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Emerging markets property fund launched

New Zealand investors are being offered the chance to invest in property in emerging markets. Kinloch Funds Management is launching its Emerging Markets Property Securities Fund.

Wednesday, July 9th 2008, 7:35AM

by Rob Hosking

Kinloch, based in Wellington, was launched last year as a fund manager specialising in property by ex-Shortland Properties managing director Mark Petersen and ex-Salomon Smith Barney managing director Neville Todd. Australian listed property fund manger Macarthur Cook owns a third of the company.

The company cites the forecast growth in emerging markets, especially those in Asia, over the next two years and contrasts it with the poor anticipated performance of the United States and other developed countries.

The International Monetary Fund expects 6.6% to 6.7% growth in GDP across those markets over 2008 and 2009, compared to 1.3% for developed countries. The industrialisation in those countries, especially China, means the property markets in those countries are seeing a massive surge in growth.

There is also a low correlation with the New Zealand property market, says Macarthur Cook managing director Craig Dunstan.

This offers New Zealand investors the benefit of diversification, he says.

Individual investors are a little gun-shy at the moment, he concedes, but also points out there is still some enthusiasm to invest.

The local property market has come off a bit, but there's stills significant amounts of money coming through form KiwiSaver and other funds. There are still institutional investors looking for the right opportunities.

Kinloch is emphasising a prudent approach as well as the opportunities.

Most (85%) of the fund will be invested in securities in the S&P/Citigroup Emerging Property Index.

The companies must offer a comfortable level of liquidity - a minimum traded value of US$50 million in the preceding 12 months, as well as a US$100 million float adjusted market cap.

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

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