Well, as predicted in the last (Q2) report for our fictional PIN Fund (consisting of 10 property related companies listed on the London Stock Exchange), immediately post-Brexit was a great time to 'buy into the correction'.

After enduring the worst quarter since the Fund was created with an average drop of 18.5% compared to a FTSE 100 increase of 6.2% in Q2, our Fund bounced back in Q3 returning 17.4% on average, compared to a 5.3% rise for the FTSE 100. While that still puts the PIN Fund down just over 4% over the past two quarters, it is far from the Armageddon for house builders that some initially predicted when we voted to leave the European Union.

Also, when we take a slightly longer term view, the total return from our Fund over the past two years is 58%, compared to around 11% for the FTSE 100, which is FIVE times less. When we ignore dividend payments, the FTSE 100 has only increased by 4% over the past two years compared to an average price rise of 48% for our basket of property related shares, which is TWELVE times more, (see table).

All of our shares increased in value in Q3 so there will be no changes made for the next quarter.