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Rod Hinze From Precy Dumlao, Opalesque Asia:
Dallas-based KeyPoint Capital, an opportunistic hedge fund that specializes in very liquid long/short investments in real estate-related U.S. equity securities, defied the industry-wide slaughter of the hedge fund industry in 2011 after its KeyPoint Real Estate Opportunity Hedge Fund posted double-digit gains of +15.6%, after fees, for the calendar year. Comparatively, the MSCI US REIT Index was up by only +4.6% and the S&P 500 gained 0.2% during the same year.
For December, the fund returned approximately +0.5%, after fees, compared to the MSCI US REIT Index up 4.1% and the S&P 500 up 0.9%. The positive results in December were primarily from a long position in a student housing REIT that won the initial contract with the University of Kentucky (UK) to manage 6,000 beds, with the opportunity to redevelop these beds and develop an additional 3,000 beds.
"We learned about this RFP in mid-November 2011, while meeting with the senior management team and the competitors to the REIT. We believe this announcement from UK will transform the student housing industry and provide an additional avenue for secular growth. In addition, the fund performed well in a long position in an industrial REIT that was trading 20% below NAV, yielding over 8% on our cost basis and is making accretive acquisitions in owner-occupied industrial warehouses at attractive cap-rates," said Keypoint Cap...................... To view our full article Click here
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