Meet The Manager - Patrick Sumner

Patrick Sumner has managed Henderson Global Property Companies Limited since it launched in 2006 and has more than 30 years' property market experience, first with Hillier Parker and then quoted companies Reinhold, Arcona and Chesterfield Properties. He joined Henderson Global Investors in 1997 and was involved in the launch of the firm's first global property equities fund. He was a founding Executive Board Member of European Public Real Estate Association (EPRA), where he established what is now the FTSE EPRA/NAREIT global real estate index series. He sits on the Property Industry Alliance Reit Strategy Committee. 

Fund Manager's Commentary - February 2011 

Equity markets rallied at the beginning of February on positive manufacturing and employment numbers in the US, further supported by the resignation of Egypt’s President Mubarak. However, as unrest in the Middle East spread to Libya, equity markets became increasingly nervous. Asian markets were closed for Chinese New Year in early February, but trended lower for the remainder of the month after further policy tightening in Hong Kong and China. In property equity markets, better-than-expected mortgage data supported property returns in North America, but Europe was the strongest region over the month, driven by the UK. Official inflation figures released from the Bank of England motivated generalist investors into the sector and annual results for both UK and Continental companies surprised on the upside, with solid evidence of valuation gains. Overall, the FTSE EPRA/NAREIT Developed index increased 1.34% in sterling terms.

It was a quiet month in terms of trading for the trust. We reduced our Japanese exposure, decreasing holdings in Advance Residence REIT, MID REIT, and Mori Hills REIT. In the US, we added to our holdings in Equity Residential and sold our position in Sun Communities.