What is the stock?
Westfield Corporation (WFD). Market Cap $22.5 billion.

How long have you held the stock?
An overweight position versus benchmark since July 2014

What do you like about it?
WFD is a shopping centre operator and developer, which provides exposure to a quality defensive distribution stream through their portfolio of shopping centres in the USA and England. The business has focused its attention on its flagship assets by investing in the development of key assets in New York, California, London and Italy whilst selling its lower quality non-core assets.

How is it better than its competitors?
The company was created out of the separation of Westfield Group’s Australian and New Zealand assets from its international assets. WFD is the only major Australian listed company with a premium portfolio of shopping centres in the USA and United Kingdom.

What do you like about its management?
WFD has an experienced senior management team and board led by the Lowy family, which have extensive real estate experience and have delivered earnings growth and strong shareholder returns since the Westfield brand first listed on the ASX in 1960.

What is your target price on WFD?
Around $11.20 in the next 12 months

At what point would you sell it?
We will review the value proposition for WFD when current major developments are completed.

How much has it added (subtracted) to your overall portfolio over the last 12 months?
WFD is up around 11.8% over the past year, outperforming the broader ASX 200 benchmark, which declined 3.4%. It has added over 40 basis points to performance over this period.

Where do you see the value?
Its strong management capability and its development pipeline of assets in premium locations.

Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.