Armstrong looks to Macau for DTR fund

Insight Investments' multi-manager head Patrick Armstrong gambles on Macau with investments in two regional property trusts

Insight Investments' multi-manager head Patrick Armstrong is seeking to access growing investment opportunities in Macau as a theme for his Diversified Target Return fund (DTR). He said Macau is the next big gambling location in the Far East with gaming revenues reaching $US 7.1bn compared to $US 6.9bn in Las Vegas in 2006. "I think it is a big opportunity," he said. "There will be a big influx of expats to build the hotels and casinos in Macau. It has the same GDP as Hong Kong and Singapore, and a GDP growth of 14% per annum. Meanwhile, it is trading at a discount to property prices in H...