Renaissance Property Securities

Renaissance Property Securities is a boutique fund manager established in 2003, specialising in the management of portfolios of property securities listed on the Australian Stock Exchange.

About Us

Renaissance Property Securities is a privately owned boutique fund manager established in 2003. The principals, Carlos Cocaro and Damien Barrack, have worked together since 1998 - previously at Rothschild Australia Asset Management, and subsequently BT Financial Group.

Portfolios are managed for institutional and wholesale clients, with the core aim to deliver outperformance for our clients over the medium to long term.

Our Team

The Renaissance Property Securities team comprises 3 investment specialists. The two principals have worked together for over 17 years, specialising in ASX listed property securities. They have a combined total of over 45 years of experience in analysing and investing in listed property securities.


Carlos Cocaro - Managing Director

B.Com, CPA, F.Fin


Carlos has 31 years of experience in managing, analysing and researching listed property securities. He began analysing listed property securities in 1986 as part of Armstrong Jones’ Australian equities team. In 1994, he joined Rothschild Australia Asset Management as a specialist in listed property securities analysis and portfolio management. In 1997 he was promoted to Director, heading up the growing property securities team, a position he held until he formed Renaissance Property Securities in 2003.

Damien Barrack – Director

B.Econ (Hons)


Damien has over 19 years experience managing, analysing and researching listed property companies. Damien joined Carlos Cocaro in the Rothschild property securities team in 1998 where they worked together until 2003. Damien co-founded Renaissance Property Securities in 2003.

Chris Makragelidis – Dealer

Dip. FM


Chris joined the Renaissance team in 2014, bringing with him over 19 years’ experience in equities dealing. He is responsible for trading the equities held within the Renaissance portfolios. Chris spent 14 years with Citigroup Global Markets as Director, Sales Trading. Chris has also worked with Bank of America Merrill Lynch, on the Sales Trading Desk and most recently was with Strategic Capital Management as Director, Execution & Portfolio Management.

Our Philosophy

Renaissance Property Securities’ investment philosophy is that each security has an underlying or intrinsic value and that securities become mispriced relative to this value and relative to each other. Such mispricing is the result of irrational market behaviour including, amongst other factors, over optimistic or over pessimistic sentiment towards certain types of securities or sub-sectors of the property market.

Renaissance Property Securities seeks to exploit such market inefficiencies by employing an active, value based investment style. Our belief is that ultimately the value of a stock will, in the long term, be determined by its income fundamentals. As a result, our approach is characterised by bottom up investment research into individual securities, with a particular focus on analysing and forecasting the present and potential future income generation of each underlying property investment.

Our Process

Renaissance Property Securities has a detailed and rigorous investment process which has been the cornerstone of its success over the past 12 years. The process consists of two fundamental stages:

  • Research – gathering and processing information.
  • Portfolio Construction – constructing the portfolio by analysing value and risk characteristics of individual stocks.

Our Research effort consists of:

  • Property inspections – inspecting the underlying properties in each individual stock to understand their strengths/weaknesses and resultant income generating potential;
  • Company visits – conducting regular meetings with the management of each company/trust to better understand the key drivers of each stock and to assess the quality of management;
  • Industry analysis;
  • Macro-economic analysis;
  • Relevant external research – including research from stockbrokers and real estate research houses;
  • Financial models – modelling each stock in detail (using the information gathered above) to determine the current and potential future income and to analyse its financial condition. The outputs from the models are then used in Renaissance Property Securities’ proprietary Value Ranking Model.

In the Portfolio Construction stage the portfolio managers meet regularly to determine the size of the active positions to be taken in each stock. The factors which determine the size of active positions within the portfolio include the following:

  • The relative value of the each security versus other securities, as determined by Renaissance Property Securities’ Value Ranking Model;
  • Stock specific risks – the portfolio managers overlay risk factors for each stock;
  • Size and liquidity of individual stocks;
  • Portfolio risk – assessing the impact of stock weight changes on tracking error of the overall portfolio, sub-sector, and geographic exposures, and applying any exposure constraints that may be self-imposed or required by client guidelines;
  • Strength of conviction of the portfolio managers on each individual stock recommendation, including the level of confidence on our income projections for each stock.

ESG Policy

Renaissance Property Securities is a boutique fund manager established in 2003, specialising in the management of portfolios of property securities listed on the Australian Securities Exchange.

It provides a diversified exposure to ASX listed property securities through its specialised funds. These provide exposure to domestic and global property assets, across office, retail, industrial, residential, and other specialist sectors.

1.1 Investment philosophy and approach

Renaissance believes each security has an underlying or intrinsic value and that securities become mispriced relative to this value and relative to each other. Such mispricing is the result of irrational market behaviour including, amongst other factors, over optimistic or over pessimistic sentiment towards certain types of securities or sub-sectors of the property market.

Renaissance Property Securities seeks to exploit such market inefficiencies by employing an active, value based investment style. Our belief is that ultimately the value of a stock will, in the long term, be determined by its income fundamentals. As a result, our approach is characterised by bottom up investment research into individual securities, with a particular focus on analysing and forecasting the present and potential future income generation of each underlying property investment.

