Fund report for July, 2018

We slipped a bit in July — one of our major holdings had an earnings report that “met the market” in some respects and exceeded in others.  Nonetheless, the trends were already captured in June (which you recall was a spectacular month for us).  Later today you’ll see a trade announcement — we’re not abandoning any of our holdings, but adding some new “buys”.  Overall, we continue to outperform both the S&P and the NAREIT index on a dollar invested basis.

July 2018 report

We are continuing to track monthly beta relative to the S&P and NAREIT, and this metric continues to perform both as expected and as hoped.  Beta versus the S&P is negative 56.59, which is somewhat wider than previous.  (A quick glance at the chart above will underscore this.)  We want this beta to be negative, as ACCRE is designed both as a capital preservation tool as well as a diversification tool.  Beta versus the NAREIT Index stands at positive 53.55, which is only marginally changed from previous, and basically right where we want it.  There is an underlying systematic trend in REITs which is different from the S&P, and we want to capture some of that while, of course, paving our own way.