Only one of the UK commercial property funds which suspended dealing after the EU referendum vote remains closed to investors. But Marcus Phayre-Mudge, manager of IC Top 100 Fund, TR Property Investment Trust (TRY), thinks that's one too many.
He believes the financial regulator should consider only allowing closed-end funds to invest in real estate.
"Open-end and real estate shouldn't be in the same sentence," he says. "The only reason these funds are considered lower volatility is because of their daily dealing but the valuations [of properties in their portfolios] take place only every month or every quarter. If I turned on my Bloomberg screen only four or 12 times a year I would have lower volatility too, it's a complete illusion."