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Marriott International Real Estate Fund Marriott International Funds Plc. Marriott International Real Estate Fund News Marriott Int Real Estate comment - Sep 11 Thursday, 22 December 2011 Fund Manager Comment The quoted property sector held up relatively well against the wider financial sector in the third quarter of 2011 although this was cold comfort for investors who still watched their investments fall by 15% in Dollar terms versus a fall in the wider market of 17.3%. We have referred to the decoupling of the property sector from the wider financial sector in the past and this trend remains very much intact. To a greater extent, this reflects the poor attributes of the banking sector but it also highlights the fact that the property sector is underpinned by strong fundamentals and, in the case of our own holdings, because of balance sheet strength and quality of the underlying tenancy base. Consensus earnings for the listed property sector are now forecast to slow by around 1% in 2012. Our work on dividend projections for the same period suggests either flat or slightly rising rates across most sub sectors. The downturn in the property market, though, reflects wider concerns over the economy and fears of a sharper deterioration in earnings than are currently being reported by property companies operating on the front line. The sector, however, is not immune from this sort of global downdraft despite the apparent lack of correlation between, for example, government occupied office space in Washington DC and the threat of a Greek default. One area where we do have a more direct exposure to the global downturn is in the industrial sub sector where companies such as Prologis and Segro have been marked down in anticipation of a slowdown in their respective markets. At 6% in total, this is a relatively small component of the fund but more sensitive to the current crisis than the more domestic companies elsewhere in the portfolio. We believe that, from a price perspective, the property sector will stage a recovery assuming that North America and the UK, in particular, manage to avoid recession and that the Eurozone produces a credible package to salvage the debt crisis. However, the breadth of the recent sell off has left very few areas unscathed and, despite the nature of the underlying holdings, property companies are not immune from a general flight to risk free assets such as treasury bonds and cash. At this point in the cycle, we are looking to add to some of our existing holdings in the fund to lock in dividend yields and prepare ourselves for the eventual upturn. Admittedly, this may be some time away but when it arrives, the best value will already have gone and the discount price gap to net asset value will have closed. Investors in the fund should be looking to do the same thing; adding to holdings at these lower levels and allowing the underlying equities time to recover whilst benefiting from the reliable income stream.   Marriott Int Real Estate comment - Jun 11 Thursday, 8 September 2011 Fund Manager Comment Unlike the beleaguered banks, the property companies in our universe have little or no exposure to the Greek crisis and the property sector has decoupled from the broader financial sector as a result. Property sometimes has a patchy record in times of high inflation which is usually accompanied by high interest rates and economic malaise. Unusually, with interest rates so low, the better commercial property companies are neither struggling to raise capital nor worried about escalating levels of debt. It is, however, a sector of 'haves' and 'have nots'. The 'haves' include leading names in the commercial space with high occupancy levels and a great tenant mix across all sub sectors of the market. These companies typically own prime real estate in desirable locations, depending on their exact business. Industrial winners like Prologis own the best warehouses close to airports and other transport hubs; leading retail REITs like British Land or Riocan own the best shopping centres; downtown office owners like Washington REIT own prime real estate in key city centres and so on. These and others like them are the sort of names we own in the International Real Estate Fund. On the other hand, the residential market in the US in particular remains in disarray. New mortgage approvals are at historic lows and most urban markets are overloaded with empty properties for sale, a legacy of the 2008/9 credit crunch. In the UK and swathes of Europe too, the commercial property market outside of major hubs and cities is still weak. The Fund, however, owns as many of the best real estate investment trusts in the UK, US and Europe that we are able to find. Yields remains good (gross dividend yields are typically over 4%) and the strong are getting stronger as second or third tier businesses struggle in an environment of lacklustre growth and high unemployment. In time, the strength of the urban sector will spread to the rest of the region but not for 2 or 3 years, in our view. However, despite the good performance of the REIT sector over the last 12 months, valuations remain significantly below their pre credit crisis levels and we believe that the next 5 years will prove to be particularly rewarding for the Fund's investors on a total return basis as economic growth slowly gathers momentum and investors revisit a relatively neglected asset class.   Marriott Int Real Estate comment - Mar 11 Wednesday, 25 May 2011 Fund Manager Comment Commercial real estate has been a good performer in 2011 to date with the distribution units in Marriott International Real Estate Fund up by nearly 6% after adjusting for the recent dividend payout. In part, this is thanks to the first world nature of the underlying investments. Since the start of the year, developed economies have out-performed emerging markets, an area where the Fund has little direct exposure. Unlike the troubled residential sector, commercial property is proving to be a good investment both for income seekers and for investors wishing to put money into an inflation hedge other than gold which has the disadvantage of paying no dividend and proving impossible to value from a fundamental perspective. Commercial property occupancy levels on both sides of the Atlantic are very good and, as we have commented before, balance sheets are exceptionally strong, resulting in excellent dividend streams. Liquidity in the fund remains. The holdings in our fund are blue chip in nature; tenancy bases are of the highest quality and defaults, whilst not unheard of, are rare. We have also seen some corporate activity during the quarter with the recently announced $14.2bn merger of two of our US REIT holdings AMB and Prologis helping to support an already buoyant sector. With general equity markets remaining volatile, government bonds and cash yields at low levels and the political risk of emerging market investing rising daily, we believe that the commercial property sector is a relatively low risk area in which to be exposed in 2011, something which we expect stock prices to reflect as the year progresses.   