First State Asian Property Securities

Though it was much higher mid-year, it still ended the year up 12%.

The falls from the peak, which have continued into 2008, create a long term buying opportunity, with many shares on 20-30% discounts to asset values. Do note that this fund invests in the shares of property companies, not bricks and mortars, so has more upside potential, but will also be more volatile.

Click to buy this fund, or see below for more about the fund.

FIRST STATE ASIAN PROPERTY SECURITIES
INITIAL CHARGE	DISCOUNT	REDUCED INITIAL CHARGE
4.00%	3.75%	0.25%

OUR VIEW:

They manage more than £3.3 billion in property securities globally, and this focussed fund was launched in the UK in September 2006. The manager is not tied to a benchmark, and this flexibility creates the opportunity for outperformance of the index (though also underperformance). For us the key is that falls in recent months of 20-30% in major Asian markets create a long term buying opportunity.

RISK AND YOUR PORTFOLIO:

Property will be a key asset class as the long term Asian growth story unfolds in the years ahead. It is more than a tactical buy, and recent price weakness creates a low cost entry point. It invests in property shares, so is higher risk, and is not a bricks and mortar fund. Suitable for up to 5% of a diversified portfolio.

ABOUT THE FUND:

To achieve a total investment return comprising income and long term capital growth primarily through investing in a broad selection of mostly Asian and, to a lesser extent, Australian and New Zealand securities, issued by real estate investment trusts or companies that own, develop or manage real property.

FUND FACTS:
LAUNCHED	FUND SIZE	ANNUAL CHARGE	FUND MANAGER
12/09/2006	£13 million	1.50%	John Snowden

FUND PERFORMANCE: To 31st August
0-12m	12-24m	24-36m	36-48m	48-60m
-23.58%	- - -	- - -	- - -	- - -

Click here to buy this fund.

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