1.1.1. ESG integration approach

We believe environmental, social and governance (ESG) factors are among those potentially mispriced by the market, and that as a consequence, attention to these offers opportunity for value investing. We consider these issues alongside financial measures in order to develop a more complete view of the risk/return characteristics of property investments.

The ESG issues most relevant to property securities depend on the asset type, location, life cycle phase, corporate structure, and other individual company characteristics. For example, shareholder alignment in fee arrangements may be important for externally managed trust structures; whereas stakeholders may be more material for property securities focused on development and construction.

Our research team has developed a proprietary ESG framework, (developed in conjunction with Regnan) to assist in rapidly highlighting potentially material ESG issues for each security, and allowing us to examine available evidence in greater detail as part of our bottom up analysis process. This allows us to integrate our assessment of ESG factors into our qualitative risk metrics.

Renaissance is committed to remaining at the forefront of developments in responsible investment, and emerging ESG themes. We will review The Renaissance Property Securities ESG Framework periodically to ensure it continues to reflect the latest thinking on ESG issues relevant to the property sector.

1.2 Research and resources

Renaissance Property Securities’ investment decision-making is supported by the following:

  • Property inspections – inspecting the underlying properties in each individual stock to understand their strengths/weaknesses and resultant income generating potential;
  • Company visits – conducting regular meetings with the management of each company/trust to better understand the key drivers of each stock and to assess the quality of management;
  • Industry analysis;
  • Macro-economic analysis;
  • Relevant external research – including research from stockbrokers and real estate research houses;
  • Financial models – modelling each stock in detail (using the information gathered above) to determine the current and potential future income and to analyse its financial condition. The outputs from the models are then used in Renaissance Property Securities’ proprietary Value Ranking Model.

1.3 Engagement, voting and stewardship

At Renaissance, we strongly believe that it is in the long term interest of shareholders for companies to adopt a strong and robust corporate governance framework and that this can be an important driver of investment value. Where we have the ability to influence companies to improve their management of environmental, social and governance (ESG) issues, we actively encourage these high standards for companies and trusts within our investment universe.

As investors, we engage companies regularly, via meetings with company representatives, or at on-site property inspections. The two-way dialogue afforded by these opportunities enables us to canvas a wide range of topics – including on ESG issues.

The exercising of voting rights is another means by which we influence companies to operate in the interest of investors. We give careful consideration to all resolutions offered for vote by companies, including advisory resolutions and those put forward by shareholders. We see it as our responsibility to communicate any major concerns to companies ahead of AGMs, so that they have the opportunity to respond. We report to clients on how we vote, on request.

When exercising our voting rights we will always cast votes in the best interests of our clients.

We recognise that all investors have a role in supporting improved ESG performance across the market and support a number of broader responsible investment initiatives, focusing particularly on three topics we regard as most relevant for the constituents of our portfolio.

1.4 Specific areas of interest

  1. Corporate governance associated with trusts and companies.
  2. Energy efficiency of buildings and building activity (e.g. capital expenditures, energy performance ratings).
  3. ESG Information for smaller property companies.

1.5 ESG oversight

Renaissance Property Securities is committed to ongoing improvement in ESG analysis, and will update this policy periodically.

Responsibility for oversight and implementation of this policy rests with the principals of Renaissance Property Securities. This ensures close integration of ESG insights within the investment process, and enables experience gained through this process to shape future updates.

Contact Us

Renaissance Property Securities

Level 23

56 Pitt Street

Sydney NSW 2000


Mail Address

GPO Box 4946

Sydney NSW 2001


Telephone: +61 2 8223 5020

Facsimile: +61 2 9221 3337

Email: invest@renaissanceasset.com.au

Terms and Conditions

Important Information and Terms of Use

While the information contained in this website has been prepared with all reasonable care, neither Renaissance Property Securities, any related entity, nor any associate, accepts any responsibility or liability for any errors, omissions or misstatements however caused. The information is believed to be accurate at the time of compilation and is provided in good faith.

The information contained in this website should be used as general information only. This information is not personal advice. This information has been prepared without taking account of your objectives, financial situation or needs. Potential investors should seek independent advice as to the suitability of making an investment in any Renaissance Fund.

The fact that shares may have been mentioned should not be interpreted as a recommendation to buy, sell or hold those shares.

Investors should be aware that past performance is not indicative of future performance. Returns can be volatile, reflecting rises and falls in the value of underlying investments. Returns in a Fund can be particularly volatile in the short term and in some periods may be negative.

The information contained in this website is intended for Australian residents or citizens located in Australia. Any reference to law is to the law of Australia.

Usage of this website is at the users own risk. Renaissance will not be liable for any loss or damage from any cause (including negligence) to a user’s system, website, or to people linking to this website from a user’s website, caused by or in connection with the use of or a link to this website. Any such loss or damage is at the responsibility of the user. We do not guarantee that this website is free from viruses. We will not be responsible for any corruption or failed transmission of any information caused by your computer system or any act or omission of your Internet Service Provider.