Marriott Int Real Estate comment - Dec 10 Thursday, 24 February 2011 Fund Manager Comment Real estate owning equities have continued to outperform the broader equity market into the final quarter of 2010. It has, however, paid to be selective. Whilst major city centre properties have recovered remarkably quickly from the credit crisis of 2008/9, non core markets in suburban areas continue to generally struggle, as do developers. Here, vacancy rates often remain high across all sectors, but especially retail where smaller players are still struggling to make headway against a backdrop of high unemployment and lacklustre growth. As we have noted before, the strongest players have already raised cash to provide a buffer against any further market weakness and a fighting fund to acquire distressed assets at low prices. These companies form the core of our portfolio and with dividend growth on the ascendancy, the real estate investment trust sector is rapidly returning to a period of steady inflation proofed growth with excellent dividend yields, particularly when compared to returns from bonds and cash. The latest round of Quantitative Easing will also help the sector. We do not expect interest rates to start moving higher at least until 2012 by which time credit markets should have eased further. Our principal worry is that the weakness of the Dollar will begin to sap returns in global terms but currency predictions are fraught with uncertainty and so our best course of action is to remain currency neutral, allowing us to concentrate on holding assets of the highest quality in those centres where we expect growth to continue to accelerate throughout 2010 and into 2011.   Sector Changed Tuesday, 28 December 2010 Official Announcement The fund changed sectors from Global--Equity--Varied Specialist to Global--Real Estate--General on 28 Dec 2010   Marriott Int Real Estate comment - Jun 10 Wednesday, 8 September 2010 Fund Manager Comment After rallying strongly in 2009 and the first quarter of 2010, the real estate sector has tracked the financial sector downwards amid concerns over the possible break up of the Euro zone and the ongoing debt crisis surrounding Greece and the peripheral Euro zone economies. On the street, vacancy levels appear to be stabilising, dividend suspensions are ending and corporate activity, supported by capital raising exercises, is on the increase. Whilst the Fund holds shares in companies owning some of the finest city centre real estate in the world, future growth depends on economic recovery. The emphasis on the US and Canada within the fund supports our view that North America will lead any global recovery helped by demand from developing markets. The key to growth in the real estate sector lies with the availability of credit, something which is gradually improving after the near collapse of the mortgage market in 2008. It also depends upon the creation of jobs and there is, as yet, no clear evidence that the economic recovery is translating into lower jobless figures. There is, however, evidence to suggest that private equity activity is increasing, particularly in prime city centre properties but the market remains patchy and we expect it to be several months before we can confidently predict a wider and more sustainable recovery.   Marriott Int Real Estate comment - Mar 10 Thursday, 24 June 2010 Fund Manager Comment Returns from the quoted real estate sector have settled down to a more consistent trading pattern since the start of the year. Most companies which cut dividends in 2009 in response to the credit crisis have now resumed payouts and the flurry of capital raising activity appears to be coming to an end. Although over half of the Fund is invested into North American REITs, Dollar strength has somewhat diluted performance over the course of the year to date. Property companies tend on the whole to be quite domestically focussed and we are always mindful of the need to be invested in strong economies as well as the top property companies within the sector. Our exposure to Canada and Australia for example, whose currencies have been strong of late, has had a positive impact upon performance. As at the start of March, the Fund was fully invested.   Marriott Int Real Estate comment - Dec 09 Tuesday, 23 March 2010 Fund Manager Comment The real estate sector enters 2010 at an interesting junction in its recent history. After performing poorly in 2007 and 2008 as the credit crisis unfolded, real estate bounced back spectacularly in 2009 on the back of improving credit markets and a generally better economic backdrop. Access to capital markets is essential for many real estate companies and the best of these businesses have been able to improve their balance sheets in 2009 providing ample capital for growth moving forward. Ironically, although share prices are still significantly below the highest levels reached in early 2007, many such companies are in far better shape now than they were then. Dividends have been largely restored, tenant defaults are falling and the strongest survivors are actively seeking out distressed sellers in the market. The focus on quality and liquidity within the Marriott International Real Estate Fund means that Marriott is able to invest in many of these leading businesses and expect a number of them to initiate modest dividend rises in 2010 as economic conditions continue to improve.   Marriott Int Real Estate comment - Sep 09 Wednesday, 9 December 2009 Fund Manager Comment Real Estate tracked the market lower in October thanks to a combination of profit taking and general nervousness over the direction of the market after such stellar performance since March. Results from US REITs have, however, been marginally better than expectations and this has provided some support to share prices albeit not enough to prevent indices and this fund from slipping into the red during October. Moving forward, we expect markets to remain range bound until more evidence can be provided that vacancy rates and rents are levelling out. Most capital restructuring has already taken place either through debt or rights issues and we do not anticipate further dividend cuts of the kind which decimated the sector this time last year. Yields remain very good and the gross yield generated by the fund is over double the yield available from the benchmark 10 year US Treasury bond.   Marriott Int Real Estate comment - Dec 08 Monday, 30 March 2009 Fund Manager Comment Portfolio restructuring completed by end of February 2008: Wider geographical diversity. Increase gross yield - targeting in excess of 5%. US exposure reduced from around 55% to approximately 33%. Weighting in Far East, Europe and UK all correspondingly increased to 17%, 22% and 15% respectively. Transactions designed to enhance fund income: Avoid selling cum dividend. Reduction of lower yielding positions. Maintain diversification. Focus remains on investors with solid dividends rather than developers. Real Estate sector has come under pressure as economic concerns increase and o financial crisis intensifies. Recent sell-off has produced higher yielding opportunities in all markets. Valuations look more attractive albeit caution is still warranted. Yield Comparison at 31 December 2008: MIREF 10.39% JPM Global Gov Bond 2.43%   Marriott Int Real Estate comment - Jun 08 Monday, 1 September 2008 Fund Manager Comment Portfolio restructuring completed by end of February 2008: Wider geographical diversity Increase gross yield - targeting in excess of 5% US exposure reduced from around 55% to approximately 32%. Weighting in Far East, Europe and UK all correspondingly increased - to 17%, 24% and 14% respectively Transactions designed to enhance fund income Avoid selling cum dividend Reduction of lower yielding positions Maintain diversification Real Estate sector has come under pressure as economic concerns increase Recent sell-off has produced higher yielding opportunities in all markets Focus remains on investors with solid dividends rather than developers Yield Comparison at 30 June 2008: MIREF 6.52% JPM Global Gov Bond 3.67%   Marriott Int Real Estate comment - Mar 08 Thursday, 22 May 2008 Fund Manager Comment Portfolio restructuring commenced at end of November and completed by end of February Seek to reduce US Exposure Wider geographical diversity Increase gross yield - targeting in excess of 5% Focus remains on Investors with solid dividends rather than developers US exposure reduced from around 55% to approximately 30%. Weighting in Far East, Europe and UK all correspondingly increased - to 17%, 26% and 16% respectively Recent sell-off has produced higher yielding opportunities in all markets Transactions designed to enhance fund income Avoid selling cum dividend Reduction of lower yielding positions Maintain diversification Yield Comparison