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Schroders chooses Insight for property

Schroders’ multi-manager team has sold out of the F&C property trust and put new money into the Insight Foundation property trust.

The Schroder S&P cautious managed distribution portfolio has had a 5 per cent holding in the F&C property trust since it launched in March.

But the F&C trust is trading at a big premium to its net asset value and the Schroders multi-manager team believes that the Insight Foundation property trust has better scope for future growth because it is trading close to its net asset value.

The Insight fund was established in 2004 and invests in the retail, industrial and office sub-sectors of the commercial property sector.

Until recently, the S&P cautious managed fund was the only fund in the multi-manager range to have property exposure but the Schroders multi-manager team now feels that the other two funds in the range should have property exposure to provide a greater degree of diversification.

Head of multi-manager Andrew Yeadon says: “We like to have some property in our portfolios to diversify across asset classes. But some property investment trusts are trading at a pretty big premium to net asset value and we do not want to hold them for the sake of it.

“The F&C trust had got to a big premium so we sold out of that. If things get too expensive and overpriced, we will sell them. In some areas, we can get in at a price that is attractive and we already knew we were going to invest in the Insight fund.”

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