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00:39
Adrian Elwood: - 30 years of real estate experience. - 360 degree career: from equity investor to real estate banker. - now 10 years of managing real estate portfolios.
03:08
Leaving Henderson to start Clerkenwell as absolute return fund. The perspective of a stock market investor: - Why listed real estate is more than just property in a listed format. - Advantages of investing in listed real estate. Why Elwood, who managed billions at Henderson, is capping his fund at GBP 50m. Picking the long-term winners in real estate.
06:48
A different type of listed real estate fund: How to successfully run an absolute return fund in a cyclical sector. How Elwood creates Alpha and protects capital.
09:05
Performance review: Since launch in Sept. 2012, the fund is up net 91% (annualised 20.5%) until Jan. 2016. 2015 a playbook year for Elwood’s investment strategy: Up 22.8% in 2015 versus EPRA benchmark 12.8% (FTSE 100 down 5%).
10:53
Where are we now in the real estate cycle? How Elwood plans to continue to outperform. How QE created a real estate super cycle which is still going on: - The significance of bank real estate collateral not widely understood. - Lessons from UK’s 1970’s banking crisis where ‘Cork’s dam’ saved the system. - A template for Ireland’s successful NAMA program.
16:15
One big Supercycle with two components. - the QE macro economic cycle. - alongside the normal sector property cycle.
18:06
The role of bond yields. Why Elwood thinks we are still mid-cycle in real estate. Who are the big real estate investors now?. Why institutions have come back and will provide constant support to the market.
22:08
Real estate still supported by low interest rates, but in current environment Elwood has de-risked the fund. Maintains exposure to special situations and select themes: - Mid-priced residential development land in UK. - Regional recovery in UK. - Special situtations / Swedish semi social housing. - Short opportunities. - Opportunistic trades.
27:02
Clerkenwell Matterhorn Fund: A European Real Estate Equity Long/Short Fund. Maltese Professional Investor Fund (PIF) with voluntary UCITS style portfolio constraints. Ensuring a balanced portfolio and limited leverage. Risk Management. Concentration and diversification parameters.
31:46
Elwood’s definition of “absolute return” as a real estate fund. Size capped to maximise flexibility and optimise returns.

A different type of listed real estate fund: absolute return, thematic fund yields 20.5% net p.a.

Mar 01 2016 1 Comment

Since launch in Sept. 2012, the Clerkenwell Matterhorn Fund, a European listed real estate equity long/short fund, is up net 91% (annualized 20.5% until January 2016). Also 2015 was a playbook year for fund manager Adrian Elwood’s investment strategy, as he was up 22.8% versus 12.8% for the EPRA benchmark, while the FTSE 100 was down 5%.

Elwood has 30 years of real estate experience. Before setting up his absolute return fund, which is going to be capped at GBP 50m, he managed billions as co-manager o ...more

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