We thought you might be interested in the December newsletter for the Freehold Absolute Return Fund. The month of December saw a positive 3.2% return. The Fund has now delivered an absolute return over the past 12 months of +18.5%, and a since inception return from June 2013 of +32.7%. This return has been generated with very low levels of risk, with annualised volatility consistently running below 5%. In this month's newsletter we write about the prospect of material valuation increases occurring within the real estate and infrastructure sectors due to low interest rates starting to become factored into valuations. We also discuss the Australian residential market and the impact that foreign residential investment may be having. Please refer to the following link for the December newsletter: (VIEW LINK)


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James Marlay

Tim, really enjoyed your example on the risk free rate currently being used in analyst valuations. Do you think the performance of sectors (such as those highlighted in your newsletter) reflect sentiment towards the prospect of further rate cuts in Australia?