at 31 March 2008: MIREF 5.21% JPM Global Gov Bond 3.15%   Marriott Int Real Estate comment - Dec 07 Tuesday, 1 April 2008 Fund Manager Comment Portfolio restructuring commenced at end of November. . Seek to reduce US Exposure . Wider geographical diversity . Increase gross yield - targeting in excess of 5% . Focus remains on investors with solid dividends rather than developers US exposure reduced from approximately 55% to under 45%. Weighting in Asia, Europe and UK all correspondingly increased. Asset Allocation favours higher yielding markets Transactions timed to reduce impact on fund income Avoid selling cum dividend Maintain diversification   Marriott Int Real Estate comment - Sep 06 Tuesday, 14 November 2006 Fund Manager Comment The funds continue to generate above-inflation income growth in US dollars. This growth has been driven by improved property fundamentals on the back of recent strong economic growth, particularly in the United States. It is anticipated that this income growth is likely to be sustained in the medium-term. The only major profit growth headwind facing real estate companies is higher borrowing costs as globally, central banks continue to tighten monetary policy in the face of rising inflation. The funds have appreciated by more than 18% (in US dollar terms) since the start of the year, driven primarily by demand for higher yielding securities, as well as an expectation of strong income growth in 2007 and 2008. While lower yields have resulted in an increase in net asset values, the underlying securities in the funds continue to trade at premiums to net asset value in excess of 10% (versus a historical average of around 3%). With the capital values of listed real estate securities susceptible to rising interest rates, we would STRONGLY RECOMMEND THAT INVESTORS CONSIDER SWITCHING OUT OF THE MARRIOTT INTERNATIONAL REAL ESTATE FUND AND INTO THE MARRIOTT INTERNATIONAL INCOME GROWTH FUND. Based on the current income yield of 4.3% (pre-tax), an expected yield in 5 years time of between 5.5% and 6.0%, with income growth in US dollars of between 4% and 6% per annum, the funds are expected to deliver total returns of between 2% and 6% per annum in US dollars, although short-term volatility may be experienced. Click here for original article   Marriott Int Real Estate comment - Mar 06 Friday, 12 May 2006 Fund Manager Comment Distribution At the end of March, the fund paid a semi-annual distribution of 2.92 US cents per unit, representing growth of 54% over the corresponding 6-month period last year. The growth was achieved mainly as a result of special dividends paid by securities in the fund and was therefore significantly higher than what had been anticipated. Over and above the special dividends, there was income growth on the back of higher market rentals across most property types and in most geographies, reduced vacancies and a focus on cost containment within the real estate securities in the fund. Future Income The fund is likely to produce above-average income growth over the medium-term, based on current economic growth projections in the regions in which the fund is primarily invested (i.e. the United States, the United Kingdom and Europe), although the initial forward yield, at just 4.3%, remains historically low. A growing economy will lead to an increase in consumer spending (good for retail rentals), job creation (good for office rentals) and an increase in global trade (good for industrial/warehouse rentals). The only major headwind facing the real estate securities in the fund is higher borrowing costs as interest rates continue to rise in the US and start rising in Europe. Capital Having appreciated by 5% in 2005, the fund has gained nearly 10% in the first 3 months of 2006. This capital appreciation in listed real estate securities worldwide has been driven primarily by demand for higher-yielding securities, like real estate, as well as an expectation that the developed world's economies would deliver accelerated growth in 2006 and continue that momentum into 2007, thereby improving the fundamentals for commercial property in those regions. While lower capitalisation rates have resulted in a significant increase in net asset values over the past 2 years, the average premium to net asset value of the real estate securities in the fund remains above 10% and the initial forward yield of 4.3% is significantly below the long-term average yield for real estate securities in the US, UK and Europe. With the capital values of listed real estate securities susceptible to rising interest rates, we would STRONGLY RECOMMEND THAT INVESTORS CONSIDER SWITCHING OUT OF THE MARRIOTT INTERNATIONAL REAL ESTATE FUND AND INTO THE MARRIOTT INTERNATIONAL INCOME GROWTH FUND. Based on the current income yield of 4.3% (pre-tax), an expected yield in 5 years time of between 5.5% and 6.0%, with income growth in US Dollars of between 4% and 6% per annum, the fund is expected to deliver total returns of between 2% and 6% per annum, although short-term volatility may be experienced.   Marriott Int Real Estate comment - Dec 05 Monday, 13 March 2006 Fund Manager Comment Distribution At the end of September 2005, the fund paid a semi-annual distribution of 2.65 cents per share, representing growth over the comparable period last year of 10.4%. This growth was achieved on the back of continued strong income growth (through higher rentals) from the fund's retail property exposure, as well as a recovery in the world's industrial property markets, as US and global economic growth accelerated from the second half of 2003. Future Income The fund is currently yielding 4.7% (gross), which compares favourably with the 3.2% yield of the JP Morgan Global Government Bond Index. Given continued evidence of a pick-up in global economic activity, particularly in the United States, the fund is expected to produce income growth of between 4% and 6% per annum over the next 3 to 5 years. Occupancy levels are improving across all major property types, which should translate into market rental growth over the next 12 months, although office rental growth is likely to lag the rest of the market by up to a year. Capital After strong gains in US Dollars in 2003 and the first half of 2004, and a significant amount of capital volatility since then, the underlying securities in the fund have moved back to large premiums to net asset value (in excess of 20% in some instances). We continue to caution investors that the underlying securities in the fund are trading at large premiums to net asset value and the inverse relationship between interest rates and property prices/values (i.e. when interest rates rise, property prices/values fall) could lead to further capital declines as the world's central bankers fight rising inflation by raising interest rates. ** GIVEN THE FACT THAT THE SECURITIES IN THE FUND ARE TRADING AT SUCH LARGE PREMIUMS TO NET ASSET VALUE, WE WOULD STRONGLY RECOMMEND THAT INVESTORS CONSIDER SWITCHING OUT OF THE MARRIOTT INTERNATIONAL REAL ESTATE FUND AND INTO THE MARRIOTT INTERNATIONAL INCOME GROWTH FUND AT NO COST *** Based on the current income yield of 4.7% (pre-tax), an expected yield in 5 years time of between 5.8% and 6.2%, with income growth in US dollars of between 4% and 6% per annum, we are forecasting total returns of between 4% and 7% per annum, although short-term capital volatility may be experienced.   