Australian Investors Podcast Why global REITs may be the most overlooked opportunity with Chris Bedingfield
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Nov 16, 2025 In this discussion with Chris Bedingfield, an experienced real estate investor from Quay Global Investors, listeners explore why global REITs present significant opportunities often overlooked in the market. Chris highlights the importance of replacement cost in real estate valuation and contrasts the differing structures of Australian and global REITs. He reveals promising sectors such as housing, self-storage, and senior living, while advocating for a diversified investment approach. Listeners will gain insights into navigating market risks and the benefits of patience in investing.
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REIT-Equity Correlation Changes Over Time
- Correlation between REITs and equities varies by decade and cycle, so real estate can offer low correlation at times.
- Current correlation is low because REITs haven't shared the recent equity market updraft.
Apply Strict Diversification Limits
- Enforce hard portfolio risk limits: minimum stocks, max single-stock weight, sector and country diversification.
- Use bands like no stock >10%, no sector >30%, and at least five countries to manage concentration risk.
Quant Screen Then Deep Fundamental Work
- Key Global uses a two-factor quantitative screen of EBIT yield and dividend growth to create a shopping list.
- They then apply thematic overlay and deep proprietary cash-flow modelling before conviction buys.