• SRT’s NAV fell -3.63% in SGD in the month of November due to the “red wave” as well as the return of “higher-for-longer” rates story
• Healthcare was the only subsector that gained in November in SRT
• Meanwhile, industrial and office subsectors fell the most in November in SRT
• A notable development this month was MAS’ upward revision to SREIT’s aggregate leverage limit from 45% to 50% with all SREITs subject to minimum ICR of 1.5x; MAS has also added a requirement where REIT manager needs to take action to improve ICR and disclose information when its ICR falls under 1.8x
Source: JPM, as of 2024/12/02
PERFORMACE
• Since inception, SRT outperformed 55bp gross of TER per annum.
• +49bp outperformance from the ETF’s tax efficiency and +7bp from portfolio positioning and participation in corporate actions.
Source: CSOP, Bloomberg, performance as of 20241129 unless otherwise specified.
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