Marriott Int Real Estate comment - Sep 05 Monday, 21 November 2005 Fund Manager Comment Distribution At the end of September 2005, the fund paid a semi-annual distribution of 2.65 cents per share, representing growth over the comparable period last year of 10.4%. This growth was achieved on the back of continued strong income growth (through higher rentals) from the fund's retail property exposure, as well as a recovery in the world's industrial property markets, as US and global economic growth accelerated from the second half of 2003. Future Income The fund is currently yielding 4.5% (gross), which compares favourably with the 3.0% yield of the JP Morgan Global Government Bond Index. Given continued evidence of a pick-up in global economic activity, particularly in the United States, the fund is expected to produce income growth of between 4% and 6% per annum over the next 3 to 5 years. Occupancy levels are improving across all major property types, which should translate into market rental growth over the next 12 months, although office rental growth is likely to lag the rest of the market by up to a year. Capital After strong gains in US dollars in 2003 and the first half of 2004, and a significant amount of capital volatility since then, the underlying securities in the fund have moved back to large premiums to net asset value (in excess of 20% in some instances). We continue to caution investors that the underlying securities in the fund are trading at large premiums to net asset value and the inverse relationship between interest rates and property prices/values (ie when interest rates rise, property prices/values fall) could lead to further capital declines as the world's central bankers fight rising nflation by raising interest rates. Given the fact that the securities in the fund are trading at such large premiums to net asset value, we would strongly recommend that investors consider switching out of the Marriott International Real Estate Fund and into the Marriott International Income Growth Fund at no cost Based on the current income yield of 4.5% (pre-tax), an expected yield in 5 years time of between 5.8% and 6.2%, with income growth in US dollars of between 4% and 6% per annum, we are forecasting total returns of between 2% and 6% per annum, although short-term capital volatility may be experienced.   Marriott Int Real Estate comment - Jun 05 Monday, 15 August 2005 Fund Manager Comment Distribution At the end of March 2005, the fund paid a semi-annual distribution of 1.9 cents per share, representing growth over the comparable period last year of 5.6% (in line with expectations). This growth was achieved on the back of continued strong income growth (through higher rentals) from the fund's retail property exposure, as well as a recovery in the world's industrial property markets, as US and global economic growth accelerated from the second half of 2003. Future Income The fund is currently yielding 4.5% (gross), which compares favourably with the 2.8% yield of the JP Morgan Global Government Bond Index. Given continued evidence of a pick-up in global economic activity, particularly in the United States, the fund is expected to produce income growth of between 4% and 6% per annum over the next 3 to 5 years. Occupancy levels are improving across all major property types, which should translate into market rental growth over the next 12 months, although office rental growth is likely to lag the rest of the market by up to a year. Capital After strong gains in US Dollars in 2003 and the first half of 2004, and a significant amount of capital volatility since then, the underlying securities in the fund have moved back to large premiums to net asset value (in excess of 20% in some instances). We continue to caution investors that the underlying securities in the fund are trading at large premiums to net asset value and the inverse relationship between interest rates and property prices/values (ie when interest rates rise, property prices/values fall) could lead to further capital declines as the world's central bankers fight rising inflation by raising interest rates. GIVEN THE FACT THAT THE SECURITIES IN THE FUND ARE TRADING AT SUCH LARGE PREMIUMS TO NET ASSET VALUE, WE WOULD STRONGLY RECOMMEND THAT INVESTORS CONSIDER SWITCHING OUT OF THE MARRIOTT INTERNATIONAL REAL ESTATE FUND AND INTO THE MARRIOTT INTERNATIONAL INCOME GROWTH FUND AT NO COST Based on the current income yield of 4.5% (pre-tax), an expected yield in 5 years time of between 5.8% and 6.2%, with income growth in US dollars of between 4% and 6% per annum, we are forecasting total returns of between 2% and 6% per annum, although short-term capital volatility may be experienced.   Marriott Int Real Estate comment - Mar 05 Thursday, 19 May 2005 Fund Manager Comment Distribution At the end of March 2005, the fund paid a semi-annual distribution of 1.9 cents per share, representing growth over the comparable period last year of 5.6% (in line with expectations). This growth was achieved on the back of continued strong income growth (through higher rentals) from the fund's retail property exposure, as well as a recovery in the world's industrial property markets, as US and global economic growth accelerated from the second half of 2003. Future Income The fund is currently yielding 5.1% (gross), which compares favourably with the 3.2% yield of the JP Morgan Global Government Bond Index. Given continued evidence of a pick-up in global economic activity, particularly in the United States, the fund is expected to produce income growth of between 4% and 6% per annum over the next 3 to 5 years. Occupancy levels are improving across all major property types, which should translate into market rental growth over the next 12 months, although office rental growth is likely to lag the rest of the market by up to a year. Capital After strong capital gains in 2003 and the first half of 2004, the fund has now experienced capital declines as the underlying securities in the fund have moved from large premiums to net asset value (as high as 20% at the peak of the market) to the current average premium to net asset value of around 5% (more or less in line with the long-term average for the market). We do however continue to caution investors that while the underlying securities in the fund are no longer trading at large premiums to net asset value, the inverse relationship between interest rates and property prices/values (i.e. when interest rates rise, property prices/values fall) could lead to further capital declines as the world's central bankers fight rising inflation by raising interest rates. Based on the current income yield of 5.1% (pre-tax), an expected yield in 5 years time of between 5.8% and 6.2%, with income growth in US dollars of between 4% and 6% per annum, we are forecasting total returns of between 6% and 9% per annum, although short-term capital volatility may be experienced.   Marriott Int Real Estate comment - Dec 04 Wednesday, 16 February 2005 Fund Manager Comment Distribution At the end of September 2004, the fund paid a semi-annual distribution of 2.4 cents per share. For the year as a whole, the fund distributed 4.2 cents representing growth of 7.5% over the previous years distribution. This growth was achieved on the back of continued strong income growth (through higher rentals) from the fund's retail property exposure, as well as a recovery in the world's industrial property markets, as US and global economic growth accelerated from the second half of 2003. Future Income The fund is currently yielding 4.4% (gross), which although comparing favourably with the 3.2% yield of the JP Morgan Global Government Bond Index, represents the lowest yields on listed real estate securities in more than 30 years (the average yield over the past 30 years has been approximately 7.5%). Given evidence of a pick-up in economic activity, particularly in the United States, the fund is expected to produce income growth of between 3% and 5% per annum over the next 3 to 5 years. Occupancy levels are improving across all major property types, which should translate into market rental growth over the next 12 and 24 months, although office rental growth is likely to lag the rest of the market by up to 2 years. Capital The fund has experienced short-term capital volatility over the past 2 years. During 2003 and the first quarter of 2004, the capital value of the fund appreciated by more than 30% while the income produced by the fund grew by only 7%. This capital appreciation was driven by the securities in the fund moving from discounts to net asset value to premiums to net asset value of up to 15%. In February and March we cautioned investors that short-term capital declines were likely. During April and May the fund did experience declining capital as the value of the securities in the fund moved back in line with net asset values. Since June the fund has once again appreciated significantly. We would caution investors that the underlying securities in the fund are trading at premiums in excess of 20% to net asset value. This may result in further short-term capital volatility. Based on the current income yield of 4.4% (pre-tax), and expected yield in 5 years time of between 5.8% and 6.2% with income growth in US dollars of between 3% and 5% per annum, we are forecasting total returns of between 1% and 4.5% per annum.   