- Overview -
ICAMAX is a high conviction, open-ended fund investing in listed real estate securities in Europe.
Having launched in April 2020, ICAMAX is uniquely positioned to benefit from new and accelerating trends in real estate. ICAMAX is a high conviction portfolio of around 15 carefully analyzed positions, targeting absolute returns with no benchmark. Therefore ICAMAX is not bound by country or sub sector restraints. Size will be limited to keep the fund agile. Minimum ticket size is €5 million.
- Investment Approach -
ICAMAP uses it’s deep knowledge of the listed real estate market and it’s unique multicriteria investment framework to select companies.
There are a significant number of opportunities in a universe of c.500 geographically and sector diversified companies with a total market capitalisation of c.€400 bn. Listed real estate is a poorly covered market as research is continuing to diminish post-MiFID II in both quantity and quality : 65% of the c.500 companies are either covered by one analyst only or not covered at all, highlighting ICAMAP’s unique position to capitalise on under-researched opportunities.
Detailed analysis of underlying assets, balance sheet strength, sector trends and proprietary like-for-like rental growth forecasts are examples of the factors taken into account in the multicriteria approach. Every investment will have its own unique story. Key is that the companies ICAMAX invests in are backed by solid long term fundamentals.
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