ANREV, INREV and NCREIF present the sixth edition of the Global ODCE (Open End Diversified Core Equity) Fund Consultation Index, consisting of 49 funds with a combined total gross asset value of US$ 349.7 billion. 

Key highlights include: 

• The Q2 2024 Global ODCE reported a net total return of -0.97%, marking the eighth consecutive quarter of negative performance. On a 1-year rolling annual basis the total return stands at -7.36%.
• Europe outperformed the other regions, posting the only positive returns with 0.19%, followed by the US with -0.66%, and -2.43% in Asia Pacific. All regions saw a quarter-on-quarter increase in performance.
• On a five-year annualized basis, the Global ODCE Index shows an aggregated total return of 1.49%. The US posted the highest annualized total return of 2.27%, followed by Asia Pacific with 1.83%, and 0.04% in Europe.
• At 0.77% in Q2, the accrual-based income return reached its highest level in three years. On a 1-year rolling annual basis, the income return stands at 3.05%.

 Please contact Amélie Delaunay, Daisy Huang or Eileen Chiu should you have any questions regarding the Index.

The ANREV Australia Farmland Index provides financial performance of 61 different properties of market value over AUD 2.2 billion in farmland.

ANREV Australia Farmland Index returned -1.66% on a 12-month rolling basis in Q2 2024.

On an annualized rolling return basis, the income return was at 2.00% in Q2 2024.

Capital growth was at -3.60% in Q2 2024 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang or Donald Lam.

The Q2 2024 ANREV ODCE (Open End Diversified Core Equity) Fund Index results were released on 28 August 2024 and posted a net total return of -2.43%, up 147 bps from -3.90% posted in Q1 2023.

Key highlights:

• Capital growth increased by 143 bps to -3.18%, while the distributed income return stands at 0.75%.
• After taking out the currency impact of -1.23%, the index delivered a Local Currency Equivalent Net Return of -1.20%.
• The index features 8 funds, with a total GAV of US$20.6 billion as of the second quarter of 2024.

For any feedback and comments, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.18% in July 2024. The ACOE includes 17 funds with a total GAV of AUD 114.34 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The eighteenth gross return report shows a 3-month total gross return of -3.82% for the period between April and June 2024.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 17 ACOE funds.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -3.86% in June 2024. The ACOE includes 17 funds with a total GAV of AUD 113.12 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The Q1 2024 ANREV ODCE Asset Level Performance Consultation Report posted a total return of 0.85%, comprised of -0.14% capital growth and 0.99% income return. Slightly improving from the previous quarter’s returns of 0.33%. The report measures the asset level returns of 243 investments owned by 8 ODCE funds valued at US$19.20 billion as of Q1 2024.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please contact Amélie Delaunay, Daisy Huang or Eileen Chiu for any queries.

The Q1 2024 release of the Global IRR Index monitors a sample of 381 closed end funds across vintages from pre-2001 to 2022. All of these 381 funds follow a non-core strategy as defined by their managers and include 331 value added and 50 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 72 Asia Pacific funds, 145 European and 164 funds focused on the USA.
• The IRR of funds in Post 2019 group deteriorates, displaying an equally weighted IRR of -10.67%.
• A majority of funds follow value added and single country strategies.
• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries please contact Amélie Delaunay, Daisy Huang, or Eileen Chiu.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q1 2024 includes 72 closed-end funds across vintages from pre-2005 to 2018.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q1 2024.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index delivered a total return of -1.29% in Q1 2024 and was negative for the seventh consecutive quarter.

• Other than Asia Pacific, all regions recorded quarter-on-quarter increase in performance, with Europe outperforming the wider index.

• GREFI Core funds slightly outperformed their riskier non-core peers, with both strategies remaining in negative territory.

For any queries, please contact Amélie Delaunay, Daisy Huang or Eileen Chiu.