In the current market environment, sophisticated investors know that building portfolio resilience and reducing downside volatility is essential. Pennington's fund of REITs (REIF) has consistently delivered attractive risk-adjusted total returns, since inception in 2009. 

Charles Pennington
Chairman and CEO, Pennington Fund

REIF Growth Since Inception

REIF Performs Well in Up and Down Markets

Investigate how an REIF allocation to your portfolio can reduce downside risk, add real diversification and improve performance.


The Fund

Pennington's Asia Real Estate Investment Fund (REIF) is a non-ETF, managed fund. REIF invests in REITs (Real Estate Investment Trusts) in Japan, Singapore, Taiwan, Thailand, Malaysia, South Korea and Hong Kong (PRC is excluded). The fund holds positions in 60+ REITs at any given time. These REITs own large-scale commercial properties in their respective countries. The fund does not hold real estate directly, providing growth through long and short positions in the REITs, as well as predictable income from rents from the underlying real estate (quarterly dividends).  

REIF invests only in high quality REITs with high occupancy rates and AAA credit tenants. REIF portfolio is highly diversified with 60-80 REITs at any given time, These REIT holdings are spread over a large geographic region and include a diversity of large-scale properties, such as industrial facilities, hospitals, malls and high-rise office buildings.

Base Currency: EUR, USD, or GBP
Pennington protects your investment, and the fund portfolio, by conducting our business in low-tax jurisdictions including Hong Kong, Singapore, and Labuan. Additionally, all of our funds are inherently protected by built-in currency hedging since the underlying assets are in a diverse mixture of currencies, which protects our investors from idiosyncratic exchange rate shifts, regardless of the base currency chosen.


The Manager

Pennington Trading was established in 1998, growing to over USD $2.8 Billion under management, serving a client base of institutional investors, family offices and high net worth individuals worldwide. Operating as a self-contained entrepreneurial group for over 20 years, we maintain strong partnerships with various Asian government sovereign funds and pension systems. We employ more than 30 professionals in Asia with dedicated expertise in manager research and risk management, product development, investor services, legal services, compliance, and infrastructure support. We endeavour to deliver innovative solutions, including the development and use of proprietary technology and internal investment programmes designed to address industry challenges such as capacity constraints and alpha erosion.


The Fees

There is zero load, zero management fee, zero administrative fee and zero hidden fees.  A low 15% performance fee is applicable only to NAV growth upon redemption. The performance fee is not applicable to dividend income. Pennington provides clients with online account access, quarterly statements and annual audited financial statements.


The Strategy

Our investment strategy generally aims for a long/short ratio of 80/20 or higher. When our analysts and managers discover overvalued, distress situations, they will take short positions. This long/short strategy has produced returns that are uncorrelated to stocks, achieving gains in up and down markets, while the underlying real estate provides consistent dividend income (paid quarterly). 

Market volatility concerns?
The REIF has historically generated excellent risk-adjusted returns with  very low volatility. Downside deviation is just 0.30% with 92% positive months

How much risk are you exposed to for the returns you are getting? 
The REIF has historically generated excellent risk-adjusted returns. Standard Deviation and the Sharpe ratio help investors measure how much risk was involved in generating investment returns. REIF returns have enviable risk ratios, with an Annualized Standard Deviation of 6% and Sharpe ratio of 3.99.

Investment Information

Investigate how an REIF allocation to your portfolio can reduce downside risk, add real diversification and improve performance.

  • Should be Empty:

Build a Resilient Portfolio

Pennington offers a full suite of investment funds. Increasing market uncertainty underscores the need for a thoughtful approach to portfolio construction that builds resilience. Let us show you how a Pennington multi-fund portfolio can reduce downside volatility, improving risk-adjusted returns.

Current Investment Rates:     Pennington Growth Fund NAV - 782.96        Pennington Bond Fund NAV - 236.42       Pennington Islamic Fund NAV - 168.40        Pennington Real Estate Investment Fund NAV - 813.00        Pennington Commodities Fund NAV - 586.64        Pennington Distressed Assets Fund NAV - 291.75        Inquire for investment details.

Growth Fund


Commodities Fund


Bond Fund


Islamic Fund


2 Fund Portfolio


3 Fund Portfolio


Investing across geographical regions is a fundamental part of an appropriately diversified portfolio. It is incorrect that global investing poses greater risk. Quite the opposite is true. The more diversified the portfolio when a global slant is adopted, the more enhanced the reduction of overall portfolio risk.

