Freehold Absolute Return Fund - April Performance and Newsletter

The Freehold Absolute Return Fund generated a positive 1.5% return over the month of April, lifting the past 12 month’s performance to +18.4% and the since inception number from July 1st 2013 to +38.6%. The Fund remains mildly net short as we continue to observe the fundamentals degrade across the real estate and infrastructure sectors we invest in, whilst at the same time, long term bond yields are rising. This is not a positive concoction for sector performance, and not surprisingly we are finding an array of opportunities to short overvalued securities with risks of earnings downgrades. In this month’s newsletter we cover one of our key long term holdings in APN Property Group (APD). We discuss how the company has created four key engines of growth that are all in various stages of ramping up that will likely see the whole group lift funds under management materially over the medium to long term. We see APD as a high quality real estate fund manager, that is substantially undervalued. Please download the full newsletter at the following link: (VIEW LINK)