In this short video, James Peel highlights his chart of the month showing the steady returns of TM Gravis UK Listed Property (PAIF) Fund, which is sterling terms outpaced the tech-heavy Nasdaq 100 Index in 2025.
The transcript is below.
Chart of the month February 2026: Steady returns in 2025
2025 was a reasonably strong year for the strategy, which delivered a c.12% net total return thanks to a combination of capital growth and income. The strategy has made further gains in 2026 so far.
But for investors, as important as the end result is the journey to that result. It was particularly pleasing to see the consistency of positive returns throughout the year. The strategy only had three down months, volatility was quite low, and in fact the strategy’s correlation to broader equity markets was negative, offering ballast to multi-asset class investors.
Interestingly, despite all the buzz around the AI narrative, since the beginning of 2025 the strategy has outperformed the tech-heavy Nasdaq 100 Index in sterling terms, and with a much smaller drawdown in springtime last year around the time of President Trump’s ‘Liberation Day’.
The strategy has also been able to outperform the UK REITs sector, in part due to our overweight positions in various companies that were subject to M&A activity during the year.
Important information
This video is issued by Gravis Advisory Limited (“GAL” or the “Firm”)), which is authorised and regulated by the Financial Conduct Authority. GAL’s registered office address is 24 Savile Row, London, United Kingdom, W1S 2ES. The company is registered in England and Wales under registration number 09910124.
TM Gravis UK Listed Property (PAIF) Fund (the “Fund”) is a sub-fund of TM Gravis Real Assets ICVC, which is a non-UCITS retail scheme and an umbrella company for the purposes of the OEIC Regulations. The Fund is a Property Authorised Investment Fund (“PAIF”).
The Authorised Fund Manager of TM Gravis Real Assets ICVC is Thesis Unit Trust Management Limited (TUTMAN), Exchange Building, St John’s Street, Chichester, West Sussex, PO19 1UP. TUTMAN is authorised and regulated by the Financial Conduct Authority. GAL is the investment manager of the Fund.
Any decision to invest in the Fund must be based solely on the information contained in the Prospectus, the latest Key Investor Information Document and the latest annual or interim report and financial statements.
GAL does not offer investment advice and this video should not be considered a recommendation, invitation or inducement to invest in the Fund. Prospective investors are recommended to seek professional advice before making a decision to invest.
Your capital is at risk and you may not get back the full amount invested. Past performance is not a reliable indicator of future results. Prospective investors should consider the risks connected to an investment in the Fund, which include (but are not limited to) market risk, counterparty risk, inflation and interest rate risks and the risks of investing in real estate and related industries. Please see the Risk Factors section in the Prospectus for further information.
This video has been prepared by GAL using all reasonable skill, care and diligence. It contains information and analysis that is believed to be accurate at the time of publication but is subject to change without notice. It is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Any recipients outside the UK should inform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction.
