CT (Lux) Global Real Estate Securities
A truly active approach that adapts with purpose and conviction
This is a marketing communication. Please refer to the prospectus of the UCITS and to the KIID / KID before making any final investment decisions.
Building ‘alpha’ into global property
A real estate fund that uses a unique Extended Alpha strategy to capture valuation inefficiencies across REIT and property equities.
*The fund promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability related disclosures in the financial services sector (SFDR). The decision to invest in the promoted fund should also take into account all the characteristics or objectives of the promoted fund as described in its prospectus. The fund’s sustainability related disclosures can be found on our website columbiathreadneedle.com.
Key facts
Inception date:
13 November 2025
Typical fund holdings:
c. 280
SFDR:
Article 8*
Fund manager:
Marcus Phayre-Mudge & Alban Lhonneur (Thames River Capital LLP)
*The fund promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability related disclosures in the financial services sector (SFDR). The decision to invest in the promoted fund should also take into account all the characteristics or objectives of the promoted fund as described in its prospectus. The fund’s sustainability related disclosures can be found on our website columbiathreadneedle.com.
This is a marketing communication. Please refer to the prospectus of the UCITS and to the KIID / KID before making any final investment decisions.
Building ‘alpha’ into global property
A real estate fund that uses a unique Extended Alpha strategy to capture valuation inefficiencies across REIT and property equities.
Key reasons to invest
1. Differentiated Alpha generation
2. Research-led, valuation-based stock selection
3. Diversification and risk control
1. Differentiated Alpha generation
2. Research-led, valuation-based stock selection
3. Diversification and risk control
Key risks
This fund is suitable for investors who can tolerate high levels of risk and have a long-term investment horizon. Investors could lose some or all their capital and should read the Prospectus for a full description of all risks.
Investment risk: Investment in equities, smaller companies, derivatives, portfolio concentration and Environmental, Social and Governance (ESG) criteria.
“We are optimistic on the outlook for REITs with conservatively leveraged balance sheets, strong cashflows from sectors with negligible supply and those with signs of rental growth across prime real estate in all sectors.”
Alban Lhonneur
Investment approach
The Fund applies a differentiated investment approach that blends fundamental research with an innovative long/short structure, aiming to deliver consistent outperformance over the long term. The strategy is anchored in a conviction-led Extended Alpha portfolio construction framework, combining approximately 130% long and 30% short exposure. This provides flexibility to express both positive and negative views across global listed real estate markets, enabling the Fund to capture opportunities that traditional strategies may overlook.
A core element of the strategy is relative value pair and peer group analysis. Stock selection is driven by bottom-up analysis, supported by a robust top-down framework. The investment team evaluates company-specific fundamentals, alongside macro-economic factors, sector dynamics, and capital flows. This process enables the team to identify valuation inefficiencies and dislocations across global REITs and listed property equities.
The team believes that the price of real estate securities may not always reflect the true underlying value of the assets. The physical real estate markets remain private with all transactions ‘over-the-counter’, thus limiting liquidity and transparency. This results in moments when individual listed real estate stocks are either over or under-valued relative to the wider market or their peers and consequently there are opportunities to generate outperformance.
An investment universe of c.360 companies, where over 85% of benchmark constituents represent less than 0.5% of the index weight, offers fertile ground for alpha generation through high-conviction positioning in often overlooked stocks. The portfolio is constructed with modest active property sector exposure, with regional and currency neutrality in mind, helping to manage concentration risk and maintain a diversified return profile.
Environmental, social and governance (ESG) considerations are integrated throughout the process, reinforcing a commitment to responsible investing.
Our target investment approach
Our extensive research capability enables us to develop high-conviction views at individual REIT level.
Meet the team
Marcus has been managing TR Property Investment Trust since 2011 and is a partner at Thames River Capital (now part of Columbia Threadneedle Investments). Previously he was a fund manager at Henderson Global Investors from 1997 to 2004. Along with managing the TR Property Investment Trust, he is a co-manager of the CT Property Growth & Income Fund (which he launched in 2005) and CT Global Real Estate Securities Fund. Prior to joining Henderson, Marcus was an Associate Partner at Knight Frank. He is a Chartered Surveyor and holds a BSc (Hons) in Land Management from Reading University.
Alban is the lead fund manager of the CT Real Estate Equity Market Neutral Fund and CT European Real Estate Securities Fund, and co-manager of the CT Global Real Estate Securities Fund, CT Property Growth & Income Fund and the US Columbia Real Estate Equity Fund.
Alban joined Columbia Threadneedle through the acquisition of BMO GAM (EMEA) in 2021, having previously been with BMO since July 2008. He was previously at Citigroup Global Markets as an equity research analyst focusing on continental European real estate. Prior to that he was at Société Générale Securities, where he focused on transport equity research.
He completed a BSc Business and Management programme at ESC Toulouse, including one year at the Brunel University, School of Business Management in London. He also attended CERAM Nice High Business School. In 2005 he obtained a post-graduate Specialised Master in Finance in 2005 from ESCP-EAP.
Insights
Why global real estate securities and why now
Marcus has been managing TR Property Investment Trust since 2011 and is a partner at Thames River Capital (now part of Columbia Threadneedle Investments). Previously he was a fund manager at Henderson Global Investors from 1997 to 2004. Along with managing the TR Property Investment Trust, he is a co-manager of the CT Property Growth & Income Fund (which he launched in 2005) and CT Global Real Estate Securities Fund. Prior to joining Henderson, Marcus was an Associate Partner at Knight Frank. He is a Chartered Surveyor and holds a BSc (Hons) in Land Management from Reading University.
Alban is the lead fund manager of the CT Real Estate Equity Market Neutral Fund and CT European Real Estate Securities Fund, and co-manager of the CT Global Real Estate Securities Fund, CT Property Growth & Income Fund and the US Columbia Real Estate Equity Fund.
Alban joined Columbia Threadneedle through the acquisition of BMO GAM (EMEA) in 2021, having previously been with BMO since July 2008. He was previously at Citigroup Global Markets as an equity research analyst focusing on continental European real estate. Prior to that he was at Société Générale Securities, where he focused on transport equity research.
He completed a BSc Business and Management programme at ESC Toulouse, including one year at the Brunel University, School of Business Management in London. He also attended CERAM Nice High Business School. In 2005 he obtained a post-graduate Specialised Master in Finance in 2005 from ESCP-EAP.
Full fund details
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Important information
For use by professional clients and/or equivalent investor types in your jurisdiction (not to be used with or passed on to retail clients). For marketing purposes.
This document is intended for informational purposes only and should not be considered representative of any particular investment. This should not be considered an offer or solicitation to buy or sell any securities or other financial instruments, or to provide investment advice or services. Investing involves risk including the risk of loss of principal. Your capital is at risk. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The value of investments is not guaranteed, and therefore an investor may not get back the amount invested. International investing involves certain risks and volatility due to potential political, economic or currency fluctuations and different financial and accounting standards.
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