Singapore - Invest Offshore

Singapore, the fourth largest financial centre in the world, has attracted international capital due to its liberalized economy, investment friendly environment and attractive tax policies capturing 16% of all offshore investments.



Offshore investing refers to a wide range of investment strategies that capitalize on advantages offered outside of an investor's home country. There is no shortage of investment opportunities offered by reputable offshore companies that are fiscally sound, time-tested, and, most importantly, legal.



Compared to onshore investment regulations, most offshore jurisdictions encourage foreign investments by their flexible investment regimes. Assets are easily diversified in these jurisdictions because of the easy access to international markets and exchanges.



Exposure to offshore markets could be a form of shield against global inflation. In addition to this, having an investment in a different currency and country other than where you live is a leverage against a worsening economic climate in your country of residence.

Operating as a self-contained entrepreneurial group for over 20 years, Pennington maintains strong partnerships with various Asian government sovereign funds and pension systems. The company employs more than 30 professionals in Asia with dedicated expertise in manager research, risk management, investor services, compliance, and infrastructure support. 

Management Team

Charles founded Pennington after 25 years of cross-border corporate finance advisory, structured finance, and capital markets experience. In his corporate finance career, Charles has structured and led multi-billion USD debt and equity financings and advised on large transactions in Asia in a variety of industrial settings. An Ivy League educated financial advisor from America, Charles holds a degree in Economics from Dartmouth College and a Masters degree in Financial Management from the University of Paris-Sorbonne. 

John is an experienced financier and fund manager. John has overall responsibility for managing the research and portfolio management activities of Pennington’s international investment
teams, including equity and bond portfolios. Before joining Pennington, John has had a long career as a fund manager, including leading the Global Equity Research group at Citigroup Asset Management in the USA for three years. Later, he was head of Asian Equity Research and Portfolio Manager for HSBC Funds in Hong Kong. John was one of the leaders who developed the HSBC-Bank of China consortium that led equity development for Chinese state-controlled and private industries. John is a Chartered Financial Analyst and earned his BA and MBA at UCLA.

An expert in quantitative options pricing, Stephen has a wealth of experience in valuation, risk analysis, and portfolio management. Prior to joining Pennington, Stephen was the Group Director of Finance at Pfizer, Connecticut, USA, and also held senior positions in Deloitte Consulting and ABB prior to that. Stephen holds a Masters in Engineering from Northwestern University, an MBA from the University of Chicago GSB, and is a CFA charter holder.

Walter is an industry veteran, with stints at Bank of America, Donaldson Lufkin & Jenrette, Accenture, and CMC Ltd, a subsidiary of global off-shoring leader TCS. As a TMT equity analyst at DLJ and Bank of America in London, Walter advised institutional investors on investment portfolios exceeding 6 billion USD. A University of Lausanne graduate and an MBA from University of Bayreuth, a top-ranked German business school, Walter also holds a Masters in Finance from the London Business School.

Ms. Chow has spent much of her professional career as an information protection specialist. Prior to joining Pennington, Ms. Chow assisted other major organisations in both the public and
private sectors. Her efforts safeguard Pennington, their clients, and their digital assets against the many threats arising from the global Internet. She directs the people, processes, and technology programmes that safeguard the company’s global network, computer systems and electronic business initiatives. Ms. Chow is a graduate of the National University of Singapore.

Mr. Wilkesford has been actively involved in the development and trading of the Pennington Real Estate Investment Fund since its inception and subsequent launch. Prior to his tenure with
Pennington and the Pennington Growth Fund, Mr. Wilkesford was a highly recognised proprietary trader for HSBC in Hong Kong from 1999-2007. From 1989 to 1999, Mr. Wilkesford was the Managing Director of the Exotic Options and Foreign Exchange trading groups for Barclays Bank in Tokyo. Although born the son of an American banker, Mr. Wilkesford spent his youth in Zurich. He was then educated at Yale University in New Haven, Connecticut, where he
earned a BS in Applied Mathematics. He then went on to complete a Master’s of Business Administration at the Harvard Business School.

