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20 December 2023

A note from our CEO – December pre-tax returns of 7.31%

Paul Bendall

As we say goodbye to 2023 I want to take a moment to reflect on the year we’ve had at FMT and look towards 2024.

We have closed the year in a very strong position and are pleased to report our return for the December quarter is an impressive annualised pre-tax return of 7.31%, capping off a year of consistent growth in our returns.

Consistency is key

Since March 2022, we have managed to increase our quarterly return for seven consecutive quarters – this is an impressive achievement. Since December 2022, we have also increased our rate by 124 basis points, which has outstripped the growth in bank term deposits.

At our recent Investor Meetings, many of you heard me talk about how we are driving these returns. One of the reasons for our continued strong performance has been the transition from older loans with lower interest rates to new loans mirroring current market pricing. For those who couldn’t attend the Investor Meetings, we’ve included the key points later in this newsletter.

Navigating future market interest rates

A key discussion topic at our Investor Meetings was the potential impact of falling lending interest rates on investor returns. While we don’t have a crystal ball to accurately predict where interest rates will go, we focus on what’s within our control: the management of our lending rates.

Our lending rates are not linked to the OCR or other index movements, although they do follow similar trends. When the market was in its upward cycle we increased our rates based on our judgement of what we were seeing in the market, as opposed to following an index. What this means is, that when market rates begin to fall we aren’t locked in to following the market down. Instead, we can move our rates depending on what market conditions we are experiencing. And while there will always be fluctuations to returns, we anticipatehis strategy will allow us to keep rates higher for longer, delivering stable returns.

We aim to provide peace of mind investing through consistency and minimal volatility. We prioritise smart, balanced investment decisions to optimise returns rather than chasing the highest possible return.

Looking ahead: 2024 and beyond

Early indicators for the 2024 property market are encouraging, with growth signs in some areas and strong purchaser interest being driven by strong migration flows. Our lending team are also reporting an increase in high quality lending opportunities.

Recently we completed our planning for 2024 and beyond. We will continue to invest in both our people and technology, with a particular emphasis on cyber security – a priority for us and our investors. In line with our strong commitment to technology, we are pleased to advise the creation of a new Chief Technology Officer role. More details on this appointment will be shared in our March newsletter.

While we enhance our technological capabilities, we will always remain committed to our personal approach, a quality which sets us apart in the market.

Our commitment to you in 2024

As we step into the New Year, our primary goal remains steadfast: to protect your capital and deliver consistent returns. We’re committed to making decisions that align with our long-term vision, ensuring the continued success of our clients – investors and borrowers alike.

In closing, a huge thank you from everyone at FMT for your continued support. Wishing you and your loved ones a Merry Christmas and a Happy New Year.

Paul Bendall


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