Marriott Int Real Estate comment - Sep 04 Wednesday, 20 October 2004 Fund Manager Comment Distribution At the end of September 2004, the fund paid a semi-annual distribution of 2.4 cents per share. For the year as a whole, the fund distributed 4.2 cents representing growth of 7.5% over the previous years distribution. This growth was achieved on the back of continued strong income growth (through higher rentals) from the fund's retail property exposure, as well as a recovery in the world's industrial property markets, as US and global economic growth accelerated from the second half of 2003. Future Income The fund is currently yielding 5.0% (gross), which compares favourably with the 3.3% yield of the JP Morgan Global Government Bond Index. Given evidence of a pick-up in economic activity, particularly in the United States, the fund is expected to produce income growth of between 3% and 5% per annum over the next 3 to 5 years. The growing number of build-to-suit projects (ie, built specifically for a single tenant based on the tenants unique requirements) started in the past 6 months suggest the demand for space is gathering momentum and should translate into rental growth. At the same time there has been very little speculative development over the past 2 years, which has resulted in limited supply while property fundamentals were weak. Capital The fund has experienced short term capital volatility over the past 18 months. During 2003 and the first quarter of 2004, the fund appreciated by more than 30%. This capital appreciation was driven by the securities in the fund moving from discounts to net asset value to premiums to net asset value of up to 15%. In February and March the fund manager's cautioned investors that short term capital declines may be experienced. During April and May the fund did experience declining capital as the value of the securities in the fund moved back in line with net asset values. Since June the fund once again appreciated significantly. The fund manager's would once again caution investors that the underlying securities in the fund are trading at premiums in excess of 10% to net asset value. This may result in further short-term capital volatility. Based on the current income yield of 5.0% (pre-tax), and expected yield in 5 years time of between 5.8% and 6.2% with income growth in US dollars of between 3% and 5% per annum, the fund manager's are forecasting total returns of between 4% and 8% per annum.   Marriott Int Real Estate comment - Jun 04 Tuesday, 31 August 2004 Fund Manager Comment Distribution At the end of March 2004, the fund paid a semi-annual distribution of 1.8 cents per share, representing a 10% decline from the previous dividend. This does not represent a decline in distribution from the underlying securities in the fund, but rather a timing difference due to the fact that the funds exposure to European real estate companies (which tend to only pay one dividend a year) has been increased while the funds exposure to US real estate companies (which pay quarterly dividends) has been reduced. Investors can therefore anticipate a distribution of at least 2.2 cents per share in September this year, bringing the total distribution for the year to 4.0 cents per share, representing growth of approximately 3.5% over the total distribution for 2003. Future Income The fund is currently yielding 5.3% (gross), which compares favourably with the 3.6% yield of the JP Morgan Global Government Bond Index. Given evidence of a pick-up in economic activity, particularly in the United States, the fund is expected to produce income growth of between 3% and 5% per annum over the next 3 to 5 years. The growing number of build-to-suit projects (ie, built specifically for a single tenant based on the tenants unique requirements) started in the past 6 months suggest the demand for space is gathering momentum and should translate into rental growth. At the same time there has been very little speculative development over the past two years, which has resulted in limited supply while property fundamentals were weak. Capital The fund has experienced short term capital volatility over the past 18 months. During 2003 and the first quarter of 2004, the fund appreciated by more than 30%. This capital appreciation was driven by the securities in the fund moving from discounts to net asset value to premiums to net asset value of up to 15%. In February and March the fund manager's cautioned investors that short term capital declines may be experienced. During April and May the fund did experience declining capital as the value of the securities in the fund moved back in line with net asset values. In June, the fund recovered a large portion of the capital decline incurred in the preceding 2 months and the fund manager's would once again caution investors that the underlying securities in the fund are trading at premiums of between 5% and 10% to net asset value. This may result in further short-term capital volatility. Based on the current income yield of 5.3% (pre-tax), and expected yield in 5 years time of between 5.8% and 6.2% with income growth in US dollars of between 3% and 5% per annum, the fund manager's are forecasting total returns of between 6% and 9% per annum.   Marriott Int Real Estate comment - Mar 04 Friday, 21 May 2004 Fund Manager Comment Distribution At the end of March 2004, the fund paid away a semi-annual distribution of 1.8 cents per share, representing a 10% decline over the previous dividend. This does not represent a decline in distribution from the underlying securities in the fund, but rather a timing difference due to the fact that the funds exposure to European real estate companies (which tend to only pay one dividend a year) has been increased while the funds exposure to US real estate companies (which pay quarterly dividends) has been reduced. Investors can therefore anticipate a distribution of at least 2.2 cents per share in September this year, bringing the total distribution for the year to 4.0 cents per share, representing growth of approximately 3.5% over last years distribution. Future Income The fund is currently yielding 5.1% (gross), which compares favourably with the 3.1% yield of the JP Morgan Global Government Bond Index. Given early evidence of a pick-up in economic activity, particularly in the United States, the fund is expected to produce income growth of between 3% and 5% per annum over the next 3 to 5 years. The growing number of build-to-suit projects (i.e. built specifically for a single tenant based on the tenants unique requirements) started in the past 6 months suggest the demand for space is gathering momentum and should translate into rental growth. At the same time there has been very little speculative development over the past 2 years, which has resulted in limited supply coming on stream while property fundamentals were weak. Capital The fund has delivered strong capital growth in US dollars in excess of 20% during the course of 2003. Currently, the listed real estate companies in the fund are trading at premiums to the value of their underlying property portfolios. While premiums to net asset value are regular features of the listed real estate market during times of global economic recovery, the current premiums to net asset value, at between 10% and 15%, are higher than normal. These valuations suggest that the listed real estate securities in our universe will deliver income growth in the order of 5% per annum over the next 5 years, a level that is at the very top end of our forecast range. An investor must be aware that capital volatility should be expected and short term capital losses may be experienced. Based on the current income yield of 5.5% (pre-tax), an expected yield in 5 years time of between 5.8% and 6.2% and income growth in US dollars of between 3% and 5% per annum, the fund is forecast to deliver total returns of between 6% and 10% (pre-tax) per annum in US dollars.   