With specific focus on Pennington’s Japan investments, Mr. Watanabe is responsible for following our investments in development and leasing activities throughout the country. He is
also a member of the Executive Committee. Previously, as Senior Vice President with the Bank of Japan, Mr. Watanabe was charged with further developing the company’s South East Asian real estate operations and was actively involved in the development of capital distribution throughout Asia for BOJ. Prior to joining the Bank of Japan in April 2002, Mr. Watanabe was a Senior Officer at Fujita Corporation, one of the major construction companies in Japan, where he was responsible for all international construction and development projects. Joining Fujita Corporation in 1976, Mr. Watanabe held several key management positions and was based in
the U.S. and the U.K. for more than 10 years, where Mr. Watanabe had responsibility for the development of office commercial and residential real estate projects, and was also involved in real estate securitisation and the fund operation and management. Mr. Watanabe received his Bachelor of Arts from Waseda University in 1976. He later completed a Master’s of Business Administration at the London School of Economics. 

Henry oversees the Corporate Compliance Programme, which functions as an independent and objective body that reviews and evaluates compliance issues/concerns within the organisation.
Henry ensures that the Officers, management and employees are in compliance with the rules and regulations of regulatory agencies, that company policies and procedures are being followed, and that behaviour in the organisation meets the company’s Standards of Conduct. Prior to joining Pennington, Henry was an independent consultant who worked primarily in the USA to assist high-profile confidential clients with corporate governance issues. Henry is a
practicing attorney, and earned his Juris Doctor at University of Cincinnati College of Law.

Mr. Shapiro joined Pennington in 2003 and subsequently has become the head of the Pennington’s in-house legal counsel. Prior to joining the firm, Jonathan worked at Bear, Stearns & Co. Inc. in Tokyo and Hong Kong as a Senior Legal Director in the Strategic Finance/Financial Institutions Group, primarily focused on the Specialty Finance Sector. Before that, Jonathan was a Senior Analyst in the Structured Finance Group of Moody’s Investors Service and an attorney in the New York and Los Angeles offices of the law firm Dewey Ballantine LLP, where he specialised in securities law and structured finance. Jonathan holds a B.A. degree from Vassar College and a J.D. degree from Harvard University School of Law.

Mr. Wu is a Senior Vice President and a member of the firm’s executive committee. He joined Pennington in 2003 and oversees the Pennington’s REIT activities in the Asian markets, excluding Japan. Charles has over 20 years of direct real estate ownership and operating experience, involving over $10 billion of assets. Between 1988 and 1996, Charles was a principal with CB Richard Ellis Realty Company in Hong Kong where he invested and comanaged a $1 billion real estate portfolio, including many assets acquired in partnerships. Prior to CBRE, Charles worked as a senior tax accountant with Arthur Andersen & Co. in Hong Kong. Mr. Wu holds a B.S.B.A. degree from Georgetown University and an M.B.A. degree from The Wharton School of the University of Pennsylvania.

Our investment strategy generally maintains hedged positions with a long/short ratio of 80/20 or higher. However, in times of market uncertainty, we will adjust the ratio accordingly.

Investment Information

Investigate how an REIF allocation to your portfolio can reduce downside risk, add real diversification and improve performance.

  • Should be Empty:

DISCLAIMERS: THIS IS NOT AN OFFER TO SELL SECURITIES. Information contained on this website is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

ACCREDITED INVESTORS MUST MEET ONE OF THE FOLLOWING QUALIFICATIONS: A) The individual must have earned income exceeding $200,000, or $300,000 when combined with a spouse, during each of the previous two full calendar years, and a reasonable expectation of the same for the current year. OR B)The individual must have a net worth greater than $1 million (either alone or combined with a spouse), excluding the person's primary residence.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Data assumes the reinvestment of quarterly dividends, which is optional. The information and summaries contained in this website appear as a matter of record only and are provided for information purposes only. The data is based on information and data received from the subjects of each and from other third party sources and no guarantee of completeness or accuracy can be made nor is any representation or warranty made in this regard. We understand that many of the funds may not be sold into, or that their sales may be restricted in, particular jurisdictions (including the United States). Accordingly you are advised to seek independent professional advice before taking any action in relation to any fund mentioned herein. We accept no liability whatsoever for any direct or indirect loss arising out of the use of or reliance on this data.

TERMS OF USE. By reading this communication you agree that you have reviewed and fully acknowledge these disclaimers.