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View the article online at http://citywire.co.uk/wealth-manager/article/a752209

HSBC’s Morrell sticks with Swip Property trust and ups European exposure

by Elsa Buchanan on May 27, 2014 at 09:58

‘We are wary of a 40% discount in Asia, but for the F&C Commercial Property trust, given our view of the market, the fact that it has 27% gearing and that you can buy it with stamp duty land tax, it’s okay. I wouldn’t say it’s extremely attractive, but it’s okay.’

Over a typical cycle, Morrell expects the listed holdings to deliver higher returns but he warns in deteriorating or falling markets, the effects of gearing in many listed companies could have a negative effect.

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