Marriott Int Real Estate comment - Dec 03 Thursday, 26 February 2004 Fund Manager Comment Distribution At the end of September 2003, the fund paid away a semi-annual distribution amounted to 2.0cps, bringing the total distribution for 2003 to 3.9cps, representing growth of 18% over 2002 (although 2002's distribution included the negative impact of September 11th on the fund's income between October 2001 and February 2002). Future Income The fund is currently yielding 5.5% (gross), which compares favorably with the 3.3% yield of the JP Morgan Global Government Bond index. Given early evidence of a pick-up in economic activity, particularly in the United States, the fund is expected to produce income growth of between 3% and 5% per annum over the next 3 to 5 years. The growing number of build-to-suit projects (ie, built specifically for a single tenant based on the tenants unique requirements) started in the past six months suggest the demand for space is gathering momentum and should translate into rental growth. At the same time there has been very little speculative development over the past two years, which has resulted in limited supply coming on stream while property fundamentals were weak. Capital The fund has delivered strong capital growth in US dollars in excess of 20% during the course of 2003. Currently, the listed real estate companies in the fund are trading at premiums to the value of their underlying property portfolios. While premiums to net asset value are regular features of the listed real estate market during times of global economic recovery, the current premiums to net asset value, at between 10% and 15%, are higher than normal. These valuations suggest that the listed real estate securities in our universe will deliver income growth in the order of 5% per annum over the next 5 years, a level that is at the very top end of our forecast range. Based on the current income yield of 5.5% (pre-tax), an expected yield in five years time of between 5.8% and 6.2% and income growth in US dollars of between 3% and 5% per annum, the fund is forecast to deliver total returns of between 6% and 10% (pre-tax) per annum in US dollars.   Marriott Int Real Estate comment - Sep 03 Thursday, 13 November 2003 Fund Manager Comment As at the end of August 2003, the fund was yielding 5.8% gross. This compared favourably with the 3.3% yield generated by the JP Morgan Global Government Bond index. At the end of September, the fund paid away a semi-annual dividend equivalent to 2.0 cents per share, bringing the distribution for the past 12 months to 3.9 cents. The last two years have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a time when accounting scandals, earnings disappointments and rising geopolitical risk have continued to undermine markets throughout the world but particularly in North America. The prospect of improved income growth in a growing world economy has pushed the value of listed property securities above the value of their underlying property portfolios. Investors are clealrly looking at real estate securities as a yield play (as opposed to bonds) with the prospect of above-inflation income growth.   Marriott Int Real Estate comment - Jun 03 Thursday, 31 July 2003 Fund Manager Comment As at the end of June 2003, the fund was yielding 6.3% gross. This compared favourably with the 3.00% yield generated by the JP Morgan Global Government Bond index. At the end of March, the fund paid away a semi-annual dividend equivalent to 1.9 cents per share, bringing the distribution for the past 12 months to 3.8 cents. The last two years have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a time when accounting scandals, earnings disappointments and rising geopolitical risk have continued to undermine markets throughout the world but particularly in North America. The fund is not immune from the global economic downturn, but the longer-term nature of property as an investment coupled with a steady income stream should provide support during the uncertainties of the year ahead.   Marriott Int Real Estate comment - Mar 03 Thursday, 22 May 2003 Fund Manager Comment As at the end of March 2003, the fund was yielding 6.8% gross. This compared favourably with the 3.2% yield generated by the JP Morgan Global Government Bond index. At the end of March, the fund paid away a semi-annual dividend equivalent to 1.9 cents per share, bringing the distribution for the past 12 months to 3.8 cents. The last 18 months have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a time when accounting scandals, earnings disappointments and rising geopolitical risk have continued to undermine markets throughout the world but particularly in North America. The fund is not immune from the global economic downturn, but the longer-term nature of property as an investment coupled with a steady income stream should provide support during the uncertainties of the year ahead.   Marriott Int Real Estate comment - Jan 03 Tuesday, 25 February 2003 Fund Manager Comment As at the end of January 2003, the Marriott Int Real Estate Fund was yielding 6.9% gross. This compared favourably with the 3.2% yield generated by the JP Morgan Global Government Bond index. At the end of September, the fund paid away a semi-annual dividend equivalent to 1.9 cents per share bringing the distribution for 2002 to 3.3 cents. The last 12 months have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a year when accounting scandals and earnings disappointments have continued to undermine markets throughout the world but particularly in North America. The fund is not immune from the global economic downturn, but the longer-term nature of property as an investment coupled with a steady income stream should provide support during the uncertainties of the year ahead.   Marriott Int Real Estate comment - Dec 02 Monday, 27 January 2003 Fund Manager Comment The Marriott International Real Estate Fund rose by 1.5% in December, bringing the total return for the whole of 2002 to 10% in US dollars. As at the end of December 2002, the fund was yielding 6.4% gross. This compared favourably with the 3.2% yield generated by the JP Morgan Global Government Bond Index. At the end of September, the fund paid away a semi-annual dividend equivalent to 1.9 cents per share bringing the distribution for 2002 to 3.3 cents. The last 12 months have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a year when accounting scandals and earnings disappointments have continued to undermine markets throughout the world but particularly in North America. The fund is not immune from the global economic downturn, but the longer-term nature of property as an investment coupled with a steady income stream should provide support during the uncertainties of the year ahead.   