The Q4 2023 ANREV ODCE Asset Level Performance Consultation Report posted a total return of 0.33%, comprised of -0.68% capital growth and 1.02% income return. Slightly improving from the previous quarter’s returns of 0.34%. The report measures the asset level returns of 240 investments owned by 8 ODCE funds valued at US$19.57 billion as of Q4 2023.

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 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 Q4 2023 includes 69 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 Q4 2023.

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 -3.22% in Q4 2023 and was negative for the sixth consecutive quarter.
• All three regions recorded negative performances, with Asia Pacific funds outperforming European and US funds.
• GREFI Core funds outperformed their riskier non-core peers.

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

The Q4 2023 ANREV index included data contributions from 71 funds with a total gross asset value of US$135.4 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of -0.97% in Q4 2023, down from -0.93% recorded in Q3 2023.
• Value-added funds reported the only positive total returns of 3.24% over the quarter, outperforming both core and opportunity funds which reported -1.45% and -0.11% respectively.
• The underperformance from the Index was highly impacted by the continued negative performance of the Australian funds which posted -2.66% this quarter. The All Funds ex Australia Index saw a recovery, posting a total return of 2.86%.

Further details of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection.
If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.27% in February 2024. The ACOE includes 17 funds with a total GAV of AUD 119.11 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.

ANREV, INREV and NCREIF present the fourth 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$ 365.2 billion. 

Key highlights include: 

• The Q4 2023 Global ODCE reported a total return of -1.81%, marking the sixth consecutive quarter of negative performance. Asia Pacific outperformed the other regions with a total return of 3.83%, followed by Europe with -4.28%, and -5.00% in the US.
• On a five-year annualised basis, the Global ODCE Index shows an aggregated total return of 2.68%. Asia Pacific showed the highest annualized total return of 3.88%, the US posted 3.34%, while Europe delivered 0.52%.
• Other than Asia Pacific, all regions recorded a quarter-on-quarter decrease in performance.

 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 2.05 billion in farmland.

ANREV Australia Farmland Index returned -1.51% on a 12-month rolling basis in Q4 2023.

On an annualized rolling return basis, the income return was at -1.19% in Q4 2023.

Capital growth was at -0.37%% in Q4 2023 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 Q4 2023 ANREV ODCE (Open End Diversified Core Equity) Fund Index results were released on 28 February 2024 and showed a net total return of 3.83%. This marks the first quarter of positive returns following three consecutive quarters of negative returns.

Key highlights:

• Capital growth recovered to 3.14%, while the distributed income return stands at 0.69%.
• After taking out the currency impact of 4.47%, the Local Currency Equivalent Net Return is reported at -0.64%.
• The index features 8 funds, accounting for US$22.3 billion of GAV as of the fourth quarter of 2023.

Please provide feedback and comments to Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.25% in January 2024. The ACOE includes 17 funds with a total GAV of AUD 118.71 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.

This Global IRR Index consultation release monitors 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 333 value added and 48 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 70 Asia Pacific funds, 145 European and 166 funds focused on the USA.
• The two strongest vintage groups are still represented by funds launched before 2001 and between 2011-2013. They posted average IRRs of 14.7% and 14.2%, respectively.
• The post 2019 vintage group with funds launched in the years before the current downturn delivered the lowest performance with an equally weighted IRR of -1.8%.
• The best performing vintage group continues to be the USA’s 2008-2010 cohort which has delivered an equally weighted IRR of 18.7%.

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.