Manulife US Reit blames price fall on fund sell-off, private bank margin calls
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THE manager for Manulife US Real Estate Investment Trust blames the Reit's "horrific" price drop, which "wiped out four years of work", on mass selling by index funds and exchange traded funds, margin calls from private banks, and funds redemption and switching to other counters amid rising volatility due to the US Covid-19 situation.
Year to date, Manulife US Reit units are down 30 per cent, in line with the FTSE ST Reit Index but steeper than the 27 per cent retreat by the Straits Times Index. In the US, Reits are down about 40 per cent.
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