Marriott Int Real Estate comment - Nov 02 Wednesday, 18 December 2002 Fund Manager Comment As at the end of October 2002, the Marriott International Real Estate Fund was yielding 6.4% gross. This compared favourably with the 3.4% yield generated by the JP Morgan Global Government Bond index. At the end of September, the fund paid away a semi-annual dividend equivalent to 1.9 cents per share bringing the distribution for 2002 to date to 3.3 cents. The rally in major equity markets in October left most global property indices behind as investors rotated out of defensive stocks and into early cyclical sectors where valuations have remained subdued despite relatively benign economic data. This rally turned short-term comparative performances upside down, although year-to-date, the property sector remains well ahead of all major equity market indices which have a long way to go if they are to avoid a third successive year of declines. We are now well into the third quarter reporting season for North American Real Estate Investment Trusts which are crucial to the fundĘs overall performance . As expected, office vacancies have been rising as employment opportunities have been contracting, however our earnings growth expectations for the fund as a whole remain unchanged at around 2% to 3% per annum over the next five years.   Marriott Int Real Estate comment - Oct 02 Monday, 18 November 2002 Fund Manager Comment After September's collapse, October has brought some welcome relief to stock markets with the MSCI gaining just over 5% in US dollar terms. Encouragingly, this has occurred despite a background of weak economic data suggesting that a level of support has been reached. Certainly valuations are not demanding in an historical context, but the key to further recovery will rest with the outlook for corporate earnings. In this respect, the latest quarter's results have been patchy, but on the whole have tended to be better than the market had feared. November 6th is the date of the next FOMC meeting and increasingly the universal view is that the Fed will cut US interest rates. Unemployment and ISM data due for release later today will probably determine the final decision. If the data is very weak, a 50 basis point cut cannot be ruled out, but overall 25 basis points looks more likely. This should be a positive for the market, particularly if the UK and Europe follow suit when their own central banks meet the next day.   Marriott Int Real Estate comment - Sep02 Monday, 11 November 2002 Fund Manager Comment At the end of September 2002, the Marriott International Real Estate Fund paid away a semi-annual dividend equivalent to 1.9 cents per share, an improvement of 35.7% from the 1.4 cents dividend paid away at the end of March 2002. The current US dollar yield on the fund is 6.4% (before taxes), which compares favourably with the 3.4% yield generated by the JP Morgan Global Government Bond index. The principal concern facing real estate companies is the financial health of their tenants on whom they depend to maintain their income streams. Of all of the sectors within the property market, the area of office accommodation is causing particular concern as many companies, weakened by recession and the excesses of the dot com bubble, default on their leasing obligations. Marriott intend, therefore, to continue the strategy of increasing exposure within the fund to the more resilient retail sector, which has served the fund well in 2002 to date. With property fundamentals having deteriorated since the third quarter of last year, Marriott are forecasting income growth in US dollars over the next three to five years of between 3% and 4% per annum, significantly lower than the 10% per annum average from international listed real estate securities over the last seven years. At the same time, Marriott expect the current discounts to net asset value at which the listed real estate securities are trading to reduce as property fundamentals improve in a low interest rate environment. This should translate into US dollar total returns (before taxes) in the region of 10% per annum, with the predictable income yield contributing more than two-thirds to this figure.   Marriott Int Real Estate comment - Aug 02 Friday, 20 September 2002 Fund Manager Comment The Marriott International Real Estate Fund rose by 0.45% in August 2002. The total return over 2002 to date currently stands at 9.45% compared with the return from the JP Morgan Global Government Bond index of 12.93%, all measured in US dollars. As at the end of August 2002, the Marriott International Real Estate Fund was yielding 5.9%. This compared favourably with the 3.5% yield currently generated by the JP Morgan Global Government Bond index. After the volatility in July, August saw a welcome return to form with steady gains across the property sector. By contrast, year-to-date, the S&P500 index has now fallen by 19.2% whilst the Morgan Stanley Capital International All-County Free index has fallen by 17.23%. Although the fund currently has a 70% commitment to the North American real estate market, the fund manager's have been gradually raising the fund's exposure to diversified European property companies, particularly those operating within a tax efficient corporate structure such as the Dutch BV. Suitable companies are, however, quite rare and the liquidity, diversity and yield characteristics of the North American property market means that REIT's are likely to constitute a substantial part of the Marriott International Real Estate Fund portfolio for the foreseeable future.   Marriott Int. Real Estate comment - Jul 02 Wednesday, 28 August 2002 Fund Manager Comment Over the course of a turbulent month for global equity markets, the Marriott International Real Estate Fund fell by 4.3% in July 2002. The total return over 2002 stands at 7.4%. These figures disguise the extraordinary level of volatility experienced by equity markets throughout July. The MSCI All-Country World Free index fell by 8.8% over the month to the 30th July, having at one stage fallen as low as 16.1%. For the first time this year, trauma in the broader equity market affected the Real Estate Investment Trust (REIT) sector in the US as investors took the (rare) opportunity to realise profits ahead of the second quarter of earnings results from the property sector. In the event, results from North American property REITs have so far been in line with expectations, although companies have been guiding earnings estimates lower for the third and fourth quarters of 2002. Inevitably, the fund manager's expect some weaker numbers later this year as the slowdown in the world economy starts to influence the property sector which traditionally lags the wider market by a full calendar quarter. The strength of bond markets over the quarter has meant that the yield from the benchmark JP Morgan Global Government Bond index has fallen from 3.9% to 3.7%. The gross yield from the Marriott International Real Estate Fund currently stands at 5.9% and the net yield (ie, after the deduction of withholding taxes) stands at 4.3%.   Marriott Int. Real Estate comment - Jun 02 Wednesday, 31 July 2002 Fund Manager Comment The Marriott International Real Estate Fund gained 1.1% in June 2002 in US dollar terms. Set against a background of falling global equity markets (the MSCI All Country World index fell by 7.5% over the same period), this performance was encouraging. Most of the gains within the fund arose from the holdings in the North American Real Estate Investment Trust sector ('REITs') which benefited from a further shift in sentiment away from so-called 'growth stocks' into sectors perceived to offer better value and, following the collapse of Worldcom, more transparent accounting policies. Performance of the International Real Estate Fund in June 2002 was also ahead of the Global Property Research 250 index which fell by 3.3% over the month. At 6%, the fund continues to yield 2% more in gross terms over the 3.9% yield generated by the JP Morgan Global Government Bond index and 0.4% more in net terms (ie after the deduction of withholding taxes). Since the beginning of the year, the fund has risen by 12%. The GPR 250 index rose by 9.2% whilst the MSCI All-Country World index has fallen by 10.2%. At a recent REIT conference in New York, the fund manager's met several management teams of companies in which the fund is invested. The fund manager's were impressed by their track-record, their commitment to shareholders and their prognosis for the long-term outlook of the real estate industry. At the start of the year, the fund manager's commented that they expected the North American REIT market (to which this fund has a 75% exposure) to return low double digit growth from a combination of income and capital gains throughout 2002. This projection is beginning to look conservative. Whilst the fund manager's do not expect growth in the sector to continue accelerating throughout the second half of 2002, the characteristics which have set the sector apart from the rest of the market still hold good today.   