CT European Real Estate Securities
This fund provides access to a portfolio of real estate securities listed in the UK and Europe. The team is one of the bigger players in this space and runs several other similar mandates. Consequently, it has one of the best resourced and most experienced teams.
Previously BMO European Real Estate Securities
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Marcus Phayre-Mudge, Co-Manager Marcus has managed TR Property Investment Trust since 2011 and is a partner at Columbia Threadneedle Investments, following Thames River Capital's acquisition. He previously worked as a fund manager at Henderson Global Investors from 1997 to 2004. Marcus also co-manages the CT Property Growth & Income Fund, which he launched in 2005, and the CT Global Real Estate Securities Fund. Before Henderson, he was an Associate Partner at Knight Frank. He is a Chartered Surveyor with a BSc (Hons) in Land Management from Reading University.
Alban Lhonneur, Co-Manager Alban is the lead fund manager for the CT Real Estate Equity Market Neutral Fund and the CT European Real Estate Securities Fund, and co-manages several other funds including the CT Global Real Estate Securities Fund, CT Property Growth & Income Fund, and the US Columbia Real Estate Equity Fund. He joined Columbia Threadneedle in 2021 following its acquisition of BMO GAM (EMEA), where he had been since 2008. Prior to BMO, Alban was an equity research analyst at Citigroup Global Markets, specializing in continental European real estate, and at Société Générale Securities, focusing on transport equity research. He holds a BSc in Business and Management from ESC Toulouse, with a year spent at Brunel University, and a post-graduate Specialised Master in Finance from ESCP-EAP.
Marcus Phayre-Mudge, Co-Manager Marcus has managed TR Property Investment Trust since 2011 and is a partner at Columbia Threadneedle Investments, following Thames River Capital's acquisition. He previously worked as a fund manager at Henderson Global Investors from 1997 to 2004. Marcus also co-manages the CT Property Growth & Income Fund, which he launched in 2005, and the CT Global Real Estate Securities Fund. Before Henderson, he was an Associate Partner at Knight Frank. He is a Chartered Surveyor with a BSc (Hons) in Land Management from Reading University.
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Quote from the Fund Manager
We see real estate as an income stream with a capital kicker.
Marcus Phayre-Mudge
Co-Manager
Investment process
The managers combine macroeconomic analysis of the wider market, to determine which areas they wish to get exposure to, with individual stock selection to find the companies they want to take that exposure with. Each company is assessed on merits such as the quality of the management team and assets, the fundamental drivers in the sub-sector, and valuations. The managers will look at economic outlook data such as savings rates, any major macro themes such as unemployment numbers, and an industry’s financial conditions. Depending on whether they like or dislike a stock, they will then decide how much to invest and with how much conviction - or even short the stock, thus being able to profit should the share price fall.
Risk
As the investment universe CT European Real Estate Securities is benchmarked against is very small, the portfolio will only take incremental bets away from it. However, the ability to short stocks (the act of benefiting should the price fall) means that they can perform differently from the benchmark. This ability can increase the risk though. The managers will try to mitigate this by pairing up their short ideas with a corresponding ‘buy’ idea so that they hedge their bets on an outcome. Their analysis also aims to highlight risk from both the stocks themselves and that of the wider market.
ESG
ESG - Limited
This fund focuses primarily on governance, which is a key element in the investment decision-making process. Marcus looks for well-managed businesses, with management teams that have effective oversight of their portfolio of assets. He will avoid poorly run companies, which he believes will result in financial issues in the long-term and prove to be poor investments. In addition to this, Marcus does supplement the analysis with data from a number of sources, both external (through Global Real Estate Sustainability Benchmark and MSCI) and through the in-house Responsible Investment team. While this may be referenced in analysis, it is not a primary focus of the portfolio construction.
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