Real Estate Market Conditions: Demand for and prices of properties within the fund's portfolio influence its value.

Interest Rate Movements: Rising interest rates can decrease property values and increase borrowing costs.

Economic Growth: A strong economy typically boosts property demand and rental income, increasing the fund's value.

Inflation: High inflation can erode real returns from property investments if rental income doesn't keep pace.

Fund Management Performance: Effective property management and strategic investments contribute to higher returns.

Regulatory Changes: New laws or regulations impacting the real estate sector can affect property values and rental yields.

Supply and Demand for Fund Shares: The balance between buyers and sellers of HGIC11.SA directly influences its market price.

Investor Sentiment: Overall market optimism or pessimism regarding real estate affects demand for REITs like HGIC11.SA.

Dividend Yield: The fund's dividend yield compared to other investment options impacts its attractiveness to investors.

Specific Property Characteristics: Factors like location, tenant quality, and lease terms influence individual property values.