TR Property Investment Trust : December 2021

TR Property Investment Trust

Ordinary Shares	December 2021 - all data as of 31/12/2021 unless otherwise stated

Fund Objective: The investment objective of the trust is to maximise total returns by investing in Pan European equities and UK direct property, focusing on long term capital and income growth.

Fund manager(s): Marcus Phayre-Mudge	Initial charge:	0.00%	Year end:	31 March
Fund type:	UK Investment Trust	Ongoing charge:	0.57%	ISIN:	GB0009064097
Sector:	AIC Property Securities	Ann. Mgmt fee:	£3.745m plus 0.20%	FATCA:	ML6PKQ.99999.SL.826
				of net assets p.a.
Benchmark:	FTSE EPRA/NAREIT		Administrator:	BNP Paribas
	Developed Europe	Ann. Return 5 Years:	11.47%
	Tel:	+ 44 (0)20 7011 4444
	Capped TR Net GBP
	Price frequency:	Daily
			Email:	[e-mail]
Fund currency:	GBP
Performance fee: 15% of outperformance
	www.trproperty.com
Fund size:	£1599.1m
of benchmark plus 1% hurdle
Share price:	494.5p		Distribution policy:	Semi-annual
Historic Yield:	2.9%		Share currency:	GBP
Net gearing:	16.8%		Payment date(s):	January, August

Top holdings (% NAV)

VONOVIA SE

SEGRO PLC ARGAN

SAFESTORE HOLDINGS PLC LEG IMMOBILIEN AG KLEPIERRE

VIB VERMOEGEN AG

LAND SECURITIES GROUP PLC PHOENIX SPREE

GECINA SA

Fund performance (%)

11.8	%
6.0	100	Fund
5.0		Benchmark
4.5	80	Share Price
4.1
3.8	60
3.7
3.1	40
3.1
2.9	20
	0	1 month	3 months	6 months	Year to date	1 Year	3 Years	5 Years

Cumulative performance as at 31.12.2021 (%)

	1 Month	3 Months	6 Months	YTD	1 Year	3 Years	5 Years
NAV	1.85	7.39	9.19	18.70	18.70	47.41	72.15
Benchmark	0.64	5.48	5.71	11.14	11.14	27.15	37.85
Share price	2.67	6.38	12.61	23.48	23.48	53.72	94.56

Discrete performance as at 31.12.2021 (%)

	Dec-20 -	Dec-19 -	Dec-18 -	Dec-17 -	Dec-16 -
	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17
NAV	18.70	-3.21	28.30	-5.23	23.22
Benchmark	11.14	-5.70	21.32	-7.37	17.04
Share price	23.48	-11.97	41.42	-7.81	37.30

Source: BMO Global Asset Management, Lipper

Performance data is in GBP £ terms. Investors should be aware that past performance should not be considered a guide to future performance. All fund performance data is net of all fees and expenses.

Sector allocation (% NAV)

AUSTRIAN DIVERSIFIED	0.5
BENELUX DIVERSIFIED	0.4
EUROPEAN HEALTHCARE	3.0
EUROPEAN SHOPPING CENTRES	8.1
FRENCH OFFICES	5.6
GERMAN OFFICES	4.4
GERMAN RESIDENTIAL	20.4
HOTELS	0.2
INDUSTRIALS	26.6
IRISH OFFICES	1.6
NORDIC RESIDENTIAL	3.9
NORWEGIAN OFFICES	0.6
SELF STORAGE	4.5
SPANISH DIVERSIFIED	3.3
STOCKHOLM OFFICES	1.4
STUDENT HOUSING	1.7
SUPERMARKETS	2.3
SWEDISH DIVERSIFIED	5.7
SWEDISH RESIDENTIAL	0.0
SWISS DIVERSIFIED	2.7
UK DIVERSIFIEDS	4.9
UK HEALTHCARE	0.9
UK LONDON OFFICES	3.4
UK LONDON RETAIL	0.2
UK MAJORS	3.1
UK RETAIL	1.2
UK/IRELAND RESIDENTIAL	0.3
UK DIRECT PROPERTY	5.7
TOTAL	116.8

Risk warning

The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. The market value of the shares of TR Property may not reflect the underlying

net asset value of the investments held by TR Property. TR Property is able to borrow to raise further funds for investment purposes if the fund manager and the board of directors consider that it may be commercially advantageous to do so. This is generally described as "gearing". An investment trust which has made investments as a result of gearing may have a more volatile share price as a result; gearing can increase shareholder returns in rising markets but conversely can increase the extent to which the value of the funds attributable to shareholders decreases in falling markets.

Strategic allocation (% NAV)

Continental Shares	74.0
UK Shares	37.1
UK Direct Property	5.7
TOTAL	116.8

Shares are based on Country of Domicile

TR Property Investment Trust

Ordinary Shares	December 2021 - all data as of 31/12/2021 unless otherwise stated

Dividend history (pence per share)

16

Interim

14

Final

12

10

8

6

4

2

0

05/06

06/07

07/08

08/09

09/10

10/11

11/12

12/13

13/14

14/15

15/16

16/17

17/18

18/19

19/20

20/21

21/22

Historical Performance

250%

200%

150%

100%

50%

0%

-50%

Dec'11	Dec'12	Dec'13	Dec'14		Dec'15	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21
TR Property Investment Trust (NAV with Income)			FTSE EPRA Nareit Developed Europe Capped Index (Net, GBP)

This financial promotion is issued for marketing and information purposes only by BMO Global Asset Management in the UK.

English language copies of the key information document (KID) can be obtained from BMO Global Asset Management, Exchange House, Primrose Street, London EC2A 2NY, telephone: Client Services on 0044 (0)20 7011 4444, email: [e-mail] or electronically at www.bmogam.com. Please read before taking any investment decision.

The information provided does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in the Funds. An investment may not be suitable for all investors and independent professional advice, including tax advice, should be sought where appropriate. The manager has the right to terminate the arrangements made for marketing.

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