In winning this category Mayfair Capital was commended for:
“Its excellent niche product in a growth market. A sustained high investment performance, with fund managers sensitive to charities' particular investment needs around maximum return and socially responsible fund criteria.”
Boutique Investment Category Shortlist was:
- Charities Property Fund, Cordea Savills
- Heartwood Investment Management
- Mayfair Capital Investment Management
- Waverton Investment Management
Mayfair Capital Investment Management’s flagship fund, the Property Income Trust for Charities (PITCH), highlights from the last 12 months include:
- Near doubling of the portfolio from £168 million to £330 million over 12 months to 30 September 2014.
- Attracted over £100 million of new subscriptions in the period, including the ‘in specie’ acquisition of £24 million of assets from the Multi Strategy Property Trust for Charities (MSPTC), a common investment fund previously managed by Cazenove Capital.
- Launched in January 2005, PITCH has consistently outperformed the AREF/IPD UK All- Balanced Property Funds Index, producing a total return of 64.2% (vs 44.6%) between 1 January 2005 and 30 September 2014.
- The Fund has a low vacancy rate in its portfolio of 2.4%; modest borrowings to enhance the yield with a loan-to-value ratio of 18%; a weighted unexpired lease term of 9.5 years (including all breaks); a low total expense ratio of 0.65% and it continues to offer prospective investors an attractive yield of 6.5% p.a.
In addition, the submission highlighted Mayfair Capital’s understanding of the investment needs of charities and its commitment to the charity industry by:
- Ensuring its investment policy in PITCH is as closely aligned as possible to its charity investors’, by operating environmental and ethical policies. It is a socially responsible investor and in 2013 joined the Institutional Investors’ Group on Climate Change, reflecting its desire to be an active participant in the sustainability debate on property
- Hosting an annual Investment Seminar for charities. This year’s seminar considered asset allocation in the challenging environment of a 'post QE world' - the balance between equities, bonds and alternatives – and Socially Responsible Investment (SRI), an area that is becoming increasingly important for charities
- Undertaking extensive fundraising activities, the largest of which is its annual charity quiz evening, which last year raised £15,000 for Action for Children. Its seven annual quiz evenings have raised a total of £90,000 for a variety of worthy causes.
- James Thornton also sits on the Committee of the Charity Investors’ Group, a body formed in 1996 to create a forum for investment debate.