SSS pushed P300 million into REITs in Q4

Government-run pension funds like SSS and GSIS have significant PSE portfolios, and it is possible to track changes in these portfolios over time using the Top 100 Shareholder disclosures released quarterly by each company. Using that data, Ely Paclibar (Your REIT Buddy) computed the change in holdings for both funds across all eight of the PSE’s REIT stocks, and I used that data to come up with a few interesting observations: 

MB bottom-line: As noted by Mr. Paclibar, the bias here is toward commercial office REITs. The power REITs (CREIT and PREIT) are notably underrepresented, despite both ranking in the top half of REITs as measured on a total return (price increase plus dividend) basis (CREIT is #2 at +20.1% and PREIT is #4 at +10.3%). I was surprised to see SSS jump in so heavily to FILRT in Q4 despite the eroding dividend (let’s see how that works out once that Q4 div is declared). I was also surprised to see the aggregate holdings so skewed toward just AREIT and MREIT. I get the focus on AREIT, but I have to be honest MREIT was a bit of a surprise. Both of those REITs have well-documented growth plans, but MREIT as a stock is down 12.3% from its IPO and is barely above break-even on a total return basis (+1.4%). 

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