Use of this information or reproduction of it in hard copy is allowed providing it is for personal use only. No part of this information may be otherwise reproduced, distributed, adapted or transmitted in any form by any process or incorporate the information in this website in any way in any other document or material without the express written permission of Renaissance Property Securities.

Privacy Policy

Purpose

The Renaissance Property Securities Pty Ltd (RPS) Privacy Policy details how we protect your privacy and how we comply with the requirements of the Privacy Act 1998 (Cth) and the 13 Australian Privacy Principles.

This policy document outlines how RPS will meet these privacy requirements, while recognising the need for RPS employees and external service providers (ESP’s) to manage personal information in an effective and efficient manner.

This policy also describes:

  • the kinds of personal information collected and held by us;
  • how this information is collected and held;
  • the purposes for which your personal information is held, used and disclosed;
  • how you may access your personal information and seek the correction of such information;
  • whether we are likely to disclose your personal information to any overseas recipients; and
  • how you may complain or inquire about our collection, handling, use or disclosure of your personal information and how that complaint or inquiry will be handled.
What kinds of personal information do we collect?

RPS only collects personal information that is necessary to assist us in providing our services to our clients. In the course of providing these services we may need to collect:

  • Personal Information including names, addresses, other contact details, dates of birth; and financial information.
  • Sensitive Information including government identifiers (such as your TFN), your nationality, country of birth.

You do not have to provide us with your personal information but if you do not provide this, we may not be able to provide our services to you or our clients on your behalf.

How do we collect and hold your personal information?

RPS may collect your personal information in different ways, including email, telephone, letters, application and redemption forms, and face to face meetings.

We may also collect information from third parties, such as fund administrators, custodians, consultants, trustees and/or anyone you have authorised to deal with us on your behalf.

We store personal information in a variety of formats including on databases, in hard copy files, on personal devices including laptop computers, in computer storage facilities both in-house and at our external services providers.

We take all reasonable steps to protect the personal information we hold about you from misuse, loss, unauthorised access, modification or disclosure. These steps include:

  • ensuring all staff are aware that they are not to reveal or share personal passwords;
  • implementing physical security measures at our premises to prevent break-ins;
  • implementing procedures designed to protect personal information storage on our computer networks; and
  • implementing human resources policies and procedures, such as email and internet usage, confidentiality and document security policies, designed to ensure that staff follow correct protocols when handling personal information.
For what purposes do we collect, hold, use and disclose personal information?

RPS only collects, holds and uses personal information for the purposes for which it was provided (which will normally be obvious at the time of collection), related purposes or as permitted or required by law. Such purposes may include:

  • establishing, maintaining and administering your account;
  • conducting verifications, monitoring and reporting required under the AML/CTF Laws;
  • recording tax information such as TFN, ABN, country of residence in order to report to the ATO (and other relevant bodies as required by law) and withhold tax correctly from payments;
  • communicating with you or your custodian/consultant regarding the status of your unit/share holdings, value, distributions or responding to your and/or your custodian/consultant’s enquiries/information requests;
  • processing authorised payments to and from you;
  • providing you and/or your custodian/consultant with the services requested; and
  • any other uses identified at the time of collecting your personal information.

These purposes may require us to disclose your personal information to our external services providers such as our investment administrator or custodian.

How to gain access to your personal information we hold

You may access the personal information we hold about you, or request that we change the personal information, by contacting the person referred to in the section entitled “To Contact Us” below.

If we do not agree to provide you with access or to amend your personal information as requested you will be notified accordingly. Where appropriate we will provide you with the reason/s for our decision. If the rejection relates to a request to change your personal information you may make a statement about the requested change and we will attach this to your record.

Disclosure of your personal information to overseas recipients

RPS may also subcontract to companies located in countries outside of Australia. Our contracts with these parties will generally include an obligation for them to comply with the Australian Privacy Principles and this Privacy Policy. However you acknowledge that, by agreeing to the disclosure of your personal information to these entities outside of Australia, we will no longer be required to take reasonable steps to ensure the overseas recipient’s compliance with the Australian privacy law in relation to your personal information and we will not be liable to you for any breach of the Australian privacy law by these overseas recipients. On this basis, you consent to such disclosure.

What do you need to do if you have a complaint?

If you wish to make a complaint about a breach of this Privacy Policy or the privacy principles of the Privacy Act 1988 you can contact us by using the contact details below. You will need to provide us with sufficient details regarding your complaint together with any supporting evidence.

We will respond to your complaint within a reasonable time (usually no longer than 30 days) and we may seek further information from you in order to provide a full and complete response.

Your complaint may also be taken to the Office of the Australian Information Commissioner via www.oaic.gov.au.

To Contact Us

You can contact us about this Privacy Policy using the following contact details:

Attn: The Privacy Officer
Renaissance Property Securities Pty Ltd
GPO Box 4946
Sydney NSW 2001

Telephone: +61 2 8223 5020
Email: privacy@renaissanceasset.com.au