudge. Both are members of the Real Estate Securities team, one of the largest European Real Estate Equity teams in London. The size of the team translates into first-hand access to corporate management teams and capital market transactions, such as primary and secondary share placings. The strategy aims to capture relative valuation opportunities in the listed real estate sector. The underlying investment process is a combination of bottom-up and top-down approaches, drawing on the significant experience within the team, which encompasses expertise in both the listed real estate sector and direct real estate. Overall, the portfolio is expected to be reasonably diversified with a number of holdings (long and short) between 70 and 140 stocks. The portfolio is constructed in a market-neutral approach (net exposure close to zero) with broad sector neutrality in Pan-Europe and strict sector neutrality in the US. The fund has been closed for a significant proportion of its history but has recently seen capacity become available, with the total capacity of the fund around €550m.