TR Property success on continental mandate

The TR Property Investment Trust has been steadily building up its continental exposure after switching to a pan-European mandate last September. The trust has just produced its annual report and its exposure to continental property shares grew from 4% of gross assets in March 2001 to 29% 12 months later. The trust, managed by Chris Turner, changed its benchmark from a UK-only to a pan-European index and over the 12 months to the end of March the trust's NAV returned 8.9% against 4.1% from the benchmark. To make way for this rise in overseas assets the percentage in UK property...