After the pitiful returns our PIN Fund achieved in Q3 of just 3.3%, (thanks to the collapse in the share price of Carillion) it is nice to see the Fund give back double-digit returns once again over the past three months. During the fourth quarter, the Fund returned 12.7%, which yet again is far more than the FTSE 100, which returned 3.8% during the same period, (all prices from 22/9/17 to 31/12/17).

Only one of our property related companies made a negative return for our fund in Q4 (Zoopla down by 8.3%), while our most recent entrant, Crest Nicholson, was the only other share that did not return at least double digits (8.4%). The other eight shares returned between 10% and 24% in what was a very strong quarter for property related companies.

In fact, 2017 was a very strong year for property related companies, especially housebuilders. The five housebuilders listed in our Fund saw their market caps increase by almost 45% on average last year, excluding dividends.

Our continued patience has also finally been rewarded this year with Safestore Holdings (share price up 43% in 2017) and student accommodation provider Unite (share price up 33%).