Marriott Int. Real Estate comment - May 02 Thursday, 13 June 2002 Fund Manager Comment The Marriott International Real Estate fund rose 4.2% during May 2002, at a time of poor sentiment towards broader stock market indices and continued uncertainty in Asia. This extends the period of outperformance by property so far this year, with the Morgan Stanley REIT (Real Estate Investment Trust) index up 9% in the year to date, outperforming the S&P500, down 5.1%, by 14% over the period. At the same time the technology biased NASDAQ Composite has fallen nearly 15% in the year to date. In terms of subsectors within the REITs universe, the fund managers' continue to be positive on the retail sectors - both regional malls and shopping centres - where the supply/demand picture is still well balanced compared to other areas, notwithstanding the problems affecting chains such as Kmart and the retrenchment at Gap. The office subsector, meanwhile, remains under pressure in specific parts of the US such as San Francisco, where owing to fallout in Silicon Valley vacancy rates are running at 30% to 40%, a rate not seen since the commercial property collapse of the late 1980s. In the United Kingdom, the property sector has been stimulated in the past month by a bout of corporate action, with an active investor applying pressure on British Land to buy back its own shares and introduce new managerial blood. While the company's existing management has not yet agreed to any of the proposals, the criticism has had a beneficial impact on the share price, with the discount to net asset value (traditionally much higher in the UK than in the US) narrowing from 45% six months ago to approximately 25%. Elsewhere, fund holding, the UK's biggest property company and a MIREF holding, has agreed to return STG500m to shareholders in a gesture that has been well received by investors.   Marriott Int. Real Estate comment - April 02 Friday, 24 May 2002 Fund Manager Comment The International Real Estate Fund gained exactly 1% in April 2002 from a combination of income and capital growth. The gross yield of the fund stood at 6% at the end of April 20020and the net yield stood at 4.3%. The gross yield remains nearly 2% higher than the notional yield currently generated by the JP Morgan Global Government Bond index. Since the beginning of the year, the fund has gained 6.1%. The Real Estate Investment Trust (REIT) market in North America, to which the fund currently has a 72% exposure, has outperformed the broader North American equity indices, such as the S&P500 index, substantially throughout 2002 to date. Although the market has retreated from its highs in recent days, the batch of first quarter earnings within the REIT sector and the fund in particular has been in line with or slightly better than expectations. The fund manager expects the REIT sector to make steady progress from these levels supported by a modest increase in dividend payouts. Both Europe and the United Kingdom have seen major rallies in their respective property sectors during 2002. Because of their generally lower dividend yields and less attractive tax treatment, the fund manager does not expect either region to outperform the broader market throughout the rest of 2002. Indeed, in the event of any further economic recovery in these regions, the property sector may well lag behind the rest of the market and the fund is currently neutral to underweight in these regions. In summary, The fund manager expects the fund to remain focussed on the North American REIT market because of its income attractions, transparency and liquidity. It is worth pointing out that the REIT market has returned over 13% on average each year since 1972 in US Dollar terms and has done so with 12% less volatility than the S&P500 index. In addition, the sector currently trades on approximately half of the price/earnings multiple of the S&P500 making it suitable for both income and value orientated investors. It is these two characteristics which the fund manager continue to aim to capture when managing the fund.   Marriott Int. Real Estate comment - March 02 Thursday, 16 May 2002 Fund Manager Comment The International Real Estate Fund gained 4.9% in March 2002 from a combination of income and capital growth. This was ahead of both the Global Property Research 250 index which gained 3.2% over the month, and the JP Morgan Global Government Bond index which fell by 0.5%. The gross yield of the fund rose to 6.4% in March 2002. This is now a full 2% higher than the notional yield currently generated by the JP Morgan Global Government Bond index and over 5% higher than the returns currently available from short-term US Dollar deposits. The strength of the fund in March 2002 reflected the performance of the North American real estate investment trust sector which gained sharply as investors continued to gravitate towards the attractive yields available relative to bonds. Such strong short-term performance is unusual for the real estate sector and we expect the market to pause for breath in the second quarter of the year, particularly if the broader stock market reacts to the recent encouraging flow of economic data. The North American real estate investment trust sector, to which the International Real Estate Fund currently has a 75% exposure, has risen by 8% in 2002 to date. Although consumer spending has been robust, results from companies within other sectors in the real estate industry have yet to fully reflect the difficult market conditions experienced in the final quarter of 2001. These factors will become evident as the forthcoming earnings season in April 2002 unfolds. The fund manager remains positive for the profitability of the North American real estate investment trust sector, although his belief is that the pace of growth seen in 2002 to date will prove difficult to sustain.   Marriott Int. Real Estate comment - Jan 02 Tuesday, 12 February 2002 Fund Manager Comment The immediate outlook for the property sector remains subdued with most of the returns for 2002 arising from income distributions rather than capital gains. The funds exposure to companies relying on office and apartment rental income has been reduced as these companies are suffering from a weak 2001. The Marriott International Real Estate Fund is yielding a full percentage point more than the comparative yield on the JP Morgan Global Government Bond Index and this is expected to increase as the fund reinvests back into the market.   Marriott International Real Estate - Oct 01 Wednesday, 28 November 2001 Fund Manager Comment The global property sector has recovered form the September 01 lows but is still underperforming broader equity markets. Some of the underperformance can be attributed to fundamentals.   Impact of attacks in US on Marriott funds Friday, 28 September 2001 Official Announcement Following the attacks on the USA the Marriott International Real Estate Fund has declined 11% in Dollars while the Rand has depreciated 3.4%. International real estate securities have been severely impacted by this disaster with hotel groups being most affected. The fund comprises of thirty four securities four of which have hotel exposure which declined between 20% and 25%. Other real estate securities were slightly weaker although largely unaffected. The World Trade Centre is privately owned and therefore the fund was not exposed.

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