The Evans Dixon Group says is disappointed with the poor share price performance of its New York-focused residential property fund, after investors suffered a 25 per cent decline over 12 months.
The $464 million ASX-listed US Residential Masters Fund declined to an all-time low of $1.21 on Tuesday, from $1.67 a year ago. But a spokeswoman for the fund said the value of the underlying assets has held up over the period, while the share market had shifted from assigning a 10 per cent premium to a 20 per cent discount to the investment.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
